Wide-land number surveying main industry weakness offering cross definition increasing push box finger play concept

Xia Xiaober Pengli in Friday, the suspension of the four-month wide-land test (002175.SZ) announcement, to be issued by shares plus cash, to 250 million yuan trading price of the acquisition of digital television operators---------------------Hui universe 100%. The company intends to provide market guarantee for the company's OTT set-top box sales. From the Friday to the Tuesday, the company's stock three consecutive trading days out of a word limit, and create a new Year's highs. But for the box family rookie, a fund manager admits not to be involved. "In a short period of time, the company launched two completely unrelated assets reorganization, especially the increase in the industry chain strategy patchwork traces obvious, do not rule out is to tie in with the hot capital speculation." "Above all," said the fund manager bluntly, "not to mention the core competitiveness of the acquisition of assets and sustained profitability are very large uncertainties." "The announcement shows that the wide-land survey of the 250 million purchase of the China-Hui universe is a professional digital TV operating service provider. "The main source of income of the acquired assets is the revenue from the service operators, and the competition around the operators is very fierce, and there are obvious regional characteristics of the wide grid, it is difficult to expand in different places." As a result, the proposed scheme, while designing a profit guarantee, remains doubtful in the long term on continued profitability. The wealth securities researcher analyses that. The plan of increasing the number of land and sea numbers shows that the company intends to acquire the China-Hui Universe Commitment 2013, 2014, 2015 to achieve deduction of non-recurrent profit and loss after the net profit is not less than 18.778 million yuan, 22.584 million yuan, 26.6 million yuan, the average annual increase of only about 20%, Far below the 2012 56.6% year-on-year net profit increase. Data show that in 2011, the 2012 net profit of 9.7389 million yuan, 15.255 million yuan, but the reporter carefully analysis found that even the two-year profit situation, there are many doubts. The first doubt is the surprisingly high net rate of sales. Announcements show that the 2011, 2012, the company's operating income of 24.8 million yuan, 37.68 million yuan, net profit of up to 9.74 million yuan, 15.26 million yuan, sales of net interest rates are 39.3%, 40.5%, far higher than the same industry 15%-20% average level. As an example of the close business model of Tianwei video, its cable TV service 2012-year net rate of sales is only 13%. "The net interest rate for companies operating in the operation is so high that it does not preclude the possibility of tax evasion in the operation." If that is the case, once the listed companies are placed under strict supervision, the net rate of sales will drop rapidly and profitability will soon come down. One investment banker said. In addition, the financial risks hidden in the related transactions of the China-Hui universe are also looming. Data show that the company's 2011-2013 revenue more than 92% from the relevant party. "Despite a lot of asset acquisition problems, but for the mediocre performance of the wide-land survey, the increase is a lifeline to the plight of the life, not to mention this year's theme hype prevails, but also rich and famous.""That's what the bankers said. In fact, this May, the wide-land test has just completed a private release, raising 267 million yuan for the construction of high-end digital measuring instrument and special CNC machine tools and other projects. Now, just over a month, the company once again announced that it would buy more assets and enter the digital TV industry chain. "The successive increase, the investment is very different, the company's disease is very clear signs of chaos Touyi." "Citic Investment in Hunan Headquarters research director Liu Yahui frankly. Reporter found that since the listing of the wide land, the operating income has barely increased, 2007, when the market revenue of 147 million yuan, the 2012 revenue is only 187 million yuan, the annual compound growth of only 4%, while the profitability of the same performance mediocre, 2011 and 2012 net profit of only 7.91 million yuan and 8.72 million yuan. In contrast, the proposed acquisition of the China-Hui universe is undoubtedly much more beautiful. Although its 2012 revenue of 37.68 million yuan, only equivalent to a wide range of 187 million yuan in the same period of 20%, but the same period of net profit is equivalent to the vast number of land measured 176%. "Never heard of a company developing a set-top box!" "A researcher who has long tracked the wide-land survey was surprised by the company's production of set-top boxes. He believes that for the main digital measuring instrument for the wide-land survey, there is neither technical strength nor sufficient to develop irrelevant digital set-top boxes. "This is indeed the new project that started this year to tie in with the increase, mainly from the intended buyer." "On the afternoon of 15th, the reporter called the Securities department, the company told reporters, she also asked," Softto can buy the impression. Sanjie, why can't we buy digital TV? ”