What's left of the package, Kang-resistant?

An ordinary processing enterprise, after a variety of concepts of whitewash packaging, turned into a gem upstart, this is Kang-resistant special (300061).　　The company's first-quarter results have fallen sharply, allowing investors to doubt its growth, and in-depth analysis of the company's real profitability, more people feel doubtful. Profitability is vulnerable to foster high-growth Enterprises is the original intention of the gem, but from the body of Kang is unable to see that the company can be with high growth on top.　　The 2010 quarterly show showed the company had a net profit of 2.14 million yuan in the first quarter, down 65.17% from a year earlier.　　According to the data provided by Kang-TE, the company employs 705 people, as a total of 2010 years the company per capita to create a profit of only 3035 yuan, the profitability of the frightening low.　　Reporter calculate a sum, Kang-resistant special raise funds a total of 250 million yuan, even if the money into the bank to deposit a regular quarter, interest also reached 10.68 million yuan. In this regard, Kang-Yi explained that the company's first quarter of the main reason for the decline in net profit is the company's yellow building site involved demolition, resulting in the workshop production of the impact of discontinued and in order to avoid foreign risks to take the initiative to reduce some of the risk of large customer orders.　　But market people generally say, only a factory relocation let net profit across the half, Kang-te's ability to resist risk is too bad.　　The future of the business model is slim. The banner of "Export ranked first in China with comparable resin lens manufacturers" has been playing in the beginning of the IPO, but in-depth analysis is not difficult to find, as a processing enterprises, profit has always been a strong upstream and downstream enterprises, itself almost no pricing power, exposure risk is great. From the upstream point of view, Kang-resistant production of lenses of the main raw materials include 7AT, 7NG and other resin monomer. These resin monomer raw materials are mainly dependent on imports, resulting in higher procurement costs, and raw material prices are rising year by year. And the downstream of Kang-te mainly relies on foreign market, global price fluctuation factor, exchange rate factor and other risks cannot be hedged.　　The renminbi is expected to appreciate more and more, if the renminbi appreciates, this kind of OEM/ODM enterprises blow even fatal. Excessive reliance on foreign markets adds to the volatility of Kang's earnings. Kang-Te disclosed in the prospectus that the company's products are mainly for export. 2008, 2009 Kang-TE's export revenue accounted for the main business income of 80.17%, 78.06% respectively.　　In this view, once the peripheral economy problems, the company's performance will plummet. Science and technology concept of the Arabian Nights, "Frankly, Kang-te is a processing enterprises, there is no so-called technical advantages."　　"There is no difference between the foreign trade order companies that do clothing and hats," said a beijing-based insider. The international lens manufacturing industry is highly concentrated and a handful of brands occupy major market share. For example, France, the world's largest lens manufacturer, has a market share of more than 30% of the world's resin lenses. These brands are the core of Lens technology patentHolders, with strong technology, brand, management, marketing and research and development capabilities, in the international market, Kang is not able to compete with these industry leaders head-on confrontation. "There is no unique technology, there is no strong sales channels, the entire industry's survival situation is very embarrassing."　　The industry is helpless to say. Data show that the company's main product is the refractive index of 1.499 of lenses and polarizer, which is a low refractive index lenses, in most areas have been like a piece of the. In fact, low refractive index resin lenses sales have been declining, the rise is the PC lenses and medium-fold, high folding resin lenses.　　At present, Kang-te does not have the ability to produce high folding resin lenses and PC lenses. New customers risk the great Kang-Te's prospectus shows that the company accounts receivable amounts to 49.58 million yuan.　　The survey found that much of this large amount of accounts receivable was generated by the "new client" Cuban and Mexican markets mentioned in the prospectus, which makes people wonder if there is a hidden mystery. Mexican customers in 2008 and 2009 sales income was 12.85 million yuan and 1.41 million yuan, while the customer accounts receivable balance for the same period of 14.45 million yuan and 4.37 million yuan.　　Similarly, Cuban customers in 2008 and 2009 sales income was 8.04 million yuan and 21.34 million yuan, while the customer accounts receivable balance of the same period of 6.9 million yuan and 23.66 million yuan. A senior accountant said that such high receivables were concentrated in two customers, although it was not possible to say that the company was really problematic, but at least it should be aware of two risks.　　The first is that high accounts receivable can obviously dress up earnings, this is the trick of whitewashing the financial statements, which is not impossible for a company eager to go public, and second, these two "remote" customers have a credit period of 1 years, once the huge accounts receivable problems, the situation is extremely dangerous. Business newspaper intern reporter Zhangling Foreign bianhouyu language: Bridal chamber last night, wait until Xiao Tang before worship Shang. Makeup whispered to ask her husband: the depth of the thrush? After a series of 9 articles on the high growth of the gem, the financial department also ushered in the "whispered to the husband" moment: in our carefully prepared serial reports in the newspaper, the reader has also realized that our good and bitter intentions?　　After reading all the articles, have you already made a new weighing standard for the growth and investment value of the gem company? "I used to just play new and follow the same bandwagon, but after reading your report, I found that a listed company in the start-up period, if not their publicity of the ' Double high ' (high growth and high-tech content), its profitability is not guaranteed. "In nearly half of the series, some readers said.　　And so far, we have heard the most feedback that "this kind of report is so thirsty that we know the truth about some companies". The series of reports all pushed through, coincides with the Gem stock breakthrough 80. In the future, we will continue to pay attention to the growth of enterprise Board enterprises and high-techTechnical content of the progress, and timely presented to the reader. Click to enter [Kang Te Bar] Discussion