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【国盛证券】凤凰光学08年中报点评

國盛證券 ·  Aug 15, 2008 00:00  · Researches

Currently, the pressure for the RMB to continue to appreciate still exists. Prices of raw materials and energy are difficult to fall back in the short term. Competition in the optical industry is fierce, and the downward trend in product sales prices has not changed. The company's current leading industry is still mainly optical processing support. The added value of products is not high, and profitability is greatly affected. Although the company plans to focus on promoting “open source” activities focusing on technological innovation and “throttling” activities focusing on production innovation in the second half of the year, vigorously promoting the development and production of the company's new products, further improving operating processes, reducing operating costs, and striving to improve economic efficiency. However, we believe that the impact on the company's performance will not be significant; this year's performance decline compared to last year may be unavoidable. Based on the current share capital, we expect the company's EPS for 08/09 to be 0.102 yuan, or 0.107 yuan. The PE corresponding to the 8.14 closing price of 4.13 yuan is 40.5 times and 38.59 times, respectively. We think the company's valuation level is high.

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