Donghua test to develop growth rate or slowdown of gem

The Jiangsu Donghua Test Technology Co., Ltd. (hereinafter referred to as "Donghua test"), which is to be landed on the gem, prompts the company to face the risk of growth under pressure in its prospectus.　　This is very rare in other listed companies, and is rare in the gem. The SFC recently disclosed the IPO prospectus of the Donghua test.　　According to the disclosure, the Donghua test was established in 1993, the main business for the mechanical properties of testing equipment and supporting software development, production and sales, the proposed 11.09 million shares, to be raised 136 million yuan to "intelligent Structural performance Test and Analysis System product expansion Project" and other 3 projects. In the declaration, Donghua Test said that although the company is the domestic structural mechanics performance testing Instrument industry leading enterprises, has maintained a faster growth in recent years, but the company's instrumentation industry in the "Twelve-Five" period of development will be more than "Eleven-Five" period of decline, As a result, the company's growth rate is likely to face a slowdown in the growth rate of the industry risk.　　The Donghua test indicated that the composite growth rate of industrial output value of enterprises above the "Eleven-Five" period was 24.2%, while the performance of "Twelve-Five" period was 15%. Donghua Test 2009, 2010, 2011 Annual company operating income of 43.47 million yuan, 72.15 million yuan and 95.23 million yuan, the corresponding annual net profit is 9.78 million yuan, 22.05 million yuan and 31.8 million yuan respectively.　　It is noteworthy that, although the size of the business is small, but Donghua test accounts receivable scale is very "considerable." According to the prospectus, during the reporting period, with the continuous expansion of the Donghua test, the balance of accounts receivable of Donghua Test at the end of each year increased, the book value of accounts receivable of December 31, 2009, December 31, 2010 and December 31, 2011 was 13.8065 million Yuan respectively,　　25.5897 million yuan and 41.5354 million yuan, the proportion of total assets is 22.52%, 23.28% and 27.73% respectively. In addition, the income from the Donghua test showed significant quarterly results.　　During the reporting period, the total annual income of the quarter is more than 40%. The projects of Donghua test include: "The intelligent structural performance test and Analysis System product expansion Project", "mechanical equipment and device operating condition monitoring System project" and "Test Technology Center Project" Three projects, the project investment amount is 73.2 million yuan, 38.73 million yuan and 24.19 million yuan respectively. The Company believes that the investment project can expand the company's existing production capacity and software research and development capabilities, to meet the needs of testing equipment market. But the company did not explain the contradiction between capacity expansion and the slowdown in industry during the "Twelve-Five" period.