One bridge seedling industry cofferdam, sea cucumber stock jumped 4.5 times times the prospect of increasing production is worrying

June 13, one bridge Miao industry (002447, shares bar) (002447. SZ) Non-public release plan, the company intends to be no less than 31.45 yuan/share of the price of non-public offerings not more than 25.4 million shares, the total amount of funds not more than 798 million, mainly for "cofferdam sea cucumber aquaculture and supporting nursery construction project." Some investors found that, on the one hand, in the last two years, the stock of a bridge seedlings rose sharply, in 2010 at the end of the inventory of 79.3274 million yuan, climbed to 415 million yuan in 2011; %, 66.89%, the company's additional project prospects worrying. A sharp rise in inventories public data show that one bridge Miao July 2010, mainly engaged in fish, shrimp, crab, sea cucumber, shellfish, algae seedling, aquaculture, marketing, seafood refrigeration, sales, aquatic products acquisition. At present, the main products include shrimp scallop seedlings, bay scallop seedlings, Chlamys farreri seedlings, sea cucumber seedlings, sea cucumber and so on. According to the announcement, one bridge Miao the proposed non-public offering of the fund-raising funds not more than 798 million yuan, will be mainly used for "Cofferdam sea cucumber aquaculture and supporting Miao Room construction project", the project includes "Cofferdam sea cucumber Breeding Base project" and supporting "sea cucumber seedling breeding Base project" two subprojects, After a project for the previous project, do not generate sales revenue, according to the 2011 evaluation period (including the construction period) of the financial calculation, the project's annual average sales income of 252 million yuan, the average annual net profit of 134 million yuan, after-tax internal rate of return 15.5%. However, some investors found that in recent years, with the expansion of the sea cucumber products in one bridge, the stock has also climbed rapidly, and there is a continuing trend of growth. According to the announcement of the past year, at the end of 2007-2009, the stock of one bridge seedling industry is 13.6229 million yuan, 11.7257 million yuan, 11.5133 million yuan respectively. At the end of 2010, the inventory rose rapidly to 79.3274 million yuan, of which the sea cucumber in the cofferdam was 68.3527 million yuan, and at the end of 2011, the inventory was 392 million yuan, of which the sea cucumber was 378 million yuan, while the total assets were 1.34 billion yuan, the net asset was 794 million yuan, and the stock accounted for 29.23 % The stock of one bridge seedlings continued to climb to $415 million in the first quarter of 2012, representing a 30.85% percentage of total assets. In 2011 alone, the inventory of sea cucumber in the cofferdam increased by 4.5 times times. Investors said that the stock of one bridge seedling industry since 2011 a large backlog, is the company's Cofferdam can not sell sea cucumbers? Then one bridge seedling industry continued to raise the size of the cofferdam to expand the scope of sea cucumber, its sea cucumber inventory in the future or will continue to grow significantly, the project prospects are worrying. Gross profit margin steep drop investors also found that one bridge seedling industry cofferdam sea cucumber products not only exist a large backlog of inventory problems, and its gross margin is not as big as before. One bridge seedling industry IPO prospectus shows that 2007-2009 Annual company Cofferdam Sea cucumberGross margin of 84.72%, 67.49%, 67.78% respectively. The annual report shows that the gross profit margin of sea cucumber in the 2010-2011 one bridge seedling industry cofferdam is 86.48% and 66.89% respectively. From the sales data, 2010 one bridge seedling industry cofferdam sea cucumber Operating income of 21.369 million yuan, operating cost of 2.8926 million yuan, and 2011 Company's Cofferdam Sea cucumber operating income of 62.379 million yuan, operating cost of 20.6516 million yuan, operating income growth of 191.91% At the same time, operating costs have increased by 271.55%, the cost of growth is significantly higher than the growth of income. In this respect, some investors said, one bridge seedlings of the Cofferdam sea cucumber inventory in just 1 years, the sharp drop in business gross profit margin, it is obvious that the sea cucumber aquaculture industry has not been as good as before, and the company continued to expand the size of the Cofferdam sea cucumber aquaculture, the future is worrying. For the rapid increase in inventories, June 13 China Capital Securities network several times to call one bridge Miao industry Dong Lin Chunlin public telephone, but has been unanswered. (Chazillin)