The mystery of net-bed technology soaring 10 times times: Performance adjuster becomes the biggest weight

Financial Weekly reporter Zheng Pengyuan/Beijing Report for Network accommodation technology (300017, shares bar) (300017. SZ), this is the most entangled moment between the two sides. February 13, Internet technology fell 6.7%, only three days on the peak will be "the first high price stock" returned to Maotai (600519, shares), with the beginning of the high prices of Changchun high-tech (000661, shares) Freemasonry. As of February 14, the Internet technology share price of 124.97 yuan (the former reinstatement rights), compared with its first day on the market rose 382.5%, compared with its January 2012 minimum price soared 1073.43%. Network accommodation technology is the largest Moat CDN technology Service is relying on the Internet data outbreak of paving work, in the performance of the same time, February 10, Internet technology to 134 yuan close to win the first high price stocks, the market was once amazed that the emerging industries finally defeated the traditional industry. As valuations continue to rise, the impact of cloud-accelerated technology and the negative elements of the Internet enterprise's own CDN are mentioned again. Before the first high price shares, Internet technology has been "rotten stock" of the words. From the "Net-bed phenomenon" to the first high price stocks, net-host technology in the end how many secrets hidden? The confusion of performance change before the first high price stocks, Internet technology has been rotten shares of the generation of words. At the beginning of 2010, the first IPO of the Gem was reported as a loss. The prospectus shows that the net-bed technology in 2008, 2007, the revenue growth of 100%, 73% respectively, net profit growth of 57%, 46%, and the Internet after the listing technology but rapid face. 2009 the whole year, net-tech net profit is 38.8514 million yuan, grew only 4.78%, but deducted the non recurrent profit and loss after the net profit fell 4.79%. The report also shattered the birth of the growth of the gem growing myth, the market after the company's listing performance, called the Net-bed phenomenon. "The most important thing in studying the logic of a listed company is to touch the management intentions of the company, and I haven't been trying to figure out why it's lost in the last two years since the Internet technology went public." "A researcher at a fund company that has previously researched the Internet technology has reminded reporters to pay attention to every move of the company." 2009 Annual report shows that occupy the company's main business half of the IDC services operating income of 149 million yuan, down 1.12%, operating costs increased by 8.43% per cent, the gross interest rate fell by 7.05%. The company's other main business, CDN services business revenue growth of 58.78%, but by the operating costs of the business increased by 65.06%, the business's gross profit margin fell 1.93% year-on-year. Today, the company's gross profit margin in 2009 and the rapid increase in operating costs is still a lot of suspense, the explanation of the decline in performance is difficult to convince. In fact, the "net-bed phenomenon" in return is the Internet technology from management to shareholders of a round shuffle. March 10, 2010, due to the performance of pressure, the network technology general manager Pengqing. The company's founder chairman, Liu Chengyan, succeeded Pengqing as president. Pengqing not from the Internet.Technology's founding team, previously he has been in China's broadband industry investment fund as senior investment manager, and in a number of IT companies as excessive pipe. At the end of 2006, the Internet technology in need of financing, the company founder Liu Chengyan found Pengqing. In Pengqing joined, the net-bed technology quickly got two from deep venture investment, Fortune VC PE injection, each 40 million yuan. And Pengqing also received a great return, in December 2007, Pengqing access to the Internet technology part of the transfer of shares, before the listing has become the 5th largest shareholder of the Internet technology. The decline in performance was still not curbed in the second half of 2010, with 2010 's third-quarter earnings forecast falling 20% to 30%. This also scared back to its behind a lot of venture. At the end of 2009, a total of 8 PE/VC Enterprises appeared in the Net-bed technology. Fortune 2 VC shares reached 5.688%, next for the deep creation of the two PE total 5.094% shares, and 4 other ventures are Zhejiang Union Sheng Venture investment accounted for 2.205%, Beijing de Cheng Shengjing invested company accounted for 1.724%, Shenzhen City, an oriental investment company accounted for 1.433%, Shenzhen City Convo capital investment accounted for 0.761% shares. November 1, 2010, the first day of the Internet technology ban, innovative investment groups and innovative capital through the SSE trading system to reduce the unlimited sales of the conditions of the circulation of 111,000 shares and 105,000 shares, the cumulative reduction of 216,000 shares, reduce the number of shares accounted for the company's total capital of 0.14%. In addition to the Fortune Department, Innovative Capital, innovative investment and Prudential Shengjing Investment in Beijing to its substantial reduction. The final annual report shows that the growth rate of net-tech performance declined 1.48% again in 2010 years. In the past year, although the performance of the two annual reports is only a small decline, but its heavy pressure on some of the company's executives and the back of the venture left. Check the company's bulletin is not difficult to find, "net host phenomenon" to the first high prices and there is not too many concepts, the real distance is only the achievements of the magnificent earnings and a share incentive scheme. It is puzzling that, in the absence of major projects, the new profit model driven by the Internet, the performance of the technology has shifted from the 2011, and continued to rise. 2011, 2012, 2013 (expected), net profit growth rate of 42.97%, 89.58%, 113%-143% respectively. Equity incentives There is always a story behind any one of the company's actions, and it is inter-related. December 21, 2010, in the network of technology by PE abandoned at the same time, the company announced the draft Equity incentive scheme, the granting of stock options for the right to the price of 19.1 yuan, the right period of 4 years. A total of 5.5 million renminbi a-share common shares, accounting for the plan at the time of the signing of the total company share capital of 154.2143 million shares of 3.566%; 10% of the total number of stock options awarded in this plan, which represents the company0.324% of total equity. According to the plan, the object of the incentive can be 12 months after the first trading day since the beginning of the four-line period (each line of 12 months), the right to exercise 25% respectively, that is, each option to 19.1 yuan per share of the price of the right to buy a share of the company. More noteworthy is that, compared to many companies at the same time agreed net profit growth rate and net assets yield two conditions, net-bed technology only use net profit as the only assessment index, and on the net profit index of the assessment, its indicators are also very low. According to the plan, the network accommodation technology four of the right conditions are: the first line of power period, compared to 2009, 2011 net profit growth is not less than 20%; the second line of power period compared to 2009, 2012 net profit growth is not less than 40%; the third line right period, compared to 2009, 2013 net profit growth is not less than 80%, the fourth line of power period, compared to 2009, 2014 net profit growth is not less than 100%. The controversial draft equity incentive scheme was revised in May 2011, with the revised 2011-2014-year performance review adjusted to 30%, 50%, 80% and 100% respectively in 2010. In the two-time scheme, the top of the list is the Liu Hongtao of Pengqing, the company's promotion to Vice president. Subsequently, the company released the second phase of the equity incentive scheme in October 2011, because of the low price hovering, the right to row prices for only 12.87 yuan. 2011, Net-tech net profit of 52.7217 million yuan, performance growth rate of 42.97%, exceeding the assessment requirements of 30%. Then the company announced the second phase of the draft equity incentive, while the net-bed technology in early January 2012 to reach the IPO since the lowest price of 10.65 yuan, then began to slowly rise. January 2012, the Internet technology released the 2011 Annual performance forecasts, net profit of more than 100 million yuan, an increase of 60% to 90%; in April, the company issued a profit distribution plan for cash dividends, which is intended to send 2 yuan per 10 share (including tax). In the performance to meet the assessment requirements, as well as the influx of large sums of money to make the Internet technology share prices from the early December 2012 13 yuan to open the first high-priced shares of 14 months of the journey. "Now, the CDN industry's profit model has been very stable. In 2010 and 2011, the CDN industry is still developing rapidly, so the performance of the two-year net-stay technology is difficult to explain. "A person in the industry told the Financial Weekly reporter, from the effect of the later equity incentive, the Internet technology is likely to do a performance adjustment to achieve corporate management objectives." January 24 this year, the Internet technology released performance forecasts, the performance of the year-on-year growth 113%~143%. On the same day, the Internet technology also issued a "high transfer" program, will be distributed to all shareholders in accordance with 10 shares of cash dividend 2.00 yuan (including tax), at the same time, to all shareholders of the Capital Provident Fund to 10 shares per 10 shares. The performance story of the Net-host technology continues, the market will decide the company to takeWhether the two-year equity incentive was completed on schedule. Fragile Valuation February 10, the Net-bed technology to 134 yuan close to win the first high price shares, the market was once amazed the emerging industries finally defeated the traditional industries. As valuations continue to rise, the impact of cloud-accelerated technology and the negative elements of the Internet enterprise's own CDN are mentioned again. The hidden problem under valuations is that the moat is deep enough. "In the short run, the challenges of CDN are mainly the application of cloud acceleration technology and the self-built CDN of large Internet companies, but these shocks are not obvious." "A video site technology director told the Financial Weekly reporter, video site self-built CDN Cost is high, the main consideration is paid copyright and other content data security issues, and more users share uploaded video information also need Third-party CDN service support." Chen Lei, Vice general manager of Tencent's open platform, said to a large extent, Tencent and Internet technology in the CDN business is a cooperative relationship, "in a province or a city, a region, the network of technology services more than Tencent's own CDN, Tencent will dispatch the network of technology traffic for local users to provide services." In the Self-built area, the use of Tencent's own traffic. "CDN is an ancient thing, in the era of Internet information explosion, the basic material has become the biggest beneficiary." Network Technology Moat CDN Technology Service is relying on the Internet data explosion of paving work. Web accommodation technology prospectus shows that in 2006, 2007, 2008, China's professional CDN Market size is 90 million yuan, 160 million yuan, 360 million yuan, although the domestic CDN market in three years to maintain the annual compound growth rate of 100% rapid growth, but the overall market size is still small. According to the latest research data of Sadie Consultant, the total revenue scale of the net-tech CDN business in the first half of 2013 accounted for 41.2% of the market scale, and the blue flood accounted for 41.1%. According to the CDN service peak bandwidth, the peak bandwidth is 42.9% of the total peak bandwidth, far exceeding the competitor 28.6%. Some people judged that 2013 third-party professional CDN Service Market overall size is expected to increase by more than 40%, to 2 billion. "There are not many players in this industry. "A CDN industry personage tells a reporter, the first this industry capital consumes too much, if later and the oligarch goes to fight the cost to fight the investment, will cause the industry gross profit margin to descend to form vicious competition, very few people will participate." "At present the cloud acceleration although the price is cheaper, but the data processing quantity is small, only suits the small website, but once has the new technology to be able to bypass the CDN, the network host technology may face the cliff type risk." "An IT industry, although the current network technology has formed a strong scale advantage, but compared to IBM and other information Systems service providers, CDN Service conversion Cost is too low, so it is difficult for customers to have real stickiness, this is the weakest link in the barrier." Invesco Fund pushing the peak retreat of the net-tech stock from the bottom of the 13 yuan to start, to 134 yuan to win the first high-priced shares, spents 14 months. This periodis the fund and the constant relay of idle money push. 2013 years of the four-year report data show that heavy warehouse network technology institutions reached 31. The veteran Strong Fund (blog, Weibo) is the strongest holder of internet technology. From the first quarter of 2013, Jia Real Fund company's research Select (070013, fund bar) began to heavy warehouse network technology, since then has been the second largest circulation of network technology shareholders, up to the current position accounted for the circulation ratio as high as 6.95%. And the newly-champion Invesco Great Wall Fund also in the network technology hype game in the limelight. At the beginning of 2013, the latent net-bed technology of two King Shun System fund continued to be increased, to three quarters of its total of three funds appear in the network of Science and technology, the top ten circulating shareholders. And the last quarter all run out, the quarterly data show the network host technology institutional investors have no King Shun system fund figure. Despite the current price/earnings ratio, the institute still sings a lot about the technology. One of the most optimistic for the country's securities, the next year to give a growth rate of 68.89% per cent, the other securities companies predict the growth rate of about 50% per share. And Maotai stable investors are different, small and beautiful network accommodation technology is also favored by idle money. Since last May, the Net-bed technology appeared in Billboard 11 times, most of the securities business departments involved. A recent appearance on February 7, the sale of the top five in all securities sales office seats.