The growth of the Enterprise Board encountered in the mid-term test

Sujiang August 27, including the China Aviation Electric Test (300114.SZ) and other 4 companies to enter the gem again, which makes the number of gem total home to 113, and before the other 109 gem companies have all disclosed the report.　　The growth of far less junior and medium-sized Board reporter statistics found that whether it is compared with the plate and board companies, or Shanghai and Shenzhen, compared to the motherboard companies, the GEM has been announced since the opening of the high growth advantage is no longer apparent or not even exist, if once this conclusion can be established then this support of the gem high valuations will be able to last?　　As 109 companies in the Ssangyong shares (300108.SZ) and other 4 companies did not disclose the 2009 medium-term data, so the reporter chose the remaining 105 companies as the target.　　According to the reporter statistics, has already released 2010 years financial data of the 105 gem companies in the first half of this year net profit Year-on-year average increase of 30.185%. The Super Graphics Software (300036.SZ) ranked first in 293.6%, and 6 companies, including two-forest shares (300100.SZ), National Technology (300077.SZ) and new Daxin (300080.SZ), rose by more than 100%;　　There are also 22 gem companies in the first half of the year the net profit fell year-on-year decline, including the shares (300023.SZ), Warburg Pincus (300074.SZ) and the southern Capital (300068.SZ) three companies have fallen by more than 50%.　　It should be added that a significant portion of the net profits recorded by the more than 100 gem companies are derived from interest income that the company has not used for fund-raising. It can be compared with the current 2010-year report of financial data and comparability of 432 of the first half of the year net profit Year-on-year average growth of 58.12%, if the elimination of the increase of 13772.5% Annada (002136.SH) and 8160.98% of the decline of Luo zinc electricity (　　002114.SZ) in two extreme cases, the average annual net profit of 430 medium-sized and smaller companies has reached 45.34%, and the average net profit of 223 board companies, which has been reported in 2010 years and has comparable significance, has reached 30.13% per cent in the first half of this year.　　This means that in the first half of this year, more than 100 companies made up of the growth of the gem is not only not to catch up with the SME board, but only with the motherboard company flat.　　In particular, the 105 gem company net profit year-on-year situation. According to the reporter statistics, 105 companies in the net profit year-on-year decline of 22, the main business income slipped Year-on-year 16, main profit year-on-year decline is more than 24 home. Among them, the worst-performing powerleader shares recorded a net profit of 3.0299 million yuan in the first half of the year, accounting for only 17.93% of the same period last year, while main profit and net profit only achieved 17.18% and 7.06%; more exaggerated is that this year at the end of April, the first half of this year's main profit profits unexpectedly losses, July 8 landing on the gem of the National Union Aquaculture (300094.SZ) first half of the net profit is negative.　　This means that the growth myths of the high-growth companies that have been announced at the start of the IPO are gradually coming down the altar. Another set of data that can be vertically contrasted is that the 2009 Annual report of the Gem Company, which was listed before April 30 this year, showed that the average net profit of the gem last year rose to 50.18%, while the average net profit of the SME board in 2009 increased by 23.74%.　　, but now the performance growth of the gem is far behind the SME board.　　From the rate of return on net assets, at present, 109 gem companies can be counted on the net assets yield of about 5.722%, very close to the results of the same 5.539% of the Board of similar indicators, and the current Shanghai and Shenzhen motherboard net assets yield of about 4.416%. Because of its first-half loss, the Chinese aquaculture the net assets yield is 2.9%, and the net assets yield of 21 companies including Warburg Pincus shares, Powerleader shares and Super map software are less than 3%, only 16 companies ' net assets yield is higher than 10%, and just listed the photo-electric (300102.SZ)　　The first of 109 companies was listed at 23.65% per cent of the net assets yield.　　The reason for this phenomenon is that many gem companies have just completed the financing this year, the super raise funds to increase the assets, but did not find an investment channel for it before the asset yield was diluted accordingly.　　The truth behind the three high P/E ratios, high stock prices and "high growth" all seem to be not very beautiful. With the help of the good performance of the new listing in 2009, many gem stocks in the report before and after the high transfer market has become the focus of attention.　　One of the leaders of China Tai Yue (300002.SZ) to "15 per 10 shares to send 3" to the large proportion of dividend transfer program to make the company's share price in just 2 months to double, and to 237.99 yuan the highest price proud at the time of the A-share market.　　According to the reporter is not complete statistics, in the year since last 61 involved in the 2009 annual report dividends sent to the gem company, 59 companies carried out year-end dividends, only Yangpu medical (300030.SZ) and three-dimensional silk (300056.SZ) Two companies chose to abandon the allocation and delivery plan.　　Of these 59 companies, 24 have chosen the dividend, and 25 have sent shares at the same time, including the race for Intelligence (300044.SZ), the Company (300055.SZ) and the Robotics (300024.SZ) Three companies that have been Shang separately while increasing their shares. High Shang capacity is undoubtedly an important factor in the gem is sought after, in the current listing of the 113 gem companies, as of August 27, the absolute share price of more than 100 yuan shares a total of three, which reported 162.98 yuan in the centuryDing Li (300050.SZ) and the 122.2 yuan in the first half of the national technology recorded earnings per share reached 1.42 yuan and 1.16 yuan, in more than 100 gem companies in the first half of the year earnings per share only the two companies more than 1 yuan integer mark.　　Similarly, national technology in the first half of the year net profit of 196.45% year-on-year growth is to let a lot of companies, and Century Ding Li and another hundred Yuan bi-source (300070.SZ) net profit growth also reached 55.83% and 40.56% respectively.　　If the recovery factor is taken into account, the Gem Club will also add Wambonda and Shenzhou two companies, their net profit year-on-year growth of 136.76% and 27.98% respectively in the first half of this year.　　Including the Red Sun Pharmaceutical (300026.SZ), including 4 gem shares have also broken through the Hundred Yuan, but as of August 27, the return of stock prices back to 100 yuan under the right. One of the worst performers in the past was the Oriental Wealth (300059.SZ), a company that relied on Internet café traffic to drive advertising services and financial data products, which had hit a 74.64% per cent gain in the 12 trading days after the IPO, and then plunged in the next 4 months,　　As of August 26, the closing price of 50.18 yuan compared to the highest point of 101.98 yuan has been successfully "halved", distance of 40.58 Yuan is also not far away.　　and frequently over hundred, on average about 35 yuan and more than the share price, the first half of this year, many gem company's earnings per share is poor, earnings per share of less than 1 cents are more than 10, and the first half of China's aquaculture performance even loss, while half of the company (55) of earnings per share in the distribution between 0.1 to 0.3 yuan.　　According to the reporter statistics, as of August 27 closed, the gem of the overall price-to-earnings ratio of about 65 times times, and the SME and Shanghai 300 shares of the price-to-earnings ratio of about 44 times and 16 times times respectively.　　In fact, with Prev down from the 3,200 points in mid-April this year to the beginning of the 2,319 point in the early July, enjoy the issuance of high premiums and high price-earnings ratio of the gem also failed to escape, many stocks in this period of time was halved, which was listed by the agency hot water to play the most eye-catching role.　　The region is engaged in the overall technology of water treatment in a few days after the listing by a number of agencies, and then with the fall of the close, the organization and the hot money to kill each other, the situation makes the bi-water price released a high from the 175.58 yuan to 77.01 yuan of the drama, the deepest fall to In contrast, and national technology, green water This listing on the first day of a huge increase in the stock compared to the second day of the bad luck at the end of May also began to appear in the Gem, Otis Shares (300082.SZ), Canchi Pharmaceutical (300086.SZ) and the National Union of aquatic products have suffered a day break, Among them, the shares of Otis, which were issued at 56 times multiples, broke from the IPOThe 3-month period since the issue of the stock price has been even under 85 yuan.　　In the last two months, the overall trend of the gem is weaker than the small and medium-sized plates, and even occasionally weak in the main board trend, and the gem of the performance growth of the year is significantly inferior to the small and medium-sized plate situation may also aggravate the occurrence of this phenomenon.　　The tide of the lifting is approaching in Ping an Securities analyst Shaoqing, the reason why the gem market to enjoy the current high valuation premium, because in addition to the gem market too high growth expectations, there are several supporting factors.　　The first is the need of the country for economic restructuring, vigorously encourage and support the development of new industries, followed by the economic outlook is not clear and liquidity is relatively abundant in the case of market funds began to chase the higher price elasticity of the small stocks, the third is the short term gem market effective supply shortage.　　However, as the growth factor obviously lags behind the board and the SME, regulators are releasing at around 10 a month, making gem stocks a continuous market; This means that for some time to come, the market will face a big adjustment pressure, especially for the gem.　　In fact, for these gem stocks, the stronger impact has not come. Two months later November 1, the first 28 listed gem companies will usher in a centralized lifting of the flood peak, the lifting of the market capitalisation ratio reached about 38%, which will have a significant impact on the overall trend of the gem; you know, one of the major triggers of the 2000 US tech dotcom bubble was the massive lifting of technology stocks　　The lifting of the Nasdaq overvaluation at that time accounted for only 16% of the market value.　　The statistics from Huatai Union show that November 1 this year lifted the most shares, the scale of more than 30 billion yuan, is expected to reduce the minimum proportion of 41%, to nearly tens of billions of dollars, and the last one months since the daily turnover of the gem has only 607 billion yuan. In accordance with the lifting of the number of shares required for the turnover rate, including Le Pu Medical (300003.SZ), Lith Chen (300010.SZ), Huayi Brothers and Jiffeng Agricultural machinery (300022.SZ) will become the first to reduce the price impact of the larger stock The second instalment included the lifting of the YANGPU medical treatment, flush (300033.SZ), Super Graphics Software (300036.SZ) and Tianlong photovoltaic (300029.SZ) on December 25 this year.