Resource advantages stand out

Rating Briefing report Jiangxi Copper Industry (600362) resource advantages prominent Great Wall securities released reports that the current company's valuation level in the historical low, and the same industry compared to the middle level. As the company has a wealth of copper resources, integrated industrial chain to improve, coupled with industry policy-oriented "polymetallic and do the deep to do fine" development strategy, optimistic about its long-term development prospects.　　Give a "discreet recommendation" rating. As a domestic comprehensive copper company, its resource advantages are outstanding, copper concentrate self-sufficiency rate of about 22.6%, is the domestic copper listed companies in the highest self-sufficiency rate (cloud copper is 13%, Tongling nonferrous is about 7%). At present, copper reserves of 15.21 million tons, the first in the country, there are rich in gold, silver and other non-ferrous metals resources, gold reserves of 405.16 tons, silver deposits 9164.4 tons, molybdenum ore 331,400 tons.　　At present, the company's cathode copper production capacity has exceeded 800,000 tons/year, is the largest copper cathode manufacturing company, copper processing also began to engage in high technical content of copper tubes, copper foil and other fields, copper processing capacity has increased to 450,000 tons, comprehensive strength further enhanced, has become a veritable copper industry leader.　　Compared with companies in the same industry, the company's asset-liability ratio is the lowest, the rate of financial expenses is also low, and from the management cost rate, the company is the highest, and in 08 there has been a marked rise in the cost of management has a larger decline in space; the company's profitability is the highest, but its profitability by the changes in copper prices are greater.　　Since the overseas copper concentrate cannot be put into production for nearly two years, and the potential for domestic mine production increase is not large, the growth of the company's output in 2009 will mainly benefit from the expansion of 7500 tonnes after June 30 in the copper mine of dexing copper mine. Genistein Food (002143) A short look at the price of live pigs Citic Investment released the report that with the country to start the pig price intervention measures to increase the strength of live pigs, as well as the supply of pigs in the past supply peak and the supply and demand situation reversed, the future of the price of pigs will slow down, 3-5 months is expected to build a bottom rebound. Companies in the pig price increase in profitability will be significantly enhanced. The company now lower pig prices increased the size of frozen meat reserves, such as pig prices rebound after the sale, "low suction high" strategy if the operation is appropriate, will promote faster growth this year.　　Increase the rating to "overweight". Analysts believe that, whether the national layout of slaughter capacity, or product structure from frozen meat to fresh meat transformation, has laid the foundation for long-term development of the company, will be the decisive factor of the company's long-term performance growth.　　But in the short term, the company's performance is still mainly determined by the company's slaughter volume and pig price trend. Since 2009, as the supply of live pigs has increased, pig prices have continued to decline. The company is no longer affected by the lack of pig purchase, the Pig acquisition has basically met the company's slaughter needs. This year's slaughter has been a foregone conclusion, the company is expected to be slaughtered this year to restore the level of 2007, to about 2 million. And hog prices are expected in the next 3-5The month will show a "slow down, bottom rebound" pattern. The company's meat sales have reached 40% in the past quarter, compared with just 20% of sales at the end of last year.　　Company to improve the proportion of meat sales for the future direction of development, can effectively withstand the impact of pig price fluctuations on the company's performance, to establish their own brands, the company's long-term development of the right choice. Three special Ropeway (002159) Huashan ropeway price Increase thickness results May 18, Shaanxi Price Bureau approved Huashan Ropeway price increase, peak season up to 36%.　　China Merchants Securities issued a report that the Huashan ropeway price increase on the company's performance thickening, analysts maintain a "strongly recommended" investment rating. According to the 08 visitor size calculation, the price increase on the 2010-year performance impact of about 0.10 yuan, 2011-year performance impact of about 0.08 yuan (2010, the company has 95% of the income rights, 2011 after the right to decline to 75%).　　Because Huashan Ropeway is very strong, can not consider the extrusion effect of price increase. The company's development model is worth watching.　　The development model of the company gradually from a single ropeway mode to the comprehensive development model, with unique vision and constantly improve the comprehensive development of strength, low-cost access to the second-line scenic Area development rights and control, is the core value of the company, but also the source of continuous growth of corporate performance. In recent years, the company invests in the scenic spot will usher in the opening peak, and 4 trillion investment brings the traffic improvement also promoted the second line Scenic area to be able to enter, the company will benefit directly; Hubei province planned the western Hubei tourism Circle to the company in the western Hubei area (Enshi Pingba Camp, Nanzhang ancient fortress, Baokang Nine Road village Shen Nong Frame Wooden fish Town landscape real estate) has a direct driving role. (Cong finishing)