North latitude mobile phone game into growth power

2009, the company realized operating income of 160 million yuan, an increase of 13.26%, the total profit of 39 million yuan, increased by 2% over a year ago, to achieve the ownership of the listed company's shareholder net profit of 36 million yuan, the increase of 2.93%, the basic earnings per share 0.47 yuan. 2009, the company's overall gross profit margin of 49.07%, compared to 08 down 3.4%, mainly because of the company's marketing team construction makes the company's cost increases, at the same time the new business is still in the market incubation period, the gross profit margin than the traditional business caused by low.　　But in the next few years, mobile gaming will become an important driver of the company's performance growth.　　It is expected that the company 2010-2012-year earnings per share of 0.54 yuan, 0.71 yuan, 0.97 yuan, the current stock price of 34.40 yuan, the equivalent of 64 times times, 49 times times and 36 times times the dynamic P/E, 6-month target price of 39.10 yuan, to maintain the "neutral" rating. Southwest Securities