Guo Shin Securities Sponsorship Mini Company Sen Far Bridge is not favored by institutions

Financial weekly IPO laboratory researcher Chen Xianli/Wen This is a very mini company with a total equity of 74.85 million yuan.　　However, the "skinny" Anshan Sen-long Road and Bridge Co., Ltd. (hereinafter called Sen-far Road and bridge) is not afraid of the capital market storm, in recent days to the China Securities Regulatory Commission submitted a listing application, March 11. Sen-Far Luqiao this IPO by the National Letter Securities escort.　　Guo Xin Securities has successfully sponsored 11 projects this year, of which 9 have been listed, is the most investment bank sponsorship projects in recent years, the most fierce brokers.　　Engaged in the new highway maintenance machinery technology development and manufacturing of Sen-far bridge, with road snow and cleaning equipment, large-scale asphalt pavement in situ recycling equipment and preventive maintenance equipment and other major products. Sen-Far Luqiao is so far the gem to raise the least money companies, only to raise 190 million yuan.　　And its net profit is less than half the average in the line.　　Curiously, the gross margin of the Sen-long road and bridge declined year by 2008-2010, and the gross profit margin of 2010 fell by 13%.　　and Zoomlion, 31 heavy industry, Xugong group or become its potential strong competitor. Not only that, in the evolution of the stock rights of the Sen-long Road and bridge, did not see any investment organization figure.　　Some industry insiders believe that the industry may be because of the small market space. "Without institutional favors, development will be narrower" Sen-long road Bridge was established in 2004 by local officials Guo Songsen with others.　　Guo Songsen as the deputy Department of Anshan Municipal Committee of Cadres.　　Sen far bridge as many as 38 shareholders, are pure color natural persons, even in the evolution of equity, also did not see any investment institutions figure, even small investment companies. Why is this happening?　　Let's take a look at the company's industry first.　　According to the "national Economy Industry Classification" (GB/T4754-2002), Sen far Bridge belongs to the road maintenance machinery industry, is "Construction Engineering machinery Manufacturing (C3613)" Under the subdivision of the road machinery industry. "The organization is not optimistic, it is likely because the road machinery industry space is relatively small."　　"An industry analyst is speculating. Sen far Bridge is very mini, the total capital is only 74.85 million yuan.　　Raising funds is also relatively small, only 190 million yuan, is so far nearly 200 gem, to raise the least capital enterprises. Moreover, the financial weekly reporter noted that the net profit of Sen-long road and bridge is quite low. 2008-2010, the net profit of Sen far Bridge is 18.57 million yuan, 26.51 million yuan, 38.08 million yuan respectively.　　This is extremely rare in the specialized equipment manufacturing industry.　　According to the Juli data, 2009 the average net profit of equipment manufacturing industry is 57.33 million yuan, Sen far Bridge is less than half of the average level of the line. "Narrow industry, not much money, coupled with less fund-raising, the growth of the future will not be very strong." "said one investor. "Without the favor of any institution, the resources that no institution brings, development may be narrower." "AZoomlion = 206 sen far bridge and bridge there are currently three pillar products, one is the road snow and cleaning equipment, the other is a large asphalt pavement in situ recycling equipment, there is a preventive maintenance equipment.　　According to its prospectus, only the first product line in addition to the snow Strewing car market share ranked first, the second product line sales with the German Wirtgen company, in the domestic sales first, the third product series market share in the country ranked third. So it seems that the main products of Sen-long road and bridge still have a certain status in the market.　　But it's just a façade.　　Start with the first product line of the road snow and cleaning equipment. There are many products in this series. The prospectus for Sen-long road bridge only mentions that "the market share of snow-strewn vehicles is ranked first in the line" but does not disclose any specific data.　　High-pressure cleaning car in the city accounted for the rate of three, the specific is the first few, Sen far road bridge secrecy. In this way, the only competitive advantage is the snow strewing car.　　According to its prospectus, 2010, the series of products sales revenue of 57.6 million yuan, accounting for 44.25% of the total operating income, but snow strewing car revenue of 47.4718 million yuan, that is, except snow strewing car revenue accounted only for the total operating income of 36%, accounted for is not high. The gross margin of road snow and cleaning equipment for 2008-2010 years were 54.44%, 48.43% and 41.45% respectively. That means 2010 gross margin was down 13% from 2008. Gross margin has slipped so much in three years, which is quite rare in the industry. The reason for the continued decline in gross profit margins is that the cost of the chassis has increased, and the cost of 2010 is up 22% from 2008, according to the Sen-far bridge prospectus.　　It is obvious that the gross margin of this product is getting smaller. "The margin is getting lower, which means the industry is becoming more competitive."　　Zhongyuan Securities researcher Lu Yongguang that. Indeed, the product line faces potential rivals Chongqing Dumas and Zoomlion.　　All two companies have been listed. In recent years, Zoomlion has introduced milling machine, snow remover, high-pressure cleaning car and so on. "Zoomlion has been trying to optimize its products," he said. But in view of the market space problem, in the near future will focus on the main business.　　Shanxi Securities Li Chidong researcher said. According to the 2009 Annual report of Zoomlion, the operating income of Zoomlion has reached 20.8 billion, and the operating income of Sen-long road and bridge is only 101 million yuan in the same period.　　A zoomlion is equivalent to 206 sen far Bridge. 80% of the invisible gross profit margin of the Second product series large asphalt pavement in situ recycling equipment.　　This is the company's "star" products, because the product's operating income accounted for the total operating income ratio of 37%, and sales in the industry ranked first.　　However, the main products of this series of heat regeneration unit price is equivalent to the price of similar foreign products 60% to 80%. In other words, the business income of the product comparesGermany's Wirtgen company, which is flat in sales, is also 60% to 80% lower.　　Heat regeneration Unit therefore missed the market share first. 2008-2010, the gross profit margin of large asphalt pavement recycling equipment was 65.29%, 61.5% and 65.68%. As mentioned earlier, the price of this series of products is only equivalent to 60% to 80% of the price of similar foreign products.　　According to its prospectus, the technology used in this series of products has fully reached the international High-tech level.　　Suppose, Sen far Bridge really can brand, according to foreign similar product prices sold, that gross margin is bigger, probably nearly 80%.　　In other words, large asphalt pavement recycling equipment in situ series of invisible gross margin is very attractive. This is why Sen-long road and bridge will be 120 million yuan to raise funds are invested in large-scale asphalt pavement regeneration maintenance equipment manufacturing projects. This part of the fund-raising funds accounted for nearly 70% of the total raise.