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　　洪涛股份(002325,股吧)（002325）房地产销售4-5月出现底部复苏，开发商资金状况得以改善，装饰行业住宅精装修订单也出现加速。同时，在地产调控未放松的前提下， 相比以往的普通住宅开发，开发商更倾向于商业、旅游地产的开发，而这些都是公司的相对优势领域。对住宅精装修，公司相关技术、人员、项目储备较足，一旦未来地产行业景气向上，且住宅精装修二次验收强制标准也顺利出台，公司有望大举拓展住宅精装修市场，实现爆发性增长。公司半年订单预计快速增长。酒店、写字楼、剧院等行业的投资继续保持较快增长，公司作为这些细分市场的公装龙头受益明显，预计公司2012年前4月公装订单保持平稳快速增长。4月之后地产销售复苏带来公司地产订单的改善。综合来看，预计公司半年订单将实现快速增长，增速预计40%-50%。

Billows shares(002325,Shares it)（002325）Real estate sales 4-5 month in the bottom recovery，Developers capital condition to improve，The decoration profession residence fine decoration order also appears to accelerate。At the same time，The property regulation under the precondition of not relax， Compared with previous average house development，Developers tend to business、Tourism development of real estate，And these are the company's relative advantage field。To residential fine decoration，The company technology related to the、personnel、Project reserves a foot，Once the future real estate industry boom up，And residential fine decoration secondary acceptance compulsive standard also on smoothly，The company is expected to aggressively expand residence fine decoration market，Realize the explosive growth。The company order fast growth is expected to half a year。The hotel、Office buildings、The theatre of industries such as investment kept fast growth，As these segments of the market with the male leading obvious benefit，2012 years ago the company is expected to April and pack orders remain stable fast growth。Four months later the real estate sales recovery of real estate company bring order to improve。Comprehensive to see，Expect the company orders will be half a year rapid growth，Growth is expected to 40%-50%。

　　公司公装业务的回款和2011年下半年相比虽然还没有出现明显的好转， 但由于公司订单储备完全可以满足发展的需要，所以公司倾向于挑选预付款及回款条款对公司最有利的项目，以保证业绩稳健增长的同时控制回款的风险。部品部件工厂化项目预计2012年底前开始贡献利润

The company with debt collection of male business and the second half of 2011 compared with no apparent, though, is getting better， But because of the order reserve can meet the needs of the development，So companies tend to choose the advance payment collection and the terms of the company's most favorable project，To ensure the steady growth of the performance evaluation and the control of the risk。Of component parts factory project before the end of the year 2012 is expected to begin to contribute profits

　　预计公司2012、2013年EPS为0.49、0.72元，维持增持评级，基于以下推荐逻辑:公司快速增长确定性高，源于酒店、剧院等公司优势行业的稳定增长以及部品部件工厂化带来的盈利提升;地产行业底部复苏，公司基于在商业地产、住宅精装修等领域的优势地位具有更大的业绩弹性;装饰行业处于底部复苏向上的阶段，带来业绩改善的预期，公司的估值还有提升空间。

Expect the company 2012、2013 EPS to 0.49、0.72 yuan，Keep increasing rating，Based on the following recommended logic: the company's rapid growth high uncertainty，Comes from the hotel、The theatre company advantage industry such as the steady growth of the product components and the factory bring profit to ascend;The real estate industry recovery at the bottom，The company based on commercial real estate、Residential fine decoration and other areas of advantage position are more performance of flexibility;The decoration profession at the bottom to the recovery of upward stage，Bring the expected performance improvement，The company valuations and ascension space。