In 2008, the company realized business turnover of Rmb27948mn (+12.30% yoy), operating profit of Rmb1542mn (-36.41% yoy), net profit attributable to parent of Rmb176mn (-91.16% yoy), and EPS of Rmb0.21. According to its dividend distribution plan, the company was to send Rmb0.2 cash dividend for every ten shares.
We predict its 2009-2010E EPS to be Rmb2.35 and Rmb3.19, representing P/E ratio at 15x and 11x, and “Overweight” rating is hereby maintained.