Summary:

Among the three main industries in Luoniushan, the performance of aquaculture business in 2009 is difficult to perform, education will remain stable, and the contribution of real estate business performance is likely to be next year. The 2009 results are expected to be flat.

Jindi Real Estate, a wholly owned subsidiary of the company, is currently developing the "Jindi Hancheng" project, with a total construction area of 500,000 square meters, which is divided into four phases. According to the surrounding house price of about 4000 yuan / square meter, you can get an income of 2 billion yuan, which will become the main growth point in the next 2-3 years.

Its non-operating assets mainly include Haikou 700mu commercial land and ST Donghai equity, which is revalued and thickened by about 1.50 yuan per share at market price. According to this calculation, the actual PB of Luo Niushan is about 1.5 times, and the stock price is not expensive from an asset point of view.

We forecast that the EPS of Luoniushan in 2009-11 is 0.07,0.12,0.14 yuan, giving a "neutral" rating for the first time, and the target price is 4.50 yuan.

From the performance point of view, the lack of a catalyst for stock prices to rise, the value of its assets into actual profits will take time, the so-called "things should be long-term vision."