Sen far Bridge Competitiveness is referred to the weak three machinery accounted for half a year profit

This is the start of the gem, the least-raised listed companies.　　It is a mini company with a total capital of only 74.85 million yuan and three machines accounting for 47% of the annual profit.　　March 11, the domestic gem in the history of the most Mini, but almost engaged in the "most heavyweight" industry sen far Bridge, a smooth landing on the gem, triggering countless speculations. Newspaper reporter Sun Yongjie intern Chen Dandan "If I have money, I will buy it alone."　　March 14, a Beijing venture capital investment company director said, Sen-far Luqiao (Anshan Sen-far Road and Bridge Co., Ltd.) too "Mini", after the listing is easy to be small organizations, makers stare.　　Company size is too small, high concentration of profit sources, competitiveness, weakness, expansion risk looming, not one institution to invest in the Sen far Bridge, still face many frustrations.　　The "most mini" IPO in the history of the city of Anshan, Liaoning Province, a company engaged in road maintenance machinery production of private companies, was founded in 2004, 2007 completed restructuring, the company's main products include snow and cleaning equipment, large-scale asphalt pavement in situ recycling equipment and preventive maintenance equipment. "More than 200 people will be listed at Sen-Long Road and bridge, plus managers will be about 300."　　"Shanxi Securities Machinery Industry senior researcher Li Chidong said, as a road and bridge machinery Enterprise, Sen Far Bridge is called Mini."　　The report shows that Sen-long road and road Bridge this plan issue 19 million shares, issued after the total share capital of 74.85 million shares, the plan to raise 190 million yuan, which is so far the gem to raise the least funds of the company.　　In addition, due to the relatively small size of the company, the total net profit of Sen-long road and bridge is quite low, the net profit of 2008-2010 Sen far Bridge is 18.57 million yuan, 26.51 million yuan, 38.08 million yuan respectively, which is very rare in the special equipment manufacturing industry.　　Data show that 2009 special equipment manufacturing industry, the average net profit of 57.33 million Yuan, Sen far Road and bridge is less than half of the average level in the industry.　　Its domestic main competitor Zoomlion 2009 Annual report shows that Zoomlion's operating income of 20.8 billion, Sen far road Bridge operating income of 101 million yuan, visible a zoomlion equivalent to 206 sen far Bridge.　　It is worth mentioning that, in the history of the development of Sen-long Road and bridge, no investment organization has ever paid attention to the company. Sen-Long Road Bridge was established in 2004 by local officials Guo Songsen and others.　　Guo Songsen as the deputy Department of Anshan Municipal Committee of Cadres. Sen far bridge as many as 38 shareholders, are pure color natural persons, even in the evolution of equity, did not see any investment institutions figure. "The organization is not optimistic, it is likely because the road machinery industry space is relatively small."　　Earlier, an industry analyst speculated.　For a listed company, there is still no investment agencies involved, a Beijing venture capital investment company director said, Sen far Road and Bridge is too small for large financial institutions to see too much profit space, even after the listing, will not cause the attention of big investment institutions.　"But the small organization, the Zhang ruthless stare at it."　　"The above personage analysis, April will have a wave of lifting the tide, if Sen far Road and bridge choice at this time listed, it is difficult to exclude the possibility of speculation."　　However, such a small scale of the listed companies, engaged in a huge amount of capital demand, production and marketing cycle of the large machinery manufacturing industry.　　Three machinery six months of profit reporting, 2010 Sen far Road and Bridge heat regeneration Unit product sales of 3 units, sales of 48.72 million yuan, accounting for total income of 37.4%, the gross profit of the product amounted to 32 million yuan, accounting for the proportion of total gross margin 46.8%.　　The thermal regeneration unit Sen far Bridge total sales of 8 units, and the current domestic heat regeneration unit total reserves of only 20 units, the company's market share of 40%.　　According to its prospectus, the green label of Heat regenerative unit and its first market share is a notable main business spot of Sen Yuan Road and bridge. However, due to the high price of the product and the still controversial cost performance, its revenue performance has a destabilizing factor. 2008-2010 sales price reached 16.67 million yuan, 14.51 million yuan and 16.24 million yuan respectively.　　Although the product is in line with national policy support direction, but the high cost of product promotion in the short term face greater pressure, industry researcher Li Chidong said, the current main target customers or government agencies. As of the end of 2010, Sen far Bridge has 1 units of heat regeneration units, as at January 19, 2011, the product has orders 1 units.　　Therefore, in the case of Sen-long road and bridge, although the product annual sales accounted for a high, but sales can not 2~3 Taiwan, which led to the future of the business there is great uncertainty.　　According to its report data, if the sales of the product in 2011 compared to 2010, according to last year's price, will reduce sales of 16.24 million yuan, reduce the gross margin of 10.67 million yuan, accounting for 2010 years of sales and gross profit share of 12.5% and 15.6% respectively. Obviously, the risk of stable growth is evident in the forest-far bridge, which relies too much on the single product of the Heat regeneration unit.　　In fact, the performance is unstable, the gross profit decline continuously, already appeared before the market. Sen Far Bridge prospectus shows that 2008-2010 years, the company's comprehensive gross profit margin of 58.95%, 52.89% and 52.48% respectively, showing a declining trend of the year.　　In the case of three major categories of products, the main reason for the 2010 overall gross profit margin was the decline in the gross profit margin of the road snow and cleaning equipment business, from 48.43% a year ago fell sharply to 41.45%.　　Sen far Bridge to this explanation is that, because of snow strewing car chassis price increases, 2008-2010 unit chassis costs are 141,800 yuan, 161,600 yuan and 174,300 yuan, which led to the product's gross profit margin decline. From the data provided by the prospectus, regardless of the absolute rise in the amount or the increase in the snow-strewn vehicles other than the chassis, other than the cost of the increase in the chassis, Sen far BridgeThe main reason for the decline in business gross margin is not the so-called chassis price increase, but the total cost of the product out of control.　　When the single product is too high and the cost is out of control, the core competitiveness and market share of Sen-long road bridge have been emphasized, which is extremely important to guarantee its performance. The competitiveness of the weak green conservation, economic efficiency, High-tech, has been the forest far away from the core competitiveness of road and bridge publicity. However。　　Just green environmental protection, High-tech, obviously has been unable to fabricate the capital market for boiling story, economic efficiency, but also by industry experts questioned. "If the cost is too high, it's better to dismantle the reconstruction."　　"Shanxi Securities machinery industry researcher Li Chidong said that the industry can not develop, the key is to see whether the state support."　　Li Chidong calculate a lump sum account, heat Regenerative Unit Unit product's unit price reaches about 15 million, if say road building, unit product, for example, say a roller is three hundred thousand or four hundred thousand dollars, plus other pathfinder, "you a thing to catch the others a set of things expensive". "At present, the domestic enterprises responsible for road maintenance are SOEs, and they generally have the ability to build projects."　　Li Chidong said, the choice is to buy expensive units, or to rebuild the road, the enterprise has its own abacus.　　Previously, the industry pointed out that Zoomlion, 31 heavy Industries are not the project as the main business, but also because of its current market prospects are not clear.　　According to the Securities and Management Department of Small and medium-sized board listing guidance, to encourage High-tech, High-growth enterprises listed, in the sunset industry, relatively low profit margins of the defensive industry, High-tech seems to be just the road to the listing of Sen far Road, a flattering name. Li Chidong Analysis of the two projects he was going to develop, there is a heat regeneration unit, he now has a patent, mainly chassis technology, in fact, this project is not the core technology, but also noteworthy is that its fund-raising construction cycle of 4 years, for the relatively rapid changes in China's manufacturing industry, the cycle appears too long,　　There is still doubt as to whether there will be technical and market demand. "Sen far bridge core competitiveness is not really strong."　　Li Chidong said, although in some aspects have unique, but pay attention to the overall size and strength of the machinery manufacturing industry, Sen far Bridge is obviously more than zoomlion and other large enterprises inferior to many.　　For the concept of green environment that promotes its listing, industry insiders believe that energy conservation and environmental protection should be a big concept of industry, the current sales amount is still single-digit situation, Sen far Bridge main heat regeneration unit, at least now can not rise to an industrial height, the concept of real energy saving and environmental protection is not conclusive.　　In the unknown market prospects, their own funds are weak Sen far Bridge, the listing of capital expansion, the risk has been looming. Expansion risk looming according to the report, due to the increase in sales, Sen far Bridge accounts receivable turnover rate from 2009 to 2.31 to 2.98 times, but the inventory turnover has declined, from 2009 2.87 times to 2.75 times. And the company's liquidity ratio dropped sharply from 2009 to 4.02 to 2.14,The speed ratio also dropped from 3.5 to 1.77.　　The above data show that, while the sales growth, the company's Receivables Management is more ideal, but at the same time, due to inventories, fixed assets and other asset growth, the liquidity of the assets has dropped markedly. For their own size Mini and engaged in the production cycle of long mechanical manufacturing of Sen far Bridge, capital liquidity, is to promote its development of the key factors.　　Once there are too many assets such as inventories and fixed assets, it is possible to endanger their capital chains.　　The company's fund-raising investment plan, 120 million yuan will be invested in large-scale asphalt pavement regeneration maintenance equipment manufacturing projects, the total amount of funds planned to raise the proportion of more than 60%.　　If the project is successfully achieved and the expected sales are completed, of course, the company's performance will be a huge boost, however, the 4-year long cycle may occur in the national policy changes, technological product innovation, the level of investment of competitors, are likely to affect the size of the small scale of the development of Sen-far bridge space.　　Even if the external environment is good, how to put the high price of equipment to the market, to obtain stable sales performance, for the current staff only 200 people, not to mention the sales channels of the Sen far Bridge, is still a huge challenge.　　For the current sales situation of the company, the industry analysis, the actual control of the Guo Songsen and a number of natural shareholders of the former local civil servant status, may provide a certain regional advantages. "The financial statements show that the sales cost is not very high, 9%, I do not know the authenticity of how, but from the logic of conventional ideas, sales costs should be relatively high."　　"Li Chidong Analysis, Sen-far road and bridge sales costs lower than the general cost of machinery industry, this may be its background advantage." According to the report, the current sales of Sen-long road and bridge is mainly in Liaoning Province, Shanxi Taiyuan and the south are involved in one, but are not counted as core products.　　Obviously, the actual control person as well as the shareholder special CV, may provide the certain regional sales superiority for the Sen far Bridge. However, after the expansion of fund-raising, only by regional advantage, obviously can not promote the steady growth of its market sales, Sen far road Bridge performance prospects are still waiting to see.