China Airlines precision machine Injection asset performance shrink profit forecast face

In October last year announced assets reorganization plan, once in a breath even pull nine "one word" trading precision machine (002013.　　SZ) finally walked down the altar. January 24, the Chinese aviation precision machine from the asset reorganization after the first time to fall off the report. The same day, the Chinese aviation precision machine to 29.5 yuan to open after the low, then the way the shock lower.　　An hour after the opening was firmly sealed in the drop plate, the whole day to 27.77 yuan.　　Compared with a record high of $44.89 in early November last year, the two-tier market for AVIC Seiki has already had a significant 38.14% per cent impairment.　　In this respect, a brokerage analyst said that the company's share price performance in the recent downturn, the estimate and the market for its earnings forecast is lower than expected. January 22, China Aviation Precision Machine officially announced the issue of shares purchase assets and related transactions report (draft) (hereinafter referred to as the reorganization of the draft). But the audit of the disclosure of data and related earnings forecasts are a big "face". "The data after the audit of AVIC is lower than the number of trials, and future earnings forecasts are lower than expected."　　said the analyst.　　And the great wisdom of capital flow also indicates that the day of the aviation precision machine Capital inflow of 72.8122 million yuan, outflow 119.1625 million yuan, the net outflow of funds 46.3503 million yuan.　　Injection of asset performance contraction of the restructuring of the draft shows that the transaction of the total value of the assets assessed from the original estimate of 3.638 billion yuan slightly increased to 3.717 billion yuan, the corresponding standard of the underlying assets of the parent company statement Net Assets account value of 2.739 billion yuan, the evaluation of value-added 978 million yuan, evaluation of value-added rate of 35.72%　　However, after the announcement of the audit data and the last announcement of the number of the previous performance of injected assets is exaggerated.　　Data show that the audited 2009-year revenue from the estimated 3.542 billion yuan to 3.577 billion yuan, an increase of 1%, but the year's net profit from the previous 342 million yuan significantly reduced to 282 million yuan, the decline of up to 17.65%.　　This reporter investigation found that the reorganization of the bill and the October 22, 2010 Announcement of the assets reorganization Plan two relative ratio, as the injection of assets of the 7 companies before and after the audit net profit has varying degrees of shrinkage, the most net profit decline of the company for Shaanxi Airlines Electric and your aircraft, respectively, a significant reduction of 51% and 43%. which，　　Shaanxi Airlines in 2009 to achieve net profit from the estimated 41.9226 million yuan to 20.4538 million yuan, a significant reduction of 21.4688 million yuan, the completion of your motor 2009 net profit from the original estimate of 32.8604 million yuan to 18.732 million yuan after the audit, a significant decline of 14.1284 million yuan. In addition, Sichuan Hydraulic 2009 to achieve net profit from the previous estimate of 14.4559 million yuan to 12.277 million yuan after the audit, the decline of 15.07%; Qingan Company's current net income fell from 103.11 million yuan to 91.26 million yuan, down 11.49% Zhengfei, another big profit company, also shrank in 2009 years., from 98.9725 million yuan to 89.7469 million yuan, reduced by 9.32%; in West Sichuan, the net profit from 13.0328 million yuan reduced to 12.1663 million yuan, reduced by 6.65%, the smallest performance change for Sichuan Pan-China instrument,　　The net profit for the period was slightly reduced from 37.7025 million to $37.0501 million, with a slight reduction of 1.73%.　　It is worth mentioning that, despite the sharp shrinkage of its injected asset performance, it has not affected its assessment of value-added. For example, the proposed reorganization of the company reflects that, as at August 31, 2010, the net book value of the audited total assets of your motor is 693.3957 million yuan, with a total liability of 596.502 million yuan and a net asset of 96.8937 million yuan, and the total assets evaluated are 836.0511 million yuan, The total liability is 596.502 million yuan, the net assets valuation value added 239.5491 million yuan, the value-added rate is as high as 147.23%.　　In addition, the company's net assets assessment value added up to 266.6135 million yuan, the value-added rate as high as 160.84%. Earnings forecasts "Face changing" this reporter noted that 7 of companies to be injected, its performance is not stable.　　In addition to injecting assets into the past, the earnings forecasts for 2010 and 2011 were "changing". According to the announcement of earnings forecasts, although the company is expected to 2010 for the combined statement of business income growth of 30.78%, 2011-year operating income from 2009 growth of 37.69%,　　From the end of 2009 to increase the 3.577 billion yuan to 4.678 billion yuan and 4.925 billion yuan, but the increase does not increase profits, the company's profitability is declining year after year. Among them, with the 2009 combined net profit of 282 million yuan, the company expects the 2010 reference combined statement net profit will fall to 242 million yuan, down 14.18% year-on-year, 2011 is expected to net profit of 261 million yuan, the decline is 7.45%. At the same time, compared with the 2009 EPS0.74 Yuan, 2010 Test Preparation Combined report EPS is 0.66 yuan, 2011 preparation for the combined report EPS0.71 Yuan.　　After the reorganization of the company, earnings per share also declined year after year. "Compared to the previous announcement data, the company's preparation forecast 2010 EPS not only has no growth but also declined, compared to our original rough estimate of 0.91 yuan in the 2010 years reduced by about 28%."　　said the securities analyst. The reorganization of the draft shows that the company's 2009 audit of the net profit of up to 89.7469 million yuan, in 7 companies to be injected into the company's performance ranked second. However, the company's earnings forecast data show that the company expects 2010 9 ~ December will lose 11.8721 million yuan, so 2010 annual results will only 40.8089 million yuan, will fall 55% Year-on-year, and according to the 2011 forecast data, Zheng Fei Company to achieve net profit will continue to decline to 40.0504 million yuan. In other words, Zheng Fei Company from 2010 to 2011 two yearsThe sum of net profits is comparable to that of 2009. And the profit forecast data falls year by year also includes the Sichuan machine Sichuan hydraulic. Among them, the West Sichuan machine 2010 years, 2011 net profit will fall to 4.6044 million yuan and 11 million yuan respectively, compared with the same period in 2009, the decline was 62.15% and 9.59%; Sichuan hydraulic 2010,　　2011 net profit will also fall from the end of 2009 of 12.277 million Yuan to 795.06 and 6.8309 million yuan, the decline of 35.24% and 44.36% respectively. "Because of the published audited earnings forecasts are significantly lower than expected, so the previous data calculated by the reasonable price of the stock must face the risk of overvaluation, capital fled inevitable."　　said the securities analyst. Great wisdom Capital flow shows that the day of the net outflow of fine machine funds, large single, big single, small single and scattered separate net outflow 18.0352 million yuan, 18.2132 million yuan, 4.6943 million yuan and 5.4076 million yuan.