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Tourism the first three quarters and profit growth is still mainly from the hote
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Early acquisition of assets of two rivers and four lakes and the Lijiang Waterfall Hotel, a major driver of revenue growth. The third quarter of this year, the two rivers and four lakes achieved revenues of 15.56 million yuan tourism, accounting period 73% of incremental revenues; Lijiang Waterfall Hotel, 6% of the incremental revenue contribution. The first three quarters of this year, the two rivers and four lakes achieved revenues of 30.28 million yuan tourism, accounting for the incremental revenues from January to September, 64%; Lijiang Waterfall Hotel, the incremental revenue contribution to 23%. In addition, the contribution of Longsheng Scenic Area were the first three quarter of the third quarter and the incremental revenue of 9% and 12%. Profit growth mainly from the Lijiang Waterfall Hotel. In the second quarter with 222 million the company raised funds on the Lijiang Waterfall Hotel, raise capital, to repay their bank loans. Lijiang Waterfall Hotel, the first half profit of 493,400 yuan, loss of 6.9137 million yuan year on year, mainly from the profit of 3,198,600 yuan to repay the loan interest on savings. The third quarter, the hotel revenue grew 4%, remained stable, but the third quarter, the hotel fell 5.03 million interest expense. The third quarter of Lijiang Waterfall Hotel is also to promote growth for the company. Operated by the third quarter, lower than expected impact of the Expo diversion. Removed and the sheet assets, we have calculated the third quarter and first three quarters of the original business income of the company rose 7% and 4%. First half of the company of drought, floods and other effects; the third quarter as the main scenic spots, tourist season and had to raise prices, the company is still relatively slow revenue growth, we analyzed the main reason is the Expo shunt. Great Falls Hotel revenues increased 23% from the first half fell to 4% in the third quarter. Only benefit from the ticket price and transportation improvements Longsheng Hot Springs area the first three quarters grew by 38%. Fourth-quarter revenue Fulong Park project is likely to stabilize the balance sheet performance, but performance is expected to be released after 2011. Prior to the acquisition of assets in accordance with pro forma earnings forecast, Fraser Park project planned for this year to benefit 25 million yuan, or about EPS 0.07. After completion of the acquisition of assets, the company focus has been transferred to integrate the factors of production, and strengthen market competitiveness. Three of the main tourist routes this year by upgrading the composition of the new painting products, the middle reaches of Guilin has been to the market, we expect the new and old assets will begin to reflect the integration proceeds. Maintain the "recommended" rating. EPS forecast the company were 0.20,0.41,0.48 10-12 years, 10-12 years of real estate projects which contribute to 0.07,0.16,0.12 yuan respectively. We are optimistic about the company's performance in the explosive era of leisure travel, the China-ASEAN Free Trade Area, the National Tourism comprehensive reform pilot area, the traffic policy to improve and so will bring good company. The company-owned assets is still in the early integration of the product chain, results not yet fully released, can be a strategic holding.

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