the growth of the industry. Cost pressure company up

Company year-on-year in the first quarter earnings 49%, thanks to soar the propulsion, keep channel integration is far higher than the growth of the industry. Cost pressure company up not down, gross margin respectively year-on-year, annulus 0.08, ascension 0.27 percentage point to 16.24%, we think is mainly benefited from product structure optimization, c.m high roller sales accounted for more than to improve. More surprisingly company battalion tube combined wealth year-on-year, annulus comparing three fee promoted 2.05, MBT Sawa,respectively, 1.97 percentage points; Among them, the management fee respectively year-on-year, annulus 2.43 percentage points 1.16, ascension, stems from the increase of r&d investment; Sales rate year-on-year increase 0.86 percentage points, mainly is affected by transportation cost increase, promotional advertising commitment to influence. The influence of enhanced by fee, the company net profit margins respectively year-on-year, annulus 0.91, 0.83 percentage point decline to 3.53%, cause performance not synchronous revenue growth, lower than we previously expected.

Although the company a quarterly performance below our expectations 9%, but don't change our initial judgment: (1) value of growth over the next two years, washing machine industry (2) with the integration of propulsion and scale channels of municipal priority strategy, promote quickly rate will be significantly higher than industry averages can maintain the growth; (3) company profitability has significantly improved space. We maintain company 2011-13 years $1.45 yuan, foursquare, $1.80 earnings forecasts, future three years up to 30%, compound growth performance of current share price corresponding 2011 18 times, considering the lack of company future years faster earnings growth, giving mbt sandals sale this year 25 times PE, target price of 26 yuan, still have 30 + % space, reiterated that "buy" rating. (haitong securities (600837) ChenZiYi)

Cyts Tours (600138) : scenic area business further profitability improved

Tourism industry contribution of rising 30% 2010 company tourist service industry revenue exceeded more than in the same year the national tourism (31%), the rate of growth of 21.7 revenues; The 2011 1-3 months company tourism industry realize revenue grew 18.6% than the same period last year. This plate 2010 revenue more than 36.56 billion yuan, in 50.08% of total than to scale, 2009 this is only 37.45% proportion. The same tourism services sector, comprehensive Maori space 8.82% slightly ascension, mainly due to the outbound tourismMBT Kisumu, performance within another historic highs, business revenue is 78%, growth from 2009 2011 outbound tourism business income first quarter year-on-year increase 10%, free line outbound business income year-on-year growth 26%. Among them, located in the middle and high-end crowd, provide one-stop service citizens outbound "ever-changing free line" product in selected cities made high market acceptance, the proportion of improved in overseas.

Wuzhen news continuously, income soar more than 70 percent of the travel company wuzhen 51% shareholding in 2010 is good news in April, first repeatedly was rated national aaaaa area; And to the world expo Shanghai borrows propaganda wuzhen; Then huhang high iron in October, including tongxiang stood and open, wuzhen seamless connection of Shanghai, hangzhou tourists arrival time shortened to 1 hours respectively within and 30 minutes. 2010 cumulative tourists wuzhen scenic spot, a 575 million 4-instar larva growth from 2009, achieved sales revenue is 4.88 million yuan, 61 per cent increase on the same period in 2009; Gross margin back up to 84% above, realize net profit 185m yuan, a 2009 104 %, contribution to growth from 0.26 yuan earnings. In the first quarter of 2010, wuzhen tourism continue hot momentum, tourists and business people than the same period in 2010 income grew 25%, 37 percent respectively. At present the company is embarking on wuzhen protection and tourism development, the second phase of the project has invested 140 million yuan, and launched a spin-off of wuzhen tourism landing h-shares work of examination and approval; The move will dredgeMBT Kisumu2, the financing channels, to international fame, began to the further development of wuzhen tourism.