Key investment points: The company privately issued an additional 50 million shares, at an additional price of 10.95 yuan, for 3 projects: cottonseed processing, dehydrated vegetables, and ketchup. Without considering additional issuance, the company's net profit for 2009, 2010, and 2011 was 30 million, 152 million, 224 million yuan, and earnings per share were 0.16 yuan, 0.82 yuan, and 1.20 yuan. After the issuance, the company's net profit for 2009, 2010, and 2011 was 30 million yuan, 16.83 million yuan, 257.06 million yuan, and diluted earnings per share were 0.13 yuan, 0.71 yuan, 1.09 yuan. The expected price-earnings ratio for 2009, 2010, and 2011 corresponding to the 10.95 yuan increase is 84 times, 15 times, and 10 times. The additional issuance diluted the company's earnings per share to a certain extent. Considering the strong profitability of Dunzong Pioneer, a subsidiary of the company, it still gave it a “recommended” rating.