The core scenic sites in cultivating enable performance low expectations

2010 company income 5.1 billion yuan, up 60.3; 7044 million yuan, profit growth 105%; EPS0.2 yuan; Every 10 strands of pie now 1.2 yuan. The core scenic sites in cultivating enable performance low expectations.

By 2010 in south China rainstorm, world expo, lijiang cruise shunt influence of domestic tourists substantially. 10 years lijiang tourist decline 18.3%, high-end wharf use a high proportion bring all valence to ascend; Cost relatively fixed makes c.m reduction of 10 percentage points. Lijiang open operation in cruise business development and is expected to slow traffic will continue to rise above 10%. 11

Lakes it is still in the incubation periods. Lakes it and table 3 - December, annual tourists, income are flat with the previous year, business losses, financial sector increase profits; Project remains to be 2-3 yearsMBT Kisumu , better income; Expected annual income increased by 10 per cent, its 11 break-even, interest is greatly reduced.

2011 JianKui, ZiJiang longsheng silver rock and hot spring income. 153 million visitors in five scenic spot, year-on-year growth of 3.4%; Longsheng silver rock, spring, lakes it is main body. 10 years of silver rock, but prices dropped 30% passengers bring revenue growth phase, 11 years of administrative service center will 'income; 10 years ZiJiang income smaller, loss is mbt shoes usa

bigger, 11 years JianKui half; 10 years passenger longsheng more than 30% growth hot spring income substantially upgraded, profitability, 11 years continue.

Lijiang great waterfall hotel performance improved, trend will continue. 10 years hotel occupancy rate debt back, financing, financial burden after Beginning in November will back up to pre-crisis rate soared level, profit., MBT Kipimo clog There are 300 mu of land sell could support the next two years performance and financing needs.

Tourism industry chain extension is the development direction of the future. The new chairman notice the company size and the profitability of the core assets, and pay attention to travel industry chain extension. Core assets lakes it and ZiJiang stream will be in lijiang river 12 years release performance. For 12EPS 0.34 11 - is expected to $0.43, advise and 35 times PE in November, target price of $12.2 immediately, cautious.