Miss you: The market accounted for only 1.8% of growth worries

Market growth rate of jujube products in the next three years or fall half of the Morning Post trainee reporter Changzong Following the negotiation of food (002557), fuling mustard (002507), Gold Ham (002515) landed SSE board, the SME board will usher in another food listed companies-good miss you JuJube Industry Co., Ltd. (　　The following abbreviations miss you very well. China Securities Regulatory Commission website shows that you want your IPO has been successful on 28th, the proposed issue of no more than 18.6 million shares, issued after the total share capital 73.8 million shares.　　Plan to raise capital of 286 million yuan, into the Xinzheng processing base annual output of 4400 tons of jujube products deep-processing construction projects and Aksu processing base annual output of 3600 tons of jujube products deep-processing construction projects.　　But what worries investors is that, if you want your prospectus to disclose, the market growth rate of jujube products will drop sharply in the next four years, which may cause investors to worry about the growth of your future.　　Market accounted for only 1.8% data show that the Chinese JuJube products market enterprises up to thousands of, the market is in fierce competition. I miss you so much. JuJube industry in the date products market, accounting for 1.8% of the market share, closely followed by the Shandong JuJube Food Co., Ltd. accounted for 1.2% of the market, Shanxi Heroes Food Industry Co., Ltd. accounted for 0.9%, Cangzhou en-International Biological Products Co., Ltd. accounted for more than 0.7%,　　Shandong Yuhua Group Agriculture Co., Ltd. market accounted for 0.5%, other markets accounted for less than 0.5% of the company's market accounted for 94.6%. I miss you. Official website said, its current domestic jujube industry is the largest, technologically advanced, the most product category, sales network coverage of the most complete enterprise, its predecessor originated from the 1997 founded in Henan province Xinzheng Star Industrial Co.　　JuJube products are mainly engaged in research and development, production and chain sales. I want you. The prospectus shows that as of December 31, 2010, it has opened 1819 stores in 283 cities nationwide, including 12 stores, and 1807 franchise stores.　　At the beginning of 2008, the figure was only 479. The prospectus also shows that I miss you. 2010 through the concession business model to achieve sales revenue accounted for the total sales revenue of 91.86%, through the supermarket model to achieve sales revenue accounted for the total sales revenue ratio of 4.8%, through direct business model to achieve sales revenue accounted for the total sales revenue of 1.61%,　　Other ways to achieve sales revenue accounted for 1.72% of total sales. Pre-IPO performance surge think your prospectus (report) detailed disclosure of the company from 2008 to 2010 financial data, three years of net profit of 37.2827 million yuan, 51.4716 million yuan and 94.1276 million yuan, respectively, year-on-year growth of 310.76%, 38.06%　　and 82.87%. It's worth paying attention to. A large proportion of net profit sources come from government tax subsidies. According to the report, I miss you. 2008 VAT Discount is 12.490,000 yuan, income tax concessions of 6.8774 million yuan, the government subsidy of 8.8262 million yuan, total 15.8285 million yuan, accounting for the total profit of the year 38.45% 2009 Value-added tax concession of 216,900 yuan, income tax concessions of 8.4467 million yuan, the government subsidy of 6.293 million yuan, total 14.9566 million yuan, accounting for the total profit of the year 25.53%　　2010 Value-added tax concession of 150,100 yuan, income tax concessions of 20.7559 million yuan, the government subsidy of 16.443 million yuan, the total of 37.649 million yuan, accounting for the total profit of 36.92%.　　From the above data, I think you have a 2010-year profit surge, while the government subsidy received more than 2008 years and 2009 years of the sum. I want you to explain: "The company enjoys value-added tax concessions mainly for the production of agricultural products sales free of value-added tax and agricultural export tax rebate, promulgated by the State Council," the People's Republic of China value-added tax provisional regulations, the company to enjoy income tax concessions for agricultural products at the beginning of the processing of free income tax, The People's Republic of China Enterprise Income Tax law directly stipulates. "2014 industry growth rate halved according to your prospectus (report), the current domestic JuJube product market is divided into three types of products-raw dates, rough products and deep-processing products. In the next 3-4 years, the growth rate of these three types of products will be greatly reduced, of which the growth rates of the original dates from 2009 to 2014 were 19.2%, 15.9%, 11.4%, 9.5%, 8.8% and 7.8% respectively. The growth rates for roughing products from 2009 to 2014 were 24%, 22.8%　　, 19.8%, 16.4%, 13.8%, 10.4%; the growth rates for deep-processing products from 2009 to 2014 were 37.3%, 31.6%, 27.7%, 21%, 15.3% and 13.3% respectively.　　Whether it is deep-processing products or raw dates, the growth rate will be greatly reduced, so that your performance growth will face a sharp slowdown in industry growth. Industry estimates, the recent food and beverage stock market attention to the heat or have come down, but the reference to food and beverage stocks listed in 2010, the general issuance of multiples of more than 40 times times.　　I miss you. The profit for 2010 per share is 1.71 yuan, after the issuance of diluted corresponding basic earnings per share of 1.28 yuan, to 40 times times a conservative estimate of the issue price, price or more than 50 yuan.　　From this calculation, the actual control of Stone Poly bin held more than 30,004,678 shares, its worth when in more than 1.5 billion yuan. According to the good thinking of your prospectus (report), the company has a total of deep venture investment, Bing original investment and hundred three venture capital to appear, the above three ventures respectively holding 3,350,395 shares, 837,612 shares and 3,350,395 shares, and the above three of the current contribution amount is only 20 million yuan, 5 million yuan and 20 million yuan. According to the price of 50 yuan/share, three of the VC's stake will reach 168 millionYuan, 42 million yuan and 168 million yuan, investment income in more than 7 times times.