Theme Wang Sanglo Gold Performance Total Fall: EPS not minimum forecast half

As the first share of the sauna Sang (300247. SZ), its consistently declining performance has been at the bottom of the valley, with 2013 earnings per share of only 1.3 cents yuan, the end of the three quarter still nearly 100 million inventory. With the lifting of the tide of magnificent, unable to deliver good performance Sang frequently released various themes and news, was questioned "speculation share price with the initial original shareholder shipments." Since 2013, Sang's share price has risen 177% per cent, and market insiders see it as a serious overdraft. 2013 0.13 Yuan EPs less than the minimum forecast half Sang the most troubled moment seems to have come quietly. February 26, 2014 evening Sang released the 2013 annual performance letters, the 2013 major financial data and indicators disclosed as follows: The basic earnings per share of 0.13 yuan, weighted average net assets yield of 2.82%, belong to the listed company shareholders of 4.75 yuan per share of net assets. At the same time issued a "10 shares to increase 10 shares of cash 2 yuan (pre-tax)" dividend plan. Financial Weekly (micro-credit Money-week) reporter noted that 2007 years Ping ' an securities began to Sang on the listing of counseling, but because of plant property rights, trademark registration, senior management turnover, its listing application on November 22, 2009 was not, Follow-up two times before the successful landing on the July 29, 2011 Gem Board. However, the Sang profit after the listing has deteriorated, with 2011 only 2.34% growth, 2012 years or even a 58.53% decline, which seems to have bottomed out by 2013. Wind data show that before the listing (2008-2010) Sang annual weighted average net asset yield of more than 20%, but 2011 after the listing began to decline to 12.4%, 2012 3.3%, and 2013 only 2.82%. Similarly, the first 3-7 cents per share of the income level also ceased to exist, 2012 Sang EPS fell to 0.24 Yuan, 2013 only 0.13 yuan. This performance express such as landmines in the capital market exploding, February 27, 2014 Sang fell, February 28 continued to 2.99%. "In addition to the Sang after the listing of disappointment or disappointment." "One Sang investor told reporters," I have to suspect that there was a serious whitewash before the IPO. Reporter Statistic Research report discovers, 2013 Sang profit level not even the brokerage analyst lowest forecast half. Sang, the first in the sauna, was in the limelight at the beginning of the 2011 IPO. 2011 Wanguo, the Yangtze River Securities, northeast Securities and other 8 brokerages issued a research report tracking, and optimistic forecasts to 2013 its earnings per share should be at 0.75 yuan-1.23 yuan. The largest sponsor of the National Gold Securities is on October 26, 2011, the first hair research paper recommended to hold Sang, the sponsor of Ping An securities was first recommended on November 21, 2011. It is worth pointing out that the best understanding of Sang's Ping An securities, make a profit forecast is the lowest--2013Earnings per share of 0.75 yuan. By 2012, only the remaining national gold, Haitong two brokerage force is very Sang. However, a year of China's Gold securities have 4 times to Sang forecast, which will be 2013 EPS from 0.94 yuan, 0.81 yuan to reduce to 0.34 yuan. Into the 2013 before the 8 major brokerages have completely abandoned tracking Sang, but it is the people's livelihood securities suddenly two degrees, but its forecast for Sang 2013 earnings per share is the lowest in history, only 0.27 Yuan. But even the lowest forecast level, Sang, seems far from being achieved. The reporter noted that, on the eve of the release of the 2013-year Sang, February 24, 2014, two institutions dedicated seats dropped 7.6186 million yuan. March 6, 2014, the financial weekly (micro-trust public number Money-week) reporter called Sang Securities Department hope to communicate the performance, its staff said "now is the annual report quiet period, inconvenient to accept any questions and interviews." Reporters contacted a number of analysts said, "Sang do not see, see unclear." "Research data show that since 2014, the major brokerages have been silent, no longer talk about Sang." Or as a result of the first release of the lifting performance pressure in fact, Sang 2013 years of substandard may not only be profitable, the sales pressure appears to be even greater. Like most sauna equipment enterprises, Sang was basically an export-oriented company in the early years, until 2008, when the financial crisis affected the sales focus slowly. "Until now, the domestic market is still in the import period and education period, market development has great difficulties." "This is why very few people are bullish on Sang," the analyst who studied Sang told reporters. "Before the IPO, Sang's picture in the prospectus was still very good, with sales revenue of 2008, 2009 and 2010 respectively 144 million, 171 million and 196 million, up 35.86%, 18.31% and 15.28%, Year-on-year. But the listing is another scene. 2011 Sang revenue of 207 million, growth of only 5.46%, so that investors sigh unceasingly. Sang in the 2011 Annual report of the 2012-year business plan, said, "To achieve the 2012 sales revenue of 250 million yuan business objectives." July 30, 2012, Sang will usher in the first round of the original shareholders restricted shares 6.87 million shares of the market value of 66.5703 million yuan lifted. In the shareholder list, Jiangsu Xing Ke venture capital company "as the only body is particularly conspicuous, it has 1 million shares of 9.69 million yuan market value to be lifted." But at that time Sang's share price performance is not ideal, from the initial stage of the IPO 30 yuan (2011 peak) plunged to 10 yuan-12 yuan. South China's a VC boss told reporters, "The usual practice, the lifting before and after the agency will generally put pressure on the listed companies, you need to have good cooperation with future shipments, especially for poor performance companies." Sang pressure should not be small. "The reporter found that since 2012 Sang began to increase publicityCommunication and marketing efforts, and public publicity on the official internet, there is a deliberate stimulation of the stock price suspicion. May 2012, Sang held a 2012 National marketing working conference in Hefei to discuss the sales target of 2012 years. August, the company convened the Central China Investment Conference, held in October Sang 2013 new product launch and fair, the first set up in November the Chairman (Kim Dowming) Open day (mainly facing dealers), the rhythm is very compact. In addition, Sang even uses the Super raise fund to buy the German Saunalux company, compensates the company sales ability insufficiency the present situation, but the progress is slow, the effect is poor. 2012 Sang Annual operating income of 245 million yuan, an increase of 18.31%, barely completed 250 million yuan operating objectives. Due to poor performance, the company's share price has long been hovering around 10 yuan. With the advent of 2013, Sang will usher in a large and small 3 waves lifted, respectively, on April 15, April 22 and September 4, total 4.5188 million shares, involving a market value of 126 million yuan. One of the Suzhou real estate company has 4.2188 million shares in circulation on September 4, 2013, the lifting of the market value of 33.075 million shares. In disclosing the 2012 annual report, Sang a 2013-year business plan-to achieve the operating target of 325 million yuan operating income. According to the financial weekly (micro-credit public number: Money-week) Reporter estimates, the operating target requirements Sang 2013 year to achieve up to 32.48% of the revenue growth, it seems difficult. A South China securities brokerage analyst told reporters, "2013 Sang facing the business situation with a very big difference, with the new production capacity, how to sell the product is a big problem, marketing has always been a Sang short board, not to mention we can not be sure, Its original sales are not really big enough to have the necessary market to expand capacity. "Sang in the first half of 2013 reported that in 2011, 2012 after the two-year extension, the far-infrared sauna production base construction project has been officially put into operation in early April 2013, To the end of 2013, the company is expected to add far Infrared physiotherapy real estate can be about 15,000, obviously open up the market has become a big problem in front of Sang. Can be seen throughout the 2013 Sang frequently with the policy hotspot to engage in investment and publicity activities, there is a deliberate speculation suspicion. Sang Official website Information shows that February 2, 2013, the company held the 2013 annual work development goals and production and marketing coordination, the sales departments signed the target responsibility, they to the company's top Junlingzhuang, to ensure that the 2013 targets; 3、4、6月, Kim Dowming through the Chairman Open Day and distributors communication 7, 8, October, held a national distributor representative communication, National Investment Conference and the National distributor meeting. In addition Sang also issued a brand promotion strategy with dealer sales. The company's main health strategy, March 2013, the "old-age" policy of the Dongfeng propaganda "cure not Disease", "Health line"; August in the CCTV launch aMinutes of advertising, October-December CCTV 1th, 3, 5, 7, 10 sets for brand endorsement. According to the Financial weekly reporter understand, currently Sang has successfully recruited 300 supposedly dealers, almost just twice times when the IPO. What makes investors puzzled is why the company's performance has never been done? "You see it non-stop to engage in various investment activities, this is more like a show, is the market value of a means of management, but dealers can do for a long time you do not know, the product is not good to sell also do not know," said the South China Securities brokers told reporters, "Sauna equipment industry concentration is not high, in the crowded stage. Sang and a lot of small brand price disparity is huge, small brand of mulberry that room price is about 2000 yuan, and Sang about 20,000 yuan, the price difference nearly 10 times times. Low-end small brands to seize the market, Sang selling high price will affect its market share. "In terms of earnings, the sale of Sang in 2013 was really not ideal," he said. At the end of June 2013, Sang accounted for a total of 90.4342 million yuan inventory, of which 38.3417 million yuan is inventory goods, reached the pinnacle of history. By the end of September 2013, the inventory of Sang was further increased to $96.5329 million, with the reference to "finished product increase" in the third Quarterly bulletin. This may also explain why Sang's 2013 performance letters were so ugly. The subject led to a 177% jump in share prices. But Sang's share price has been picking up since 2013, despite the lack of a bright spot in the business and the record lows. According to reporter statistics, 2013 Sang from the lowest point of more than 9 yuan soared to 22 dollars. What Magic makes Sang suddenly so hot? Said the South China venture to the reporter analysis, "Sang subject matter many ah." The beginning is to talk about old-age, last year, a National endowment policy, Sang seized this opportunity, immediately marketing policy changes, sauna room overnight became a pension products, it is a deluge of advertising, have moved to CCTV. Another is the concept of speculation smart home, this more fire, fully cooperate with the market hot spots. "At the end of 2013, the market Sang and the Chinese Academy of Sciences to develop and far infrared control and application of intelligent home equipment, can realize the family Intelligent thermostat control and remote control." Prior to Sang has publicly expressed in April 2010 with the Chinese Academy of Sciences to establish strategic cooperative relations, to build the country's first far-infrared Health Promotion Technology Research Center, in conjunction with the Chinese Academy of Sciences Far Infrared and other core technology based on the implementation of science and technology. Sang on the panoramic network interactive platform confirmed the news, said the "Company Far Infrared smart home equipment is still in the research and development phase." The news was a stir in the capital market. Since 2013, Sang's share price has soared 177.26% (except right). In this regard, the former South China securities brokers think, "Sang in recent years, the big increase has been seriously overdrawn 2013 years of performance, greater risk." "But for Sang's first shareholders, the surge in share prices is certainly a big boon." Wind data show that on July 29, 2014, Sang will usher in the largest round of the firstIssued by the original shareholders of the ban on restricted shares, involving 59.7713 million shares, accounting for 48.74% of total equity, lifting the market value of up to 1.1 billion yuan. The lifting of the total number of shareholders 7, respectively, is Sang chairman Kim Dowming, deputy General manager Mashauchen (Kim Dowming wife), Jin Hao (Kim Dowming son), Jindau (Kim Dowming brother), Beijing Merchants Jiuding Investment Center (limited partnership) and 2 natural persons. Among them, the Kim Dowming family is to be lifted 51.7808 million shares, the market value of up to 953 million yuan. And Sang in two times before the introduction of the Beijing Merchants Jiuding Investment Center (limited partnership) to be circulated shares of 7.5 million shares, lifting the market value of 138 million yuan, before the IPO it has to 6 yuan/share of the increase in prices to buy Sang 5 million shares.