Hard to bear the value of the central stake is already a "spent"?

October 21, Central shares (002129.　　SZ) Three quarterly release, become the stock price soared starting point, but also make the Golden Eagle Fund six months bitter and so ushered in the harvest day. Since October 21, the shares in central have risen by as much as 58.83%, while the Shanghai Composite Index has fallen 3.52% per cent.　　This is largely due to the three quarterly net profit of the central shares of the year-on-year big increase 209.%. With the two major concepts of PV and IGBT, Central shares have never lacked market attention.　　and the Golden Eagle Fund three products in 2010 1 quarters in the stock, become the central shares of the most determined watchmen.　　But even if the three-year quarterly increase, the price of its 22 yuan to support up to 160 times times the valuation, still doubt. IGBT is a new generation of power semiconductor discrete devices following bipolar transistors (GTR) and MOSFET, with the advantages of GTR and MOSFET, it has the characteristics of easy drive, High peak power flow, auto turn-off, switching frequency, which is widely used in small volume, high efficiency inverter power supply, motor speed regulation,　　UPS and inverter welding machine, is currently the fastest-growing new generation of power devices.　　GF Securities in its report that the current domestic IGBT market mainly controlled by foreign investors, the top ten major manufacturers are Europe and the United States, Japan manufacturers, our enterprises in technology, equipment and talent, and foreign enterprises are very large gap. "Silicon wafer next year is likely to fall into price competition, the central shares igbt only stay in the concept, the earliest two or three years to truly achieve mass production."　　"An industry researcher at a brokerage in Shanghai said to reporters. "This year 0.2 yuan earnings per share, next year 0.4 yuan, this is more optimistic."　　Another TMT industry researcher said to reporters.　　Golden Eagle fund firm "bullish" Golden Eagle Fund and central shares are the teeth of each other.　　The three quarterly bulletin of Central shares shows that the three products of the Golden Eagle Fund appear on the list of the top ten circulating shares of the stock. Among them, the Golden Eagle Small plate holds 7.723 million shares of the stock, occupy the stock of 3.02% of the circulation, ranked the third largest circulation shareholders; the Golden Eagle component stock preferred to hold 5.332 million shares, the proportion of the circulation plate is 2.08%, for its fifth largest circulating stock shareholder　　Golden Eagle Industry Advantages of holding 4.4433 million shares, accounting for 1.74% of the circulation, as the seventh largest circulating stock shareholders.　　The Golden Eagle Fund three products have a total of 17.4983 million shares in Central, in accordance with the shares of the 22.20 yuan on November 18, the market value of more than 388 million Yuan holdings. The Golden Eagle Fund overall asset management scale, but also only 4.5 billion yuan. The Golden Eagle Fund is one of the strongest bulls in central.　　As early as the 2010-year quarter of the time, the Golden Eagle Fund above three products began to position in central shares, cumulative positions have reached 11.7408 million shares.　　Central shares a weighted average of 10.45 yuan in the first quarter of 2010 years, which can be seen as the cost of the Gold Hawk Fund. In the two quarter thereafter, three funds were increasedWarehouse total of 5.1773 million shares, the cost of the position in the quarter of the weighted average price, for 12.81 yuan.　　2010 three quarter, three funds and a small increase in warehouse 570,500 shares, the cost of adding more than 14.66 yuan.　　In this calculation, the total cost of the Golden Eagle Fund in about 200 million yuan, and if three products in four quarters without reduction, its position market value has reached 388 million yuan, nearly doubled. The three quarterly reports of the Golden Eagle Fund show that the central shares are the first large stocks of the golden eagle and the proportion of their net assets is as high as 8.49%. At the same time, the unit is also golden Eagle Component stock Optimization of the first large warehouse stocks, accounting for the fund's net assets of 5.32%.　　In the golden Eagle industry advantage, the central shares is also its third largest warehouse shares, accounting for the fund's net assets of 6.99%.　　In the Golden Eagle Fund in April this year just completed the growth of the Golden Eagle, Central shares are also the second largest heavy warehouse shares, accounting for the fund's net assets of 4.64%.　　Of the 5 funds currently set up by the Golden Eagle Fund, only the golden eagle dividend did not hold central shares in the 3 quarter, but the Fund reported that it holds 627,000 shares in Central, the second largest. In addition to the Golden Eagle Fund, Bosera, Peng Hua Two fund companies also involved in central shares. Peng China's dynamic growth has a share of 10.18 million shares in Central, Bo time value growth holds 6.1944 million shares in central.　　All two funds have been in the 2 quarter of 2010 and have been underweight in the 3 quarter. In addition, among the top ten circulating stock shareholders in central, a natural person "Shi" is also included. The name has also been in Changshan shares (000158.　　SZ) and Nanjing Chinese Business (60080.SH) have appeared in the top ten shareholders. At present, there is no information to confirm that this person is the actual control of Yurun group Shanyi material. But the public information shows that Shi is the actual control person of the Nanjing business.　　The Yi Yizai are ranked 19th in the 2010 Forbes China Rich list with 21 billion assets.　　The short boom in silicon wafer, with its heroic performance in the two-tier market, clearly bets on success, but can the underlying equity fundamentals support the current 160 times-fold valuation? "Central shares this year because of the price of silicon wafers and the concept of IGBT, the valuation of the push up."　　"A beijing-based brokerage industry researcher told reporters. And in its view, "Now the market is worried about tightening, solar wafer prices next year is not a conclusion, if the next year's silicon wafer prices fall, perhaps the performance of the central ring shares will not grow much." "Central shares and aerospace electromechanical (600151.　　SH) in Inner Mongolia joint venture solar photovoltaic project, the main source of revenue and profits, at present, central shares in the central photoelectric shareholding ratio of 80%.　　The process for the procurement of polysilicon from the upstream, made of monocrystalline silicon and silicon wafer, to provide downstream battery production enterprises. In many securities research institutions, the technical advantages of the central shares and the relatively low energy costs in Inner Mongolia can make the companyHas a cost advantage of about 10%. But in a new energy industry researcher at a brokerage in Shanghai, "Silicon prices have peaked this year and have little room to grow next year."　　"This is largely hostage to foreign demand and government subsidies in European countries, and the trend towards devaluation of the euro will also drive up the cost of buying in European countries, the main photovoltaic consumer group, and thus affect PV exports."　　On the other hand, the gross margin of the central shares also declined, from 22.75% in the two quarter to 20.3%, largely because of the rapid growth in the prices of raw materials and polysilicon.　　On the other hand, many of the domestic photovoltaic industry chain companies in the recent kill into the wafer production field. Solar wafer technology is relatively mature, so entry threshold is not high. The cost advantage of central shares has not yet emerged.　　The new energy industry researcher said to reporters. Horizontal shop East Magnetic (002056.　　SZ) November 4 issued a notice, said the company intends to invest in the east of Hengdian Photovoltaic Park to build 500MW large crystal silicon solar cells and 250MW component projects.　　The company announced the same day, the listed company wholly-owned subsidiary Qixian New Energy Co., Ltd. is proposed to invest in the Qi County Solar photovoltaic industrial functional area to build 100MW solar wafer and 130,000 crucible investment projects. Qianjiang Biochemistry (600796)　　SH) also announced on October 26 that the company plans to add 40 million yuan to Zhejiang Qianjiangmingsta Optoelectronics Technology Co., Ltd. and still hold a 40% equity stake in the capital after the increase.　　Chanjiangmings Company in Haining Warp Knitting Park to implement an annual output of 50 million pieces of solar-grade silicon wafer investment projects, after the shareholder increase in capital, the company registered capital will increase to 200 million. And by the market speculation of the IGBT concept, in the above Shanghai brokerage researcher, "at present the most is to make samples, the company is sure to want to develop in this direction, but it is difficult to industrialize within two or three years."　　"In its view, the current a-share has not been the industry of IGBT listed companies," or stay in the concept of the stage of speculation. Yangtze Securities in the recent research report, to the central shares 2010 to 2012 EPS 0.18 Yuan, 0.51, 0.87 of the performance forecast.　　Even with 2011 years of performance, valuations are now more than 40 times times higher. "The current stock price has largely reflected expectations of high performance growth and maintained a cautious recommendation rating for the company."　　Changjiang Securities said in its report.　　Additional or pushing hands although the performance is not clear, but the central part of the launch of targeted additional funds to expand the ambitions of the photovoltaic has not been reduced.　　Central shares in the May 18 this year issued a targeted additional plans, the company intends to issue a reserve price of 11.75 yuan/share for the issuance of shares not exceeding 90 million shares and not less than 60 million shares to not more than 10 specific objects, including central group of controlling shareholders, with a maximum of 1.1 billion yuan. In the fund-raising investment, central shares proposed to invest 100 million yuan for its wholly owned subsidiaryRing Europe Company "IGBT and optoelectronic devices used in the area of fused monocrystalline silicon materials, research and development and Industrialization Project"; Another 800 million yuan to raise funds by the Central European Company investment holding 80% of the Inner Mongolia Central Photovoltaic Materials Co., Ltd. "Green Renewable energy solar cell with monocrystalline silicon materials industrialization Project phase two project."　　The above two projects are the PV concept and IGBT concept that brought to the market unlimited imagination before. "Central photovoltaic is now very urgent to fund demand."　　The beijing-based brokerage researcher told reporters.　　And with 11.75 yuan of additional price as a reference, the shares of the current more than 22 yuan in the stock price for strategic investor investors is attractive.　　At present, however, the proposed scheme has been approved by the shareholders ' meeting of the Company and has not been approved by the regulatory authorities.　　And for the central group, the controlling shareholder of central shares, the last issue of shares in Central was not successful. In May 2008, Central shares issued 23.6 million shares to its controlling shareholder, the Central group, to buy 31.38% per cent of the Central European Company held by the Central group, thereby holding a wholly-owned company in Central Europe.　　At the time, the central group promised that the net profit of the assets for 2009 years would not be less than 43.2918 million yuan. But the actual result is that this part of the equity corresponding net profit is only 4.2337 million yuan, and the Sino-ring group promises a far cry, and finally the Central group has to pay 39.0581 million yuan to make up the difference.