The sea has to control the loss of the high level of possession of the top discrete is inevitable

Sea Control 2012 net profit of 2.2008 million yuan, according to the calculation, the amount of development expenditure capitalization accounted for the current net profit ratio of 416.96% Financial weekly major research group Li Shansheng/Writing financial weekly selected 22 key potential shell company resources, Sea control is one of the first. 2010, the sea to control the founder of what diligence began to reduce, the intensity is very big, and successively resigned the company deputy general manager and director of the post. Also in 2010, the market was once the news of the 733 million euros bid for a controlled stake in the sea, and let the sea control once become one of the market concern restructuring companies. But years have passed, but nothing has been seen. Multiples of 178 times times the total market value of 1.687 billion yuan, total equity 220 million shares, from these two conditions to see the control of the sea is not considered high-quality shell resources, and multiples of up to 178 times times, there is too much foam sea control of the predecessor of Shanghai Sea Control System Co., Ltd. was founded in 1994, the main business for industrial automation and electrical engineering, with a comprehensive factory automatic System integration capabilities and complete electrical support for manufacturing enterprises OEM service capabilities. At the beginning of the establishment of the sea control, due to capital and size limit, can only focus on business development in Shanghai area. Into the 2000, the Sea has to control the establishment of Industrial Technology Center, the completion of joint-stock system reform, through the ISO9001 quality systems certification as a sign, started two times. There have been a lot of brokers commented that the sea control for industrial automation system integration leading enterprises. But let's look at its fundamental data first. The sea controls the total market value of 1.687 billion yuan, slightly above the investment bank generally delineated good shell resources below the market value of 1.5 billion yuan below the horizontal line. From the market value, the sea control is not a high-quality shell. From the equity perspective, the sea to control the total share capital 220 million shares, more than 200 million share capital, still not a good shell resources. And it's worth noting that the sea has a 178.07 times-fold control ratio, with too many bubbles. From the operating situation, at present, the sea control has become Schneider, Omron, ABB, Hessman, General Electric and other internationally renowned automation equipment suppliers of strategic partners and domestic distributors, but the lack of core product technology in the long run will affect the core competitiveness of sea control. Similarly, the financial data that the sea controls is not so good-looking. The sea has control since 2012 a number of consecutive reporting periods of losses, 2012 year a quarter of the net profit of the company is-17.29 million yuan, to the middle of 16.89 million yuan, although to the end of the year, the company turned around, net profit reached 2.2 million, but a Shanghai analyst said, "The value of water." "2012 Annual report shows that the sea has control over 2012 years of development expenditure capitalization amount of 9.1765 million yuan, the current period of development expenditure for the current research and development project total expenditure ratio of 19.13%." However, after years of reporting, the reporter found that the sea had not been controlled by the capital policy of research and development expenditure. Sea Control 2012 net profit of 2.2008 million yuan, according to the calculation, development expenditure capitalization amount ofThe percentage of net profit for the period is 416.96%. By excluding development spending and contributing to performance, the sea will lose money in 2012. And this year just released the report disclosed that the sea is still in control of losses, net profit of 9.61 million yuan. "This company I did not study carefully, no development potential, the performance has been a loss, to the end of the profit?" Would you believe it? "said a researcher at a new fund company in Shanghai. "Even if the reorganization, feel no improvement." In addition, the sea control nearly half of the profits from the import switch agent, and the sea control of all the switch imports through Shanghai Jinghai International Trading Co., Ltd., the company is the fifth largest shareholder in the sea, the background and business bewildering. Shanghai Jinghai International Trading Co., Ltd. is the shareholder of Shanghai Tian County Electronic Technology Development Co., Ltd. and Fenghui Holdings, the two companies also on the Internet to find no information. From the view of the structure of assets and liabilities, the total assets of the sea are 1.27 billion yuan, the total liability is 455 million yuan, and the ratio of assets to liabilities is 35.83%. From the analysis of the structure of liabilities, the main liabilities of the sea to control 455 million yuan include current liabilities of 449 million yuan and long-term liabilities of 5.84 million yuan. "No reorganization of the plan," the relative concentration of equity, Xu Yu, Guo Mengyan words, senior executives have left to cover. The chief executive of the Sea control, said, "our company does not intend to restructure, or adhere to the main business" cast off the sea to control the performance does not say, from the ownership structure, in addition to the Shanghai Jinghai International Trading Co., Ltd. and Huatai Securities customers guarantee Securities account, the top ten remaining shareholders are natural persons. Sea control of the actual control of Xu Yu and Guo Mengyan, two people each accounted for the sea control 23.59% and 21.51% of the shares, the relative concentration of equity structure, for the proposed backdoor party is a good thing. From November 16, 2010 to 22nd, the founder of the Sea control who diligently through the centralized trading sale of its possession of the sea control 590,000 shares. This is the first thing to do diligently after the expiration of the holding of a stake. And in April 2008, December has resigned the company's deputy general manager, director of the post. As the founder of the company, he was the original owner of the sea control 5.7248 million shares, accounting for more than 6.98%. The 7 management shareholders in the sea control total stock holdings of 77.783%. 2008, the sea to control the Capital Provident Fund to increase equity, 10 shares per 10 shares, the number of diligent holdings reached 11.4495 million shares. Now, the 7 management shareholders, only Xu Yu, Guo Mengyan, Zhao still hold more than 5% of the shares, what diligence in the reduction of only holding the sea control 4.75% of the shares. Not only is diligence, sea control and 2 management shareholders also left before the lifting date, including Chen Jianching, who resigned as deputy general Manager and Secretary of the board in May 2010, and Min, who resigned as director and deputy general Manager in July 2010. At that time they had 3.93 million shares in the control of the sea, but now the top ten shareholders have not seen the name of two people. "Senior executives left you can sayis for arbitrage, but it may also be a confidence in the company. "A private equity investment manager in Shanghai," analysts said. But reporters asked a number of private-equity professionals found that the sea has a knowledge of control in only a few. One of the private-equity managers once again referred to the 2010 Ohm's group bid for 733 million euros for a sea-controlled stake in the rumors. "At that time the rumor was sensational, everyone thought that after the reorganization of the sea to control the competitiveness will be strengthened, but in the end, did not hear any substantive action." "The reporter calls the sea to control dong secret phone, the other side but stressed that" our company does not plan to reorganize, or adhere to the main business. "At present, the market on the control of the reorganization of the news increasingly less, but the concept of the FTA is hot and let many investors focus on the company." "There is no good chance of the future, but I haven't heard anything about the reorganization at the moment." Said the private equity manager.