Analyst SMS 1-16

 HKUST Information Xun Fei (002230): Main products are very broad market prospects, the proposed long-held
Dong Zhiqiang: fly fast main business HKUST speech software, speech software market is a nascent market, the current at the initial stage, the import of the changes to the growth period. The market prospects are very bright.
HKUST fast flying in the area of speech technology at the international advanced level, many times in international competition won first place in voice technology.
in Voice in the domestic software market, HKUST fast flying in the speech synthesis market, the market share of over 70%.
We believe that HKUST is a fast flying very large growth potential companies, the proposed long-term holding.
in Bing photoelectric (600435): gross margin, expense ratio decreased
high Xiaochun, Zhang Feng Fu: 2008 achieved total revenue of 1.151 billion yuan, down 8.44%; net profit attributable to equity holders of 167 million, an increase of 34.42%; 0.75 basic earnings per share (fully diluted) .08 annual distribution plan: Capital intends to fund all the shareholders for every 10 shares 10 shares.
slight decline is mainly due to income: first, in 2007 Since the military procurement by the state decreased amount of the impact of military .2008 weak income growth, the original plan to achieve military income of 1.287 billion yuan, but the actual realization of only 885 million yuan, down 07 compared to about 9%; second, computerized embroidery machine textile industry by a large business environment, revenue continued to decline in 2008 embroidery machine revenue of 1.35 billion yuan, down 48.6%.
but the company still achieved a net profit of a more substantial growth, This is mainly due to significantly improve product gross margins, cost rates decline, the income tax rate reduction and other three reasons. particularly in the military gross profit margin, since the content of military technology has improved over last year, great efforts in technological upgrading some components, Gross profit margin rose significantly to 40.89%, increase over last year by 7.7 percentage points.
09 �� military sales increased uncertainty. military arms procurement policy by the state revenue impact of a larger, due to industry technical and safety requirements, military and dual-use technology products are sold to weapons and military group, in which the Group's sales of weapons .2008 for 90% of sales generated by related party transactions of goods amounted to 743 million, while the company expects 2009 sales occurred in routine related party transactions are not more than 610 million yuan. from related party transactions can be seen in 2009, the growth of military there are still large uncertainties. In addition, because military sales are in accordance with relevant state regulations and the cost of review by military determined by negotiation, the company no power to decide the pricing of products, we believe that the future gross margins may be dropped from a high level.
2009,2010 will be expected to achieve revenues of 1.41 billion and 17.9 billion net profit 186 million and 2.10 billion, earnings per share (without regard to capital stock and additional) for 0.84 yuan and 0.94 yuan. target price of 25 yuan, maintain Outperform rating.
Huangshan Tourism (600 054): 30 per ticket is expected to increase
Shenzhou Xiang: The company announced today, claiming that the actual control access Huangshan Scenic Area Management Committee were notified, the relevant departments will be held in February 2009 to Huangshan Scenic Area in mid-price tickets for holding hearings. accordance with the 2007 January 29 Day (subject to price increase in peak fares). Huangshan Scenic Area is currently peak season fare is 200 yuan, according to a 15% increase, we expect the tickets will be raised to 230. In addition, the Huangshan Scenic Area is the last price adjustment date June 1, 2005, has reached more subject to market trend in its share price, we maintain annual report the company achieved operating income of 4.385 billion yuan, an increase of 22.71%; operating profit of 219 million, an increase of 12.7%; total profit of 249 million, an increase of 28.36%; net profit of 192 million, an increase of 46.61% .2008 0.8 yuan in earnings per share, according to yesterday's closing price times the static PE34.8.
Judging from the growth in net profit, net profit still maintained a high growth rate, but the company's total operating profit and profit growth rate, the company's growth rate began to appear signs of slowing.