growth rate of 68% in the next three years

third quarter results slightly exceeded expected. The first three quarters of the Summer dresses income of 2.24 billion yuan, an increase of 79.6 percent, three-quarter revenue of 650 million yuan, an increase of 67.9%. The first three quarters of net profit of 350 Christian louboutin shoes million yuan, an increase of 145.4%, three-quarter net profit of 62.55 million yuan, an increase of 76.5 percent, third quarter Replica rolex net profit increase of slightly less than the first half of the average speed. profitability continue to improve. The first three quarters of the Replica Christian louboutin average gross margin of 74.8%, an upgrade of 4.07 percentage points, the third quarter, gross profit margin of 75.9%, an increase of 7.31%. We believe that the increase in gross margin is from puree revenue accounting for the upgrade, year puree the income share of Evening dresses 2012 more than 50 percent this year. Contrast to 2006, 2007, the income share of the blue classic series (blue classic series in 2006, 2007 revenue accounted Replica watches for 63% and 81%), we believe that the old well puree income accounted for there is room for improvement. And the company has begun the work of the rich product line, spend Department of elegant re-combing, squeezing puree tribute version of the following price range within the Prom dresses 2012 province of market competitors. This year in Hefei market spend Department of elegant rapid growth, the province's broad based, is expected next year. Cost increase in the proportion of the third quarter. The first three quarters of Cheap Wedding dresses the rate of cost of sales accounting for 23.5% of the third quarter cost of sales accounting for 28.9 percent, the highest proportion in the first three quarters. The rate of increase of costs directly down the sales margin of the third quarter, third Fake rolex watches quarter sales net profit margin of only 9.6%. We judge that the fourth quarter expense ratio will decline, the net profit margin will rebound. control pricing model was officially Replica watches launched. From the end of the third quarter began the official launch of the mode of the control value. After the iphone implementation of the control pricing model, the first will be the terminal price of the four channels of control more stringent R & D center can be Fake rolex effective control of channels of interest in the chain be maintained. Secondly, the mode of control price, dealer costs, input-output ratio will enhance, Replica rolex corresponding to the proportion of cost of sales will gradually decline. The start of the price control mode channels Christian louboutin shoes of the The to maintain the company's 2011 performance prediction. Expected 2011 revenue of $ 3.2 billion, net profit of 656 million christian louboutin shoes sizing yuan, after EPS2.61 fully diluted, after the release of the recent market risk, the company in 2011 dynamic PE has dropped to 31.9 times. Expectations based on the company's sustained high growth performance Wedding gowns cheap in 2011/2012 New Year sales season, maintaining the company a Risk Warning: 1) the liquor industry by the Cheap Christian louboutin shoes economic growth rate of decline in a downside risk; 2) national market expansion downside risks. (Shun securities the) alcoholic wine, 000 799: the Christian Louboutin for women untapped gold mine, waiting for a belated outbreak We expect the company from 2011 to 2013 EPS of $ 0.39/0.80/1.24, an The growth rate of 47%, respectively, 108%, 55% compound growth rate of 68% in the next three years, Evening dresses corresponding to 2011 to 2013 PE respectively, 74X, 36X, 23X. We maintain that the company is strongly recommended that the rating and target Fake breitling watches price of 35 yuan. Minsheng Securities