Five rings hard to block break when science and technology deteriorating performance four face

Newspaper reporter Yao Bohai Beijing August 25, the deep Shanghai city volume rose. After the close, many friends are happy to go out to drink a meal, but the stock investors old Xie (alias) but not this good mood.　　Stare at the plate, other people's stocks follow the market rose, but his hands when the technology not only didn't rise, but also fell 5 cents. As of the end of the day, when the science and technology after the right to the price of 29.86 yuan, from the issue of 36 yuan has fallen 6 yuan, with the April 27, 2010 on the day of the open price of 73.58 yuan, the closing price of 62.58 yuan, the decline as much as 45.83%, 39.5%.　　After the Gem stock index has rebounded sharply, when the stock price of technology still has such a huge decline, no wonder old Xie mood is not good. The sharp fall in share prices is the result of a worsening of technology performance. The report showed that when the first half of 2011, the main business fell 14.18%, the main business profits fell 88.2% year-on-year, the basic earnings per share is down 93.2%.　　This is the fourth time in a row after the rise of technology landing on the gem. When the battery went on sale at the end of April 2010, the technology was very proud.　　At that time, many organizations advocated the gem company with five major concepts: the concept of new energy (lithium), the concept of novel materials, high growth concept, High-tech concepts (large shareholder for the Beijing Mining and Metallurgy Research Institute), Sino-Foreign joint venture concept (Korea Amtech Co., Ltd. shareholding 1.51%).　　As performance gradually stepped down, the aura of the technology was slowly dispersed, leaving many investors disappointed, including those who had been very bullish on the unit. "I haven't seen this company in a long time," he said.　　"One industry analyst who has long been following up on technology believes that while technology does have a strong research and development capability in the industry, the problem is that while sales are growing, profits are falling, which makes him puzzled." "The company's main products cobalt acid lithium at present the market competition is more intense, now is the development of lithium manganese oxide and ternary materials also need to have a customer testing stage, we hope to the third quarterly report to see the performance of the company, then should be improved."　　"When the science and technology Dong Chishaoli introduced." Public data show that when the main products of the technology is cobalt acid lithium, its main terminal customers for Nokia and other traditional mobile phone manufacturers. When the technology listed last year, the market is the concept of lithium-ion, the company has been sought after. The issue price of 36 yuan, on the day of the listing will be 73.58 yuan in the opening price, the highest ever rose to 74 yuan.　　However, with the gradual retreat of the concept of lithium, the company's valuation began to decline sharply, even if the listed companies in the 2010 newspaper launched 10 to 10 of the plan, the stock performance remains no improvement. According to company earnings, the first 3 years of the company's main business income is 590.8096 million yuan, 534.5793 million yuan, 846.3842 million yuan, the net profit is 34.1815 million yuan, 40.12 million yuan, 34.6295 million yuan respectively.As of this year, the two figures are 314.4651 million yuan and 2.733 million yuan respectively. "The company did a really bad job in the first half, this is mainly because the traditional mobile phone market such as Nokia, which is the main customer of cobalt and lithium, has been shrunk by the shock of smartphones such as Apple, resulting in fewer orders from companies, and competition in the industry has also intensified, affecting the company's sales and prices of cobalt-acid lithium.　　"Chishaoli said. The analyst said that due to the speculation of lithium-ion last year, many companies joined the industry competition, which also increased the competition of the whole industry to some extent. "When the technology is mainly to do the high-end cobalt-acid products, but the current market on high-end product application demand is small, more or lower-end products, which reduces the industry competition threshold, we can do to the impact of it is conceivable." "It is understood that the price of lithium cobalt has continued to fall since the end of this year, until June."　　In the case of lower prices, the raw material prices of lithium cobalt oxide have not been reduced. "The raw material price of lithium cobalt acid is about 200,000/ton, and the best raw material price of lithium manganese is only 80,000 yuan/ton." Make cobalt acid lithium can only be equivalent to a processing enterprise, earn only processing fee.　　According to his introduction, the current lithium cobalt acid market at the best gross margin of about 12%, and lithium manganese products gross profit margin of about 25%, ternary material gross margin of about 35%. This may explain why when technology began to invest in the lithium manganese market.　　Chishaoli admits that last year the company began to notice changes in the market, so it used all the power to develop lithium manganese, but it may take a while for the product to turn into profit. "In addition to the original Nokia, Samsung and other smartphone customers we have been contacted." A new batch of products has also begun to be tested. But this phase usually takes six months, so it is not realistic to reflect changes in corporate finance.　　"Chishaoli said.　　It is hard to say how lithium manganese can change the company's performance, but the current price war in the market of lithium cobalt is an indisputable fact.　　The analyst said that the traditional lithium-ion industry mainly lithium cobalt, its application is mainly mobile phones and notebook storage batteries, but the market has been fierce competition, including when the technology, Hunan Rui Xiang New materials, Shanshan new materials, Tianjin Bamo technology and so on have a certain strength. Lithium manganese as a lithium industry in the future is mainly based on power battery applications, the main application direction is electric vehicles, CITIC Security UNITA is the first developer of the product.　　With the country to increase the support of new energy vehicles, such as technology and other enterprises have begun to increase the development of lithium manganese. "The application market for lithium manganese has not been liberalized, although the product is good, but the market application is difficult to keep up." Many businesses are returning to lithium cobalt. But the market competition for lithium cobalt has been fierce, which has formed a knot.　　The analyst said. Institutional retreat The new product's financial results will take time, but institutions cannot wait.Reporter through wind statistics query found that when the technology was listed last April after the listing has been quite favored by institutions, although at the end of the two-quarter share price from the peak of 74 yuan/shares fell to 60 yuan/share, but in the 2010-year report, there are still 65 fund shareholding.　　Among the top ten circulating shareholders, there are 6 institutions, namely, the East Wu Fortune 1th Asset Management plan, the Huaan strategy preferred Stock Securities Investment fund, the China Sea Trust's two trust schemes, the GF Securities and the Bank of China-Sheng Securities Investment Fund, which holds 2.17% of the total equity. But in the three quarter, all of these institutions disappeared, according to the current average price of 59 yuan/share, relative to the two quarter of the lowest prices of 47 yuan/share calculation, the agency may make money.　　But the three-quarter entry of the Warburg Trust and the National Social Security Fund 603 portfolio is not so fortunate. Compared to the four quarterly results can be found, Warburg securities reduced 30,000 shares, holding down to 400,000 shares.　　According to the four-quarter average price of 51 yuan/share, Warburg Securities lost at least 264,000, and the Social Security Fund in the total withdrawal in four quarters, according to its previous 200,000 shareholding calculation, at least lose 1.6 million. Although Warburg has since insisted on holding 400,000 shares in the first quarter of this year, it has lost its presence in the latest report. In accordance with its 400,000 share capital and the two quarter of this year after the 37.5 yuan/share of the average price, its losses reached at least 4.6 million.　　In the latest report, no body has been seen. "Initially when the company listed, we are more cautious, internal pricing is 20 yuan/share, see the issue price of 36 yuan/shares really dare not go in again." But other institutions may have their own reasons, the concept of lithium is always a fantasy subject, but short-term funds are not suitable for operation.　　"said one fund manager. In addition to institutional shareholding, as the previous major shareholders, with the creation of Albert and deep venture two companies have been in the lock-up period after the reduction. According to the public data, the company's main shareholders include Shenzhen Innovation Capital Investment Co., Ltd, and three equity investment institutions of Shenzhen Innovation Investment Group Co., Ltd.　　Among them, Shenzhen Innovation Investment Group Co., Ltd. is a controlling shareholder of innovative capital investment. As the prospectus for technology shows, the shareholding ratio of innovation capital, Deep Venture Group, and three companies in the company is 14.66%, 5.59% and 6.75% respectively after the listing of technology. According to the latest data, the creation of Albert in April-July 3 months of total reduction of 2.513 million shares, the current shareholding ratio reduced to 5.46%, deep venture capital and its subordinates of the holding capital also reduced to 5.58% and 14.19% respectively.