Fangzheng Technology announced its 2007 semi-annual report on the 11th. In the first half of 2007, the company's main business revenue was 3.778 billion yuan, up 7.5% year on year; total profit was 113 million yuan, up 7.14% year on year; and net profit was 895.498 million yuan, up 2.63% year on year. EPS is 0.051 yuan. We expect the company's EPS in 07, 08, and 09 to be 0.14, 0.19 yuan, and 0.24 yuan respectively. Although the company's PCB business has broad scope for future development, there are still many uncertainties. We gave the company a price-earnings ratio of 40 times in 2008, and the company's target price is 7.6 yuan, maintaining a “neutral” rating.