Focus on scientific and technological valuation level reasonable (figure)

Key points of Investment July 16, 2010, the focus of science and technology released in 2010 years. In the first half of this year, the company realized operating income of 138 million yuan, an increase of 39.73%, the total profit amounted to 63 million yuan, to achieve ownership of the listed company shareholders net profit of 56 million yuan, an increase of 55.77%.　　2010 1-June, the company's basic EPS for 0.48 yuan, an increase of 17.07%. According to the company's first half of this year's performance and our future business development expectations, we expect focus on technology from 2010 to 2012 earnings per share of 1.25 yuan, 2.03 yuan and 3.23 yuan. At present, the industry is comparable to the average dynamic earnings ratio of 55 times times the level. To the company's current market share and profitability judgment, we give 55 times times the dynamic P/E, 6 months reasonable value should be 68.75 yuan.　　Given the company's current stock price has basically reflected its long-term growth, we give its "wait-and-see" investment rating. Main revenue and net profits have increased significantly July 16, 2010, the focus of science and technology released in the 2010-year report.　　The report shows that in the first half of 2010, the company realized operating income of 138 million yuan, an increase of 39.73%, the total profit amounted to 63 million yuan, to achieve the ownership of the listed company shareholders net profit of 56 million yuan, the year-on-year increase of 55.77%. In the past 3 years, benefiting from the rapid development of domestic business-to-business e-commerce industry, the focus of science and technology's main business has been to maintain high-speed growth.　　In the first half of 2010 the net profit growth rate reached 55.77%, we believe that the first half of the company's performance growth mainly from the company's main revenue growth, on the other hand, the extra funds interest income also to a certain extent thickened EPS. The company's January-June sales cost of 47.31 million yuan, an increase of 41.77% per cent, basically in the main revenue growth to keep pace. Mainly due to the number of sales staff, sales revenue increase caused by the increase in sales staff. Company 2010 1-June management costs of 17.19 million yuan, an increase of 111.91%, is mainly to 6.81 million yuan of research and development expenditure due to capitalization. The financial cost is 16.98 million yuan, mainly due to the interest income of the super raise funds obtained by the company listing. Income tax costs increased 146.15% year-on-year, mainly due to increased operating income and the first half of the country's key software companies have not yet completed the declaration, income tax is still in accordance with the implementation of 15%. Overall, the growth of the period costs is more reasonable.　　Considering that the company's strategic plan for the 2010 is to rapidly expand its market share and seek differentiated competitive advantages in value-added services such as insurance agents, we believe that the company is bound to devote greater resources to marketing, and therefore we believe that the costs of the period 2010 will likely accelerate growth. Valuation and recommendations affected by the financial crisis, 2009 China business-to-business e-commerce Transactions Scale of 1.86 trillion yuan, an increase of 18.5% per cent, 2009 ChinaSME business-to-business E-commerce transactions in the scale of the overall transaction size of 9.1%, stable in the rise, mainly because of SMEs to use E-commerce awareness in the improvement.　　We believe that in the next 3 years, as the global economy gradually stabilize the recovery, business-to-business E-commerce market will be expected to continue to maintain rapid growth. According to the company's performance in the first half of 2010 and our future business development expectations, we expect focus on technology from 2010 to 2012 earnings per share of 1.25 yuan, 2.03 yuan and 3.23 yuan. At present, the industry is comparable to the average dynamic earnings ratio of 55 times times the level. To the company's current market share and profitability judgment, we give 55 times times the dynamic P/E, 6 months reasonable value should be 68.75 yuan. Given the company's current stock price has basically reflected its long-term growth, we give its "wait-and-see" investment rating.