Venus Chen three-year growth of 20% fear into empty: The profit model is ambiguous

August 25, Venus Chen announced the Half-year report, the first half of the net profit loss of 14.54 million yuan, loss of 0.2 yuan per share, become the IPO this year losses Wang.　　June 23 on the market, 11 trading days after the announcement of the annual loss notice, in the "Company A listing, performance on the face" phenomenon of frequent growth of the gem, the star Chen became another one of the "face-changing stars" questioned by public opinion.　　is the seasonal rule or performance decline in the sky, in the executive group Silence, the company's response to the vague background, "the second share loss Wang" star-chen development path fog heavy. Our reporter Sun Yongjie intern Chaolivei "the company's annual performance loss is indeed the industry seasonal rules, involving some of the problems of settlement, in previous years."　　September 27, Yang Jianqiu, director of the Market Strategy center of Venus Chen, said through international long-distance to the Times weekly reporter.　　However, the seasonal law does not explain a series of problems such as the declining of company's revenue growth rate, the vague business model and the question of the prospect of the investment project.　　In the domestic information security market is still not sound, competition is still in a disorderly state, how to achieve the prospectus "in the next three years, on the basis of existing business, to achieve more than 20% of the annual growth of sales revenue" commitment, still doubt heavy.　　Seasonal losses? "Historically, the first three quarters were basically losses," he said. I think this loss is mainly related to its industry, its customers.　　American, an analyst at Ping An securities industry, said there were no other issues to be seen in the annual report without disclosing other information.　　At the same time, American said, if the year-end earnings losses or other indicators significantly decline, it is necessary to look at the issue of the supervision of Venus Chen listing process. Although Venus has repeatedly stressed seasonal factors, however, the potential problems behind the company's performance are still being questioned. "In fact, the company has a certain problem.　　"The financial commentator Ye Tan in the information security industry to manage the seasonal characteristics of the same time, Venus Chen itself there are some problems." In the three years before the IPO, although the sales revenue has been increasing, but the operating income growth rate, operating profit is in a declining state.　　According to the Enlightenment Star Prospectus, 2007-2009, the company's sales revenue of 235.8632 million yuan, 273.4787 million yuan and 304.0991 million yuan, showed an upward trend year-on-year, but the growth rate has declined, respectively, growth of 33%, 15% and 11%.　　In this calculation, the first three years before the IPO, the growth rate of Venus Chen declined 22%. It is worth mentioning that, in addition to the growth of security gateways and security services in the last year, most of the star's business Project revenue has declined, including its initial start-up and security checks with domestic technological advantages.　　During the same period, the operating profit of Qiming stars also showed a downward trend. 2007-2009 operating profits were 28.6362 million yuan, 2509.71Million and 21.4765 million yuan.　　The overall gross profit margin of the company's larger security products fell from 81.78% in 2007 to 66.08%, especially safety testing, with gross profit from 2007 to 42.69% down to 22.57% in 2009 and a decline of nearly 50% per cent. "After the maturity of the software supplier product, the gross profit margin is still very high."　　"Bohai Securities analyst Cui Jian said, Venus Chen since 1996 began to engage in information security industry, can not say that the product is immature." However, the growth rate of star-chen revenue and the decline of operating profit, obviously with the software industry marketing law and its written response to the Times to provide repeated emphasis on "growth space" does not match. "We had a meeting for the afternoon, but there was a lot of disagreement and there was no reply.　　"September 27," said Yiu Wenyu, director of the office of Chief Venus. Core competitiveness worries "the position and competitiveness of the company in the industry, in the data released by Sadie Consultants, there is a clear embodiment, we are also quoted in the prospectus."　　Yang Jianqiu said that because of the industry particularity, so can not be explained in detail. However, including the well-known financial commentator Ye Tan, including the industry, all said that the Morning Star Chen Public information, its core competitive advantages of the explanation are ambiguous.　　It is understood that the information security industry to consider a company's core competitiveness of the standard has two major parts, one is the technical innovation capability, the other is the company's market sales capacity. "Technically, I don't see that Venus has too many advantages."　　"American that the current domestic IT products, from the technical point of view, compared with foreign countries, it is difficult to see what a big advantage."　　For its prospectus on the relevant patented technology, American said, from the industry common sense judgment, basically no domestic enterprises are worth saying, even if there is a patent, most patents are practical, the appearance of more patents, innovative, invention-type patents relatively few. "For investment in the security information industry, we value the domestic existence of a market."　　"American frankly, the securities companies pay attention to the company, the main reason is still value its market space, because a shares do not have similar enterprises, there is scarcity, as for its core competitiveness is very difficult to say." "Intrusion detection should be its advantage and entry point.　　"Bohai Securities analyst Cui Jian said, in this piece, the Star-Chen technology in China should have a certain advantage." However, according to its earnings, as the star-Chen Advantage Project safety testing, 2009-year profit decline of 50%. Technology, the core competitiveness is not obvious qiming stars, in its market sales also did not show the extraordinary place.　　According to the prospectus, although the main star in the country with a majority of divisions, but its major customers in Beijing, Shanghai, its sales network with the East Soft, the guardian of these listed earlier than the network software vendors still have a small gap. Fuzzy profit model "qiming star positioning is very clear, is engaged in information security industry." "Chief Venus Chen Dong's secret officePublic room Yiu Wenyu said.　　However, as a domestic already has more than 2000 entered the relevant industry field, listed before listing as an important assessment indicators and to achieve an early listing of the Ming stars, and did not take advantage of a good lead one step, its market positioning, customer development and profit model remains ambiguous. "Speaking of the profit model, basically we are all through products and services to profitability, there is no particular big difference."　　"Bohai Securities analyst Cui Jian said that in the current information security market is not mature, the main Venus Chen occupies a place mainly rely on the early, technical characteristics of the natural division."　　However, compared to the information security industry at home and abroad competitors, Venus Chen in the market position does not appear to be stable. For Cisco and Venus, some big companies tend to buy Cisco products. This may be related to the domestic assessment mechanism, government departments, large enterprises, they are not sensitive to price, will tend to buy some foreign high-profile (products).　　"Ping An Securities analyst American said. According to public reports, in the information security industry, the Guardian in the authentication, password field has an oligopoly, days fuse is the boss of firewall products, NSFocus longer technology, in the firewall, security gateways and other products steady.　　The market position and business model of qiming stars are relatively vague compared with those of competitive advantages and clear market positioning.　　Venus Chen is through the advantages of intrusion detection into the market, and then from UTM this market began to improve competitiveness. However, the IPO prospectus for the qiming star shows that profits in safety testing have fallen sharply for nearly three years.　　Does this mean that the project is becoming less technologically innovative and the market position gradually replaced by competitors? In this respect, Venus Chen said the temporary can not provide a clear reply.　　Before, Venus Chen has been in the information security industry customer specificity and trade secrets, and other reasons, refused to its market share, profit model to make a detailed analysis.　　Raise the projection to fear to empty "in the next three years, on the basis of existing business, to achieve more than 20% of the annual growth of sales revenue," the Venus Chen Prospectus in this commitment.　　However, in its first three years of declining revenue growth, the core competitiveness is unclear and the business model vague premise, the domestic financial media has accused its prospectus commitment is "Luliang", the possibility of extremely low. According to the prospectus, the company will invest six projects in this issue: a full range of UTM products 66.46 million yuan, based on the Web application of business security products 48.06 million yuan, security management system products 45.87 million yuan, intranet terminal security products project 28.08 million Yuan,　　The network security Service and the Operation Platform project 47.33 million yuan, the security research and the Development Center construction project 34.2 million yuan. "2007, 2008 its performance growth is also relatively good, because the Olympic Games economy, many Olympic security procurement to stay to Venus." "Sadie Advisor SeniorVice President Zhang previously said the market's new growth point is not clear.　　In the market growth point is not clear premise, the main star-Chen is the information security industry in general large items, does not reflect their own technical advantages of investment direction, to achieve the expected high income growth, difficult. At the same time, facing the industry relative customer concentration, disorderly competition, relying on the early to obtain a certain advantage of the Ming stars, facing the operating risk is still large, as a similar characteristics of the new shares of the two consecutive directors of the Joint Trust has been arrested for the relationship of the risk of marketing model to provide a typical case. > Related reports: Visit to Qiming CEO: Gentle woman Pick information security industry beam