The company publishes the Non-public offering plan, the issue quantity does not exceed 65 million shares, the issue price is not less than 10.64 yuan/shares, raises the fund mainly uses: buys the Jin Brook Cement 50% Equity and the supplementary working capital, the pure low-temperature waste heat power generation project, the years commodity concrete mixing station project; The company bought 50% Jin Creek equity, holding Kam Creek Cement equity capacity from 1.0559 million tons (25%) increased to 3.1678 million tons (75%), the company's total equity capacity from 9.9309 million tons to 12.0428 million tons, And through the Kam Creek Cement Equity acquisition will strengthen the company in the northeast region of Jiangxi dominant position, to enhance the company's market share. Investment in new cement mixing plant, is expected to increase the company's income after the 206.6 million yuan, increased after-tax income of 17.6875 million yuan. Pure low-temperature heat Power generation project is estimated to be completed and put into production, annual output of 59.4432 million kwh, waste heat power generation for 8%, annual savings of 30.6251 million yuan, economic benefits are very obvious. At present, the price of cement in Jiangxi province remains high. We believe that the main reason behind the regional market structure in east China after the fierce competition has formed a large cement enterprises oligopoly competition, and in the new line is limited, the production capacity supply is expected to reduce the situation, the market synergy is expected to be strengthened, the first half of this year cement prices will rise sharply year-on-year, and greatly boosted the company's performance this year. We do not consider the issue of additional factors, is expected 2010, 2011, 2012 earnings per share of 0.41 yuan, 0.98 yuan, 1.07 yuan, the corresponding PE for 31.8x, 13.3x, 12.2x, the future does not exclude the possibility of exceeding the expected performance, maintain the "recommended" rating.
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