Fuling mustard tuber pe up to 50 times times the annual compound growth rate of only 2%

Wu Junchang in landing gem failed, fuling pickled mustard has been successful will be the board, soon listed.　　It is surprising that companies with a composite growth rate of only 2% this year have rushed to the capital market at a 54 times-fold price-earnings ratio. October 9, Fuling Mustard announced the IPO price, 13.99 yuan/share, corresponding to the 53.81 times times P/E. In the past 3 years, fuling mustard tuber operating income is 440 million yuan, 438 million yuan, 458 million yuan, 3 years of business income compound growth rate of less than 2%. In other words, according to the issue price and the growth of Fuling mustard, the company will be maintained in the next few years about 50 times times the P/E ratio, if the fund speculation, the company may be 60, 70 times times P/E.　　70 years to recover the cost of investment, to buy such a mustard stock, would you? Fuling Mustard Market reputation is not small, Prospectus said, the company is China's largest mustard processing enterprises, but the mustard industry entry threshold is not indisputable fact that fuling Mustard's rival hills lined up. According to Fuling Mustard Industry Association Statistics, 2007 mustard production and processing enterprises nearly 300, only Zhongqing has 164, of which Fuling District has 102.　　Overall, the 2009 Fuling mustard in the country's share of 13.69%, as the industry's leading fuling mustard, the absolute advantage is not obvious, not to mention this data or from fuling Mustard Industry Association, "home" to provide data is also unspeakable authoritative. Fuling Mustard National market share first, the supermarket shop rate reached more than 90%, the market is highly saturated, profit growth space is limited, different areas of different tastes, mustard market also has a significant regional, fuling mustard main market concentration in South China.　　There is not enough data to prove the growth of the mustard industry, even in the strong inflationary expectations, and liquor and other agricultural and sideline products, mustard industry, the ability to raise prices is very limited, the ability to resist inflation and growth of space can be seen. It's such a low growth company, early this year unexpectedly hit the gem, however, it is not popular, in accordance with the "Gem Sponsor Guidelines", the Gem welcomes the "High-tech, independent innovation" and by the State policy support enterprises, the food and beverage industry has become a need for the recommendation of a cautious industry recommended by one of the industries, as "　　Chongqing High-tech enterprise "fuling mustard Business Board application was dismissed.　　Only half a year, fuling mustard makeover, a comeback, and to conquer the SME, as a high-profile local star state-owned enterprises, its strong operational strength, indeed, not to be underestimated. Aircraft-making enterprises are not necessarily great, do buttons of the enterprise is not not good, not to say that the mustard tuber enterprises can not be listed, but since to want the capital market premium, the company needs to give investors a better future, fuling mustard business income of only 2% growth rate, how can investors return? In the case of increasing sales income is very limited, only by improving the management level, compressed product costs, the company's profits are difficult to have a reliable sustained growth, not to mention the prospectus, as raw materials in recent years, the price of green vegetables fluctuations have been large, showing the company's raw materialsMaterial cost control ability is limited. The IPO project is basically the production capacity of the expansion, but not the product level upgrade, mustard itself is difficult to process into high value-added products, but also become fuling mustard tuber profit increase bottleneck.　　In a highly saturated market situation, and then significantly increase the company's capacity, how to ensure that there is no excess capacity. Of course, the most outrageous or nearly 54 times times the issuance of the price-earnings ratio, which makes the other listed companies in China why the sentiment? To be aware, the first half of this year's business income growth of 33%, net profit growth of more than 60% of China Merchants Bank, but not more than 15 times times, "Big Mac" Chinese oil sales rose 65% year-on-year, net profit growth of 29%, P/E is less than 20 times times, and a total equity only 155 million,　　Annual sales of only 400 million yuan enterprises, the annual composite growth rate of only 2% of the company's IPO price-earnings ratio is as high as 54 times times, not to say is a great irony! The second round of reform of the IPO system has been initiated, and fuling Mustard is the first listed company under the new system, and its outrageous IPO price may not be enough to quell the controversy over the IPO.　　The purpose of this round of reform is to improve the quotation and placement of the binding mechanism in the inquiry process, prompting the inquiry agency to increase the sense of responsibility, but the IPO from Fuling mustard, we see that the new issue other links unchanged, only the pricing market, still can not change the previous "three high" and other diseases A broker a sponsor of Fuling mustard high price issue as surprised, he to the author sigh: We sometimes do not know what the regulatory layer like what kind of business! Nail, the IPO audit right is firmly controlled, the issue of new shares or leaders to decide, and talk about what market?