Blue cursor sharing industry high growth performance expected to exceed expectations

The blue cursor rose 3.89 yuan last week, or 14.96%, the second largest media industry. The company is on the February 26, 2010 IPO. This fund-raising investment 88.32 million yuan for public Relations service nationwide Business Network expansion, gradually formed a "43,780" (that is, 4 tiers, 3 business core, 7 business backbone, 8 Business Support Center, 10 market expansion network) nationwide Business Development Network, expand the Regional public relations services radiation capacity, Construction period of 3 years, investment 31.5 million yuan for business System Information management platform construction, construction period of 3 years, invest 40 million yuan for activity management business development, mainly used in purchasing activities planning management equipment and tools used in the construction period of 1 years.　　The project has not been completed at the end of the 2010 year. Company 2010 Quarterly Disclosure, the reporting period, the company to achieve revenue growth of 5.49% year-on-year (chain down 42.6%), the net profit growth of 12.94% (the chain growth of 39.8%). Financial costs were reduced by 39.7% per cent year-on-year, mainly attributable to reduced interest payments resulting from reduced bank lending during the reporting period.　　Due to the end of accounts receivable 78.078 million yuan, the beginning of the increase of 5.3%.　　2010 Quarterly disclosure, the top ten circulating shareholders are institutional investors, the total position of 3.8988 million shares, accounting for the circulation of 24.37%; In this period, the new 9 fund positions total 3.241 million shares; the new social Security 107 combination holds 657,800 shares; The number of shareholders is reduced by 77% and the chips are highly concentrated.　　The company has the concept of education media, the concept of secondary shares, small disk concept, transfer concept, gem concept. Company is the first public relations industry listed companies. Companies to provide brand management services, including brand communication, product promotion, crisis management, activity management, digital media marketing, corporate social responsibility, such as the integration of chain-type services.　　Since the inception of the brand, business outlets from Beijing 1 expansion nationwide 24 cities and regions; The number of customers from several development to now has more than 200 high-quality customers; annual operating income from more than 1 million yuan to 2009 about 360 million yuan, annual growth rate of more than 30%. April 2010, the company and the Japanese electric Communication and electronic communications signed an agreement to jointly invest in the establishment of a holding joint venture subsidiary "Electric Blue Label (Beijing) public Relations consulting company." Registered capital of 10 million yuan, of which the company invested 5.1 million yuan, accounting for 51%, with fund-raising investment. It is expected to be formally established in May 2010, and the project is still under approval. Electronic communication is the world's largest independent advertising company, has global resources and a number of outstanding Japanese customers in China.　　The pre-tax profit for the first five years is expected to be 1.33 million yuan, 3.95 million yuan, 6 million yuan, 7.9 million yuan and 10.9 million yuan respectively. National Gold Securities in the latest corporate research to give the company "buy" investment rating. After the company listed brand effect and capital strength enhancement, flexible equity incentive mechanism implementation and based on internalDepartment management database business model greatly enhance the company's core competitiveness, so that it can fully share the industry's continued high growth, and the year to achieve acquisitions is still a big probability event. On this basis, maintain the company's "buy" investment rating. And that, regardless of merger and acquisition, according to the latest equity calculation, maintain the company 2010-2012 earnings per share of 0.636, 0.906, 1.215 yuan earnings forecasts, corresponding to the 2010-2012 valuation respectively 43.3, 30.4, 22.7 times times.