Zhanjiang National Union Aquatic Product: Shrimp can not raise high growth

Xu Yijian, Beijing, June 30, Zhanjiang National Union Aquatic Development Co., Ltd. (300094.SZ, hereinafter referred to as the National Union Aquatic Products) issued an initial public offering of a shares and in the gem listing announcements.　　According to the prospectus, the National Union Aquatic product is the largest shrimp export enterprise, is Asia's only access to the United States shrimp exports "zero tariff" enterprises, but also "June ban" after the first U.S. FDA to remove automatic seizure, the mainland's first "live shrimp for Hong Kong" enterprises.　　However, the reporter found that, in the performance of stable growth behind, the company hides the main product market saturation, the domestic market low gross profit margin and raise investment project risk too big worries.　　Export slows down the domestic sales of the financial statements found that the National Union aquatic export business has a big concern. 2009, the company's export business accounted for 81.94%.　　Among them, the United States is the company's largest export market, in the past three years, the U.S. market for exports of income of 598 million yuan, 839 million yuan, 826 million yuan, there are signs of decline, while the company's products to the United States market share from 2007 82.35% to 2009 75.8%. Dongguan Securities researcher Huang Liming in the analysis report that the company's product structure and sales of regional structure is relatively single.　　Corporate shrimp exports slowed, the United States, Europe and Japan are major shrimp importers, but in recent years the market tends to be saturated slightly.　　Insiders said although the National Alliance of Aquatic products export business in the domestic leading position, and has been to Wal-Mart, Darden Hotel and other important customers, but on the other hand, it is also explained that the United States of America's business penetration has been very deep, it is difficult to carry out further business expansion, the company's export of aquatic May be aware of the weakness of the export market, the National Union aquatic products in the prospectus, said that in recent years, the company actively carry out domestic market, the proportion of domestic business of aquatic product gradually rise from the end of 2007 to the end of the 1.74% to 2009 10.72%,　　2009 Water Products domestic income of 107 million yuan, 371.69% increase than 2008.　　National Union aquatic managers told reporters, in order to increase the domestic market business development, the company last year set up Shanghai Blue Ocean Aquatic Products Co., Ltd., the Union Chun-yu (Beijing) Food Co., Ltd. two subsidiaries, in charge of the company in China and the north and south two areas of water sales business, as well as the　　"Last year, the company's flagship product shrimp package in Beijing, Shanghai, two branches are sold quite well, the Beijing company's salesmen at the end of the year can be divided into tens of thousands of pieces of dividends," the manager told reporters. "Our Shrimp gift package was sold very hot last year, and it was a batch of 6000 sets of orders."　　"Guo Lian Chun Yu food company's manager Zheng also confirmed to reporters." And surprisingly, although a number of national Union aquaculture insiders told reporters that the company's products have been sold, but the prospectus is clearly marked by the National Union Chun-woo last year only to achieve sales revenue of 259,800 yuan, net profit instead of loss50200 Yuan.　　Similar to Beijing branch, Shanghai Blue Ocean Aquaculture sales revenue of 4.0682 million yuan, net profit loss of 570,800 Yuan.　　Since the company's products sell well, why do two companies lose profits? Guo Lian Chun Yu company told reporters that the company in the daily sales, not only sell shrimp gift boxes and other aquatic products, but also related to other product sales, in addition, the company also set up a sales team to bear the day-to-day costs of some other.　　Because of the high cost of daily sales, the final profit is negative.　　And the company's continued decline in the gross margin also from the side to confirm the above person's statement. 2007-2009, the company's domestic gross profit margin of 11.23%, 5.8%, 11.12% respectively.　　Guo Lian Aquatic products, the company's rapid expansion of domestic business at the same time also led to a relatively low gross margin, while the lower gross domestic product directly dragged down the overall level of national Union aquaculture gross profit rate, the company 2007 to 20,093 years of gross profit is 17.35%,16.08%,15.22%, showing a decline in the trend of the year. The reporter also noted that, as the company in charge of the north-south area of business in Beijing, Shanghai two companies, the annual sales revenue added up to only 4.32 million yuan, far less than the company's domestic business sales of water products 107 million yuan.　　And the remaining more than 90 million of the revenue channels and sources of domestic sales, the National Union aquatic products in the prospectus did not mention. Industry insiders pointed out that, because the National Union aquatic product export Business development potential is small, the local market will be its future development of the most important. But the inland aquatic product industry to the Enterprise capital, the technology request is not high, causes the big and small enterprise quality to be mixed, the aquatic product competition is very intense, but the National Union aquatic product besides the scale as well as some brand influence, has not formed may as the core competitive power the monopoly resources.　　The person also said that although the National Union aquaculture 2009 years of good domestic income, but if it can not effectively control the increase in sales costs, the future development of the company will have a lot of hidden dangers. The risk of raising a project in addition, in addition to brand advantages, the union still lacks other core competitive advantages.　　Although the company intends to raise 31.1 million yuan for the construction of Scientific research center projects, the prospectus, in addition to the basic scientific research organizations and systems, as well as with scientific research institutions to cooperate with a number of scientific research projects, did not see any specific scientific research and technical advantages, especially the key exclusive patented technology.　　And the company plans to invest 79.2356 million of heavily built tilapia processing plant projects also have a hidden concern. Chen Litch, head of one of the national tilapia seed supply bases, said domestic tilapia industry competition is very fierce, in the market demand unchanged, more and more industry entrants, resulting in the gradual decline in industry profits, at present, tilapia seedlings have been to the era of meager profit, in addition, the domestic market is relatively low recognition of tilapia,　　There is no large capacity of the consumer market.　　According to the reporter understood that last year, tilapia exports also showed a downturn, 2009 years ago, two months of exports fell by nearly 50% Year-on-year. The National Union Aquatic Products Department in Guangdong province last year tilapia plusThe situation of export industry is grim. According to the 2009 aquatic product export data from Guangdong Province, tilapia exports were 119,900 tonnes in 2009, which grew 9.59% from the previous year's 108,400 tonnes, while export output was reduced from 359 million US dollars to 330 million U.S. dollars, down 8.1% per cent. The sharp decline of the export unit price and the vicious competition in the industry have seriously threatened the production of the industry. But the National Union aquatic product has the risk such big project as the raise investment plan key investments, really lets the person pinch a cold sweat.