Billion Crystal photoelectric backdoor Hai Tong Group gross margin suspicious

September 16, Haitong Group issued a notice, Haitong group and billion-crystal photoelectric assets replacement program has been formally submitted to the SFC. Since the end of 2009, Haitong Group announced the asset replacement programme, the company's share price has risen by nearly 400%, showing the market is optimistic about the company's prospects, brokerage analysts also believe that the shell after the company will be from the production of agricultural products processing and sales of the loss of enterprises into photovoltaic equipment manufacturers, to the new energy sector, the future.　　and billion crystal photoelectric prospects really a smooth road?　　Billion Crystal photoelectric curve listed Haitong Group's main business for fruit and vegetable processing, billion crystal photovoltaic main industry for monocrystalline silicon rods, monocrystalline silicon (polycrystalline silicon) films, solar cells and solar module production and sales. Haitong Group September 2009 released its will and billion-crystal photoelectric for asset replacement. According to the replacement plan, Haitong Group will have a billion-crystal photoelectric 100% stake, and Haitong Group's original assets and liabilities will be placed.　　Not the other part, Haitong Group will be to billion crystal photoelectric shareholder directional additional. Billion crystal photoelectric is a typical family-oriented enterprises. Chairman Kang Jianhua accounted for more than 75% billion photovoltaic equity, and another two individual shareholders are Kang Jianhua brother Jiang Jianping, Kang Jianhua brother-in-law Yao Zhizhong.　　If the replacement succeeds, billion Crystal Photoelectric founder Kang Jianhua will get Haitong group 45.46% of the shares, become Haitong Group's controlling shareholder. According to the 2008 "China Solar PV" statistics, billion-crystal photovoltaic crystal silicon solar cell production in the 8th place, enterprises in the domestic PV industry in the middle level. Billion Crystal Photovoltaic chairman Kang Jianhua also publicly said that the global PV industry output has exceeded the demand, if the demand is not so fast, PV cell supply and demand situation will change. "We are now three out, raw materials, products and equipment are outside, there is a certain risk."　　"This billion crystal photoelectric shell listing, whether from the industry competition to stand out, remains to be seen." Bewildering gross margin from the billion-crystal photoelectric gross margin situation, 2007, 2008 and 2009 1-September, respectively, 25.51%, 19.43%, 27.76%. Is in 2008, 2009 industry as a whole to the freezing point, the majority of domestic solar cell production enterprise gross margin less than 10% of the case, billion-crystal photoelectric is higher than the industry average level of more than 10%, and far higher than the same industry listed companies Crystal Australia solar energy, Suntech and other enterprises.　　What is the "extraordinary place" of billion-crystal optoelectronics? "Red Weekly" in the Haitong group announced the replacement of the draft assets of the major contract section, billion crystal photoelectric in October 12, 2008 with the silicon Material supplier REC signed long-term polysilicon purchase contract, the contract period from January 1, 2009 to December 31, 2015. Enterprises also clearly pointed out: "2009 1 ~ September, billion-crystal photoelectric from the Rec procurement of polysilicon 173.81 tons, accounting for the period of billion-crystal photoelectric polysilicon procurement of 28.49%, the company's finance department to verify the purchase amount of 75.3626 million U.S. dollars, accounting for the current period of polysilicon mining21.31% of total purchases.　　From this can be calculated, billion Crystal Photoelectric 2009 1 ~ September from the REC procurement of long single polysilicon price of 433.59 U.S. dollars/kg, and including the stock of all the polysilicon purchase price of 579.68 U.S. dollars/kg. At the same time, the entire polysilicon industry is experiencing a "Waterloo"-like price collapse. According to Bloomberg data, the spot price of polysilicon reduced from 314 USD/kg to 219 USD/kg in 2008 years.　　In the first quarter of 2009 it was reduced from 151 USD/kg to less than 100 USD/kg. Industry leader Suntech 2008 Year quarter and 2009 quarterly earnings show, the company two consecutive quarters of losses. The industry is rumored that Suntech in the four quarter of 2008 in the 350~400 dollar/kg high accumulation of polysilicon, with the second half of 2008 and 2009 silicon prices plummeted, resulting in the company 50.7 million U.S. dollars "Inventory and Purchase Commission", directly resulting when Tishand gross margin of only 0.6%,　　That led to the loss of the season. From the point of view of its cost, the purchase price of polycrystalline photovoltaic polysilicon is much higher than the industry average of Suntech and Bloomberg statistics. In terms of income, the average unit price of photovoltaic PV module sales from January 2008 to 28.48 Yuan/Watts to September 2009 13.80 yuan/watt. The company also noted that since the second half of 2008, as the global financial crisis has deteriorated, the solar PV industry has been severely impacted, the market prices of solar cell components have fallen sharply, with a 2008-year high sales price of 3 euros/watt after falling, until September 30, 2009 to 1.4~　　1.5 EUR/W, affected by this billion-crystal photovoltaic solar module Sales price also showed a downward trend. Billion in the cost of photovoltaic and the same industry at a disadvantage, product prices have a larger decline, and the industry's overall overcapacity, billion crystal photoelectric in 2009 1 ~ September How to maintain more than 20% of the gross margin is really confusing. "Red Weekly" on this issue has repeatedly contacted billion crystal Photoelectric and Haitong Group Securities Department staff, but both sides refused to interview reporters.