Cloud copper issuance of the same analyst not optimistic

Only 3 trading days after the suspension, Yunnan copper Industry (000878, closing price of 20.96 yuan) of the issuance program emergency. And look carefully, the issue of the scheme and July 2009 is basically the same plan, analysts said the issue is a mixture.　　Industry analysts told the Daily Economic news reporter said the Yunnan copper industry published by the Chinese newspaper is far below market expectations, the 18.64 yuan/share of the issuance of the scheme is not attractive.　　Copper concentrate self-sufficiency rate increased 5% Yunnan Copper issuance scheme shows that the company intends to not more than 10 investors in the non-public offering of a shares of 300 million shares, the issue price is not less than 18.64 yuan/share, the total amount of fund-raising does not exceed 5.592 billion yuan. The collection of funds will be mainly used in four areas: one is to the wholly-owned subsidiary Yuxi Mining Company to increase the capital of 1.25 billion yuan, and the second is to invest 1.902 billion yuan, buy controlling shareholder Yun Copper Group Holdings of Yunnan Tatsu Asia Nonferrous Metals Company 100% Equity, Yunnan Star Flame Nonferrous Metals company 100% Equity,　　Yunnan Jinggu Mining and Metallurgy AG 71.27% Equity, Kunming West Branch industry and trade company 100% Equity, three is to repay 1.3 billion yuan corporate bank loans, four is 1 billion yuan replenishment liquidity. The announcement shows that Yunnan Dexia currently has two mine annual production capacity of 7000 tons, 2009 consolidated statement accumulated revenue of 839 million yuan, net profit of 63.35 million Yuan; Yunnan Star Flame 2009 Main products (copper concentrate) production of 1005.372 tons, realize operating income of 60.32 million yuan,　　Net profit of 3.28 million yuan; Jinggu Mining and Metallurgy 2009 Jinggu Mining and metallurgy production electrolytic copper 1333.022 tons, realize the operating income of 47.07 million yuan, net profit-10.88 million yuan, West Branch industry and Trade in 2009 to achieve operating income of 82.19 million yuan, net profit of 22.15 million yuan.　　Zhongyuan Securities He Weijiang pointed out that 2010 company refined copper production of about 350,000 tons, according to the 65,000 tons of copper concentrate containing copper production calculation, the company's copper resources self-sufficiency rate is only 18.6%, if the company's implementation of the targeted additional program will improve the company self-sufficiency rate of nearly 3%, which is not the future of the Red Mountain copper after the successful production of the situation.　　Profit worries add more difficult but, 3% self-sufficiency rate increase can not give Yunnan copper performance, but if copper prices fell, the company previously on the tens of billions of inventory will face the risk of discount. Hua Rong Securities analyst Jiangjiang pointed out that the cloud copper in the net profit of 188 million yuan, an increase of 248.6%, the basic earnings per share of 0.149 yuan, an increase of 249%. Although the company's profit growth is faster, but because the company's main products compared to the same period last year, earnings growth in the expected, but the growth rate is far less than market expectations, the first half of the year to complete the market for the company's full-year profit forecast of 21.2%. This is mainly the company's copper concentrate on the low self-sufficiency rate, most of the raw materials rely on imports, in the high copper price decline process, raw material costs are too high, outsourcing copper concentrate production refining copper way only to earn processing fees, can not share the copper price rise brought byIncome。