Network accommodation technology performance of the Business board myth broken

Zhang Jingyu Despite the current surge in the gem, but those who first landed the "predecessors", swimming trunks have been looming.　　"China Business daily" reporter statistics found that the listed 78 gem companies, 45 in the recent creation of a new low.　　Among the 45 companies, Internet-hosting technology, which has been questioned about performance and the resignation of executives, may be the first nude swimmers.　　Performance Face May 18, the Internet technology launched every 10 shares to increase the dividend of 1.0 yuan high delivery scheme, still did not withstand the surging selling, the stock price repeatedly hit the new low since the listing. Recall that six months ago, the first board of Communications services company was ambitious, claiming that the next three years compound growth rate of more than 50%.　　But all this rhetoric, along with the disclosure of earnings, the end of investors can only choose to "vote with their feet." "2006 net profit of 16 million yuan, 2007 net profit of 26 million yuan, 2008 net profit of 37 million yuan, 2009 1 ~ June Net profit of 21 million yuan."　　"A string of fast-rising profit figures in the IPO prospectus for the web-hosting technology has been a reminder of the infinite reverie." However, the performance of the gem is not a simple arithmetic problem. With the release of the 2009 Annual report, all the investors who dreamed of high-speed Internet technology were disillusioned.　　The main net profit of 32.6233 million yuan not only did not increase 10 million yuan as expected, but also less than 2008. "If you're worried about something, it's more likely to happen," he said. "Murphy's law came true again, and a quarterly report that was released completely shattered investors ' expectations." Data show that the 2010-year quarter, the company's main business income of 67.86 million yuan, compared with the same period in 2009 down 5.54%, achieve net profit of 5.0381 million yuan, down 61.13%.　　The myth of the high growth of Internet technology has been ruthlessly terminated. For the continuous decline in performance, the network of Science and technology explanation is that the second half of 2009 the country to carry out Internet rectification, the company strengthened the customer qualification audit to prevent risks, to give up some of the customers, the performance of a certain impact. However, this may not be the whole truth.　　People from the industry early in the company's IPO, has pointed out that the high growth of internet technology is unsustainable. It is understood that the main business of the net-host technology is two pieces: one is the IDC business, a CDN business. The latter is the biggest bright spot of the network host technology IPO. The prospectus showed that CDN's business accounted for sales revenue from 12.99% in 2006 to 42.32% in the first half of 2009, mainly in Tencent and Sina and other major customers. However, from industry news, these customers are developing their teams to take back CDN operations for cost-containment reasons.　　And only Tencent one, it accounted for more than 25% of the income of the net technology business. "Obviously, the high growth myth of Internet technology is attributed to the choice of a special time period, just as its main businessA turning point in the decline of the Sheng.　　One industry insider said. Collective lies: "Seasonal losses" in fact, such as Internet technology, such as the performance of "extremely bad" entrepreneurial board companies are not a minority. According to statistics, 58 companies 2010 years ago listed the first quarter of the company's net profit total of 720 million yuan, than 2009 years of the Four seasons of 1.023 billion yuan, slipped 30%.　　Meanwhile, the net profit growth rate of the main board market is over 26%. This is undoubtedly a paradox of the stock market.　　Head of the "City dream rate" Halo of the Gem, the performance unexpectedly ran in the mature motherboard listed companies. However, despite a poor first-quarter performance, GEM-listed companies do not recognise their decline in performance, blaming seasonal fluctuations for the reasons. To Li Chen, for example, the company's first quarter of 2010 total operating income of 87.55 million yuan, an increase of 19.66%, but net profit of only 8.45 million yuan, down 16.52% year-on-year. "This is normal, because the company's business has seasonal fluctuations, the second half will be better." The company's securities department staff said. As for revenue growth and net profit decline, the person explained that the company's industry environment is basically unchanged, the profit decline is mainly in the first quarter of the national distribution services and marketing network, so the cost increased a lot. "The cost increases, but the output lags for a while, so half a year should not have any problem." "Three environmental protection is the first pioneering enterprise board, the company listed on April 27 this year, is the only one with a loss of quarterly listing companies." Although the company 2009 profit of 50.9787 million yuan, but the first quarter of this year, the loss of 5.3947 million yuan. In this regard, the company also believes that the first quarter profit is a negative seasonal losses. "Our products are mainly intermediate products, customer size is generally relatively large, procurement concentration in the end of last year and the first quarter, the project, technical certification and other work is done at the beginning of the year, so that the first quarter of income will be less, but fixed assets amortization, the financial costs are fixed proportion of amortization, so will cause seasonal losses. In fact, we lost millions of yuan less than 2009.　　"The person said. NETAC Technology May 18 to create 29.51 yuan in the IPO since the new low. The company achieved operating income of 52.52 million yuan in the first quarter, an increase of 23.31%, but net profit of only 2.55 million yuan, a year-on-year decline of 29.74%. In this regard, NETAC technical explanation is: "We never bad in the first quarter, net profit last year is more than 3 million yuan, this year is more than 2 million yuan." Part of the profits of NETAC technology is royalties, and there is a lot of uncertainty about the amount and the time. The gross profit margin of patent fee is very high, basically collect how much to earn how much, the influence to net profit is very big. We have not launched new patent lawsuits and rights defenders since 2008 and are now preparing for it. "Super Graph software 2010 main business revenue, net profit fell 55.96% and 96.07% respectively." In this respect, the companyThe explanation remains "quarterly losses". More surprisingly, the company did not disclose year-on-year data on the above indicators. In this respect, the company's staff explained that "last year did not do quarterly, so there is no comparison of data." "It should be up."　　"When the reporter asked the company as an investor in the first quarter earnings year-on-year increase and decrease, staff said. High growth illusion "gem bubble is too big, this fall can be seen as the market initiative to eliminate the bubble process." "Zhejiang Merchants Securities strategy researcher Wang Weijun said.　　Although many gem shares have been "halved" compared with their highs, he still thinks the gem is overvalued. Wang Weijun's fears were not unreasonable, and he found that the growth of the gem, which was the halo of the "City Dream rate", was far less sustained and robust than had been expected. "The first to find this anomaly is not in the gem, but in the SME board."　　"he said. Reporter interview, Wang Weijun is doing the performance growth analysis of the SME, he found a strange phenomenon.　　In the 272 companies listed before September 2008 (excluding the only financial unit of the SME-Ningbo Bank), the 2010-year net profit of the first quarter only 7.5 billion yuan, the chain fell a full 25%.　　Meanwhile, the net profit of 255 Shanghai and Shenzhen 300 constituent stocks (excluding the SME, the financial stocks, and the listed companies after 2009) is 137.2 billion yuan, which is 108.6 billion yuan in 2009 four quarter. "This is a very strange figure, the situation of the board is supposed to be similar to the gem, are high growth-oriented enterprises, but this group of data shows that the business has always been considered mature will not give investors too many surprises of the motherboard company, the performance growth rate is higher than the SME board companies."　　"he said. This may be the main reason for the low frequency innovation of the entrepreneurial board. "In the valuation model of listed companies, the impact of lower growth rates on valuations is enormous." Wang Weijun gave the reporter an example. Suppose a company 2010 net profit of 10 million yuan, if the next three years always maintain 30% growth, then three years after the net profit is 21.97 million yuan, increased by one times.　　If it were to grow at a rate of 20%, the net profit for three years would be 17.28 million yuan, or about one-fifth. If two companies are now valuing the same multiple static P/E ratios, in both cases, the company's valuations will be about 20% different. It is clear that the decline in performance growth has undoubtedly lowered the performance expectations of investors and affected the valuation of the listed companies concerned. "The actual valuations are more complex than that, but they also have to take into account the earnings growth of these companies after three years." If the DDM valuation model is calculated, the performance growth rate from 30% to 20%, the valuation will be reduced by about 23%.　　"Wang Weijun said. "Now that the main board market is about 23 times times the average price/earnings ratio, the gem has reached 58 times times the price-earnings ratio, which has a high premium because of high growth expectations." So, do not say that the venture board company loses money, isStagnant performance is enough to cause the market to shrink its valuations.　　"Linfen Long letter investment in Zhang Hong said. China Business newspaper Weibo: Http://t.sina.com.cn/chinabusinessjournal