Company is engaged in high-end fashion jewelry product design, development, production and sales, the main products for the K gold jewelry, the core business is " Acer " and "VENTI" two jewelery brand chain management , as of the end of June 2009 have been formed covering 27 provinces ( municipalities and autonomous regions ) in more than 80 major cities, with 279 brand franchise stores sales network. Produced by K gold jewelry sales have been an industry leader , 2007 , 2008 " Acer " brand K gold jewelry retail sales ranked the top three in the same profession .
Networking and fund-raising projects to increase sales productivity.
The company raised funds to invest in construction projects and jewelry manufacturer sales network production and processing ( including R & D ) projects , to increase self-operated stores and increase jewelery production capacity.
Sustained growth performance .
The next two years the company will maintain a rapid growth momentum is expected in 2009-2011 revenue growth year after year 23.95% , 20.53% and 18.75% , net profit attributable to parent company will achieve annual growth of 48.68% , 1.70% and 12.63% , corresponding diluted earnings per share were 0.64 yuan , 0.65 yuan , 0.73 yuan . 2009-2012 For a 11 %, 24 % and 25% income tax rate , which is far lower than the net profit increase revenue growth . We are optimistic about fund-raising project is completed, improved profitability and market share gains .
Pricing conclusions.
We believe the company for many years to maintain rapid growth , and it is expected the next few years can be maintained rapid growth, the company in 2009 to give a more reasonable 35-40 times earnings , the company reasonable valuation range 22.26-25.44 dollars.
Considering the company's fundamentals , valuation of listed companies in the same industry and the recent stock market valuations , we recommend inquiry interval 18.92-21.63 yuan, corresponding to 2009 times the dynamic price-earnings range of 29.75-34.0 .we are the OEM jewelry factory
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