Flying Integrity Price flying customers to concentrate on the performance fear "good faith"

With the issuance of IPO approvals, new shares have become the "darling" of the market, of which flying integrity (300386. SZ) is by virtue of the listing of 11 trading board soaring, the company's share price even once exceeded the Guizhou Maotai (600519. SH) become A shares of the first high prices, unlimited scenery. A brokerage analyst on the "China Business newspaper," said the reporter, the market funds crazy chasing flying good faith is a raspberry, and at the high level of money is undoubtedly "bo silly" behavior. Although the company this year and the past few years the performance is quite beautiful. But the company's high reliance on Usbkey's single product and its high reliance on bank customers also leave it with the risk of product substitution and bidding. These risks are in the same industry as the spin-pole information (300324). SZ) and the flying letter business highly dependent Shenzhou (300002.SZ) has been shown out. "Mania" stock prices IPO price for 33 yuan per share of the flying integrity in the 13 trading days after the listing, the company's shares than the highest price increase of 339.39%, a temporary scenery unlimited. A private-equity official told reporters that although the market funds have a strong interest in new shares, but so crazy hype makes people raspberry. In fact, as a new member of the GEM, flying integrity shares such a rapid momentum, not only to keep ordinary investors in succession, even relatively cautious institutional investors into the "madness" of the state. Shenzhen Stock Exchange trading Public information shows that the company's stock price early rise in the main buyers are ordinary funds, and institutional funds are taking the opportunity to ship, the latter period of the stock price rise, institutional funds instead also joined the buyer camp. Data show that from July 1 to July 10, the buyer basically no body figure, and the selling side is the frequency of the current body figure. Particularly on July 10, the top four of the top five sellers are agency-specific funds. "July 10, the integrity of flying shares has risen to 123.75 yuan, relative to the IPO price rose as high as 275%." "The above figures show that some institutions have fled on a massive scale, as expected," the private-equity figures told reporters. However, the market is stunned that, after the company's share price rose so high, there are institutional investors to enter the big. Shenzhen Stock Exchange transaction Public information shows that July 11, the buyer's fifth name is Guotai trading unit, the purchase amount of 29.9486 million yuan. July 14, the buyer's second name for the agency, the purchase amount of 27.7273 million yuan, and the day the company's share price has reached 145.5 yuan high. In the issue of new shares, the security of securities comprehensive consideration of the issue of the company's policy and market environment, the total amount of fund-raising and issue of equity, the proposed inquiry interval is only 30.2~39.3 yuan. Northeast Securities believe that the company's reasonable valuation interval of 53~62 Yuan, Citic Investment to give the company a reasonable price in 76.2~91.5 yuan. Single product dependence a brokerage analyst told reporters that although flying integrity in recent years performance is good, but the company to singleThe over-reliance on a product also makes this high speed growth unsustainable. Flying integrity of the main products for Usbkey, OTP dynamic token and encryption lock. From 2011 to 2013, the company's main business income is 339 million yuan, 604 million yuan, 846 million yuan, of which the income of Usbkey products are 249 million yuan, 498 million yuan, 738 million yuan, accounting for the company's operating income ratio of 73.23%, 82.35% and 87.3%. At the same time, Usbkey's gross profit contribution to the company accounted for a year-on-year increase from 69.91% in 2011 to 83.9% in 2013. The analyst said to reporters, from the above data can be seen, the company's Usbkey products have a serious dependence, not only the proportion of the company's operating income increased year in, and the product's gross profit contribution is also increasing year by year, so the company's dependence on the product is also increased year by year. The analyst further pointed out that flying integrity mainly provides Usbkey product software technology, and the production of the product mainly by the third party generation processing, and this product processing once the scale, the price will fall. Reporting period, flying integrity main products second-generation Usbkey three consecutive years of sales price of 36.85 yuan/only, 34.43 yuan/branch and 30.26 yuan/only, the company's main product sales price has shown a certain downward trend. A beijing-based brokerage analyst said that because the company Usbkey is a technical product, and the core competitiveness of the software, and this product is a strong alternative to the future if the product of alternative products, the company's performance will face significant pressure. This risk in the already listed company of the Shenzhou (300002). SZ) has been exposed. Shenzhou Thai Yue Prospectus shows that from 2007 to 2009 January-June, the letter of business to achieve the operating income of 87.7392 million yuan, 278 million yuan and 225 million yuan, accounting for the company's current operating income ratio of 19.82%, 53.5% and 68.99% The net profit of this kind of business is 37.3191 million yuan, 90.9717 million yuan and 89.2845 million yuan respectively, the proportion of net profit of the company in the current period is 42.23%, 75.47% and 76.3% respectively. With the emergence of micro-letter and other products, the market growth of flying letters is limited, Shenzhou Yue in the listing after the net profit fell sharply. 2011 to 2012 net profit year-on-year growth of 2.5%, 6.05%, 2013 company net profit is down 52.34%. Big customers big risk in addition to the dependence of a single product more and more high, flying integrity of the bank's reliance on customers also let the company's future performance buried a "thunder." Data show that during the reporting period, flying integrity from the banking business income accounted for the current operating income ratio of 64.91%, 81.39% and 85.03%, of which the Agricultural Bank, ICBC, ChinaThe proportion of operating income of the bank's three major clients is 38.82%, 59.13% and 58.26% respectively, and the income ratio is over half. And from the Agricultural Bank's income accounted for 26.38%, 42.98% and 44.86%, the income accounted for gradually increased, the company's performance on the Agricultural Bank, ICBC, Bank of China Dependence. The Beijing analyst told reporters that from the above data can be seen, the company's reliance on bank customers in the year increased, and in the domestic usbkey industry, Beijing grip Odd Data System Co., Ltd., Tiandi Technology Co., Ltd is in the leading position, and the two companies are the main customers are banks, The competition in this field is also more intense. The analyst further pointed out that the Bank of the procurement of Usbkey more use of bidding, which requires flying good faith and other companies in large banks to maintain and expand the major customers have higher requirements, if the future of the company's loss of bank customers will have a great impact on the performance of flying integrity, This risk has been fully demonstrated in the same way as the spin-pole information (300324.SZ) of the Usbkey product. 2009, 2010 and 2011, spin-pole information from the Agricultural Bank's operating income accounted for the company's current operating income ratio of 36.18%, 46% and 41.5%, the company has a certain degree of dependence on Agricultural Bank. The company's prospectus said that if the future Agricultural Bank in the operation of unpredictable adverse changes or a sharp decline in the size of usbkey procurement, will have a greater adverse impact on the profitability of the company. This risk tip explodes after the spin-pole information is listed. In 2012, the sales volume and production volume of usbkey information products were 1.58 million, 950,000, respectively, down 77.72% and 86.17%. In 2013, due to the company's participation in the Usbkey product bidding has not been completed, the company's Usbkey product sales, production volume of 220,000, 250,000, the year-on-year decline of 86.08%, 73.68%, the product sales of a sharp decline, directly led to a sharp decline in the company's performance. In 2013, the company realized that the net profit attributable to ordinary shareholders of listed companies fell by 52.61% Year-on-year. The securities analysts said that the spin pole information and flying integrity of the main customers are banks, appear in the spin-pole information on the performance of the "Mine" is also likely to appear in the future flying integrity. In this respect, flying integrity frankly, such as the company's major bank customers lost, will have a significant adverse impact on the company's performance, do not rule out the performance of the previous period of 50% decline in the possibility.