Extension information mobile phone payment difficult to contribute

China Mobile has vigorously developed a mobile payment platform, and the company has three provinces in Hunan, Yunnan and Jiangxi.　　Mobile payment in China is still in the ascendant state, in Hunan province, for example, is currently mainly in Changsha-Zhuzhou-Xiangtan area to carry out business, business volume is small, so the company now each month's income is only the provincial mobile companies pay a hundred thousand of yuan maintenance costs. If the phone pays for the cake to grow beyond expectations, the company will talk to China Mobile about its income when it is more favorable for the company.　　Therefore, we believe that the promotion of mobile phone payment business needs a long-term process, there is no way to the performance of this business to hold too much hope. According to the company issued performance letters, 2009 earnings per share of 0.78 yuan, we expect the company 2010~ 2011 after the comprehensive diluted EPS is 0.98 and 1.16 yuan, the current a-share information technology company 2010 dynamic P/E ratio of 40 times times, according to this calculation, the company reasonable price of 40 yuan. At present, stock prices have been basically in place, short-term neutral investment rating.　　But in the long run, the company has set up an investment company to look for possible mergers and acquisitions, and with the development of mobile payment business, the company's growth may be more than expected, so long to give an overweight investment rating.　　Risk: The uncertainty of the development of mobile payment business in China will also bring uncertainty to the development of the company. (Chuo Hongtian of Jin Yuan Securities Research Institute)