It is expected that the net profit for 12-14 years will increase by 20%, 19% and 18% respectively, covering it for the first time and not rating for the time being. We expect EPS to be 0.18,0.21 and 0.25 yuan respectively in 12-14, an increase of 20%, 19% and 18% over the same period last year.

Based on the closing price of 11.59 yuan on Aug. 17, the dynamic PE is 65, 55 and 46 times respectively.