tera power leveling indicating the alcoholic liquor of national capacities further enhanced - XQZ

Alcoholic liquor: the unstoppable and huge room Investment under an alcoholic liquor 2012Q1 notice, its net profit after tax of 1.1-$ 120 million, an increase of 430-470%; growth substantially exceeded market expectations of about 200% we raised over a three-year EPS to $ 1.07, and 2.39; performance exceeded expectations confirmed the fine layout of our alcoholic liquor within the province and outside the provinceAnalysis of higher-end national, to judge future performance we have three points continued in-depth knowledge: first, alcoholic liquor within the province of deep has to copy the model and size effect in two-wheel-drive growth, alcoholic wines local high end price point operation and the general price supplement will further reduce the cost and overhead rates and profitability continue to enhance local, home advantage a strong second, Drinkers of wine country is unstoppable, and huge room. In the context of diversification of internal reference brand with high-end niche opportunities, alcoholic liquor brand high-end prices driven by external and internal layout of active demand management will continue to be national investment and market replication advantages through more mature management model tera gold, the company will continue to promote the construction of Marketing Center in 2012-2014;Third tera power leveling, the province of faster-growing, higher sustainable growth and strong 2011 companies reach and 75.2% in North China and South China growth, faster than the market in the province, indicating the alcoholic liquor of national capacities further enhanced, plate market's ability to effectively build a reinforced company of national copies; 2012 earnings exceeded expectations were more likely to further company 2011 71.61% per cent in revenue cases, growth in operating costs only 33.66%, 2011 annual operating expense ratio is 28.08% tera power leveling, down 8.09%, show the company's cost control capacity upgrading and scale effect of highlighting; taking into account the factors of alcoholic liquor prices in the first quarter, we cautiously raised its full year results. VoteFunding recommendations and ratings forecast sales, 14.5 and $ 2.9 billion in 2012-2014; EPS $ 0.97, and 1.42; taking into account the enormous room for companies in the province, province of expansion at the initial stage, maintaining the PE valuation 012 years times, corresponding to 2013 times PE,2012-year target price of 4$ 2.8, the price range $ 41.7 per cent, maintaining a "buy" rating. Others:

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