Ternary shares of nearly 200 million yuan in the two major acquisitions into "drag"

Sanyuan shares (600429,SH) yesterday (January 15) issued 2013 annual performance deficit announcement, the company expects annual operating results will be loss, net profit of 185 million to-215 million yuan. In the same period of 2012, ternary profit was 32.8018 million yuan. Since the first quarter of 2013, ternary shares have been at a loss, the fourth quarter may be close to 100 million yuan. For the reasons for the loss of performance, ternary shares explained that, on the one hand, the price of raw and auxiliary materials to increase the cost of the company's products, on the other hand, affected by market factors, product gross profit margin fell, investment income fell year-on-year, resulting in a decrease in net profit. Chen Lianfang, an expert in dairy industry, said in an interview with the Daily economic news that the root cause or the effect of ternary shares on High-value products is not obvious. Analysts believe that the acquisition of Sanlu milk powder and the debt of the prince's milk assets appears to have "sequelae." Ternary shares suffered a total loss of three shares in 2013, and the loss amount is gradually expanding. According to the current ternary shares disclosed data, the company in the fourth quarter of the loss amount than the company in the first three quarters of the sum of losses and also higher, about 98 million ~1.28 billion. In fact, since the first quarter of 2013, ternary shares have been at a loss. Third-quarter earnings showed that 2013 1 ~ September, the company has lost 86.58 million yuan. Among them, the third quarter accounted for more than 50%, reached 48.5458 million yuan, and the same period in 2012, three yuan share net profit has 19.6915 million. According to public data, the production of ternary shares of pasteurized milk products ranks second in the country, the company has 50,000 dairy cattle of the modern pasture, yields up to 10 tons per year/head, higher than the domestic average nearly one times. However, in dairy listed companies, the performance of ternary shares is clearly not too good. Beime before the announcement, the company is expected to achieve net profit of 2013 560 million ~8.15 billion, year-on-year growth 10%~60%. The other two dairy giants bright dairy and Yili shares have not yet released 2013-year performance forecasts, but the first three quarters of the two companies operating income and profits have achieved double-digit growth. Among them, Yili shares 2013 years ago the three quarter net profit rose substantially by 84.12%. For the cause of the deficit, ternary shares in the announcement, is subject to the price of raw materials to increase the impact of the cost of the company's products rise, affected by market factors, product gross profit margin decline, while investment income fell year-on-year, net profit reduction. According to the dairy industry expert Wang Dingmian introduced, since July, the raw milk supply is scarce, the domestic milk price has already approached Sweden. From the milk source price trend of change, raw milk prices began to enter the rising channel since September 2013. According to the Ministry of Agriculture weekly monitoring data, the first week of 2014, the national main producing raw milk average price has reached 4.19 yuan/kg, up from the beginning of 2013 23.2%, of which the three quarter rose 6.2%, four quarter rose 11.7%. Domestic raw milk prices are moving towards"5 Yuan era". In the face of such a high price of raw milk purchase, low value-added dairy products are indeed facing the problem of high cost. In order to make up for the increase in the cost of milk source, in December 2013, ternary took the lead in the liquid milk price adjustment to ease the cost pressure. The transition effect is not obvious from the whole dairy industry, although the cost of rising, but other dairy companies still have money to earn. The three-yuan shares in the announcement of the deficit, the 2013 losses due to the "margin decline" and "investment income reduction." Public data show that 4 years ago, the triple shares unexpectedly "swallowed" the melamine in the mud of Sanlu milk powder. 1 years ago, ternary shares once again across the region to acquire heavily indebted Hunan Prince Milk. These big consolidation, the company's performance appears to have "sequelae." Chen Lianfang said that because of the cost of the rise, ternary liquid milk income has long been the capital preservation. And the acquisition of the two companies, Chen Lianfang, ternary is the hope that by the prince of milk in the three or four-line market channels and Sanlu milk powder visibility, open their own high value-added milk beverages and infant milk powder market to improve the performance of the main business. However, not only the bad assets of the prince's milk dragged the three-dimensional performance, Sanlu milk powder's reputation for ternary distribution of milk powder market hidden dangers. Dairy expert Chenyu in the daily economic news reporter, said, although the ternary high-end milk powder products by the Dairy Association recommended High-profile launch, but sales are poor. The huge debt of the prince's milk also weighed on the performance of the ternary shares. Chen Lianfang said the two acquisitions not only failed to improve the main performance of ternary shares, a period of time will also bring a drag, "if the exclusion of government investment or support funds, the main business losses of ternary shares may continue to two." ”