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Excerpts:
The Company signed a strategic cooperation agreement with China Wind Power Group to co-develop a 350MW wind power project in the area of Zhangwu, Liaoning Province. If this project is successfully completed, the income of wind power will account for about 9.6% of the company’s total operating revenue and the proportion is showing a rising trend year by year. According to the agreement, the two parties will complete the construction of Qujiagou Wind Power Project and Mazongshan Wind Power Project in Liaoning Province by the end of 2008; in 2009, they will establish two new wind power joint venture companies; as of the end of 2010, they will complete the 350 MW wind power project. Wind power construction in the next two years will be intensified. Shenyang Lear is expected to contribute investment income of Rmb56m in 2008 and continue to be the main source of the company''s profit. 2008-2010 EPS is estimated as Rmb0.052, Rmb0.005 and Rmb0.01 respectively. For the time being, NEUTRAL investment rating is given.