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对今后三年50%复合增长的预期,以及公司高效的运营模式,使得我们有理由给公司一个高估值水平。由于新会计准则影响,激励期权费用影响损益,EPS为0.611、1.160、1.790元。上调目标价为60.20元,相当于08年48.7倍PE,维持“买入”评级。
The expectation of a compound annual growth rate of 50% for the next three years and the efficient operating mode of the company make it reasonable for us to give the company a high valuation. Due to the impact of the new accounting standards, incentive costs affect the profit and loss, EPS is 0.611,1.160,1.790 yuan. Increase the target price of 60.20 yuan, equivalent to 48.7 times 2008 PE, to maintain “buy” rating.