Wanguo-Wan Shun shares: The proposed inquiry range is 17.4-20 yuan

Transfer paper and composite paper are the main sources of corporate income. Company engaged in laser and non-laser two series of transfer paper and composite paper production and sales, products are mainly used in cigarette labels and wine label printing, a small number of applications in high-end gift packaging printing. The company has an independent brand, six utility model patents and a number of non-patented core technology, developed a series of functional laser film, currently in the tobacco label printing industry market share of 5%, the industry first.　　In recent years, the steady increase in income, high gross margin of transfer paper share a sharp rise (from 2006 to 8% Rapid rise to 2009 first half of the 53%), the overall gross profit margin steadily rose. Relying on stable growth industry, strengthen the concept of product environmental protection, and continuously extend the target market. China has become the world's second largest paper packaging market, with the global economic development, the upgrading of consumption structure and awareness of environmental protection, paper packaging industry has a broad space for development. And Guangdong province is China's packing big province, the geographical advantage is remarkable. Product technology and innovation is the company's core competitiveness, the company's new products not only economic and practical, anti-counterfeiting performance, and natural degradation and recycling, in line with the international trend of environmental protection.　　Long-term development and nurture of high-quality customer resources is to continue to grow the market security, while constantly developing new products customers. Investment projects into eco-friendly packaging paper, to achieve doubling capacity. The company currently has capacity utilization of more than 1 0%.　　Investment projects will be invested in eco-friendly packaging materials production line expansion project, up to 40,000 tons of production capacity will be increased to achieve doubling capacity.　　Risk factors: Supplier and customer concentration risk, fat material price fluctuation risk. Profit forecast and inquiry proposal: The company is expected to rely on product and market expansion and investment projects ahead of schedule to achieve rapid growth, we expect the million shares 09-11 years after the diluted EPS 0.38, 0.56 and 0 respectively. 71 Yuan. Considering the price estimate of the company and the recently issued Gem company, we suggest that the inquiry range be 17. 4-20 yuan, the corresponding 10-year dynamic P/E ratio is 31-35 times.