Optical steel structure will be recycled rich myth investment company easy to catch more than 1.6 billion

Trainee reporter Lin Lin Steel Structure Co., Ltd. (hereinafter referred to as "light is steel Structure") will be tomorrow, the main building steel company plans to issue 22.6 million shares in Shenzhen stock, issued after the total share capital of 90.38 million shares. The IPO report shows that the company's profitability has increased significantly in recent years, with government subsidies contributing to income increasing. In addition, the company's special point is that before the release, shareholders exclusively are investment companies.　　According to the current average price/earnings ratio of the industry, if the steel structure is successfully listed, the investment companies will profit at least 1.6 billion. Government subsidy surge Light is the main business of steel structure of various types of steel design, production, installation and other business.　　After deducting the issue fee, this issue will be invested in the project of "annual output of 70,000 tons steel structure processing base", which is expected to cost 180 million yuan. During the reporting period, the operating income and net profit of the light steel structure were steadily increasing. In the last three years, the company's net profit has maintained a steady growth of $11.8725 million, 22.367 million and 19.0872 million respectively, according to the prospectus. In 2008, net profits rose by 88.39% Year-on-year. In the first half of this year, the net profit of the light steel structure has increased to 11.2788 million yuan. In terms of profitability, the overall gross profit margin of the company's products maintain steady growth. According to the report, the average gross profit margin of the company's products in the last three years was 14.78%, 17.44% and 16.45% respectively.　　Company's main business gross profit margin in the reporting period of 2008, 2009 are significantly higher than 2007, the main reason is that the company through continuous optimization of product structure and continue to increase the development of high-quality customers, making the company's overall steel business profitability continuously enhanced. However, under the company's bright financial statements, the company's non-recurrent earnings are growing. In 2007, the government subsidy for the current profit and loss was only 9,538, 34 yuan, but last year government subsidies had increased to 2.1872 million yuan, and last year the company's non-recurrent gains and losses accounted for 8.08% of the company's net profit.　　By the first half of this year, the company's government subsidy income has reached 1.2984 million yuan, the proportion of net profit has increased to 10.57%. The reason for the surge in government subsidies is that the company says it is mainly because of the seasonal benefits of the product. In the first half of this year, the net effect of the company's non-recurrent profit and loss accounted for a slightly higher proportion, only because the company's seasonal impact on the first half of the year's income and profit accounted for a smaller proportion, resulting in a slightly higher percentage of non-recurrent profit and loss ratio.　　However, non-recurrent profit and loss in 2010 is expected to be a smaller proportion of the full-year profit level. The IPO report, which has earned more than 1.6 billion reporters flipping through the steel structure, finds that one of the most obvious features of the company's shareholders is the exclusively investment company. According to the report, the controlling shareholder of the company is all equity investment company before the release of the optical steel structure. And by the reporter rough calculation, if the light is steelSuccessfully listed, this part of the investment company can easily catch nearly 1.637 billion of the book wealth. In the company's list of controlling shareholders, a total of 9 legal shareholders, of whom two are foreign shareholders, the company's shareholders do not have natural persons. Among them, Xinjiang Light is real Estate Limited liability company (hereinafter referred to as "light") and foreign shareholders in the New Industrial Co., Ltd. (hereinafter referred to as "new industrial"), Gold Well Group Limited (hereinafter referred to as "Gold Well Group") the three major shareholders of the company 35.1083 million shares, 12.4049 million shares and 4.5433 million shares share a total of 76.8% of the company's equity.　　In addition, the optical steel structure is also Shenzhen aviation Jiayuan Investment Management Co., Ltd. 6 investment companies, such as equity participation. Optical steel structure This part of the shareholders, the first major shareholder light is the main business is the long-term equity investment of steel structure. It is reported that the light is the company's controlling shareholder, Light is not engaged in any specific production and operation of the company before restructuring, in addition to the company's investment, no other foreign investment.　　In addition, the company's two foreign shareholders are also exclusively investment company, registered in the British Virgin Islands, the main business is long-term equity investment. In fact, the investment companies at the beginning were at a lower cost to the light of the steel structure of the equity. From the proportion of investment, in the light is the steel structure as a whole change to the company before, Light is the real estate investment 1,219.650,000 yuan, the new industrial capital investment of 4.3098 million yuan, the gold Well group investment 3.52 million yuan.　　In addition, there are other investment companies in the capital injection, under the participation of these many investment companies, the optical steel structure of the registered capital increased to 3,220.630,000 Yuan. According to the company's 2009 annual earnings of 0.28 yuan, and SSE disclosed the latest construction industry average price-earnings ratio of 87.97 times times to calculate, the price per share of optical steel structure can be roughly calculated as 24.63 yuan.　　At present, the investment institutions hold 67.78 million shares of light steel structure, the company's stock market value can be roughly calculated as 1.669 billion yuan.　　According to the injection of the registered capital amount of 3,220.630,000 yuan to calculate, if the optical steel structure successfully listed, the reporter rough estimate, these investment companies will float nearly 1.637 billion, and the original input cost of 32.2063 million yuan, gain investment income up to 50.84 times times! "Investment letters" from Guangzhou