Jade inflation agency chasing Oriental Jinyu "crazy Stone"

The disclosure of the report became the Jinyu of the East (600086, closing price of 14.10 Yuan). Just 3 trading days, two times impact limit, the cumulative gain reached 22%. "Daily economic news" reporter found that the original jinyu of the agency, the east, in the medium-term performance increased, inventory volume doubled over the background, attracting the agency's attention to its value.　　The Exchange public information shows that in yesterday's trading, there are two institutional seats total buy East Jinyu billion. Jade Soaring inventory explosion this year, jade prices have risen sharply, in the global economic recovery slowly, the stock market downturn and uncertainty of real estate investment in the background, the market for Jade luxury investment has increased the intensity.　　Sources say, from the beginning of this year to now, the price of jadeite has generally risen 30%~50%, the top quality of the emerald is soaring 100%~200%. Benefit product price rises, A shares the only one main jade listed company Oriental Jinyu Performance also soared. The company achieved a net profit of $19.1148 million, an increase of 133.14% over a year earlier, the report showed.　　Among them, the company accounts receivable up to 78.95 million yuan, compared to the beginning of the period of growth of 59.25%. Since July, Eastern Jinyu's share price has risen 76% per cent, especially after the announcement of the Chinese newspaper, which rose by as much as 22% in three trading days. "Daily economic news" reporter found that the East Jinyu rise behind, in addition to performance factors, inventory doubled more worthy of attention. At the end of the two quarter, the company's inventory value of 1,324,260,000 yuan, compared with the same period last year 684.17 million yuan growth of 93.6%. Among them, the stock jewelry jade up to 975.41 million yuan, inventory of gold ornaments and jewelry up to 337.63 million yuan. According to the bulletin on the calculation of inventories, carrying the value of the cost minus the depreciation, because the current gold and jade prices are still rising, the company's actual value is difficult to measure.　　It is noteworthy that after the East Jin Yuzhong newspaper has just come out, this newspaper has reported on the East Jinyu huge inventory face value revaluation. Institutions leading the capital cargo in the newspaper, the value of Oriental Jinyu is clearly not fully recognized by institutional investors. From the shareholder seats, the two quarter of the eastern jinyu of the number of shareholders of 47981 households, compared to 43201 households in the first quarter increased by 11%. Among them, the top ten circulating shareholders, the only one of the organization of the 500 Fund also the position from 619,200 to 556,300 shares. In addition, almost all the shareholders of Oriental Jinyu are natural persons.　　It is normal for shares that are multiples of a P/E ratio to be neglected by the agency, but now the institution is chasing East Jinyu. Haitong Securities in the comments on the Oriental Jin Yuzhong said, Citic Trust 7.8 yuan/shares into the stock price, has become a security support for the company's stock price, because the company more Jade inventory, in the Emerald price benefit is not shallow, the ability to adjust performance is strong. Coupled with the proximity of the Asian Games, as a sponsor of the Oriental Jinyu, its share price will also be a certain catalyst, Haitong securities to maintain the Oriental Jinyu "overweight" rating。 The fact is that the agency is indeed starting to look at the stock. The Exchange public information shows, in yesterday Oriental Jinyu trading, sell seats are sales department, sell the largest amount of only 11.46 million yuan.　　On the contrary, buy the first two for the organization, buy 66.49 million yuan and 39.73 million yuan respectively, behind it, including the Treasury of Shaoxing People's Middle Road sales department three famous capital also bought more than 10 million yuan, can be said to be extremely fierce momentum. Cash problems are hard to avoid. However, there are also cash-flow problems behind the sharp rise in corporate inventories. As early as April this year, the eastern jinyu of the big shareholder Yunnan Xinglong industry to the CITIC Trust transfer 18 million shares of restricted circulation shares, the transfer price of 7.8 yuan/share, the price is equivalent to the April 1 close to 11.92 yuan of 65 percent.　　For the transfer of equity, market analysis that, with the emerald Price rose, the company's inventory increased, major shareholders and even listed companies are facing the problem of cash flow, discount transfer 18 million shares, to obtain 140 million yuan of the price, is clearly to solve the financial difficulties. This is not an air raid to wind. 2010 Quarterly, the Eastern Jinyu money from the beginning of the 70.95 million yuan sharply reduced to 14.49 million yuan, operating activities cash flow of-16.58 million yuan, down from a year earlier the same period of 28.83%. In the middle of the newspaper, this "lack of money" situation is becoming more obvious. The report shows that the net cash flow generated by the company's operating activities is 48.11 million yuan.　　In addition, the company's new loans resulted in a net inflow of cash flows from fund-raising activities, and the company also borrowed 800 million yuan from mortgage-backed property, 550 million of its stock and restricted circulation shares. News link Dong Zhu Yipo: According to the situation release inventory side is a large increase in inventory, one side is cash flow tight, how will the company solve?　　Yesterday, the reporter interviewed the oriental jinyu Zhu Yipo.　　Daily economic News (hereinafter referred to as NBD): Jade Price increase on the company's performance in what respect?　　Zhu Yipo: Mainly reflected in improving the company's product sales price.　　NBD: Inventory growth Nearly one times year-on-year, is also related to the price of jade?　　Zhu Yipo: Yes, the company increased the reserves of raw materials during the reporting period.　　NBD: Cash flow lost, does it mean that money goes to buy raw materials?　　Zhu Yipo: basically.　　NBD: Will the continued lost cash flow affect the operation of the company? Zhu Yipo: It should be. We currently get the raw materials are relatively good, if the funds are more tense, we will increase the volume of shipments.　　If the funds are still available, we will generally choose to take raw materials, because the cost of paying the bank may not be as high as the price of raw materials.　　NBD: Is there a "jade price increase, the company's performance upgrade how much" the argument?　　Zhu Yipo: This did not, mainly see the volume of goods, no actual sales can not produce results.　　NBD: How far does the company cash flow Reach, the company will increase the volume of shipments? Zhu Yipo:The cash flow tension will be considered. NBD: How do you understand the word "tense"?　　The company currently operates a cash flow of 48.11 million.　　Zhu Yipo: If you take into account the pressure of debt repayment, such as short-term loan maturity, and so on, the company will consider increasing the inventory of the sale of funds.　　NBD: Is there any further financing plan for the company in the future? Zhu Yipo: Not at the moment.