Taiyuan corundum: "Demon Stock" is how to refine it?

From October 19 to November 19 Shanghai Composite Index fell 2.26%, this period Taiyuan corundum (000795.SZ) rose 138.76%, completely independent of the trend of the market, the markets exclaimed, another "demon stock" turned out. With the former Baotou steel rare earth, Guang Sheng nonferrous and other cattle stocks the same, the concept of rare earth permanent magnets to Taiyuan corundum in the market fiery.　　However, "cattle stock" and "Demon stock" is the difference is that cattle stocks often have better fundamentals, and "demon stock" is often just yaoqi in trouble.　　According to the reporter survey, Taiyuan corundum Fundamentals and Baotou Steel Rare earths and Guang Sheng nonferrous such companies, although playing the banner of the concept of neodymium iron and steel, Taiyuan corundum in the same industry listed companies performance is unsatisfactory, this from the company's three quarterly bulletin can be seen. From the first three quarters of this year, with the same industry in the three ring, Ningbo Yun Sheng, Aetna Technology, Hengdian east of the four listed companies, Taiyuan corundum net profit is the lowest, only 2.258 million yuan, and the net profit of the highest horizontal shop east, less than 1/ 100. The basic income per share is only 0.008 yuan, and the horizontal shop under the same actual control person is as high as 0.6 yuan; even more surprising is the Taiyuan Corundum Asset-liability ratio of up to 83.8924%, is horizontal shop East magnetic four times times more than the second division of the third ring is also higher than one times, and this some, in Taiyuan corundum up to 702.7455 times Times is a P/E to see　　It's just a cloud.　　And in all this unbearable performance behind, is the large shareholder's frequent reduction.　　In the name of neodymium Iron Boron market speculation Taiyuan Corundum is the title of its neodymium Iron boron business eye-catching.　　What exactly is neodymium-iron-boron? At present, magnetic materials are mainly divided into permanent magnets and soft magnets two categories, permanent magnets according to the material, can be divided into rare earth permanent magnets and ferrite two large categories.　　The rare earth permanent magnets are divided into aluminum-nickel-cobalt magnets, cobalt-samarium magnets, ND-FE-B magnets from the time the magnets were developed.　　Taiyuan Corundum is currently one of the main permanent magnet third generation NdFeB magnets, its most important demand side is the new energy vehicles.　　With the introduction of "Automobile and new Energy automobile industry Development Plan", the prospect of NdFeB magnetic material industry is very promising. Ping An securities pointed out that by 2020, the number of new energy vehicles in the country from 20,000 to 5.26 million units. By 2020, the demand for NdFeB in the Chinese market was 44,000 tonnes/year.　　The price of neodymium Iron boron for electric vehicles is about 70 USD/kg, according to 1 USD = 6.77 RMB conversion, by 2020, domestic electric vehicle NdFeB market size is about 20.8 billion yuan.　　But the capacity of neodymium-iron-boron on Taiyuan Corundum is almost no clear digital disclosure. The project, which was mentioned in 2008, has an annual output of 1440 tonnes of neodymium iron and boron. In the 2009 Annual report, the progress of the Disclosure Project was 88%.　　But the current capacity of the company is still a mystery. According to the reporter understand, in the same industry, the three ring in the existing NdFeB capacity of 11500 tons, the main products are sintered NdFeB magnets, bonded ndfeb magnets; Ningbo Yun-sheng 2008 NeodymiumIron and boron production capacity reached about 4000 tons, the future capacity expansion is expected to reach 5000 tons.　　So visible, Taiyuan corundum production capacity behind the same industry companies. Taiyuan Corundum in November 18 issued a notice said, "As of September 30, 2010, the company's NdFeB magnetic materials operating income of 411.9408 million yuan, net profit of 17.2883 million Yuan."　　"Comparable to that, Ningbo Yun-sheng only the first half of the year, the business income of neodymium iron and boron reached 469 million yuan, while the central section of the first half of 2010, the magnetic material products sales is reached 1.01 billion yuan."　　and the third quarterly results show the Taiyuan Corundum and other industry several companies performance difference. Taiyuan Corundum's net profit of three quarters is only 2.2581 million yuan, respectively, is the three ring, Ningbo Yun Sheng, antai Technology, Hengdian three quarterly net profit of 1.4%, 1.1%, 1.34%, 0.9%.　　Taiyuan Corundum's assets and liabilities rate reached 83.89%, is the central branch of the three twice times, Ningbo Yun-sheng 2.8 times times, Aetna technology 2.6 times times, but also horizontal shop East magnetic four times times. Haitong Securities analyst Zhaoyan said, "The discerning eye all can see this Taiyuan corundum how, this company I do not comment." "The company's recent moves are completely out of the box," said Wang Huachun, an analyst at Japan Securities.　　Zhou Yuwang, the company's chief executive, refused to interview with the meeting.　　Main revenue low, low production capacity, low profit, high debt, high P/E, with these three low two high, Taiyuan corundum How to practice into a demon stock?　　Who's in control?　　The strange trend of Taiyuan Corundum makes the market breathtaking.　　Based on the November 18 and November 19 trading situation analysis, in the November 18 suspension of one hour, Taiyuan Corundum was firmly sealed in the fall of the plate, but at this time there has been a number of consecutive 21.09 yuan to pay for intervention, which seems to say impassability. But all this in the close of the first 15 minutes to be explained, the main force immediately pulled up, a number of consecutive funds involved, but in the last two transactions but appeared 1996 and 34311 of the cast.　　The main chips have been converted. Although the 18th close has been predicted 19th will have to throw, but the November 19 open or there is the main pull, and at this time 18th involved in the funds to escape, after the stock price fell, two o'clock in the afternoon half, the market situation, the main force again pulled up, the fund two times a large number of fleeing.　　And the end of the plate in Taiyuan Corundum is more than 19291 hands of a single throw.　　Taiyuan Corundum in this two-tier market continuously stir up trouble, and it can be seen that the funds do not seem to fight alone, but Hooke. One of the most eye-catching is CITIC Investment Shenzhen Shennan Road Central Nuclear Building Securities Business Department.　　18th to buy the largest amount, reached 24.49 million yuan.　　On 19th and 22nd, another Shenzhen Business department came to this muddy water. 19th, Guo Shin Securities Co., Ltd. Shenzhen, the company's nine-way securities sales department to buy 13.4876 million yuan, sell 12.5139 million yuan, respectively, the purchaseThe first and fifth place in the list.　　22nd, the State Securities Co., Ltd. Shenzhen, the company's nine-way securities sales department to buy 6.0267 million yuan to sell 9.6286 million yuan, respectively, the fifth place in the Buy list and the third place to sell the list.　　The shadow behind the waves seems to be looming, but in addition to the two Shenzhen Business department, there is a business department to attract attention, the sales department and the Taiyuan Corundum's controlling shareholder is linked together.　　What do major shareholders intend to do?　　In the last one months, Taiyuan Corundum shares rose more than one, during which issued 6 announcements, of which 5 are related to abnormal trading of stocks, the other is the shareholder's reduction announcement.　　The reduction is Taiyuan Corundum's major shareholder Hengdian Group Holdings Limited (Hengdian Group), Hengdian Group in November 4 through the bulk of the sale of 5 million shares of Taiyuan Corundum.　　On November 11, 2010, Hengdian group once again through the Shenzhen Stock Exchange bulk trading system at 20.45 Yuan to sell the holdings of "Taiyuan Corundum" stock 1 million shares, accounting for 0.36% of the company's total equity. November 11, the Galaxy Securities Taiyuan Yinze West Street Securities sales department sold 20.94 million Yuan, and Hengdian group 1 million shares turnover of about 20.45 million yuan, and the most similar.　　And the company announced November 4 and November 11 holding shareholder Hengdian Group two times through the bulk of the transaction reduction, Galaxy Securities Taiyuan Yinze West Street Securities Business Department also on the list. On November 18, the bulk trading of the Shenzhen Stock Exchange showed that Taiyuan corundum through the Galaxy Securities Taiyuan Yinze West Street Securities sales department 1 million shares, the transaction price of 24.13 yuan.　　This may be the big shareholder Hengdian group again reduce the movement.　　If the 1 million shares of the 18th bulk trading platform were also for Hengdian group, then, three reduction, plus October 27, 28th in the two market to 16.67 yuan-17.70 yuan price to sell the holdings of "Taiyuan Corundum" stock total 2.6296 million shares, Hengdian group recently accumulated around 200 million yuan.　　As one of the three carriages of Hengdian, the treatment of Taiyuan Corundum seems puzzling. In 2003, Hengdian Group became the largest shareholder of Taiyuan Corundum, and then injected it into Taiyuan Corundum with its wholly-owned subsidiary Rare earth Permanent Magnet material General factory (renamed as Zhejiang English Rockwell Magnetic Industry Co., Ltd.).　　Zhejiang British Rockwell Magnetic Industry main NdFeB magnetic materials, magnetic products and so on.　　On June 28, 2010, Taiyuan Corundum to 4.5 million yuan at the price of Corundum international trade held in Zhejiang British Rockwell Magnetic Industry 7.5% Equity, Zhejiang British Rockwell officially become a wholly-owned subsidiary of Taiyuan Corundum. Taiyuan Corundum 2007, 2008, 20,093 years of net profit of 8.5359 million,-189 million, 10.22 million, wholly-owned subsidiary of Zhejiang British Rockwell Magnetic Industry as a subsidiary of Taiyuan Corundum, three annual net profit of 24.6017 million, 10.4364 million, 21.5536 million,　　Should say to Taiyuan Corundum quite contribute. But Taiyuan justJade 83.33% of the ratio of assets and liabilities, most also by the Zhejiang British Rockwell Magnetic industry contribution. In the 2009 Annual report, the total liabilities of Taiyuan Corundum amounted to 1.175 billion, and the ratio of assets to liabilities reached 83.33%.　　The short-term loan is 433 million, which is divided into mortgage loan, guarantee loan, other notes payable to 344 million, accounts payable up to 104 million, and other payment should reach 220 million. Taiyuan Corundum in 2009-2010 for the Zhejiang British Rockwell Magnetic industry to provide loans to guarantee 237 million yuan, accounting for all short-term loans to guarantee 423 million yuan of 56%, and also through the bank acceptance for Zhejiang Rockwell Magnetic industry to provide 500 million yuan guarantee.