Daily news show beautiful enhance market expectations
Daily news show beautiful, the market is expected to enhance the. The first half of 2011 operating income of 13640.40 Wan Yuan, an increase of 62.8g%; net profit attributable to the parent company of 3021.25 Wan Yuan, an increase of 367.lg%; EPS0.20 yuan, consistent with our prior earnings expectations, but due to the first quarter of the company after the market conditions are poor, expected to become pessimistic, so companies reported performance appears to be more beautiful, exceeded market expectations. Tin Box
Station and a returning visitor as expected. The first half of 2011 cableway visitors a total of 1128500 people, an increase of 28.08%. In 2010 November completed the transformation of ropeway in the resumption of business after a returning visitor, in good condition, the first half of the year to receive 373200 visitors, an increase of 222.28%, a 33% increase over 2009. We expect the three cable reception and the first half of the year will be basically the same, station and growth of more ( expected 900000 person-time ), flat ( YSP is 1680000 person-time ), Office Furniture Deskcould fall slightly ( expected 70000 person-time ).
Hotel management benefit research. We expected the first half of 2011 and the house Crowne Plaza Hotel occupancy rate of over 60%, the average price of over 900 yuan, benefit shows, annual realizes profit. Hotel two is expected by the end of 2012 put into operation, added 80 rooms.
Major Cableways price calculation. In the existence of Cableways price is expected, we measured: if price 25% ( by 160 yuan to 200 yuan ), environmental protection fees according to the current gross income 15% proportion extraction, 2012 January onwards, can add EPS 20122013 respectively 0.18 / 0.19 yuan ( current equity calculation ). But the price of environmental cost proportion is currently unable to determine, in 2008 after the government has asked the YSP Cableways price to increase part 60% to the environmental protection fees, we have 25% increases sensitivity test, under the assumption of environmental cost, extraction ratio of 15%-60% between 2012, the new EPS range in 0.05-0.18 yuan.LED Lights Supplier
" Lijiang impression" acquisition project approval. The company to issue shares to buy impression tour 51% stake in a major asset reorganization matters in 2011 April by the general assembly of shareholders, at present in China, the Audit Commission, we expected years of probability.
Risk factors: the risk of natural disasters, western big development of preferential income tax rate cannot continue,taylor made suits the impression of Lijiang acquired without the approval of the risk.
Profit forecast, valuation and investment rating: if the company western big development of preferential income tax rate to be able to continue to perform, does not consider additional project, expected the company in 11-13 EPS 0.47 / 0.57 / 0.67 yuan ( the current capital fully diluted ); if the acquisition of additional impression Lijiang 51% equity issues completed in 2011, the company is expected to fully diluted EPS for 11-13 years 0.68 / 0.80 / 0.94 yuan. Price ( 22.82 yuan ) corresponding to additional diluted 11 / 12 PE were 34 / 29 times, and the industry average valuation level. Considering the large Cableways price expectation and company resource expansion potential,Set up Company we think its one-year reasonable price of 28 yuan ( corresponding to 12 years 35 times PE ), the current price of 22.82 yuan, to maintain the" buy" rating.