The second quarter net profit is only 13,500 piece of German shares walk down the altar

Full three months time, Gem shares (300023. SZ) achieved a net profit of only 13,500 yuan in the second quarter of this year!　　This is the powerleader that went down the altar. A semi-annual report to investors on August 21. This reporter noted that, since the beginning of the listing, the company's performance trajectory is a sharp downward parabolic line.　　From the end of 2009 net profit of 26.8328 million yuan, the first quarter of this year to achieve a net profit of 3.0165 million yuan, and then the first half of this year to complete only 3.03 million yuan net profit. In fact, the net profit of $3.03 million in the first half of this year also included a government subsidy of $2.2472 million.　　If the net profit index after deducting non-recurrent income is published, the first half of the company makes only 1.1313 million yuan. It is worth mentioning that earlier in the financial crisis in the most serious 2008, the net profit of the year's shares rose by 50% in 2007, to 15.536 million yuan. Therefore, before the listing of the shares by the market funds are warmly sought after. The company's initial price set at the end of 19.6 yuan, if the 2008-year EPS, its distribution after the issuance of thin earnings per share is as high as 81.67 times times, and the same period of the same listed companies in general fluctuations in the range of 40-45 times.　　But the brutal reality has given investors blow.　　Not only that, as the number of orders in the company has declined over the same period last year, the company also predicts that net profit attributable to listed companies in the three quarter of this year was reduced by about 20% 50% over a year earlier. The net profit is anxious to drop the treasure Tak shares to hand over is a difficult to let the investor satisfactory performance answer sheet. The first half of this year, the company realized operating income of 12.8529 million yuan, down 82.82% year-on-year.　　Operating profit of 1.3309 million yuan, down 92.94%; The net profit attributable to the shareholders of the listed company is 3.03 million yuan, down 82.07%; In this regard, the company said, the main department of the global Financial crisis on the company's industry hysteresis impact, oil and gas companies and oil services companies have scaled back investment, some are performing and in the talks on the project was shelved.　　Company for order production and sales model, the product structure is more unitary, the final customer relative concentration, the high degree of dependence on customers caused by the first half of the production orders to reduce, resulting in revenue, operating profits and net profit decline. Up to now, the company's sales market is mainly concentrated in the domestic oil exploration and exploitation areas, the final customer is mainly the oil exploration authority and oil field companies.　　The majority of the actual control of these customers can eventually be traced back to PetroChina, Sinopec and CNOOC and other three state-owned companies.　　Among them, PetroChina and Sinopec Exploration and production of capital expenditure from 2008 of 157.194 billion yuan, 57.646 billion yuan to 2009 years of 129.017 billion yuan and 51.55 billion yuan. In addition, up to the present company most Super raiseThe use of funds is not clear, still sleeping in the bank. The company raised 265 million yuan in the IPO, exceeding the company's estimated amount of 105 million yuan. On June 1 This year, the company decided to spend 20 million of its extra funds on permanent replenishment of liquidity.　　As at the end of the reporting period, the company's remaining super funds 85.0024 million yuan, the use of large certificates of deposit and notice of deposits dedicated account to sleep in the bank. Performance "soft rib" CITIC Investment analyst Gao Xiaochun pointed out that the first half of this year's exposure to the performance "soft rib" lies in the company's main business growth directly depends on the oil drilling industry boom.　　Coupled with the company's product market demand for a single, customer-oriented only major oilfield enterprises, obviously subjection.　　Statistics show that the top five customers, mainly from the oil system, accounted for about 95% of the total sales in the current period. In fact, global upstream development has plummeted since October 2008 and the number of rigs has fallen to nearly 5-year lows.　　China's oil equipment industry has also been a big negative impact on the last two years or so the smooth growth pattern was broken, the overall gross profit margin also has a significant decline.　　If the company in the first half of 2009 new orders on the shrinkage of serious, less than the year before the annual new orders of 1/5, the company in hand orders are only about half of the end of 2008.　　Up to now, although the drilling and mining activities began to gradually recover, but considering the current world of active drilling rig's proportion is not very high, can not effectively bring drilling rig demand, at the same time, the drilling rig electronic control system needs are also in the process of gradual recovery. "Last year, the company relied on the high margin of the Russian cryogenic polar project to make the company's performance basically flat with the previous year, but domestic orders with industry cycle fluctuations have been significantly reduced."　　"Gao Xiaochun said. Guotai researcher Lu Juan said that although the company's shares in high-end products, especially part of the high-end products can only be provided by the company, with strong market competitiveness, but in other product areas, and complete sets of manufacturers under the electronic control automation enterprises, companies are still in a disadvantageous competitive position.　　Moreover, if the future sets of manufacturers to increase their subordinate electronic control automation enterprises in the high-end products research and development investment, the company in the high-end areas of dominance may also be challenged. In fact, the market share of the products of Bao de shares is not high. On the one hand, China has become the world's main rig equipment producers, many manufacturers, industry concentration is very low, the products are mainly concentrated in the low-end market, competition is more intense; On the other hand, some host factories have their own electronic control system supporting enterprises, some orders are internally digested.　　"Lu Juan said. Up to now, Xian Bao Mei Electric Industry Co., Ltd. and Chengdu Tianhong Electrical Engineering Co., Ltd. due to the manufacturer of the machine, in the acquisition of general orders with other enterprises do not have the advantage, so the two enterprises in the line of the first Echelon, the annual sales income of about 3~4 billion, accounted for about 15% of the market share; Heilheis (xi ' an) Control Technology Co., Ltd., Tianshui electric transmissionInstitute and other professional engaged in electronic control automation system business enterprises in the second echelon of the line, the annual sales income of about 100 million yuan, accounted for in the market share between 6%~7%. Haitong Securities Machinery Industry Core analyst Longhua expected, "because the company's oil drilling equipment industry is affected by the volatility of crude oil prices, oil drilling and production equipment demand recovery strength of a certain uncertainty, the strength of the recovery to be observed, in the short term the company will still be in the industry trough." ”