No big clients, the worst of all. China News exposure Gem

With the development of the annual report of the gem, the advantages and disadvantages of enterprise Board are fully embodied. From the current semi-annual report performance disclosure, the net profit of the highest picture software (300036. SZ) reached an increase of 293.6%, while the lowest of the Warburg shares (300074. SZ) plunged 76.6%. It is worth noting that the company's shares in the explanation: "The first half of the customers have few major customer sales, and the same period last year, large customer orders accounted for a large proportion of business receipts, resulting in a sharp decline in performance."　　"The simple and clear explanation, let the gem Enterprise's customer dependence problem surface." The riddle of the collapse of the performance the stock market in the year January 2010 to June, a total of sales revenue of 21.9999 million yuan, the same period last year down 50.61%, the profit is 3.6381 million yuan, down 76.6% from the same period last year. The reason for the sharp drop in sales revenue and net profit, "the company has been implementing a major customer strategy since 2008, while maintaining technology leadership while focusing on developing major clients, and the successful implementation of the big customer strategy has led to rapid growth in recent years, but at the same time, the risk of performance instability, The company's performance relies on a handful of big customers to make the company's performance fluctuate over the quarter of the year. "The survey found that between 2007 and 2009, the total accumulation of Warburg Pincus and 1089 customers signed a business contract, the revenue is mainly concentrated in the bank, insurance, energy and other major customers, operating income of the top five customers in total amount of 45.5769 million yuan, 35.5664 million yuan, 70.4501 million yuan, The proportion of total operating income was 61.76%, 44.81% and 69.29%, respectively. The company has also confessed that the success of the big client strategy make the company's performance in recent years rapid growth, but also bring the risk of instability, once the macro-economic fluctuations or major customers in the industry boom changes, it may affect customer demand for related products, which indirectly affect the company's operating and financial situation of stability,　　As a result of this reliance on large clients, performance fluctuates over the quarter. As a matter of fact, the growth of the big clients of the company is not stable, it is an explosive growth, and between 2005 and 2007, its big clients are only Chinese life and two Chinese oil. From 2008 to 2009, it soared to 7, including the armed Police force, the China Agricultural Development Bank, the Yunnan Provincial Public Security Bureau, and the Chinese insurance and Taiping life.　　Among them, the 2009 Ping ' an shares and China Life signed the contract amounted to more than 22 million yuan, making the company net profit than 2008 explosive increase of 16.312 million yuan, year-on-year growth of up to 59.15%, accounting for the same year's income 42%. The surge in orders in 2009 has made the company a share market, as well as a seed for the first half of the year. It is understood that the first half of this year, Warburg Pincus signed the small and medium customersSingle (less than 5 million yuan of orders) a total of more than 28 million yuan, but did not sign more than 10 million yuan of large orders.　　The second half of the material has large customers although the semi-annual report of the shares of Warburg has surrendered a "worst" report card, but the outside world but the shares are optimistic, not only the stock price in the report has been rising after six months, brokerages are more optimistic about the growth of the second half of the company. The figures show that from July 29 to August 5, the shares of Warburg Pincus rose from 63.68 yuan to 67.46 yuan, an increase of nearly 6%.　　of which August 3 had to 70.50 yuan, only 1.5 yuan to "tipped ladies break."　　Japan Securities analyst Zhang Guanglong that, due to the high proportion of research and development investment, continue to maintain technology leadership, and the first half of 2010, the company achieved comprehensive gross profit margin of 74.66%, the year 72.53% rose 2.13%, so more optimistic about the second half of the company for major customers market expansion. Warburg Pincus also said that at present there are several major customers in the hands of the negotiations, is expected to sign a contract in three quarters. In addition, because of the long-term reliance on large customers, Warburg shares in the major accounts receivable has a higher proportion. From 2007 to 2009, the company accounts receivable turnover rate is 5.72, 4.03 and 4.47 respectively. As of June 30 this year, the company accounts receivable book balance of 28.0833 million yuan, a 18.35% increase from 2009, the main reason is that the rate of customer return is due to decline.　　Most of the accounts receivable in the age of 1 years, which also for the second half of the company's performance diluted a certain degree of risk. The lifeline of the gem this Friday, with the state Teng Electronics (300101,SZ) of the listing, gem finally ushered in the 100th Enterprise (Suzhou Permanent is not).　　It is noteworthy that among the hundreds of companies, the vast majority of enterprises in their prospectus mentioned "performance by the impact of major customers risk factors." Earlier was the gem of the first high price shares in China, Thailand Yue, has two stops in Hong Kong Gem and the mainland SME board, is due to the business of large customers have serious dependence.　　And such as the Shenzhou Tai Yue such companies in the gem is not uncommon, there are representative of huaxing entrepreneurial, blue Cursor and NETAC technology and so on. Although the outside world is talking about the risk factors of the gem, always think of the factor of customer dependence, but never like the Chinese newspaper in Warburg, so painful to face the problem of customer dependence.　　It is not difficult to see that the shares in the first half of the year, or whether the results of the second half of the performance was bullish, including accounts receivable, the right to determine the full manipulation of the hands of several major customers.　　In order to better reflect the characteristics of gem listed companies, the China Securities Regulatory Commission (CSRC) recently released the "semi-annual Disclosure guidelines for gem-listed companies", highlighting the need for gem companies to fully disclose all the major risk factors in future operations, as well as the disclosure of intangible assets, and to require companies to explain the measures they have taken (or intend) to take. ChinaPing shares in the semi-annual report, in order to better solve the problem of large customer dependence, in addition to expanding the market to reduce reliance on large customers, the video system will also operate in due course, that is, to charge a monthly rental of video operations, but this mode of operation will affect the company's cash flow and performance in the short term. Dongdengwen, director of the Institute of Finance and Securities, Wuhan University of Science and Technology, said that, from the development history of the Nasdaq, from 1995 to date, there have been more than 4,000 enterprises to retire, and currently listed only more than 3,000 enterprises. Gem relies on High-tech to seek development of science and technology. The characteristic is small, this also doomed it to have the high growth at the same time, has the high death rate.　　The big customer dependence is only one aspect, therefore treats the gem time, must maintain a good mentality. He also stressed that although the Gem enterprise marketing channels single, but advertised is innovation, represents the future, with a wealth demonstration effect. Not every business will succeed, but there will always be a great company like Microsoft and Intel.