Triple-Net fusion concept difficult to block performance rout with the island of electronics abandoned

The left hand is "triple net fusion" grand concept, right hand is deteriorating company performance, with Chau Electronics (002052.　　SZ) was pushed to the crossroads. The same Chau electronic 2010.5 Annual report shows that the company's reporting period to achieve the main business income of 1.085 billion yuan, net profit loss of 39 million yuan.　　And with the state electronic listing only four years, net profit from the end of 2008 to 108 million yuan to 48 million yuan in 2009, and then fell to the current main loss situation.　　But the actual control person Yuan Ming, has already passed the two level market reduction, sets to have 200 million yuan of cash. Although the performance performance is poor, but the concept of "triple net integration" gave the same continent electronic a gorgeous coat.　　As a producer of the 20% market for TV set-top boxes, the same continent electronics is considered to be the "triple net fusion" start-up pilot, the first beneficiary company. "TV set-top box itself is a very small market, in accordance with the current 50 million TV sets need to be installed, each TV set-top box 500 yuan calculation, the market is only 25 billion yuan, with the continent electronics 20% of the market share but 5 billion yuan."　　"An industry researcher at a brokerage in Beijing said to reporters. And the listed company semi-annual report also showed that the fund, which had gathered before, also showed a tendency to flee.　　2010 1 Quarterly still occupy the top ten circulating shareholders four seats many of the "Huaxia Department" fund, has three hidden away, while the other one is still in the list of the Chinese dividend, also in 2 quarters reduce 3.8165 million shares.　　August 13, with the continent electronic 11.81 yuan, up 1.64%.　　Huaxia Department of the main retreat of the "triple net Fusion" under the halo, "Huaxia" fund in the same continent with the collective fast forward fast. 2010.5 Annual report shows that the "Huaxia department" two of the funds in the same continent as the top ten circulating shares of electronic. One of the Chinese dividend holdings with the state electronics 1.2173 million shares, the proportion of the shares in the circulation of 0.57%, ranked sixth largest circulation shareholders.　　and another Huaxia fund Huaxia Advantage, then 1.1626 million shares of the stock, the new Jin for the same state electronic seventh-largest circulating shares of shareholders.　　In addition, the lion balance and social Security 602 combination, also appeared in the stock of the top ten circulation shares list.　　Although there are still two funds to stay, but the main fund in China has been in the same state electronic quietly retreat. 2010 1 Quarterly display, the Chinese department has a total of four funds, stationed in the same state electronic top ten circulating shareholder list. Among them, China's advantage growth of up to 14.2282 million shares, a fund to control the same continent's electronic circulation of 7.16%.　　China's revival took 5.3591 million shares, followed by 2.7% of the circulation.　　In addition, Huaxia dividend and the Chinese blue-chip core, also held 5.0337 million shares and 1.9999 million shares, the proportion of shares in the circulation of 2.53% and 1.01% respectively. In this calculation, the Chinese department at this time at least hold the same continent electronics more than 26.62 million shares, occupy the circulation of 13.4%.　　Before that, with the continent electronics few organizations. This is the "threeNET Fusion "when the concept of rampant, with the state of electronics at the beginning of the January 2010, 12.90 Yuan started, climbed to 17.39 Yuan high.　　There are also a number of brokerage research institutions at this time issued the "with the Continent Electronics: the beneficiary of the three network integration leader", "with the state of electronic middleware is bright future space giant" and other research reports, have given overweight or buy ratings.　　But since then, with the continent electronics first hand over the 2009 earnings per share of the dismal performance of 0.16 yuan, after the loss of 0.15 yuan per share of 2010 Years 1 quarterly, so that the market surprised.　　At this point, the organization has been fleeing the trend. May 9, 2010, with the Continent electronics to fall close, the day of trading billboard show, three institutions seats ranked the top three in the selling list, the cumulative sale of 46.98 million yuan. Huaxia funds may be at this time to flee in a companion.　　Subsequently, the same state electronics shares were once beaten to 10 yuan near. Rough calculation, China's funds to spend at least 300 million yuan, and the 2010-year 1-quarter stock price significantly before the 13 yuan to calculate, the Chinese department in the meantime a few profit.　　But it is a far-away market compared with the 13.34% decline in the Shanghai Composite Index in the first half of 2010 and the 26.82% per cent decline.　　4-year performance rout listed 4 years, with the continent's electronic performance retreat.　　June 2006, with the state electronics to 41.89 yuan on the first day of the opening price of the board, compared to its 16 yuan issue price, the first day rose as high as 161.8%.　　When the main business of the same continent electronics is satellite receiver and TV set-top box, the TV set-top box product gross profit margin of 25%-30%.　　The 2010 Annual report shows that the company's cable-TV access device's gross profit margin has dropped to 17.04%.　　The change in net profit also reflects the difficulty of the electronics in the same continent.　　The annual report of 2007 shows that the net profit of the same continents is $99.6 million, and the 2008 annual report achieves a peak of $108 million, and the earnings per share also reaches $0.37.　　The financial crisis of 2009 greatly frustrated its overseas market, when net profit plummeted to 48 million yuan, operating profit is only 15.36 million yuan. With the continent in the 1 quarter of 2010 is in the loss of the situation, when the quarter of a huge loss of 52.6 million yuan.　　Although the 2 quarter of 2010 to achieve profits, but the semi-annual report is still a loss of 39 million yuan. "TV set-top box is an overly mature product, entry threshold is also relatively low, competition is very fierce, the unit price has been falling."　　The beijing-based brokerage researcher told reporters. Guotai also said in its report that "the company, while positioning itself as an End-to-end solution device provider for video products, cannot hide the current status of its main revenue dependence on the sale of a single set-top box product."　　"[Page] with the state of electronic actual control Yuan Ming also since September 2009, has been frequently reduced." September 8, 2009, Yuan Ming through a large trading platform, reduce the same continent electronics 5 million shares, 10.54 yuan per share. And now, its stake has just ended in 3-year restricted period of only two months.　　After 1 days, Yuan Ming another 5 million shares, 10.44 yuan per share.　　November 19, 2009, Yuan Ming again to 11.14 yuan per share price, reduce 3.6 million shares. September 28 last year, Yuan Ming also reduced the stock of 3.4 million shares, as a proportion of less than 1%, the reduction of the same continent did not release the announcement.　　This four times intensive reduction behavior, Yuan Ming cumulative reduction of 17 million shares with the continent, set is now close to 200 million yuan.　　The transformation of the road with the island of electronic Dong Sun Lili will Yuan Ming reduction, summed up as "to improve the needs of family life", rather than the prospects for the company's transition. By contrast, "Huaxia department" in the period of short-term access, more like to borrow the concept of three nets fusion chestnuts out. "Huaxia Fund to the company research, and now we have been very concerned about."　　Sun Lili told reporters.　　However, when the fund retreated in China, there are organizations to take the opportunity to kill. 2010.5 Annual report shows that the lion balance to 4.7043 million shares of the stock, the new Jin became the same state electronics, the third largest circulating shares of shareholders, the proportion of the stock is 2.22% of the circulation.　　In addition, the National Social Security Fund 602 portfolio is now the top ten circulating shares of shareholders. "Triple-net fusion of the big concept, do set-top box of the same continent electronics, is the most direct beneficiaries."　　Hu Yujie, a researcher at Hongyuan Securities, said to reporters.　　But for the same continent electronics, the transformation of the company's business is also offing. "We have been on the market since 2006, transforming from a set-top box manufacturer to a digital TV platform and service provider." "With the Zhou electronic director of the secret Sun Lili to reporters.　　In its view, the current cycle of electronic products is particularly short, generally only a year or even a few months, "have the platform of talent has a future", and with the continent of electronic 2006 began the transformation, is the formation of a platform team. Huatai Securities said in its report that at present, with the state of electronics in the digital set-top box industry has a more complete product line, "The goal is to use the ' three-net integration '-oriented, as well as in the radio and television system Operators market customer advantage, in the equipment and solutions provider industry to form a certain monopoly potential. "We hope that with the integration of electronics in the three networks, the role of a Wal-Mart is to play, we will have standardized shelves, all kinds of value-added services can be put up."　　Sun Lili told reporters. "It should be said that with the State electronics in the technical or comparative advantages, but also participated in the SARFT three network fusion standards."　　Hu Yujie, a researcher at Hongyuan Securities, said to reporters.　　This can be seen in its semi-annual reports.　　With the State Electronics 2010 two quarterly management costs more than 140 million, an increase of 56%, accounting for the operating income of 13%, of which research and development expenditure reached 86.24 million, year-on-year growth of 85%, at the same time, operating costs rose more than 53%. "But from the current market sales, its investment has not been converted into real market competitiveness, the current operating income growth of only 13.7%." "Huatai Securities insaid in its report. "When we first came on the market, we had about 2000 people, more than half of them were workers on the production line," he said. Now we have more than 4,000 people, and research and Development Account for half.　　Sun Lili to reporters. "Now the technical transformation has been basically completed, but the report will be under pressure for a short period of time." "Sun Lili said.