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Company Report Excerpt
February 3, 2009
1. With accomplishment of telecom operators reconstructing and the 3G license release, massive 3Gconstruction is likely to bring Rmb200bn-300bn investment to the industry. According to our calculation,support system where the company operates will gain investment of Rmb16-24bn. We hold that thecompany will benefit from reinforced purchasing of telecom operators.2. Main clients of the company are electronic manufacturers represented by TOSHIBA and Alpine. InJapanese manufacturing, investment in embedded software is connected to the variety of electronic
products been produced rather than to sales, thus the company’s outsourcing indent enjoys stronger rigid
demand compared with other domestic financial outsourcing companies.
3. The company’s digital medical products include CT machine, NMR equipment, X
-ray machine andB-ultrasonic wave machine, etc. Since medical system requires relative high demand in embedded softwaretechnology, background in software endues the company with preeminent advantages over its domesticpeers within the field. It is forecasted that digital medical business of the company will maintain revenueacceleration at 12%-14% in the coming two years.
By Liu Xiaodong and Zou Gao 
Neusoft Corporation (600718): Business SupportSystem Benefits from 3G Construction; RigidDemand in Outsourcing Still Exists
 
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