Cosmetics packaging bibcock also see the new capacity

Events: in 2011, the company business income is 93069. 110000 yuan, an increase of 30. 34%; The total profit of 11728. 080000 yuan, 8 year-on-year growth. 33%; Attributable to the parent company net profit of 10308. 900000 yuan, year-on-year growth. 6. 61%; Earnings per share is 0. 40 yuan. View: 1. Increasing continuously operating income in 2011 companies realize business income is 93069. 110000 yuan, an increase of 30. 34%, mainly is the company's increased investment in technical transformation and new product development efforts, improve production efficiency and capacity expansion, shenzhen longgang district project put into production, and significant growth of orders for the rapid revenue growth; Complete the acquisition another company mail tunnels industry &trade co. , LTD. , shenzhen city Beijing Beijing mail tunnels due to the merger report generation business income is 5696. 620000 yuan. The domestic cosmetics industry revenue growth in 2011 17. Increased by 6%, compared with 2011 for two points, the growth of the downstream industry will increase the increase of demand for packaging material. Company in 2012 in Shanghai leased 10000 square meters, production capacity, in order to solve the bottleneck. Shenzhen longgang district is gradually put into production, now already have plating, some projects, such as injection molding, hose. 2. Cost pressures is the company net profit year-on-year growth lower than revenue growth. Attributable to the parent company net profit for 2011, 10308. 900000 yuan, year-on-year growth. 6. 61%, lower than revenue growth, the main reason: ( 1) Since 2011, rising prices of raw materials and artificial cost increase to the product sales gross margin fell, according to the regulation of shenzhen, shenzhen on February 1, 2012 the minimum wage from 1350 yuan to 1500 yuan. ( 2) During the reporting period the bank loans increased cost more to finance more year-on-year increase. 3. Profit forecast and investment rating cosmetics as consumer goods, keep 15% growth each year, and plastic packaging growth will exceed that figure. The company's future, which is based on the hose, the development of injection molding and blow molding business. Future growth, on the one hand, from the company in the ongoing technological transformation projects and longgang project put into production; On the one hand, from biodegradable materials, electronic tags, lithium battery of aluminum-plastic film and other new project put into production. We expect 2012 - Earnings per share in 2013 0 respectively. 52 yuan, 0. 68 yuan, 25 to 2012 p/e ratio, target price of 13 yuan, the current price of 10. 10 yuan, give 'strongly recommended' rating.