Welltech 44 million Yuan buys 55% shares of the Purple River trade

Today (September 27), the suspension will be nearly half a month of Welltech (002058, before the closing price of 17.95 Yuan) issued a major asset reorganization plan, the company will acquire the holding shareholder Purple River Group Holdings of the Purple River 55% of the shares.　　However, many investors believe that the reorganization of the scheme is called "Chicken ribs": the acquisition of the assets of low gross profit margin, growth is worrying.　　According to Welltech and Purple River Group signed the "Equity transfer Agreement", the Purple River group will hold its purple River 55% of the shares to 44 million yuan price transfer to Welltech, Welltech to own funds to pay the above-mentioned equity transfer price. The bulletin shows that the Purple River was founded in 1995, mainly engaged in and agent brand imported products, product coverage of fine chemical industry, chemical raw materials industry, engineering machinery industry, medical equipment industry, building materials and light industry and department stores and other non-cyclical industries.　　At the same time, the Purple River International trade in the European Union, the United States, Japan and other countries and regions with many high-quality customers to establish a long-term cooperative relationship. Welltech said that the company belongs to the traditional instrument manufacturing industry, because the main product market absolute capacity is small, coupled with the impact of macro factors, the company's traditional products sales revenue growth is slow; second, the company faces fierce market competition, product prices in the downward trend, management costs are also high. After the completion of the transaction, the company will form instrumentation and international trade two main business situation.　　The company's existing product exports accounted for the company's existing business share has been not high, the company will use the existing overseas channels of Purple River trade advantage, vigorously explore overseas markets, expand the existing product export business, expand the existing business sales scale to enhance the company's instrument and meter products profitability. Although Welltech expressed strong confidence in the acquisition of assets, some investors have questioned the restructuring plan is too "chicken". From the earnings point of view, the Purple River trade growth is poor, and will significantly drag down the company's gross margin. The announcement indicated that the Purple River Trade 2010 ~2013 year net profit forecast number respectively is 12.6775 million yuan, 11.6885 million yuan, 12.7905 million yuan, 13.3067 million yuan. As a result, the Purple River in the next 3 years of net profit almost no growth, 2011 net profit forecasts have slipped. At the same time, compared with the major listed companies in the trade industry, the gross profit margin and sales profit margins of the Purple River are far below the average level of the listed companies in foreign trade.　　The data shows that the average gross profit margin of listed companies in trade industry is 8.86%, and that of Purple River is only 4.91%; the average sales profit margin of listed companies in trade industry is 1.92%, and the Purple River is only 0.94%. In fact, after the acquisition is completed, Welltech's gross profit margin and sales margin will be further reduced. Data show that before the acquisition, the company's gross profit margin of 39.96%, sales profit margin of 6.82%, net assets yield of 4.44%. After completion of the acquisition, the company's gross profit margin will be reduced to 8.84%, sales margin is only 1.05%, and net assets yield increased to 5.46%.