Two major investment worries emerge in the growth of gem

This reporter Li Vi shenzhen report gem "high-frequency" issued trial, 6 days 29 companies will. "I knocked out the financial data, and the prospectus was in yuan, and I was in million units."　　"September 21 Noon, a broker in Shenzhen look tired, customers wait to read the study report." Very simple, the gem will appear how the quality of the company is concerned about the focus of all parties, no doubt, has been over the 13 gem enterprises play a model effect.　　In a comprehensive perspective, the 29 companies with prior disclosure of prospectuses have better performance and robust profitability, and are more than sufficient to log in on financial and equity requirements, but the results imply investment mined areas. In addition, the company's lack of innovation is also the focus of attention. SFC related people have said that compared to small and medium-sized enterprises, gem companies are characterized by a short history, small-scale, asset "light", weak internal control.　　Market participants believe that the current 13 companies and 16 companies waiting for the meeting, these characteristics, although not obvious, but the innovation is not reflected. "Not all enterprises to declare the SME board can go to the gem listing."　　"A number of investment bankers said that the current gem project for the securities dealers in the past few years accumulated in the SME project resources."　　Innovative lack of the hole due to the gem purchase near to read seconds, and the SME plate issue moderated.　　Public information shows that 22 of the initial distribution of SMEs in July and August, as of September 21, September, only 4 enterprises in the first public distribution of SME, and since the first release of fine arts shares and brilliant technology September 15, the SME board also no new shares appeared. "Gem project will be within a week to take approval, and the SME Board of the earlier meeting of the enterprise, get approval to queue for a month."　　"Compared to the board, GEM issued a trial of the" high-speed "let a number of SME enterprises to run the GEM board. "In line with the conditions of the enterprise, preparation for the initial stage is the board and the gem hands ready." "A broker investment bankers Blunt, the current report to the Gem enterprises, most of the securities companies in the previous few years accumulated in the SME project resources, as the other plate queue time is long, so get together to the Gem declaration materials."　　This is why these companies are big, but the innovative features are not obvious.　　A research report from CICC pointed out that the gem is characterized by high gross profit margin and high growth.　　Anhui Ann Science and Engineering Co., Ltd. three consecutive years of gross margin of 70%, 2006, 2007, 2008 Gross margin of 64.38%, 70.14%, 70.89%, the company's net profit for the same period of 14.87 million yuan, 24.82 million yuan, 31.02 million yuan. Similarly, the establishment of the 1996 Music General Medical Device Co., Ltd. profitability is also impressive.　　Data show that the company's most recent three-year gross margin is 71%, 75%, 79%, the same period of profit of 63.6 million yuan, 149.72 million yuan, 201.16 million yuan. According to our correspondent's statistics, the current 13 companies have a high growth, but in line with the requirements of the SFC"High growth and High-tech content" of "two high six new" enterprises are few.　　Union Securities an investment banker believes that the first project quality determines everything, the quality of the project can not be changed in the short term, for securities agencies, to which board listing is not important, the key is the quality of the enterprise is good enough to meet the requirements of the listing.　　Two major performance concerns the 29 companies with prior disclosure of the prospectus have good financial data, but there is still a hidden investment mined area behind the beautiful results.　　"High performance dependence on a single business" and "the company accounts receivable accounted for too high" as two major worries. Siasun Robot Automation Co., Ltd. (hereinafter referred to as Siasun) disclosed in the prospectus shows that 2008, the company's traffic automation products to achieve sales revenue mainly from the Shenyang subway Line automatic Ticketing system (AFC), subway environmental monitoring and equipment monitoring System (BAS) project,　　The total contract for the above project is 177.77 million yuan. Shenyang Subway project since 2007 to achieve sales revenue, 2007, 2008, 2009 1-June income of 17.72 million yuan, 23.33 million yuan, 41.38 million yuan, respectively, accounted for in the current traffic automation product revenue 100%, 63.87%, 100%,　　In each period, the gross profit of the company accounted for 6.53%, 5.31% and 18.38% of the total gross margin respectively, and the Shenyang Metro project gradually became an important source of profits for the company.　　Therefore, the company in the next few years will still be Shenyang Subway Co., Ltd. as a major customer target of traffic automation industry products, the availability of continuous orders for the company's future operating performance will have a greater impact.　　and CICC's research report also pointed out that the Shenzhou Tai Yue and the special Rui de Electric are a single business-dependent type.　　According to the prospectus announced by Shenzhou Yue, 2007, 2008 and January 2009-June, the net profit from the letter-flying business accounted for 42.23%, 75.47% and 76.3% of the net profit in the current period respectively.　　Analysts believe that because of the high reliance on China Mobile's letter-flying business, if the flying letter business situation is not good, or China Mobile proposed to cancel the contract, reduce the contract settlement price, will have a greater adverse impact on the profitability of the company.　　Not only that, a number of companies also face a higher proportion of the same sex accounts receivable.　　Data show that Beijing Ding Han 2006 to 2009 1-June, the company accounts receivable average balance accounted for the current operating income ratio of 56.5%, 68.03%, 65.36%, 93.46%, a higher proportion. There are also risks in the receivables of the special Rui de Electric.　　At the end of last year and the first half of this year, Rui de electrical accounts receivable net amount is 117 million yuan, 140 million yuan respectively, accounting for the current income of 43.41%, 78.88%. "Accounts receivable account for excessive risk of bad debts."　　"September 21, a Shenzhen private equity fund to the Gem investment show a cautious attitude." Director of Fu Qiao Asset Management companyLong Zhou Longhua also think, unable to judge the future profitability of the enterprise, is still on the gem to stay on the sidelines.