06 years achievement tallies anticipated: Especially changes the electrician in 2006 to realize the host camp service to receive 5.914 billion Yuan, the main camp service profit 1.017 billion Yuan, only the profit 216 million Yuan, separately with compared to grow 31%, 23%, 72%, each income 0.507 Yuan, the achievement growth and we anticipated basic are consistent.

    The transformer service is the main power which the host camp grows: The company host camp service mainly includes the transformer, the electric wire electric cable and the solar energy. 2006 annual variation depressors service income with compared to grows 46%, achieved 3.9 billion Yuan, mainly are because the graduated arm changes the production scale which changes with Shen to expand, simultaneously company transformer order form large increase. With this contrast, because in 2006 the period copper, the aluminum price large rise, company's electric wire electric cable service for guarantees the profit margin, according to qualification chooses the order form, the line cable product main camp income with basic is more impartial than 05 years. The company produces the solar energy service the silicon raw material the influence which is short and the price inchs higher, the income and the profit is not all good.

    The transformer product gross profit rate is basic stably: Although in 2006 raw material price undulation and so on copper, aluminum very big, but the company transformer product gross profit rate or quite is stable, we thought 07, 08 years transformer product gross profit rate basically maintains 06 years level. 1st, future copper number tendency certainly not bright, rise and drop mutually presently. 2nd, although the old times carry to this year realize the income transformer order form approximately to have 25-30 hundred million Yuan, very big part should be already makes the copper number wrap time to guarantee the value, therefore the copper number rise and drop guaranteed the product to this part of wrap the gross profit rate not to affect. After 3rd, the company signs the product price to be able to have the adjustment along with the raw material price.

    Investment income large increase: The company in 2006 invests the income is 74.93 million Yuan, with compared to grows 208%, this comes from to transfer the stockholder's rights as well as the corporate investment 参股company to the company (main origin to the Xinjiang audiences and) the profit growth is the result of. We estimated the Xinjiang audiences and 07, 08 years only profit may achieve 170 million Yuan and 240 million Yuan, to especially change electrician's investment income contribution to amount to 55 million Yuan and 78 million Yuan.

    Enjoys the income tax preferential policy: In 2006 the company enjoys each tax revenue preferential benefit approximately more than 30 million, moreover the graduated arm changes, Shen Bianye enjoys technical development Fei Jiaji to deduct should pay taxes the policy, this all enables the income tax large reduction, the real income tax rate only to have 12%. We estimated in 2007, in 2008 the company still could enjoy 3000-4000 ten thousand Yuan about the tax revenue preferential benefit.

    The profit forecast and invests the rating: We to the company 07, 08 years profit forecast are 0.74 Yuan and 0.98 Yuan, if in 2007 succeeds increases sends 50 million, then company's booth thin EPS respectively is 0.66 Yuan and 0.87 Yuan, corresponding booth thin each income 07 years 30 time of cities full rate, at present stock price reasonable, the company has the good growth, after the company stockholder's rights drove the plan appears, its management will be also standarder, we will maintain company "superiority -1" the investment rating.