The industry boom has rebounded sharply. East Ling Grain and oil expansion capacity nearly one times

The recent sharp rise in the price of soybean meal and soybean oil in the futures market has greatly increased the boom of soybean processing industry, which has stimulated the expansion of soybean oil production enterprises. Yesterday (November 11) night, East Ling Grain and oil (000893, close 31.40 yuan) announced that the company plans to invest in the construction of the second 5000 tons/day soybean processing production lines and ancillary projects, the next two net profit will add 80 million yuan.　　Brokers analysts believe that the next two years in the expansion and gross profit margin on the basis of the East Ling Oil and agri-profit annual growth will reach 60%. Annual increase in capacity expansion 80 million announcement, the director of the East Ling grain and oil through the "on the construction of Nansha production base of the second 5000 tons/day soybean processing production lines and ancillary projects of the motion, in order to expand the company's soybean processing scale and market share, consolidate and strengthen the regional market leading position,　　Company intends to invest in new Nansha production base of the second 5000 tons/day soybean processing production line and ancillary projects, the total investment of the project is about 340 million yuan, the construction period of 11 months. Data show that at present, the East Ling Oil and soybean crushing capacity of 2.2 million tons, considering equipment maintenance and raw material supply time interval, the actual production capacity of about 80% of theoretical capacity, you can squeeze 1.76 million tons of soybeans, soybean meal 1.39 million tons, soybean oil 330,000 tons.　　The new 5000 tons/day soybean processing production line, if converted into the year, then the new production capacity of 1.5 million tons/year, almost rebuilt a East ling grain and oil. Dongling grain and oil said, because the company has its own wharf, logistics conditions are good, international procurement and logistics are guaranteed. With the steady growth of market demand, the company's rich operating experience and mature operation mode make the investment risk of this project low.　　According to the company's financial calculation, the project is expected to produce a net profit of about 80 million yuan per year under normal conditions, with better economic benefits. Rising prices wind up the industry boom in recent years, with the CPI continued to rise, agricultural prices again to meet the rally. Yesterday, Dalian Commodity Exchange soybean oil 1011 rose 5.93%, again innovation high, while the soybean, soybean meal contract of the rising momentum remains unabated. Shijangang, an analyst with Oriental Securities, pointed out in his research report that the overall profit level of soybean processing industry has gone into a boom-cycling trend after the first half of the 2010 downturn.　　With the price of soybeans and their products rising and maintaining the average level above, the soybean crush profit gradually increased. For future performance, CIC Securities analyst Wang Yichou pointed out that the East Ling grain and oil is the agricultural processing industry, the typical successful operating company, 2010 profit point appeared in the first half of the ebb, three-quarter profit has rebounded sharply, is expected to the next two years in the expansion and gross profit margin on the basis of the company's　　Data show that the company's net profit was only 56.4015 million yuan in 2009, but the net profit of the first three quarters of this year has reached 97.9183 million yuan, and the growth is fast. According to the calculation of Oriental securities, if the company 2010 ~2012 Annual Soybean crush volume reached 1.56 million tons, 200 tons and 2.5 million tons, the main business income is 6.287 billion yuan, 8.9 billion yuan, 11.127 billion yuan, net profit is 183 million yuan, 290 million yuan, 364 million yuan, the corresponding earnings per share of 0.82 yuan, 1.30 yuan, 1.64 yuan. If you give the company 2011 35 times Times PE, the target price is 45.5 yuan.