The company released its Q1 2009 report, according to which it realized business turnover of Rmb1396mn (+25.10% yoy), net profit attributable to parent of Rmb157mn (+433.77% yoy), and EPS of Rmb0.471.
We hereby maintain its earning forecast in 2009-2010E EPS to be Rmb1.70 and Rmb2.05, representing dynamic P/E ratio at 12x and 10x based on closing price of Rmb20.49 on April 24, 2009. “Overweight” rating remains intact.