The company reported operating revenue of Rmb2.147bn (+17.4% yoy), net profit attributable to shareholders of parent of Rmb181mn (+32.42% yoy) and diluted EPS of Rmb0.69. In addition, the company distributed cash dividend of pretax Rmb2 for every 10 shares.
The company’s 2009-2010E EPS is forecasted to be Rmb0.90 and Rmb1.11 respectively, representing P/E ratio at 20x and 16x based on closing price of Rmb18. Considering long-term and steady development prospect of its core business, we maintain “Overweight” rating for the counter.