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Spring Festival temple fair visit another! Buy home appliances, special price, Wishing Tree, write pair do at home in the HC Power Temple>> Investment Highlights: 2006, the company realized main business income of 1,189,656,800 yuan, up 21.69%; consolidated gross margin was 28.69%, an increase of 1.25 percentage points; a net profit of 26.9584 million yuan, an increase of - 17.9%; net cash flow from operating activities 103,682,900 yuan, up 75.32 percent. Company's main business revenue, while the steady growth of net profit decline occurred mainly because the significant increase in operating expenses. In 2006, operating expenses in 2005 increased by about 66.04 million yuan, up 40.01 percent; operating cost rate of 16.89% in 2005 rose to 19.43%. Judging from the report revealed, Advertisement Publicity and sales Service Fee is higher operating expenses caused by the dominant factors: Advertising fees paid during the reporting period was 108 million, an increase of 29.39%; the reporting period, sales and service fees paid 0.62 billion yuan, an increase of 96.68%. 2006, at the Stainless steel , Aluminum, copper, etc. Raw materials Prices continue to rise sharply, the company's consolidated gross margin of 1.25 percentage points from the company's product strategy adjustment. Three major products company Cooker , Smoke and Water heater Have raised their margins (Figure 1, Figure 2, Figure 3). As an industry leader, one of the industry in maintaining the scale advantages, product profitability and pricing power is gradually reflected the advantage. In the previous Research We also have reports of the company's product strategy going forward to the transition, the company intended by Sports Marketing And public service marketing models to enhance the brand image, to gain a premium brand. Company semiannual reports and annual consolidated gross margin directly reflects the effect of this strategic transformation, a more direct expression is the proportion of high-end products to increase sales: We believe that in 2006 the company significantly increased operating costs with the main addition to Olympics A series of marketing activities and the transformation of large-scale image of the terminal, the company's original division under the less efficient the system is the main reason. We found that many of the domestic Home Appliances The use of internal resources have gone through "to the points by a, then assigned together" adjustments. In order to win the market size, extension Norway Huang? Mu? Waste off amine frame times? Waugh?? Fan Mai ditch evening elliptical benzene owned raise ? Twisted sword?? Yan? To play a dynamic role of different products division, to open up markets; scale in product and customer reach a certain level, more efficient use of resources key to effective integration, synergies are more important. Vantage share in 2005, after the implementation of the division system, independently of each product division Purchase Production and sales, some of the resources not shared, especially by causing some of the sales channels and customer resources, redundant construction, and services. At present, the company division of the original system was modified, procurement, production and sale of all integrated to the company's three platforms. We believe that this integration is necessary to improve the efficiency of internal resources Vantage. The channel construction, the Vantage has a more distinctive features of shares, while ensuring that the store with the KA store two channels of balanced and stable development. Among them, the store's contribution to the company's sales revenue is about 50%, KA stores contributed sales revenue of about 30%. Active use of the company in a chain of mainstream Yetai KA rapid development of the city, while also 23 market cast its own sales channel, sales Network Very sound. Vantage relationship with its dealers are also very strong, and Vantage Cooperation More than 10 distributors in over half of the year, cooperation, accounting for more than 8 years of distributors over Qi Cheng. Our company 07-09 years EPS Is forecast to 0.30 yuan, 0.38 yuan and 0.48 yuan, to maintain "overweight" investment rating. The e-commerce company in China offers quality products such as Wireless Modules , China Wireless Modules, and more. For more , please visit Shark Fin Antenna today!
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