The company achieved revenue of 1,811 billion yuan in 2009, up 23.7% year on year; realized net profit of 104 million yuan, a significant increase of 51% year on year. This performance was slightly above our expectations. The company's consolidated gross margin in 2009 was 23.7%, an increase of 2.8 percentage points over 2008. Benefiting from the boom in the automobile industry, the company's auto parts business is growing rapidly. The company has now announced that China Aviation Standard, Fenglei Company, and Tianyi Electric mainly produce military aviation products, which are expected to be officially completed in the second half of the year. We raised our target price to $25.50 to maintain our buy rating.
【中银国际】贵航股份:业绩略超预期,资产收购好事多磨
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