Marching Brass

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Kanstul 103 Series Marching Bb Trumpet 103 2 Silver 889406830752
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Marching Brass

Dairy Industry: income growth, while profit growth difficult

2010, 2 months, the National Dairy products Production of 3030 thousand tons, up 7.8%, continued growth, including 2550 tonnes of liquid dairy products, up 7.1%; 1 February, the National Solid output of 256 tonnes of dairy products, and 224 tons in January up growth of 17.97%, unchanged from a year earlier in February.

In the first 2 months Dairy Cumulative income and cumulative total profits grew 18.63 percent respectively, and 8.99%, Sell Margin of 5.32%, balance was 55.10%. Revenue growth is the highest in nearly a year, but the total profit growth and return on sales is the worst year, showing the dairy industry in the rapid income growth, profit growth is still difficult.

2010 the first three months, the country of 10 milk-producing provinces and regions Raw material Milk prices rose slightly, and gradually become stable. As of March 10, weekly average price of roughly 2.72 yuan / kg, up 5.28% over the same period, the lowest price compared with 2009 2.31 ~ 2.32 yuan / kg up 17.38%. Dairy cattle breeding costs to rise sharply, Milk Production demand, imports of raw milk Milk powder Prices led to rising raw milk prices of the main reasons.

1 quarter of this year, corn prices rose an average of 23%, significantly higher than the same period the level of raw milk. Although soybean meal prices, but overall, a quarter Feed The overall rate of price increases over the rate of increase of raw milk. Cow in China still faces difficulties.

A quarter of this year, imports of dairy products, 1578 tons of Shenzhen Port, 17.9% more than last year. The average import price of 1611 U.S. dollars / ton, sharply up 68.2%. One February, China's imports of milk fat type and cheese class and 47.76% respectively year on year growth of 123.16 percent; skim milk and whole milk powder imports increased 109.71% and 49.75%, demonstrated the import prices are within the peak. The export situation is very bleak, fell to the bottom.

The main raw material base of domestic milk powder to high, the price per ton of milk-based powder 30,000 yuan / ton, compared with last year's second quarter increase of nearly 20,000 yuan. From the full year, the CIF value of milk powder imported raw materials is expected to reach even more than 3000 U.S. dollars / tons, and domestic raw milk prices are expected to reach 35,000 yuan / ton. 2010, 3 months, the national average market price of bags of milk remained stable, the average price of 3.19 yuan / 500 grams, slightly higher than 0.51% over the same period last year. Although the performance of listed companies

dairy growth, but the industry still faces many difficulties, is still very strong profitability, combined with generous input caused by overcapacity may be reflected in the near future, but also will enhance the profitability constitute adversely affected. Dairy prices also subject to the upstream and downstream, the industrial interests of the chain imbalance, dairy farming difficult, will become the norm in recent years, price volatility, industry and company earnings forecasts more difficult. We still maintain the "neutral" rating.
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