Change the vest to upgrade the sandwich panels: Shanghai Super Day three mysteries to be solved

Peng Jieyun Shenzhou Thai Yue folding in the SME board, but in the gem achievements of the "first high price stocks" myth. Last July 15 and the gem missed the Shanghai Super Sun Solar energy is also intended to emulate, a year later the second round of the plate.　　September 17, the Commission will review the Shanghai Super-day IPO application.　　"Higen" raise funds to double this comeback, Shanghai Super Day not only from the gem "upgraded" to the SME plate, but also increased the investment project, and will raise funds doubled, while the sponsor agencies from the original Pacific Securities exchange for CITIC Investment. Shanghai super-Day New Prospectus (hereinafter referred to as "prospectus") disclosed that in addition to retaining the original annual output of 100MW polysilicon solar cell project, the company added an annual output of 50MW monocrystalline solar cells and annual output of 100MW crystalline silicon solar module two major projects, At the same time will raise funds for the preparation of research and development centers and supplementary liquidity, raise funds from 600 million yuan to 1.29 billion yuan, compared to the original expansion of 115%.　　The shares were also increased from 40 million shares to 66 million shares. Such an ambitious capacity expansion has to do with the latest bright financial figures for Shanghai's Super day. "Shanghai's 2009-year operating performance is the most critical to its two-time, and the last time it was a big part of the reason for its continued profitability concerns, and last year's strong solar industry recovery in Shanghai will catch up with a good time."　　"A Shanghai brokerage investment bankers said to the first financial daily reporter. The prospectus shows that Shanghai Super Day 2007, 2008, 2009, respectively, to achieve operating income of 720 million yuan, 1.27 billion yuan, 1.32 billion yuan, the net profit is 82.96 million yuan, 86.13 million yuan, 170 million yuan respectively. The overall gross profit margin of the last three years is 13.97%, 12.85%, 23.72% respectively.　　2010 first half of the company to achieve operating income of 1.03 billion yuan, net profit of 49.78 million yuan. The confusion of shareholders ' holding lock periodically shrinking compared with the old two prospectus, the new prospectus will disclose the details of the company's June 8, 2007 control person Kailo and so on, except for 4 people who have transferred 20.6% of the shares to 21 by the original price.　　The overall situation of the industry and comprehensive gross profit margin and other financial indicators of the changes made a more detailed explanation.　　But the reporter found that, perhaps because of the transfer board, the new version of the prospectus to lock the shares of the commitment than the old version of the "retrogression." In the old version of the prospectus, in addition to the controlling shareholder Kailo and Nana, 18 natural stockholders, such as shareholder Zhou Hongfang, have also pledged not to transfer or entrust another person to manage the issuer's shares, or to acquire the shares, within 36 months from the date of listing the issuer's shares.　　In the new prospectus, however, the 18 natural persons have been reduced to 12 months on a regular basis. In addition, the investment bankers said that the 2008 Shanghai Super-day to maintain a high net profit and gross margin, and the overall loss of the industry is inconsistent with the alleged "manipulation of profitRun "Suspicion, the new version of the prospectus has not yet made a more convincing explanation. "Eggs in one basket" concerns with most domestic photovoltaic enterprises "production at home, market in foreign" production and operation model is the same, Shanghai Super Day product market and future growth is also heavily dependent on foreign countries, especially European markets, the main business income of the overseas market accounted for nearly three years, respectively, 85.23%, 93.13%,　　95.03%, up to 99.7% in the first half of the year.　　From the sales area, Germany has become Shanghai's most important export market, the proportion of business receipts jumped from 46.14% in 2007 to 90.25% in the first half of this year. An experienced PE investment manager in the new energy industry expressed concern that "the German photovoltaic industry's subsidy policy has saved China's photovoltaic companies, but how to get rid of the reliance on European PV policies will become a core issue for China's photovoltaic companies." "It is understood that the Spanish government's stimulus to renewable energy subsidies in 2008 has allowed the Spanish PV market to experience explosive growth." However, the impact of the financial crisis, the Spanish government's subsidy policy has changed dramatically, resulting in 2008 years after almost all the domestic photovoltaic companies into the "overcapacity" vortex.　　In the second half of last year, the German government to cut subsidies to the news became the industry's "redeemer", immediately in the domestic formation of a round of "snapping up", the number of photovoltaic enterprises orders again warmed. "Who can guarantee that demand in the German market continues to soar?"　　The investment managers said that photovoltaic companies should not put eggs in the same basket to reduce the risk of policy mutations. However, from the Shanghai super-day sales region accounted for, the first half of this year, the German market accounted for a rise in sales, and Belgium, Italy and other emerging markets in the market share of income than in the last year showed a significant contraction.　　Its rival, Yingli, has fallen to less than 50% per cent of Germany's market share, while the other photovoltaic company, Beijing Cheong-Sun, has nearly half its market share in South Korea, Malaysia and Africa. It is worth mentioning that, 17th this month with Shanghai Super Day together with the other two companies Fuxing and Zhuhai Heng Base also are two times.