[scroll] interpretation of NetEase 532

Fen technology break the reality: Apple gimmick overpacking is see through Shenzhen fen Technology Corp (fen technology 002681) was listed on June 5, despite $ 12.48 per share corresponding to the price of the company's earnings (diluted) 24.47 times times only, but the company on its first day of opening the below issue price, purchase fen technology investors feel confused. Led is the light of the recent market fen da technology"Break" cause? In fact, with the Yellow Sea on June 5 (002680) first 24.53 times times forward earnings, machinery of the Yellow Sea in 44% on its first day of open access gains. Display fen listing of technology break was abandoned by market capital. Correspondent learned in survey interviews, fen's technology at a lower price/earnings ratio still cityAbandoned even further because of excessive packaging in the prospectuses of the company, and the company's true fundamentals is not optimistic. In addition to technical patent advantage greatly exaggerated, fen technology all doubts in financial data also show the company "does not increase to increase profits" has made it difficult to clear the mystery behind. Prospectus is "poofy" "24 timesIssue price-earnings ratio, it should be said that from the release market consistent scenarios, are relatively low, this case also break, losing investors may want to ask yourself if you carefully analyze the company's prospectus. "A Director of private equity investment in Shenzhen, Li told reporters. In fact, since its prospectus disclosure of fen's technology, dubbed by industry is full of"Poofy", meaning company prospectuses are carefully packaged, to give a "high tech" and "high-growth" impression, but it is not the case. This package will first focus on patent technical advantage, and this corresponds to the high-tech enterprise qualification. Fen's technology in the process of offering to have 74 patents as a selling point, and claimed to be "(patented technology) have formed aRoad technical barriers ahead of the competition ". But if investors to carefully analyze their technology patents, and is not difficult to find, the company's only 2 invention patents, and the rest are "design patents" and "utility". Small household electrical appliances in the industry told reporters, "design patents" Although you can call the patent, generally small home businesses oftenAppearance is not designed as a technology leader in answer to design just on the design of "exclusive", not to mention what the "barrier". Fen technology is evident in the prospectus by figures exaggerate the patent technical advantage, such as company "curly hair" products more than 20 kinds of models, is more than more than 20 "design patents". If you look at the companyStarting from the 2008 get "high-tech enterprise" qualification, and is even more "yunliwuli" feeling. 2009 research and development costs, for example, 2009 fen Salon of small household electrical appliances of science and technology research and development for 4.9111 million, Salon of small household electrical appliances operating income ratio of 2.36% 2010 Salon home appliances research and development 8.5673 million,Salon of small household electrical appliances operating income ratio of 2.94%. Due to research and development costs accounted for more than one-half of the ratio of the 3% request, fen of science and technology of high-tech enterprise qualification has been questioned. Some analysts point out that, if high-tech enterprise qualification listed in occurs after a problem, cause-related tax incentives be cancelled, or the recovery of taxes, investors or will face major losses�� Financial data obscures what? Fen financial data technology has shown in all the mystery is that many professionals are "troubled". From the point of view of growth, fen's technology is already in the "not increased profits to increase" embarrassing management situation. And companies in the process of offering has repeatedly stressed that "Apple" is contrary to the concept, the company does not share the "Apple"Profits in the industry chain, looks more like a chain of financial data of the "coolies". Prospectus according to the 2010 fen $ total profit increase over 2009 in technology, at 16.66%, while the company's operating income was 41.61% per cent; 2011 fen technology net profit growth in 2010 only7.811 million Yuan, an increase of 7.82%, a marked slowdown, more terrible is that company growth with revenues of 22.25% in the same period. At first glance, net profit growth of nearly 2 years lower than the revenue growth seems to be not a big problem, but if the cross-term observation is found, $ 467 million in operating income from 2009 to 2011$ 809 million in the year almost doubled, and deduction of net profit after nonrecurring only increased from $ per cent in 2009 to $ per cent in 2011, an increase of only more than 20%. More understanding of the image of is, fen's technology in the space of 2 years time, volume almost doubled, but is only slightly increased to earn profits, companies in theIndustry chain on the role of closer to "hard labour", rather than described in prospectuses "advantages of competitiveness". Fen's explanation of this technology is rather reluctantly, to "rise in raw material prices, rising labor costs, the dollar declined" vague references, such as a pen. There are people close to fen's technology told reporters, to understand fen technology real financialSituation is not easy, but can be combined with the company's listing process condition, cash flows and changes in the company's accounts receivable a brief peek at one or two. Fen technology at the end of 2009 to $ 60.5 million of accounts receivable www.powerleveling.us/diablo-3|diablo 3 power leveling, at the end of 2010 to $ 107 million, to the end of 2011 to $ 153 million, compared to the period of their growth in terms of any one, beyond the period of businessIncome growth. To link these changes in financial indicators per cent understanding, it is worth pondering: fen technology on the one hand a lot, fast formation of receivables, compared with growth of operating income also got more obvious (even though growth rates lower than growth in accounts receivable), but ultimately to achieve net profit of the "very poor". Changes in cash flow was discovered fenTechnology "growth" lies, the company in 2009, net cash flow from operating activities amounted to $ 97.06 million by 2011, only the net cash flow from operating activities $ 29.84 million. 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