129773928554218750_200Hexun homepage established mobile phone version of the stock/fund market for micro-blogging news blog live small company stocks the major new share placements by gem new third sector brokers New York themesBulletin deal prompted the financial calendar of earnings release memo block trade in thousands of shares of financial market Center collection of funds flowing to new share purchase financing Twitter pioneer financial management training in the daily limit of the unit gather Forum hexun.com shares > body font size print RSSMarch 27, 2012 from: Caijing, March 22, Henan thought of up PV materials company limited (hereinafter referred to as thought can reach) in the SFC Web site disclosure of prospectus. Reporter review prospectus found that deterioration of the business environment in which PV industry and rely on serious business system, or affect theSustained profitability, in addition to the financial position of the company is by no means optimistic.
����Sustainable profitability was "kidnapped" prospectus showed that SI can reach main business development, production and sales of glass for solar cell, is located upstream of the PV industry chain. Performance of PV industry in China has always been closely related to changes in the business environment. The 2008 global financial crisisAfter, major China PV industry dependent on exports to Europe were seriously hit, downs, has thought up to achieve rapid growth less smooth. Think up said in a prospectus, under the influence of the financial crisis, slow development of PV industry in 2009, companies falling significantly, its revenue and net income of $ 169 million, respectively, 1164.7$ 70,000, net revenue interest rate is only 6.91%. In 2010, benefiting from the photovoltaic industry, the rapid development and launching of new products, thinking to achieve high-speed growth, its revenue and net profit of $ 329 million, $ 48.6247 million, respectively, growth respectively over a year earlier, 95.18%, net revenue interest rates up to 14.78%.In 2011, the European Photovoltaic Industry subsidies cut and the European debt crisis clearly had a negative impact on the entire PV sector
tera power leveling, look up product's prices and gross margins will fall in varying degrees, its PV glass, super white solar glass, ultra transparent photovoltaic glass unit price reduction on environmental, 17.76%, 27.3%, gross margins dropLow range followed by 47.43%, and 24.88%. Show the prospectus, 2011 revenue and net profits of the company for $ 410 million, $ 67.9928 million, respectively, growth respectively over a year earlier, 24.74%, net revenue interest rates up to 16.57%. Company credited its Super photovoltaic glassIncrease in the sales of high value-added products, such as far above the price and margin decline. Accompanied by price of photovoltaic products and operating environment of the gross margins of freefall, think up product structure has changed, the procurement, sales and other business systems depend on critical phenomena should not be ignored. From 2009 to 2011, thought up for the top five suppliers of raw material purchase amountCompany respectively of the total procurement of raw materials in the period 72.65%, and 54.84%, the top five sales amounts respectively as per cent of total operating revenue, 57.19% and 62.02%.
����These factors directly affect the company's profitability. Before the crisis, the market share of only 5.63% thought to be major bets on the expansion of production capacity. Raise money for this project reaches the postpartum, think up product capacity will grow by more than twice times, 79.68 million square meters. 2011 data, product capacity of 25.1233 million square, 18.4749 million square metres of sales, is not fully digested.Even worse is, China PV industry is still in a State of flux, one problem after another.
����New businesses continue to increase, within existing enterprise competition risk of massive expansion, overcapacity in the industry, outside the subsidy policy, European debt crisis in Europe and the United States are "double reverse" investigation of pressure. Lian Sida may also have to admit that, if PV glass market has notBenefit changes, or raise money for investment project marketing capacity of judgment and larger sales deviations, are likely to be on the new capacity has implications for the market to digest, and the project's actual investment returns.
����Financial situation is not optimistic about thinking of the financial problems facing up to the more prominent. Prospectus shows from 2009 to 2011, think up businessGolden flow net-$ 40.6251 million, and $ 33.7454 million, respectively, net investment cash flow-$ 22.0698 million,-$, respectively,-$ 245 million, net financing cash flows respectively, and $ 64.8033 million to $, $ 193 million, cash andNet increase in cash equivalents amounts separately for $ 2.5567 million, and $
tera gold, $-19.1095 million. Disclosure of data, look up's net operating cash flows are not only unable to meet the needs of investment cash flow and long-term significantly lower than net profit, from 2009 to 2011
tera power leveling, its net operating cash flow ratioNet profits are respectively $ 52.2728 million, $ 975,600 and $. Thinking up, operating cash flow Yu Jing revenue receivables and other operating receivables projects increase, the decline in business deal with items such as accounts payable and increase in inventories. From 2009 to 2011, company accounts receivable NET-59$ 990400, and $ 64.9926 million, $, and inventory dollars, $ 45.0491 million and $ 51.2271 million respectively, both followed by per cent of current assets, 52.21%, 39.44%. As the size of company accounts receivable and inventory increased liquidityWill further increase the risk of shortages.
����In addition, at the end of 2011, companies for mortgage accounted for 45.34% of the company's total fixed assets fixed assets, the amount of the guarantee provided by the company to the amount of net assets of the company 6.19%. Think up another clear signal in nearly three years of financial early warning of continuing high rates of assets and liabilities. From 2009In 2011, the total company liabilities to $ 270 million, $ 340 million, $ 530 million, respectively, asset-liability ratio, 80.34%, and 65.28% respectively. Thinking up, is the main liabilities increased scale of production, increases in assets and liabilities increased. It confirms the company's current liabilities liabilities structure conversionFor productive process of fixed capital. From 2009 to 2011, current liabilities of the company for $ 250 million and $ 323 million, $ 478 million respectively, share of the total liabilities up to, 91.56%, 89.77%. And corresponding is that current assets for $ 213 million, respectively, and $ 326 million, $ 343 million, Share of the total assets, respectively, 62.65%, 42.04%. As of end of June 2011, thinking up asset-liability ratio, current ratio, quick ratio, 65.28%, 0.72, respectively, and is referenced, comparable industry public company prospectus corresponding averages were 48.51%,2.6,.
����Thinking up current ratio, quick ratio is significantly less than the industry average of listed companies, assets liabilities rate significantly higher than the industry average of listed companies, its solvency is obviously inadequate to respond to short-term debt, as soon as the company faced a more difficult operating environment, a possible risk of debt. Journalists on the above problemThought to call up securities, as dispatch did not receive any reply.
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