Chairman Ma clarified: Very little speculation report no problem

Million MA cable Annual investment profit margin is there greater moisture?　　Netizen named million MA Cable Chairman Pan answer.　　Yesterday 3 o'clock in the afternoon, this question put the last network of the million MA cable to the climax.　　Earlier, with the famous financial explosion people "summer grass" on the million horse cable financial questions, about whether the million horse "whitewash the report" of the discussion, has been accompanied by the upcoming listing of the company. Yesterday's online roadshow, Pan Shui Miao gave the answer is very direct: "We have a full demonstration of each investment project, and by the professional bodies issued by the report, we have the principle of prudence, the annual investment in each investment profit margin of the calculation based on the company's costs and market conditions, there is no larger water situation.　　He said the question of "summer grass" is a misreading, in today's online subscription before the start, he once again clarified: million horse's financial statements no problem.　　Today, as an IPO restart of the second single, Million horse cable will start online under the network purchase, the purchase price of 11.5 yuan. Question 1: Cover the big loss? Response: We rarely cover the "Summer Grass" proposed "million horse suspected concealed copper cover loss" said, Pan said that the million horse on the raw materials of copper procurement, since 2007 has been taking the "lock copper, hedging supplemented" strategy, therefore, the copper prices fell sharply leading to hedging in the loss of the number is not large. The business process of ' lock copper ' is relatively simple and there is no speculative factor. In the signing of the product sales contract or received the letter of acceptance, the company in accordance with the order delivery time and copper rod suppliers to sign a forward supply contract, locking copper prices.　　"Pan also said that copper as the raw material of the cable enterprises will be locked or hedging to avoid copper price fluctuations in the adverse effects of the operation, but some enterprises often because of excessive speculation and lost direction. To this end, Pan also for investors to calculate a breakdown: 2008, the company purchased more than 20,000 tons of copper in the warehouse, including the use of futures cover to buy more than 1400 tons of copper, accounted for a very low, the rest of the copper materials are used to buy or in the form of a long-term lock copper purchase The company 2008 copper futures closed the total loss of 4.1755 million yuan, all included in the current investment income, of which the 1-3-quarter contract closed the surplus of more than 100,000 Yuan, 4 quarterly contract liquidation loss of more than 4.2 million yuan; In addition, as at December 31, 2008, the Company futures account held 30 hands (150 tons), fair value of 2.3686 million yuan, final position contract　　The loss of $88,500 from the market price below the cost has been reflected in the 2008 profit statement. Question 2: Loss of contract?　　Response: Customers rarely default in addition to hedging losses, "summer grass" questioned the million horse "too good profit Margin" another doubt is that in the second half of 2008 copper prices fell sharply, the million horse is difficult to avoid customer defaults caused by the huge losses. In this respect, Pan said, million horse cable more than 75% of the main business income from the power system and industry quality customers, these customers generally have large scale, credit ratingHigh characteristics of the company with these customers are years of long-term partnership, customers will not because of the fall in copper prices and the purchase contract signed with the company, in turn, the company will not because of the rise in copper prices refused to supply, each other attaches great importance to the contract credit, "This is the characteristics of this industry."　　However, in the reporting period due to customer project progress and other reasons such as delayed delivery of the situation, in the case of a sharp decline in copper prices, this delay in delivery will lead to different reporting period of product gross margin fluctuations, long-term will not affect the company's profitability. Pan also introduced, for the company's main business income ratio of the general user works, in order to prevent the risk of customer default, million horse has consistently received 30% of the sales policy.　　So when copper prices fell, there was little customer default because of the high cost of defaulting. Question 3: The money is missing?　　Response: There is no "huge sums" and it is 30% of the advance payment, triggering a "summer grass" another question: according to million horse's main business income of 30% calculation, 2008 of the pre-payment can not only be reflected in the report of more than 39.8 million yuan. The question of "the evaporation of huge sums", says Pan, is only a misreading. We also mentioned earlier, the company's main business income of more than 75% of customers for the power system and large industry quality customers, generally will not default, and will not advance 30% of the money. He said that as of December 31, 2008, the advance payment of more than 39.8 million, is accounted for the main business of the cable is less than 25% of the general customer service in advance.　　Million horse cable does not charge all customers to collect the advance payment, so there is no "huge amount of cash missing" one said. Question 4: Pricing is too low? Response: To leave the market space in yesterday's online roadshow, million-horse cable 11.5 yuan issue pricing is also a concern of investors. and Guilin three gold price close to the price of inquiry range, million horse cable 11.5 yuan Price is completely lower than the main underwriter said "12.42-14.89 yuan". In this respect, Pan just low-key said that the price is reasonable: "The issue of pricing must give the level two market space, so love million horse cable investors get a reasonable return." "It is worth mentioning that the three gold in Guilin before the beginning of the purchase, also encountered a" violation of the question, but it has not yet affected the market's enthusiasm for "new", with only 0.17% online. And for the million horse, analysts said, "hit the new" enthusiasm will not fall too much: "The phenomenon of the IPO will certainly continue." In particular, the million-horse cable with the current market part of the hype hot spots, including the country's 4 trillion investment plan, and their customers are mainly state grid companies such as large state-owned enterprises, procurement stability, the market appears to be very likely to fry. ”