Business treasure: the overall growth momentum is good

Business club, August 27, 2010 H1 performance overview: in the first half of 2010, the operating revenue of netsheng businessbao was 75.17 million, a year-on-year increase of 28%; the net profit of the parent company was 30.8 million, a year-on-year increase of 55%; after deducting the impact of investment income and non operating income and expenditure, the total profit increased by 4% year-on-year, a month on month increase of 17% As the government subsidies included in non operating income are also closely related to the company's main business, if only the impact of investment income is deducted, the total profit will increase by 26% year-on-year and 46% month on month, reflecting the good growth momentum of the company's main business The company expects a 30-50% year-on-year growth from January to September According to this forecast, the company's performance in Q3 single quarter will grow between - 31% and 34% year-on-year Profit forecast and investment rating: we believe that e-commerce is a sharp corner of xiaohecai Although it has not shown a real explosive growth at present, the improvement of industry penetration and external constraints (such as the improvement of logistics, cash flow and credit system) make the industry have a bright future in the long run Although the company's Q3 performance may slow down to a certain extent, as an industrial B2B website growing up based on domestic trade, the company's profit base is relatively small After the early cultivation, now all kinds of business models have blossomed in many aspects, no matter it is toocle.cn ） business communication e-commerce service, or exhibition revenue, any growth beyond expectations can bring surprises to the company's performance We predict that the EPS of the company in 2010-2012 will be 0.48 yuan, 0.66 yuan and 0.88 yuan Considering the overall growth momentum of the company, we will maintain the rating of "increasing Holdings" Main uncertainties: the company's new business development progress is lower than expected; the competition in e-commerce industry is increasingly fierce.