Zhe Zhong Construction main industry stop production 3.5 billion reclamation "build satellite"

Recently, it is a lot of trouble, listing only half a year profit is shrinking, the launch of a new project of 3.5 billion yuan has been questioned is castles in the castle, and huge funding is also a big problem. September 16 10:30 A.M., "Huaxia times" reporter with doubt visited the town in Shanghai Fengxian Zhuang Road 50th, the listed company, the factory is located in the Huangpu River, covers an area of 160,000 square meters, with 380 meters of the Huangpu River bank, and has a variety of models of concrete pipe pile production line 4, Towering towers and magnificent.　　But the reporter sees, although is the work time, the factory all sorts of equipments are in the production condition basically, the massive concrete pipe pile is placed in the storehouse, but the worker also few, occasionally has the sporadic several figures, actually is toward the dining hall direction to go. Production equipment "bask in the Sun" "There is really no project now, you see the equipment is stopped." Do not look at the boss around the project, the following workers are really idle, the owner is good, after all, the factory more than 500 people can not say fry, but although it is listed, we have no improvement in staff treatment, and now there is no project. Busy time we are more than 7 to work, two shifts down.　　"A worker on the site said helplessly to our correspondent. and towering plant equipment, the company's office is only a few rows of small bungalows, slightly shabby, workers told reporters: "The company did not build the building is considered after the listing, the plant may change the site, the plant is built here because there are river lines." In fact, our company in the early years of its inception, the benefit is very good, and sometimes to vote for a project, half a year less than the money can be collected back. Domestic pipe pile Enterprises, listed we are the first, Shanghai-Hangzhou high-speed railway also has a section we do. But now the industry is becoming more and more competitive, and we do this product pipe pile down, has been there, basically a perpetual product, sold on the sale, like our major shareholder Zhe Electric, the production of various electrical equipment, after a few years bad can also be replaced. So basically we can only rely on new orders, which went public this January, but there are really no projects.　　Zhe in the construction production department head Li Gang, revealed. This is very different from the original brokerage, Haitong Securities analyst Boshilin said: "This company is just listed when the time to write a report, promoted a bit, but then did not pay attention, half a year performance is not good company said is the reason for the Expo, as for the future, to go to research to know." "And the Century Securities Building Materials Research group, an analyst is blunt:" You want to do concrete pipe pile, this can be how high growth? I haven't seen it for a long time. "The IPO price is set at 19.9 yuan, and zhe construction market 3 days after the break."　　The company's relevant people also said: "It is true that when the IPO, we are concerned about a lot of brokers, but now basically not very people come." August 25, Zhe Construction surrendered the first semi-annual report after the listing: Operating income fell 40%, operating profit fell 64%, net profit halved, operating cash flow of net outflow of more than 33 million, thanThe year-on-year decline of 157%, the various operating indicators of a comprehensive decline. The reason given by the company is that the waters control during the expo. "Our goods are now basically waterway, land more expensive, 5 months of water control on our impact is quite large, after the expo, this situation is expected to be better, but in the end, no one knows."　　"Li Gang, points out. ZHE construction of the first three quarters of the performance of the 18 million-yuan pessimistic forecast, is expected to fall 50% to 60% from the same period last year, and the World Expo will fall on October 31. "But from the industry, it may not be so pessimistic, because the concrete pipe pile volume is relatively large, is generally used for wharf construction, which involves some of the country's major engineering strategic planning, so some of the older well-known companies still have prospects."　　said the analyst. 3.5 billion reclamation when the reporter to the company staff to interview the requirements of the Secretary of the Xu Hualiang, staff said: "Dong-mi just from the Daishan side of the project back, still in and the general manager to discuss things, no time to receive interviews." Leaders often go there, because the traffic is not convenient, can only boat, and now is the typhoon season, stay for a few days do not know, sometimes over there for a few days are not back. "In the May 10 of this year, Zhe construction and Zhejiang province Zhoushan Daishan County Government signed two investment letter of intent: The company is to be in Daishan Qu Mountain area, the north side of the new water nozzle region to build new large pipe pile production base." The total investment of the project is about 1.57 billion yuan, and it is proposed to build a marine logistics relay base in Daishan Hill.　　The total investment of the project is about 1.97 billion yuan, the prophase of the project need for mining mining stone, the stone used for reclamation, the remaining part for export, and then build bulk terminals for imported log roughing and transit. But half a year, ZHE construction account on the money only 570 million, even with other accounts receivable and notes receivable and so on, liquidity only 730 million, this is the use of the IPO after more than 600 million after the capital strength, the middle of nearly 3 billion of the funding gap from where to make up? But also in the case of the stagnation of their main business. "And the company's current performance, additional affirmation is not possible, this money exactly from where to raise, the specific provisions of the contract, cushion funds and so on, the company will not be easily disclosed.　　"The sky is congenial," said an analyst who declined to be named. The reporter inquires the company and the Daishan government to sign the contract the announcement to show, the first project is divided into three periods, each period invests in 400 million 500 million, but the second project's upfront investment is 250 million.　　The company has used the super raise funds to two projects additional investment, currently a total of about 110 million yuan in the two projects early, including some relocation costs and machinery and equipment. However, some people in the industry have suggested that these two projects are related to reclamation, the project is too vast to complete, and also involves environmental pollution and so on. "I can only say that our company did this project is also done a rigorous argument, basically after the listing began to discuss this matter, about the study for more than half a year, the internal, externalProfessionals are inspected. These two projects are an investment we make, the idea of the boss is to do even if you lose money.　　"Li Gang, said. Although the performance fell sharply, but did not block the two-tier market in favor of funds, September 15, Zhe construction Day Rose 7.27%, the turnover also to 123 million yuan to reach the recent highs. "In terms of turnover, the afternoon close when the funds obviously active high, plus the company plate is relatively small, easy to hype." Funds now go in, what is the intention is difficult to see, can be over a period of time to look back, you may know the reasons for the layout.　　Zhe Zhong constructs a small shareholder to say to the reporter.　　Q&a a= Zhe Middle Construction Production department person in charge Q: Zhe construction just listed in the name of high growth, why now production near stagnation?　　A: Our technology is still possible, the production of the 1400mm pipe pile is a domestic patent, and the domestic pipe pile enterprises, listed we are the first, Shanghai-Hangzhou high-speed railway also has a section we do, but now the industry competition is more and more intense.　　Q: Why is the listing of six months of decline in performance? A: Our goods are now basically waterway, land more expensive, and before the cooperation of some of the ships, they for cost consideration, run a variety of business card, but the World Expo tube Strict, we can only employ a variety of licensed vessels, so the cost comes up, weaken the profit is a piece, and the cost of rising we have to move downstream , when bidding on a project, prices are less competitive than rivals.　　This is expected to be better after the expo.　　Q: The company's latest investment in the Daishan two projects expensive, 3.5 billion of funds to raise?　　A: 3.5 billion of the project is the total investment, the funds are phased in, rather than a sudden investment, and government cooperation, the Government will have a certain subsidy, but the specific inconvenience revealed too much.　　1 cents to see how to 5 cents? Days of congenial care the building materials group in its report released January 15 that the company will be able to give 25-29 times P/E in 2010. According to the 2010 EPS0.59 yuan calculation, the reasonable valuation interval is 14.8-17.1 yuan. At present, although said September 17 17.23 yuan share price close to analysts originally expected, but the performance is far lower than expected.　　2009 EPS for 0.5 yuan, and 2010.5 Annual report only received 1 cents a lot of performance, the current up to 80 times times the dynamic PE has been greatly overdrawn future expectations. The re-diagnosis of the Maglev project also "floats" at the end of March this year, after a 2009-year report on the construction of Zhe, the bank's international infrastructure researcher, Li Yu, said that although the company has international advanced technology in the large diameter PHC piles, but also is ahead of other competitors in the same industry, however, due to the shore line, materials, Geographical constraints, the current company's business can only be limited to the Shanghai region, for Guangdong and northern Areas, can not be widely used, which also led to the company's expansion in the market space limited, thereby inhibitingThe company's capacity expansion. In addition, in the future performance growth, if the company can achieve with the Shanghai-Hangzhou Maglev Project cooperation, is tantamount to a significant positive, however, at present all this has not been fixed.