The growth value stock of being "wrongly killed" (figure)

(This chart data source: Wind information) suning Current 2010 P/E ratio is only 18.21 times times, significantly lower than the industry median, home trade and retail sales price ratio of the lowest shares. We believe that Suning is currently the market environment, especially by the real estate market policy adjustment "wrong kill" growth value stocks.　　Once the market stabilized, Su Ning will become investors "bear market gold" choice. Since the new deal was introduced in mid-April, Suning has fallen nearly 25% per cent since its share price fell sharply. We have combed the product composition of Suning appliance sales revenue, the real estate market correlation degree, the future market layout and so on, in fact, the company has long been committed to product diversification, and supplier business model of continuous innovation,　　And the future emphasis on the three-tier market layout makes the company to a certain extent to avoid the real estate market and even the macroeconomic downward fluctuations in the risk.　　The company has advantages in terms of revenue, gross margin/growth, net interest rate/growth, and store expansion, compared to sales growth in the first quarter of 2010. Given the company's lower P/E ratios, we believe that Suning has a high margin of safety in valuations. We maintain the company's 2010-12 diluted EPS is the 0.59/0.74/0.90 yuan (0.88/1.11/1.33 before the diluted EPS respectively) forecast, the 2010-year base period in the next two years to meet the growth rate of 23.16%. PE valuation method Considering the growth of the company, forecast the company's reasonable value of 17.70 yuan, six-month target price of 17.70 yuan, corresponding to the 2010 30 times times PE. Reaffirm the "buy" rating.