Star Lake Science and Technology Research Report: Keeping the Clouds Open to see the moon

company taste nucleotides and sucone production capacity, quality are ranked first in the countryThe increase in the price of flavornucleotides, driving the company's high profit growth, condiments contributed 68% of operating profit in the first half of 2009, the first three quarters of net profit increased by more than 300% year-on-yeartaste nucleotide serotide domestic market pattern changes, the company under the pressure of foreign enterprises to survive and grow, and ultimately get rich returnsThe mixture of creatine (IMP) and birdnucleotide (GMP) significantly increases the taste of food, with rapid growth in domestic demand and a forecast demand of 18.25% for the next 3 yearsDue to national anti-dumping, anti-smuggling, the trapped internal market will change from multipolar to Star Lake, Xijie double oligarchy patternWe forecast 10 years of domestic market supply of 124,000 tons, serious lying, even if the domestic enterprises successfully expand production, 11 years is also the balance of supply and demand situationprices will remain at their current highs in the short term, and there is reason to be optimistic in the long term for at least the next two yearsshort-term price of susine is running at a high level, medium- and long-term prices will tend to be reasonableSucone is the most important amino acid in livestock feedThe global market is growing rapidly and the domestic growth rate is even higher, with an estimated size of about 30,000 tons in 2009 and 50,000 tons in 2010 or moreDomestic Susine theoretical capacity is far too much demand, but due to personnel turbulence or quality problems, the actual capacity is far below the theoretical valueShort-term prices remain high, medium- and long-term reasonable prices may be 16-18 yuan /kgbusinesses such as Ribavirin and aluminium sheeting have little impact on the company in the short termLibavirin to get rid of the micro-profit situation, the price suddenly rose, the future will return to rationality, contribute to a reasonable profitThe company plans to invest in an annual output of 100,000 tons of high-precision aluminum strip project, we are more optimistic about the PS version of aluminum substrate products, but the construction period is long, the company's performance in the next two years has little impact, 2012 may be part of the production and contribute profitsThe main risk ofis the final decision of anti-dumping in I-G We predict that the Ministry of Commerce's anti-dumping final will at least uphold the initial ruling in the company's favor If the results are different from expected, there will be a blow to the price of the I-G earnings forecasts and investment ratings The 2009-11 EPS is forecast to be RMB0.34/0.78/1.09 yuan (an additional issue is considered), and the current share price is RMB12.84, corresponding to 38/17/12 times PE The forecast is assumed to be: (1) 10, 11 years taste nucleotide average price to maintain 180,000 yuan / ton (including tax), sales of 5400 tons and 8000 tons, respectively (2) 10 and 11 years the average price of susine is 165,000 yuan / n tun (including tax), sales of 28,000 tons and 295,000 tons, respectively The company's products will continue for a long time, performance to determine high-speed growth, based on 2010 performance, 20 times PE valuation level, the target price of 15.60 yuan Give a "buy" rating company taste nucleotides and sucone production capacity, quality are ranked first in the domestic The increase in the price of flavornucleotides, driving the company's high profit growth, condiments contributed 68% of operating profit in the first half of 2009, the first three quarters of net profit increased by more than 300% year-on-year taste nucleotide serotide domestic market pattern changes, the company under the pressure of foreign enterprises to survive and grow, and ultimately get rich returns The mixture of creatine (IMP) and birdnucleotide (GMP) significantly increases the taste of food, with rapid growth in domestic demand and a forecast demand of 18.25% for the next 3 years Due to national anti-dumping, anti-smuggling, the trapped internal market will change from multipolar to Star Lake, Xijie double oligarchy pattern We forecast 10 years of domestic market supply of 124,000 tons, serious lying, even if the domestic enterprises successfully expand production, 11 years is also the balance of supply and demand situation prices will remain at their current highs in the short term, and there is reason to be optimistic in the long term for at least the next two years short-term price of susine is running at a high level, medium- and long-term prices will tend to be reasonable Sucone is the most important amino acid in livestock feed The global market is growing rapidly and the domestic growth rate is even higher, with an estimated size of about 30,000 tons in 2009 and 50,000 tons in 2010 or more Domestic Susine theoretical capacity is far too much demand, but due to personnel turbulence or quality problems, the actual capacity is far below the theoretical value Short-term prices remain high, medium- and long-term reasonable prices may be 16-18 yuan /kg businesses such as Ribavirin and aluminium sheeting have little impact on the company in the short term Libavirin to get rid of the micro-profit situation, the price suddenly rose, the future will return to rationality, contribute to a reasonable profit The company plans to invest in an annual output of 100,000 tons of high-precision aluminum strip project, we are more optimistic about the PS version of aluminum substrate products, but the construction period is long, the company's performance in the next two years has little impact, 2012 may be part of the production and contribute profits The main risk of is the final decision of anti-dumping in I-G We predict that the Ministry of Commerce's anti-dumping final will at least uphold the initial ruling in the company's favor If the results are different from expected, there will be a blow to the price of the I-G earnings forecasts and investment ratings The 2009-11 EPS is forecast to be RMB0.34/0.78/1.09 yuan (an additional issue is considered), and the current share price is RMB12.84, corresponding to 38/17/12 times PE The forecast is assumed to be: (1) 10, 11 years taste nucleotide average price to maintain 180,000 yuan / ton (including tax), sales of 5400 tons and 8000 tons, respectively (2) 10 and 11 years the average price of susine is 165,000 yuan / n tun (including tax), sales of 28,000 tons and 295,000 tons, respectively The company's products will continue for a long time, performance to determine high-speed growth, based on 2010 performance, 20 times PE valuation level, the target price of 15.60 yuan Give a "buy" rating (name)