Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of surveillance products specialist China Security & Surveillance (NYSE: CSR) plummeted as low as 17% in intraday trading after its quarterly results and future outlook disappointed investors.

So what: While China Security managed to grow its third-quarter revenue by 14% to $182 million, analysts were expecting a top-line of $201 million. Even more concerning, however, was China Security's downside guidance for 2010 and 2011, suggesting that the company's heady growth is slowing much sooner than expected.

Now what: Although this report doesn't exactly bode well for China Security's short term, it's pretty easy to find long-term value in the shares. Even when you factor in today's lowered outlook, the plunge has China Security still sitting at an extremely paltry forward P/E of five. While China Security certainly has its risks -- it competes with industrial giants General Electric (NYSE: GE) and Honeywell (NYSE: HON), after all -- they seem to be baked well into the price.

Interested in more info on China Security? Add it to your watchlist by clicking here.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.