New Daxin low price Let stocks face five big problems

New issue another "Suzhou Permanence" (iii) reporter ISA originally planned to deal with the newly-emerging materials yesterday, in a query sound finally postponed the listing! Yesterday, the company announced that, in view of the relevant matters need to be further implemented, the company application, suspend the listing.　　Obviously, the new large material of the postponement of the listing and the company's main products suspected infringement of patent rights, conceal major environmental issues and so have countless ties. Recently this newspaper received a report, a continuous report of new Daxin main products are suspected infringement of patent rights, conceal major environmental issues and other reports, and has aroused the concern of many investors and discussions.　　As the reporting party, Henan Lion has sent four letters to the SFC and the media, and provided the relevant evidence of its own patented products.　　In fact, in addition to the Henan Lion to report several problems, the company itself there are five major difficulties, and in the process of increasing capital, the new daxin also low-cost transfer of shares to reward the listing of the hero.　　The five major challenges the prospectus of new daxin materials, the company's five major problems leaps, the product structure of a single, sustained growth, rely on large amounts of government subsidies to increase the thickness of income, accounts receivable year-on-year increase, inventory turnover more and more slowly, the company's ability to obtain cash is questionable. , New Daxin is a company located in Henan Kaifeng specializing in solar wafer, semiconductor wire cutting edge materials research and development, production and sales of High-tech enterprises. The company's main products for solar cell wafer cutting edge material, from its prospectus, 2007, 2008 and 2009, the product sales revenue accounted for the main business income ratio of 97.5%, 99.44% and 96.1% respectively.　　The ratio is obviously too high, if the development of photovoltaic industry changes and lead to solar cell wafer cutting edge material market demand and supply situation with the great changes, the company's risk can not be ignored, the ability to resist risk is clearly low. In order to effectively reduce the risk of a single product structure, the company intends to raise funds to build an annual output of 8000 tons of semiconductor wafer cutting silicon carbide dedicated blade material project, improve the company's product structure.　　However, SIC is the production of wafer cutting edge material, still closely related to existing products, the ability to resist risk will not be improved. Secondly, the performance of the new daxin big jump, growth is questionable. The prospectus shows that in the past three years, the net profit of new Daxin material is 21.15 million yuan, 82.5 million yuan and 88.5 million yuan respectively. The company's net profit in 2008 was 4 times times that of 2007, and it achieved a burst of growth, but the momentum stopped short in 2009. The net profit of the company increased by only 6 million yuan in 2009. "In 2009, the company actually made more profit, not even less, if it removed the cost of raw materials, which was significantly lower in 2009."　　"There is an analysis of that. In these profits, the large amount of government subsidies contributed to the company's performance is not small. 2007-2009, the new Daxin material to enjoy the government subsidy is 5.76 million yuan, 4.38 million yuan,8.71 million Yuan. 2009 government subsidy doubled in 2008.　　But will the company continue to receive so much subsidy to increase its revenue in the 2010 years after its listing? Accounts receivable increase year by year, inventory turnover is more and more slow, but also new daxin material can not be neglected. In the past three years, the company's accounts receivable are 28.76 million yuan, 54.63 million yuan, 68.95 million yuan, 2009 of accounts receivable than 2008 years of more than 14 million yuan.　　Accounts receivable turnover rate also from 2008 13.87 to 2009 years of 9.24 Times, inventory turnover from 2008 10.02 Times to 2009 years 5.71. The company said in the prospectus, "as the downstream solar photovoltaic industry recovery, the company capacity has been unable to meet market demand, if the company can not expand capacity in a timely manner, will lead to customer churn, loss of market opportunities, thereby losing the current industry leading edge, affecting the company's operating performance."　　"In such a shortage of industries, new daxin material financial data reflect the total inconsistency!" In addition, the Company's ability to obtain cash is questionable. 2008, the company's operating activities generated a cash flow is still higher than 58.26 million yuan, but by 2009, the company's cash flow plummeted to 35.83 million yuan. Net cash flows have been significantly reduced, with a significant increase in management and financial costs for the 2009, in addition to a sharp reduction in cash inflows from operating activities.　　Why should the company's overheads and financial costs be significantly increased in the case of 2009 years of reduced operating income? Low price let the stock to reward the listing of the company, shareholders Tri Xiaolu because of the pull-through to get the price of the shares of the "preferential treatment."　　Another shareholder, Tifang, is also entitled to the "Privilege" of the original value of the equity in the operation of the listing. The prospectus shows that Tri Xiaolu is the company's fifth largest shareholder, holding 4.74 million, accounting for more than 4.51%. December 2007, new Daxin material company increased the registered capital of 263,700 yuan, the increase in part by Mangrove Venture and the South China Sea growth each subscription 131,800 yuan.　　And Tri Xiaolu is the increase in the process of the hero, its not negative, to assist the company to introduce investors mangrove venture and the South China Sea growth. The increase in the value of 2008 years of expected net profit of 50 million yuan as a basis for pricing, according to 8.3 times times earnings ratio determined.　　The subscription price for the growth of the South China Sea and for mangrove Ventures is $10 million. To reward the hero, the new Daxin shareholders Wang Feng book to 10 million yuan to Tri Xiaolu transfer of 250,500 yuan contribution amount.　　After the restructuring of new daxin into a joint-stock company, Tri Xiaolu's shareholding was fixed at 4.738 million shares, accounting for 4.51% of the total equity before issuance. At the same time, another natural person Tifang the original shareholder's 369,000 yuan contribution amount, the transfer price according to the original value. That is, the transfer of Jang Weihai to the Tifang amount of 167,000 yuan, Wang also to Tifang the transfer of investment amount of 202,200 yuan. In this respect, new Daxin said, May 2007, the company established the IPO target, hired to participate inTifang, a dove-listed company, is listed, and the other party has reached a consensus on the transfer of the original value.　　After restructuring, Tifang held 6.9825 million shares, accounting for the first 6.65% stake in the issue, the fourth largest shareholder. After more than three years of operation and Development, the net profit of new daxin also achieved a substantial increase in 2007-2009, the net profit was 21.15 million yuan, 82.5 million yuan, 88.5 million yuan, the basic earnings per share is 0.21 yuan, 0.73 yuan and 0.93 yuan. "With 2009 per share earnings as the base, to 47 times times the issue of estimate, new daxin material price 43.4 yuan/share, Tifang holding stock market value of about 303 million yuan, investment returns up to 820 times times!" Tri Xiaolu's investment income is also more than 20 times times! "There is an analysis of that.