Ban on the eve of one bridge Miao play good combination boxing

On October 13 under the net placing of the 3.4 million shares will be lifted on the eve of the lifting of one bridge Miao industry (002447.　　SZ) announced that will build a sea cucumber varieties base project, a large influx of sea cucumber aquaculture.　　Stimulated by this news, the company shares on October 11 on the day of the daily trading, trading volume slightly enlarged. However, Qilu Securities issued a report on the announcement that one bridge seedling industry Valuation Center is: 62.73-87.16 yuan.　　October 11, one bridge seedling industry closed at 90.73 Yuan, has been higher than the value of the central limit.　　Good frequency release October 11, the company announced that the use of 115 million super raise funds to build 5000 acres of sea cucumber varieties base project, to carry out cultivation and breeding of sea cucumber varieties. Company announcement on the same day, approved by the Wafangdian Ocean and Fisheries Bureau, issued the relevant maritime use certificate on September 30, 2010, a total of 39932.　　7 Mu, the service life is September 30, 2010 to September 29, 2020. However, according to the bulletin, the company used to build sea cucumber varieties base of the sea area of only 5000 acres, that is, there are nearly 350 million acres of sea, the company has no clear use and,　　Prior to the company's IPO deduction after the actual amount of money to raise funds of 461.807 million yuan, over 213.807 million yuan, according to sea Cucumber Variety project planning, the project total investment estimate of 115 million yuan, including Earth and rock project costs, construction costs and basic preparation fees.　　In other words, the company has nearly 100 million yuan to raise funds did not use, the part of the funds to do what it is worth attention.　　According to SSE's "Gem Information Disclosure Business Memorandum 1th", listed companies should be the latest in the collection of funds to the account within 6 months, according to the company's development planning and actual production and operation needs, properly arrange for the use of funds for the project, submitted to the Board of Trustees for timely disclosure.　　In many gem companies near the time limit is also not take out the use of the plan, one bridge Miao but played a "combination of boxing", first access to the sea, and then the sea Cucumber variety Breeding Project plan, if not early planning, I am afraid this set of punches will not be so coherent. High-short-term valuations in accordance with the company's project investment Planning, the project construction period of 1 years, the project completed the second year of production.　　Moreover, because the sea cucumber cofferdam breeding cycle is generally around 2 years, that is to say, if the project works at this time, the most will be completed by the end of next year, plus 2 years of breeding cycle, to 2013 years to generate revenue. However, "the company has already started construction, before the company has 6000 acres of the right to use the sea, of which 3000 acres has begun cofferdam works, therefore, this part of the sea can be seedlings in the near future, that is to say, fast, 2012 can generate revenue."　　"People close to the one-bridge seedling industry said.　　The reporter noted that the matter in the company's "prospectus" has also been disclosed. As a result of sea cucumber breeding by rolling seeding mode, Qilu Securities is expected, 201At the beginning of 2, the company may have to throw reefs to transform 5000 acres of sea.　　At the same time, at the end of 2012, the company's cofferdam is expected to enter the batch harvest, harvest area of about 5000 acres, 2013 harvest area of about 10000 acres, thereafter the annual rolling sown area of 10,000 mu, the year of harvest also stable in 10,000 acres.　　One bridge seedling industry may in 2013 fully develop and utilize 40,000 mu of sea area 20,000 mu, still have 20,000 mu of sea area to later timing development. The company expects that, according to the current market situation, the project reached the annual production of 1.25 million kg of sea cucumber.　　It is estimated that the new operating income of 200 million yuan per year to achieve net profit of about 130 million yuan, investment profit margin of about 77.8%.　　and Qilu Securities to achieve the postpartum business income forecast is higher than 200 million yuan, reached 250 million yuan, 5000 mu is 125 million yuan.　　But the prospect of this project is promising, but the short-term risk is not small. According to the calculation of Qilu Securities, the Oriental Ocean, good and Roe Island from 2010 to 2012 dynamic PE is 62.42 times times, 40.93 times times, 31.7 times times respectively.　　Qilu Securities with the middle number of PE 40 calculation, one bridge Miao industry in 2011 to 2012 reasonable price should be between 62.73 yuan to 87.16 yuan.　　Qilu Securities believe that, considering that one bridge Miao 2012 after the rapid growth of performance, so short-term valuation pressure is expected to result.　　But while the company's short-term valuations remain unattractive, Qilu also gives a "hold" rating, suggesting a focus on the trading opportunities offered by the company's waters over expected expansion. "The company is located under the jurisdiction of the Wafangdian has a large number of sea resources, and the company is the only one listed company in the region, the local support is very high, the next sea area resources exceed the likelihood of more than expected." A person close to one bridge Miao industry told reporters.