120 million super raise money buy land accumulate electronic big expansion doubt

Click to view the latest quotes every reporter Song Yuandong product into an electronic (002339, closing price of 39.13 yuan) the Board of Trustees has recently considered the adoption of a bill to use 120 million yuan to raise funds in Jinan high-tech zone to buy a plot, and plans to invest 7 million yuan to do the prophase infrastructure. "Spending so much money to improve the office environment and expand it is not desirable from the current business environment!"　　"As the company's development relies on the overall development of the electricity industry, there is a big question about such a massive expansion in the current performance growth scenario," a brokerage researcher who focuses on the product of electronics said to the daily economic news. 120 million yuan to buy a large amount of money into the electronic yesterday (August 18) announcement, the Board of Trustees to consider the adoption of the proposed use of no more than 127 million yuan for the purchase of a new High-tech zone in Jinan and investment in the early stage of infrastructure construction. The plot covers an area of about 312 acres and a net land area of about 255.3 acres.　　The above plots are currently under the Jinan of the Land Bureau under the organization of the sale, the company authorized chairman Yangzhijiang within 127 million yuan to sign the land bid to sell the relevant contracts. In fact, the product into the electronic early this March 2 issued a notice, to be signed with the high-tech zone in Jinan project into the area agreement. Accumulate electronic to invest in intelligent power grid automation system industrialization project in this area, the total investment is about 782 million yuan, of which fixed assets investment is about 613 million yuan.　　Project Total construction area of about 188,000 square meters, of which, scientific research office of approximately 30,000 square meters, production plant about 123,000 square meters, warehousing, power and other ancillary facilities with room about 35,000 square meters. In stark contrast to the company's lavish expansion, the results of its mediocre performance were barely satisfactory. By the development of market costs and the impact of seasonal characteristics of the industry, the first quarter of the company's performance in the loss; this year, the performance of the report is also not ideal, the company in January-June to achieve operating income of 131.92 million yuan, an increase of 16.51%; net profit of 11.55 million yuan, growth of only 8.82% Total diluted earnings per share of 0.13 yuan, net assets yield is only 1.71%. The company also 2010 1~3 quarterly business performance is expected: Net profit growth 10-30%, that is, between 21.42 million yuan and 25.31 million yuan, the total earnings per share between 0.25~0.29 yuan.　　Even accumulate an electronic IPO sponsor the Sea Securities also believe that the company reported data overall lower than expected, mainly from the scheduling automation business income decline (37.24%) and the impact of the overall gross profit margin decline. "Is there more money?" "The researchers are skeptical about the purchase, and it is understandable that the company will improve its office and production environment after the listing, but it has been a bit of a big boost without the urgent need for production." 127 million yuan is only a land purchase and ground construction and other early infrastructure, the future will have to spend huge sums to build. The company did not know how many years it would take to run the investment back. From the present, the company relies heavily on the overall development trend of the domestic power industry, which is delayed by the pace of construction of the smart grid, and the company's order contract has been postponed.　　It is doubtful whether such a big expansion of capacity can be effectively digested. He further analyzed, although the company's hardware products accounted for more than 50% of operating income, but the core technology is the development of automation control, light asset research and development may be more cost-effective. Such a generous hand should be with the company to raise funds more unrelated. Accumulate an electronic IPO total of 550 million yuan, super raise funds up to 404 million Yuan.