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Farah e (600 563)
   Rating: Buy
   Rating agencies: The IFC Securities
   Whether electric or hybrid action, whether to use nickel metal hydride or lithium
batteries, new energy vehicles to be used in high power capacitors: power capacitor in
the new energy vehicles will play a central role in introduction of new energy vehicles
subsidies, high power capacitor market demand will be better than the growth of cells.
BYD Auto Works with other closely, Farah has significant first-mover advantage;
traditional business to accelerate growth and add new energy power business after
three years, the company will enter a long period of high growth.
   The new energy strategy, competitors bring out the transfer order to promote the
company's accelerated growth. 2010 to 2012, the company forecast
earnings per share were 0.90,1.18 and 1.57 yuan. Maintaining a
"buy" rating, the next six month price target 27.
   Hengshuncuye (600 305)
   Rating: cautious overweight
   Rating agencies: Guotai Junan Securities
   Domestic vinegar low industrial concentration, the future development of larger
space. The company sold 150,000 tons of vinegar, 2009, 180,000 tons in 2010. And
the transferee of the Handsome condiment company shares, the share of sales increase.
Since 2009, new and old works full-year depreciation of fixed assets, main business
profits devoured, depreciation is expected to decline in 2010, the main industry plans
to double the profit should be completed. Sales company to mobilize the enthusiasm,
deep plowing in East China, the national distribution market. In the real estate
business contributed approximately 17 million profit, but is no longer adding new
land bank in 2034 after the completion of the existing stock of land development will
be out of the real estate business. In addition, the Parkson Shopping Centre, near the
New Yaohan due to the diversion of purchasing power, profits are expected to be the
next one to two years less than in 2009.
   Mainly depends on the company's future growth industries vinegar sauce,
2010,2011 expected earnings per share were 0.37,0.59 yuan, according to 30 times
2011 earnings, target price 18 yuan or so, to give "careful
overweight" rating.
   Saturday (002291)
   Rating: recommend carefully
   Rating agencies: First Capital Securities
   Inventory management company has been aware of the importance and urgency of
Di, a great base in inventory, effective measures could Yaodaoniandi, the bottom line
is to Zuodaocunhuo sales revenue growth rate Zeng Su Di Yu, Zui Zhong Qiang Zhou
Zhuanshuai inventory from 1.2 back to 2. SAFIYA and FONDBERYL will be the
focus of the next phase of brand development effort. SAFIYA compound growth rate
of the next three years is expected to reach 30%. FONDBERYL positioning for the
channel brand, first and foremost a volume of more try department store in the lead
position. Effort to create 69 brand, into the middle and low shoes.
   The end of 2009 a total number of 1,409 stores at home, an increase of 8.97%, of
which 985 direct sales stores. The company will continue direct sales stores next to
the main department stores. A quarter of the 60 newly opened direct sales stores, plans
to add 300 direct sales stores, direct sales stores in 2011 and then add 500, total to
2,400 stores around.
   2011 new stores during the first half the company began to focus on profit
contribution, taking into account the promotion and advertising will increase this year,
income tax benefits expire, expected earnings per share were 0.48,0.63,0.83
2010-2012 yuan, the current valuation does not cheap, considering the
company's expansion in the channel space and the contribution of the new
brand, to maintain "prudent recommended" rating.

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