As shown in 2008 annual report, the company realized business turnover of Rmb13.4bn (-9.6% yoy), operating profit of Rmb205mn (-6.2% yoy), net profit attributable to owners of parent of RMB225mn (+10.8% yoy) and diluted EPS of Rmb0.46; besides, it distributed dividend of pretax Rmb1.38 cash for every ten shares.
Considering the support on domestic flat-panel TV industrial chain from revival plan and adjustment of electronic information industry, we upgrade the company’s 2009-2010E EPS by Rmb0.02 and Rmb0.01 respectively to Rmb0.6 and Rmb0.78, representing P/E ratio at 19x and 15x based on closing price of Rmb11.21 on April 22, 2009; “Overweight” rating is hereby maintained for the counter.