Gold, IR risk, looming investment project profit less than expected

"Securities Market weekly Red weekly" author Bu as the leading enterprise of Infrared thermal Imager, high-technology IR products are mainly used in military and civilian fields, in the market for the company's focal plane detector project good expectations, the company's share price has been outstanding since last year. But the reporter found that the main performance of the red-IR since the decline, the project to raise investment in less than expected profit, at the same time, the company's accounts receivable but a surge in the future of the risk of bad debt looming. The investment project is less profitable than expected although the company received a large amount of funds after the IPO, but the progress of the investment project is not satisfactory. According to the company prospectus, in the Infrared Thermal Imager industrialization project, such as 3 projects, the longest construction period of 2 years, the shortest 1 years. The company's July 2010 listing was successful, and according to the annual report, the 3 projects were started. But after the listing of the company on the part of the project construction cycle has been adjusted, research and Development and experimental Center project to achieve the use of the status change to July 8, 2012. It was later adjusted until January 18, 2013, when the three projects were in a position to be used. The completion period has been postponed in comparison to the original prospectus project. Not only the completion of the period of delay, the company's investment projects to achieve the benefits are not optimistic. According to the disclosure of 2013 semi-annual reports, one of the projects of the IR Thermal Imaging industrial base project in the current period to achieve the benefit of 51.695 million yuan, the company explained the main reason is the reporting period, preventive maintenance, safety monitoring and other traditional applications and traffic night vision and other emerging applications to achieve sales in the unexpected. The other two projects were not calculated because they could not produce direct economic benefits. The belated completion of the project failed to meet the original expectations. Compared with the enthusiasm of the company to use the money to buy financial products, investors can only wait for the future of these belated projects to achieve the desired goals, and then contribute to the company's performance breakthrough. The decline in the performance of bad debt risk looms after the listing of the performance of the German IR has also seen a significant decline (see table 2). According to the company's 2010 listing a year ago, as well as the relevant data in the past three years, the company's net profit increased by 1.62% in 2010, after the listing is differentiated, net profit 2011 Year-on-year decline of 26.19%, 2012 year-on-year decline of 41.78%. The difference of net profit performance before and after listing is huge. Although the 2013 report has not yet been disclosed, the net profit of the three quarter ended 2013 was only slightly increased by 2.33%. Net profit drop directly from the High German IR revenue, according to (table 3) company operating income year-on-year changes, since the company's listing from 2011 to 2012, operating income has been in the process of decline. As of the 20,133 quarter, although operating income growth year-on-year, but the operating cost growth of up to 36.3%, so as of 2013 three quarter, the company's net profit did not increase significantly year-on-year. Income declined and performance slipped. At the same time, the company's accounts receivable and inventory has been in the growing process. CompanySince 2010, accounts receivable has seen a significant increase in 2009, the company accounts receivable is only 235 million yuan, and 2010 began the company's accounts receivable has risen to 427 million yuan. In recent years, the company accounts receivable annual average of up to 400 million yuan, although not published 2013 reported data, but the 2013 quarterly bulletin shows that its accounts receivable is still rising and has reached more than 500 million yuan. Accordingly, the company accounts receivable turnover rate markedly slowed, 2013 three quarterly is 0.42, compared with 2010 1.13 drop obvious. As accounts receivable grow, the risk of bad debts looms. The company's operating income has been declining, accounts receivable has been growing, and accounts receivable growth is much higher than the increase in operating income. At the same time, the company's operating cash flow dropped sharply, 2010 after the listing from 2009 to 14.57 million yuan to 37.82 million yuan, and from the 2010 to 20,133 Quarterly report, the company's operating cash flow net amount is negative. Gold IR Accounts Receivable is growing, business activities have not brought cash inflows to the company, which is indeed worthy of investors vigilance.