Business Treasure: Alliance website promotion results appear overweight

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2009 1-December, the company achieved total operating income of 134 million yuan, an increase of 27.35%, to achieve the ownership of the parent company's net profit of 41 million yuan, the year-on-year growth of 31.27%; earnings per share 0.46 yuan. Distribution plan for every 10 shares to increase 5 shares, send cash 2 yuan (including tax).

Business Treasure Website Alliance revenue has risen sharply. The company is mainly engaged in e-commerce services business, mainly engaged in the site has China Chemical Network, China Textile Network and Business Treasure website Alliance. During the reporting period, the company's traditional Web site has entered a stable growth period, low income growth, including China's chemical network, the Global Chemical Network, China Textile Network, China's clothing network to achieve income of 57.65 million yuan, 12.03 million yuan, 8.44 million yuan and 11.14 million yuan, income than the previous year's growth of 14%, 11%, 11% And 6%, the company acquired in 2008, the Chinese Textile network in the reporting period to achieve revenue of 13.9 million yuan; In recent years, the company vigorously promote the Business Treasure Web site Alliance in the reporting period to achieve income of 14.77 million yuan, the year-on-year growth of 251%, faster than market expectations.

Main business gross margin and period cost rate to maintain stability. During the reporting period, the company's main business gross profit margin of 88.06%, a micro-drop of 2.46%, the company's period cost rate of 51.73%, the year-on-year decrease of 0.26%, the company's gross margin and period of the cost rate to maintain stability.

Business Treasure site is about to usher in a high profit growth period. The company's Business Treasure website Alliance using Membership system, the current membership fee is usually 1,800 yuan/year, although the business treasure site has 1.5 million members, but the vast majority of free members. The current business treasure site is still in the early stage of the promotion phase, in the past two years, the company sent a large number of sales to target enterprises to promote, so the company in 2008 and 2009, the cost of growth rate higher than income growth. At present, the promotion of business treasure has begun to pay off, from the annual report of the disclosure of information, 2009 year, Business Treasure website New toll users 2,865, revenue growth reached 251%, is expected in the next two years the number of users of the site will be a geometric growth. At the same time, considering that for e-commerce sites, each additional customer's marginal cost is almost 0, so once the number of users of the increase in revenue generated income growth, business treasure site profit growth will be significantly higher than the income growth rate.

Forecasts the company's 2010 and 2011 net profit attributable to the owner of the parent company is 63.54 million yuan and 93.79 million yuan, respectively, the earnings per share of the total share-thinning after the increase of 0.47 yuan and 0.69 yuan respectively, the corresponding dynamic P/E ratio is 50 times times and 34 times times, The company's investment rating was raised to "overweight", given that the business site was about to face a big increase in revenue and profits.