E-Wu (000501): Growth in operating income accelerated

     Sina Tip: This article belongs to a stock comment column, only for securities consultants on the relevant stocks or plates of personal views and analysis, and informal news reports, Sina does not guarantee its authenticity and objectivity, investors operate on this basis, risk from the bear.　　For accurate information about the unit, please refer to the Bulletin of the Shanghai and Shenzhen Stock Exchange. Fine industry Sheng Long Ma Xiaoquang e-wu (000501) 2008 to achieve revenue, net profit year-on-year growth of 25.16%, 15.56%, full diluted earnings per share of 0.36 yuan. In addition, the company's operating cash flow per share of the reporting period of 1.64 yuan, an increase of 11.56%. The company's general merchandise business did not feel the pressure of the economic crisis, the first quarter of sales and profits year-on-year growth of 12% and more than 14%, April sales growth in 15%, 51 National Day small holiday has also achieved around 12% sales growth; and the company's discount strength is only slightly larger than before,　　and discount promotional time is similar to the past, from the financial data, the company's overall gross profit margin year-on-year still slightly improved. Company department store business in Wuhan local position is more stable, which benefited from the company's three main stores (International wide taste of Wuhan Square and World Trade Plaza) in the geographical position is very advantageous, on the other hand, also benefited from the company as a local established commercial enterprises long-term goodwill and popularity. In the department store, the company's future expansion will focus on the construction of 51.4 acres of the Wu-Mo, expected to open its opening time to around September 2011.　　The expansion of the company's supermarket business plan is to add 15-20 annual Wu Negotiable, the goal is to reach 100 by 2011, in addition to Wuhan, the company's main expansion area is more than 300,000 people in Hubei province, two cities. Company department stores a total of six independent stores, including located in Wuhan Wuhan International wide taste of the World Trade Plaza and two shopping malls and 5 stores and located in Xiangfan's Xiangfan shopping Center (Wuhan Square is a subsidiary of the company holding 51%, the rest of the stores are owned by the parent company). The company's 3 main stores (Wuhan international wide taste of the World Trade Plaza) in the business district of strategic location, properties are owned, with a high popularity and goodwill, while the continuous adjustment of brand structure for its future performance growth has laid a foundation for the company's supermarket business mainly belong to its wholly-owned subsidiary Wuhan Wu Negotiable Chain Co., Ltd. ( Wu Negotiable, the existing volume of stores 54, of which Wuhan has 25, the company's goal is to achieve by 2011 "Stores 100, 10 billion sales."　　We expect 09 sales growth of the company's supermarket business can still reach two digits, the level of Mao's interest rate may not be the same as before. The company will set up agricultural products management company, increase the strength of logistics and distribution, improve profit efficiency. 08, the volume of the company 10,000 square meters Takahashi Logistics Center project officially put into use, Wuhan City, the basic negotiation of the distribution by thisCenter Unified distribution, two-tier cities such as the local large suppliers, they are directly matched (especially fresh), the rest of the remaining by the company's own distribution. Future companies may also have the idea of establishing regional distribution centers (such as Xiangfan area, etc.), and then to the surrounding three-tier urban development.　　In addition, in July 07, the company acquired a wholesale vegetable market in Wuhan City to become a wholly-owned subsidiary of the company, may plan to build its group into a farm goods base, the future of the company's supermarket business may have a positive significance. According to the growth of the first quarter, the company 2009 EPS forecast of 0.455 Yuan, is expected to maintain more than 10% of the profit growth in 2010, that is, the realization of EPs about 0.501 yuan. Companies in the regional business leading a-share valuation has a certain advantage, combined with the company's regional leading position and future growth potential, the company's share price has the potential to rise.