Steady growth in performance continued

Huatai Union Securities Lu Shan We believe that the South-day information is a stable, continuously growing company, benefiting from the increase in bank IT spending, the company's 2010 revenue will show a rapid growth trend, from the financial equipment and services business revenue year-on-year growth rate or will be more than 40%.　　Comprehensive gross profit margin of the company by the new and old financial equipment accounted for the proportion of the impact, for the prudent consideration, we lowered the company's financial equipment gross profit level this year, but the software business and service business margins remain stable. The company's integration of pharmaceutical companies is still in progress, which has led to a rapid growth in corporate management costs, the promotion of new products and the expansion of users will put pressure on the company's sales costs, we expect this year, the company's cost spending will remain at about 20% growth.　　The first quarter of the company's investment income of 30.14 million yuan, mainly due to the pharmaceutical industry companies to sell shares of the company, is expected to return the year's investment is basically flat. The company's traditional major customers mainly concentrated in the field of banking, the provision of equipment, services are mainly oriented to the financial sector, the future will further expand the company downstream customer base, currently locked new customers include mobile and PetroChina. Companies in the following areas of investment resources: mobile payment, petrochemical industry, management software implementation, Subway informatization and high-speed rail (high-speed rail civil war) project.　　We expect that these new projects will have a significant impact on the company's performance next year. 2010-2012 income is expected to be 22.63, 28.21 and 3.457 billion yuan, the year-on-year growth of 24.9%, 24.7% and 22.5%, the net profit is 99 million, 120 million and 174 million yuan, EPS for 0.47 Yuan, 0.57 yuan and 0.71 yuan. Maintain an "overweight" rating.