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    Home >> NEWS >> Dynamic News >> PCB continues to improve PC out of the abyss
 
 
Sales revenue in line with expectations: the company in 2009 sales 7.73 billion yuan, 7.6 billion higher than we expected. 6.5 billion revenue company's PC business (we expect 62 million), up 6.24%. PCB business income of 1.2 billion yuan, up 15.36%, below our expectations of 1.36 billion yuan.

Lower than expected gross margin PC business, dragged down performance of the company: Company PCB system board business gross margin 21.8%, almost the 22% we expect the same. PC gross margin was 4.99%, 6% lower than we expected.
As the PC business revenues accounted up to 84%, low drag on the company's overall gross margin performance.

Better performance in the fourth quarter, the performance improvement trend seen: 4-quarter sales revenue of the company 2.01 billion, up 20%, consolidated gross margin reached 10.33%, for the best performance in the last 6 quarters.
In contrast, the company consolidated gross margin in Q3 was only 4.56%, mainly due to the company's PC in order to maintain in times of adversity and lower shipments in the first few batches of computers to rural areas, the average price.

From our understanding of the situation, follow-up batches of the countryside offer computer has increased.
Therefore, we believe that the performance improvement in the company's Q4 result of the role two businesses, combined with our judgments on the PCB industry, our company's performance improvement trends in 2010 are more optimistic.

Main assumptions: We like the next two years the development trend of PCB industry, PCB gross margin that steadily, from 2010 to 2012 is expected to PCB gross margin was 24%, 25%, 24%. The company's PC business, we believe that the worst is probably over, and the gradual increase along with notebooks accounting, PC business, gross margin is expected to strengthen, expected from 2010 to 2012 its gross margins were 5.3%, 5.5%
, 5.5%.

Earnings forecasts and investment recommendations: expects EPS 2010-2012 were 0.12 yuan, 0.17 yuan and 0.21 yuan, we believe that companies operating characteristics of two different, not simply by price-earnings ratio valuation, the valuation discussion of the specific business and see the split our previous report "Founder: PCB homeopathic expansion, PC bottoming out." We believe that Aspect is the performance of the company to establish the trend reversed, and benefit from the PCB industry, investment opportunities in 2010 to maintain the "recommended" rating.
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