The first quarter net profit drops nearly 40% price to end the sea Prigau growth myth?

From 2010 reported a growth of nearly 50% to the first quarter of this year, the results plummeted nearly 40%, Hepalink (002399).　　SZ) is the end of the high growth myth.　　In a short period of less than one months, hepalink investors have not even had time to share the joy of the rapid growth of the company's performance, but the company mercilessly gave blow. "The company's operating income and profit levels are at record highs." "This is the statement of the 2010 Annual report published by the Sea-Puri on March 28. During the reporting period, the company realized operating income of 3,853,447,900 yuan, an increase of 73.26% than 2009, to achieve operating profit of 1,416,625,600 Yuan, 2009 growth of 47.6%,　　The net profit attributable to the owner of the parent company was 1,209,503,400 Yuan, an increase of 49.5% per cent from 2009.　　Moreover, the company in the annual report also claimed that the reporting period, the company heparin sodium raw materials are always in short supply situation, but the company capacity can not meet all customer needs.　　However, in the context of demand, Hepalink April 18 debut of the 2011-Year quarterly results of the report but let investor sentiment fell to the bottom.　　The company disclosed the first quarterly results report that the reporting period, the Company's operating income and net profit both fell sharply, respectively, to 678 million yuan and 152 million yuan, fell 16.3% and 39.11%.　　Company related Personage said, the performance decline is mainly by the company raw material and the raw material medicine double factor influence, this year heparin sodium raw material medicine price drops year-on-year, but at the same time last year the company purchase raw materials still did not digest finished. This reporter on the same day as an investor call Hepalink, the company's securities department concerned also Tan Chen, in the day of the shareholder meeting, the same investors on the company's performance plummeted feel difficult to accept. "The main reason is that the time lag between the performance disclosures and the disclosure criteria for exceeding 50% of the reported performance change has not been achieved, so the company did not make an advance disclosure."　　"A quarterly bulletin also shows that the original holding group holdings of the easy to reach the fund only the Shanghai and Shenzhen 300 Index of a fund of 130,200 shares, other easy to reach the fund has been from the company's top ten circulating shares of shareholders disappeared."　　Price cuts end "high growth myth"? May 6, 2010, Hepalink to 148 yuan/share of the staggering price of the new shares issued at that time, the record of a record, raise the net amount of money up to 5.717 billion yuan.　　Hepalink Actual Control Li Li, Li Tan couple also leaped off the mainland China's richest man laurel. Earlier, the company listed in the first three years of operating data showed that 2006-2009 operating income of 2.78, 2.99, 4.35, 2.225 billion yuan, compound growth rate of 100%; 2006-2009 net profit is 0.48, 0.68, 1.61, 809 million yuan, respectively,　　The compound growth rate is as high as 156%.　However, it is hepalink themselves that are now the myth of ending the high growth of corporate performance.　In addition to the first-quarter results fell nearly 40%, Hepalink also predicted that due to the decline in product sales prices, the company expects 2011 1-June net profit was lower than the same year earlier decline of 30%~50%.　　and 2010 1-June The net profit of the shareholder of the listed company is 599 million yuan. "The company's performance decline is mainly affected by the company's raw materials and raw materials, dual factors."　　"said the staff of the Department of the Ministry of Securities told the newspaper reporter. "Mainly the company last year high procurement of heparin sodium raw materials have not finished digestion, the changes in raw material prices of the company's profit is lagging behind." In general, the company's heparin raw materials are available for 3-6 months of inventory period. So the raw materials purchased last year will not be digested until the first half of the year. In addition, the price of heparin sodium raw materials this year has declined year-on-year. The combination of these two factors led to a year-on-year decline in corporate performance.　　The person said. Zhang Yanming, an analyst at Hongyuan Securities, also said the sharp rise in raw material costs last year left a legacy to the company's operations. During the reporting period, the company's leading products, heparin sodium raw material costs rose significantly, operating costs increased 93.98% year-on-year, resulting in a fall in gross margin of 6.18% to 42.08%.　　The FDA grade heparin sodium margin stability, and normal grade heparin sodium gross profit rate decreased by 9.75%. "Company heparin sodium products are price-sensitive products, subject to fluctuations in the price of raw materials significantly." Since January this year, the company's production of heparin sodium raw materials prices have fallen, currently stable at 20,000 yuan/billion units or so. If the current price of raw materials is compared with price difference, the level of the difference is close to last year. "said the staff of the securities Department of the Sea. "But the raw materials purchased this year will not be used until the second half. "Another brokerage analyst said the company's reliance on a single customer also increased the volatility of the company's performance."　　The 2010 report showed that during the reporting period, the company's total operating income of the first five customers climbed to 98.53%, the total sales revenue amounted to 1.783 billion yuan. "Who can guarantee that giant companies such as Sanofi-aventis (Sanofi-Aventis) continue to insist on existing procurement policies and will not force Hepalink to slash prices in the future, for a single major customer whose sales Jim Haipuri the main business income 60%~70%?"　　The analyst said.　　In fact, the staff of the aforementioned Department of Securities also admitted that this year, the company's sales of heparin sodium price is also related to the company's customer product price adjustment is not unrelated. Zhang Yanming said that globally, the heparin market is growing steadily, its rivals are growing and its position is being challenged.　　Moreover, the price fluctuation of raw materials and market competition factors, the future average of heparin sodium will still have a certain degree of decline.　　High transfer who is the winner? Up to now, hepalink actual holding person Li Li and his wife Li Tan, respectively through holding Shenzhen Flying Stone Technology Co., Ltd., Shenzhen Le Ren Technology Co., Ltd. and Shenzhen Gold Field Soil Technology Co., Ltd. indirect possession of 71.96% of the stake in the sea.　　Johaipuri This dividend successfully implemented, the main part of its high dividend by the chairman of the Li Yu couple of the two people's income in the bag, they received a total dividend amount will be as high as 576 million yuan. In addition, as one of the Hepalink promoter shareholder's GS Direct Pharma Limited also became one of the biggest winners. The Gold Lords behind it are Goldman Sachs.　　As early as 2007 through the subsidiary GS Direct Pharma Limited dormant in the sea of the Goldman Sachs will also be a 11.25% stake in the cash dividend of 90.0225 million yuan. Earlier, Goldman's initial investment cost of 39.64 million Yuan, 2008 10 5.7778 (including tax) dividends, its stake has fallen to 0.736 yuan per share. After 2010 years of distribution plans, Goldman Sachs shares the cost of each share again reduced to 0.632 yuan.　　So far, Goldman Sachs has soared to 5.776 billion yuan in value.　　However, with the company's promoters to make a pot full of the opposite is, including the Yifangda Department of a fund, including institutional investors eventually ended up sadly exit. Before the listing of the unlimited scenery of the sea of the next day to create 188.88 yuan in the sky-high price, the stock immediately entered the fall channel, the fourth day that break.　　Negative news is also followed by the overwhelming, heparin sodium FDA certification door, false increase in profits and other news crushed Hepalink's share price, July 2, Hepalink's share price was hit to the minimum of 105 yuan.　　Among the top ten circulating shareholders in the sea, the Yi-da is a "hardcore fan" of the company, even when the company encounters strong doubts from outside. Hepalink's 2010.5 Annual report shows that the six funds of the Yi-Da department were initially held in the company only one months after the IPO. Which, Yi Fang da Xun, easy to reach the strategy of growth, easy to reach the strategy of growth second, easy to achieve a smooth million growth, Yifangda positive growth, easy to reach the end of the value of growth at the end of the shareholding of 907,700 shares, 894,000 shares, 892,700 shares, 407,000 shares, 397,800 shares, 169,800 shares, Total shareholding 3.669 million shares.　　At the end of the closing price, the total market value of its holdings is up to 429 million yuan. Since then, the Department of Easy to reach the group, although the fund has been reduced, but still the top ten circulating Stock shareholders list of the main force.　　By the end of 2010, easy to reach the department of Easy to reach the strategy of growth second, easy to reach the strategy of growth, easy to achieve steady growth still appear in the company's top ten circulating shareholders, the final position to reduce to 1.3 million, 1.2 million shares, 200100 shares.　　Hepalink this year's first quarterly results show that in the company's latest top ten circulating shares of the list of shareholders, the above three funds have disappeared without a trace, leaving only the easy to reach the end of the 300 fund stock 130,200 shares.From the Hepalink level two market trend, since the end of last year, its share price is still falling. As of April 15, Hepalink closed at 128.35 Yuan, down 7.75% from the end of last year. Responsible Editor: NF045