The last three years sponsor project 70% negative State letter mass production "Face King"

The 2013 annual report of the listed company enters the intensive disclosure period. Last year, because of the corporate performance of the company's big-face criticism of the National letter securities again by investors, however, the statistics show that the national Letter of Credit Securities in the past three years, sponsored listings of companies in the 2013-year performance is still passable, not only half of the 2013 annual results of the decline, More than 70% of companies compared to the listing of negative performance. In the 3.15来, the national Letter of securities to create a false growth company is sad. 70% negative growth data show that from 2011 to 2013, three years, the state letter securities, the total number of sponsors listed 53, as of this week has 48 disclosed 2013 year performance letters. 24 of them were forecast to decline year-on-year in 2013, accounting for 50% of the comparable number. Performance fell by more than 50% of the 11, accounting for a comparable number of 23%. The results of two consecutive years of decline in enterprises 14, close to 30%. In addition, the National Letter of securities in the past three years sponsored 53 companies, 2013-year performance compared to the year before the growth of only 17, accounting for the total of 32%, the profit than the market growth of more than 30% in the year only 5, the total shortfall of 10%. And in nearly seven companies that fall into performance, 2013-year performance than the listing fell more than 70% of the 8, Longi shares (market, interrogation), Tong Kun shares (market, interrogation), Branch Heng shares (market, interrogation) and other companies listed three years, the performance has dropped to a fraction before the listing. This is not the case with the high growth corporate image described in the prospectus when the company was sponsored. Published research report strongly recommended gem loss Wang performance face Enterprise, August 2011 Listed Star Technology (market, interrogation) forecast loss of 140 million yuan, 2013 earnings per share-0.98 yuan, down 2008.01% year-on-year, become the loss of the king of the Gem. Data show that the company's main business in 2012 has been a loss. Before the listing, the sponsor of the state-letter securities to do the packaging, described the prospect of a broad investment projects, but the company listed, the original investment project has changed and changed, the performance of the decline. Even so, the state-backed securities in the listing of more than two years after the publication of the company's research report to give recommendations. April 2012, Credit securities issued the "star Technology: Capacity release and yield increase will be two-wheeled drive 12 years of high growth", the company recommended rating, and forecast the company from 2012 to 2014 net profit of 103 million yuan, 146 million yuan and 178 million yuan, earnings per share of 1.03 yuan/shares, 1.46 yuan/shares and 1.78 yuan/share; in November 2013, state securities issued a report entitled "Star Technology: Mergers and acquisitions deep photoelectric, synergy effect" of the study, analysts Liu Xiang, Lu Wenhan, Chen continued to give the star technology recommendation rating, and again forecast the company 2013 to 2015 net profit of 12 million yuan, 118 million yuan and 150 million yuan respectively, earnings per share of 0.05 yuan, 0.52 yuan and 0.66Yuan. The release of the report was only three months away from the star technology announcement. A sharp decline in the performance of national securities is a grand recommendation of the Hangzhou boiler shares (market, interrogation). From 2012 to 2013, state securities issued the "Hangzhou boiler shares: Overseas power plant orders thickening company performance," Hangzhou boiler shares: steady growth in performance, valuation advantages highlighted "," Hangzhou boiler shares: steady growth in performance, ample cash to enhance the competitiveness of companies "," Hangzhou Boiler shares: Total package project orders are expected to increase the company's performance "," Hangzhou Boiler shares: Atmospheric environmental protection, garbage incineration to boost the company's performance Take-off, and other reports, forecast the company from 2013 to 2015 earnings per share of 1.01 yuan, 1.20 yuan and 1.36 yuan, prompted investors in hand orders to ensure that the company's revenue growth, maintain the recommended rating. However, the fact is that in 2013, Hangzhou boiler shares forecast company profit year-on-year decline of 57.7%, earnings per share of 0.20 yuan, down 76.47%, and the state securities forecasts of 1.01 yuan per share of the difference in earnings. In fact, the outside of the letter on the quality of securities sponsorship has a long history, however, the state letter securities do not seem to buy it. Last year, VP, a spokesman for the securities firm, said in the face of the challenge of "recommending but not protecting": "We have time to look at the investment banking business of our national securities, and then make a judgment." "The company's performance is the overall presentation of the investment bank's level in the past three years, it seems to have explained everything." According to statistics, the latest recommendation of the Securities and Futures Commission company 66, which terminated the review of 28, has been disclosed 4 companies, first instance and follow-up feedback 34. We will pay attention to their quality in the end.