The company's performance has gradually improved. In the first three quarters of 2010, the company achieved operating income of 2.623 billion yuan, an increase of 23% over the same period last year; net profit of 35.79 million yuan, an increase of 216% over the same period last year; and earnings per share of 0.08 yuan.
Among them, the ESP in the third quarter was 0.047 yuan, with a marked improvement in performance.
It is expected that future performance will continue to improve. Fengyao is in: 1, Ningbo Ming listening expansion commissioning is perfect, coinciding with the recovery of the industry boom, profits are expected to increase significantly; 2, Daheng Image, a subsidiary of Daheng (Group), is expected to usher in rapid growth; 3, China Science and Technology Ocean ushered in development opportunities under the triple play; 4. 20% of the equity transfer of Nuoan Fund will be calculated in accordance with the equity method, which is expected to bring substantial growth in investment income.
Looking forward to the rise of the future. Relying on some scientific research institutes of the Chinese Academy of Sciences, the company has certain technical advantages, especially laser equipment, medical equipment and image processing systems, etc., integrating resources and making use of the opportunity of listing on the gem, the company is expected to develop and grow. the main business and leading products of its companies are faced with good development opportunities: if laser equipment products successfully turn to industrial application fields. Ningbo Ming listening Company has great potential in packaging business, such as a joint venture chip factory with Japan, and the core business of Dayang Technology and Daheng Image has broad space and can be expanded to some industries.
Stock price catalyst: 1, performance pre-increase; 2, joint venture chip factory with Japan may make progress; 3, Noan fund equity transfer can be successfully completed.
Risk factors: chip factory joint venture and Noan fund equity transfer is not as expected.
Profit forecast and investment rating: in 2010-11-12, the EPS of the public word is 0.350.51, the dynamic PE is 0.63, and the PB is 2.5, 2.12, 1.8 times respectively. Give the company a valuation of 25 times PE in 2011, with a reasonable valuation of 12.65 yuan. If the business valuation, can be given to Daheng Group, Dayang Technology and Ningbo Ming listening three companies in 2011 30 times PE, Noan Fund 20 times PE, the other 10 times PE, a reasonable valuation of a total of 12.2 yuan. As a result, the company is given a target price of 12.65 yuan, which is expected to rise by 36% from the forecast target price, maintaining the "buy" investment rating.