Hengji Li watches sales network by the end of 2009 reached 130.

Hengji Li watches with additional sales the next few years will maintain rapid growth. Hengji Li watches sales network by the end of 2009 reached 130. Recent announcements additional items to be opened in 21 cities in 24 Hengji Li stores, and the upgrading of 10 older stores.

Network layout to speed up the recovery help the company seize the opportunity to watch spending improve competitiveness and market share. We expect the new stores in the next two years Hengji Li 25-30 at home, the company watches sales growth of 34% and 27%. Fashion brand consumer worth the wait. Increased in 2009 high-end fashion brands and brand investment, acquisition of the Swiss watch brand Emile Chouriet (Amy Long), and established fashion brands.

Form to become a fashion brand watches and foreign companies following the addition of another business FIYTA table Aspect, its development is expected to exceed expectations. Investment advice: maintain the 2010 and 2011 EPS forecast 0.37 yuan and 0.50 yuan (additional ex before the end of 2010 to consider issuance of 3,800 shares, while diluted earnings per share were 0.32 yuan and 0.43 yuan). A corresponds to the current share price earnings ratio in 2010 and 2011, respectively 46x and 34x, B stocks price-earnings ratio corresponding to 2010 and 2011, respectively 20x and 15x.

We are optimistic about China's luxury goods (watches) consumption of room to grow, maintain Fiyta A shares "cautious recommendation" and the B shares "recommended" rating.

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