One bridge Miao: Plunge into sea cucumber vertical integration field

Investment points the national aquatic product's variety rate is only 20%, the future still has the big promotion space.　　According to the preliminary calculation, the national shrimp Scallop seedling Theory market demand of about 150 billion, 2009 national production of only 90 billion, there are nearly 60 billion supply gap, the Gulf mussel also has nearly 30 billion gaps, the medium and long term perspective of China's sea treasures miao industry future growth space.　　One bridge seedling industry is the leading shrimp scallop seedlings, bay mussel, sea cucumber seedlings, relying on the advantages of seedling, the company cut into sea cucumber "seed-breeding-processing-Sales" vertical integration, sea cucumber will become the company's future profit growth of the main engine. At present, one bridge seedling industry already has 39,000 acres of clean sea area, more than Roe Island and good home, become second only to the Oriental Sea sea cucumber aquaculture waters, secondly rich company.　　One bridge seedling industry sea cucumber aquaculture business relative to the eastern ocean, good home, Roe Island has a clear low-cost advantage.　　We anticipate that the cofferdam of one bridge seedling industry will begin to enter the batch harvest period at the end of 2012, the company is expected to produce 625 tons of sea cucumber in 2012, and 1250 tons of sea cucumber production in 2013. The future product structure focuses on seed and sea cucumber, and these two business profit margin is the first of the sea treasures, therefore, one bridge seedling industry in the next few years the performance elasticity is enormous.　　The company's net profit of 2010-2012 is estimated to be 54.97, 62.69, 145.99 million yuan, growth 27.4%, 14%, 132.9%, corresponding EPS is 0.82, 0.94, 2.18 yuan respectively. After comparing with Roe Island, Oriental Ocean, and good corporate equivalent, the valuation center of one bridge seedling industry is: 62.73 yuan-87.16 yuan, short-term valuation remains unattractive, the first "hold" rating, the proposal to focus on the company's sea area over the expected expansion of the trading opportunities.