Overflow-led products questioned Temph hard to make money

Net profit was only 9.61 million in the first quarter of 2014, down 17.52% from a year earlier. The first-quarter results of the IPO were the result of a decline in the market. The IPO of January 28 this year is a company that has self-knowledge, said in the prospectus, "in 2013, the size of the company expanded from a year earlier, but mainly by the end of the avian flu outbreak is still in the recovery period, the 2014 Spring Festival ahead, And in the first quarter of 2014, the issuance of the IPO may lead to the increase in the related issue costs, the company expects the first quarter of 2014 operating performance than a year earlier, the risk of growth is too low or a small decline, However, it is expected that the cumulative net profit at the end of the first reporting period in early 2014 and the net profit after deducting non-recurrent gains will not be materially altered. "As it says, the main feed enzyme for the overflow of the 2014 quarterly show, the company's revenue of 73.22 million, compared with a year earlier, a 8.56% reduction in net profit, only 9.61 million, compared with the same period last year 17.52%. The company's explanation in a quarterly bulletin is, "The H7N9 avian influenza outbreak in the reporting period has seriously affected the operating performance of the downstream poultry industry, resulting in a decline in sales of the company; pig prices after the Spring Festival has been at a historical low, farmers do not want to fill the column, the pig feed greatly reduced, resulting in lower sales. "In addition, the company has repeatedly prompted sales of cyclical volatility risk, pointed out that the first quarter of the year for the industry off-season, three or four quarters for the industry peak season, when the market is good, the increase in the stock, feed consumption, the demand for feed enzyme preparation is also increased; when the market is bad, the herd is decreasing and feed consumption is decreasing, The sale of feed enzyme preparations will also decrease correspondingly. So it seems understandable that the company's first-quarter results have slipped. But the reporter found that in the overflow of the first IPO online roadshow, the company's chairman and general manager Chen Shaomi said that with the size of the growing number of aquaculture, replaced the original model of farm households. Aquaculture is more and more rational, to a certain extent, reduce the original in the range of the "wind" caused by the fluctuations, aquaculture fluctuation decreased. But the voice has just fallen, domestic pigs and poultry and other aquaculture to enter the historical freezing point, with the pig and poultry farming closely related to the overflow of the seasonal sales of the off-season, the performance decline. Has been repeatedly questioned the "Fed" of the overflow, after two IPOs after the first quarterly IPO is fulfilled "fed". Although the company in industry forecasts are always very flattering, but the main products feed compound enzyme sales only a small increase in the feed Phytase products sales growth of the reality of uncertainty, as well as fund-raising investment projects enzyme products production capacity will be greatly increased, capacity digestion uncertainty, etc. again questioned.