Article by Xiaohe
Following the actual control man allegedly hiding change wave info “computing clouds” or “and” assets into a trap DaoTeng pendulum MiHunZhen “wave” information listed years have been empty “two articles reported later, we see wave info” high-tech “representation real performance rewards.
“Strands of god” buffett said: “we seldom see estimates, but very valued enterprise past track. If a company’s past, and future is unbearable to recall a bright, we will give up the company.”
So, is this a tide information should let investors abandon company?
In the wave of additional information to the refinancing, we check its previous financing return, incredibly: this has been claimed in the server domain break international giant monopoly “high-tech” small companies should always earnings even a loss.
ZhuJianPing ??? reporter, editor QiuJiang
The previous financing return unbearable
Wave info last financing is 2000 IPO. Reporter discovery, then groomed whip round the high-tech project construction of computer and software – technical transformation now had vanished, then looks prospects very wonderful wave in markets on the computer now already disappeared, its brings the income and profits have never reached the prospectus. The promise Even the company maintained today server project, although having been declared in homebred brand for 15 years, but the top selling profitability unbearable to recall, but has struggled in recent years is in the profit and loss, never reached edge of financing forecasts.
April 20, 2000, wave IPO prospectus in information published to raise funds project description as follows: “after deducting FaHangFei, will raise funds. Among them 32647 yuan RMB 48738 investment in computers and software technical renovation programs… project is complete, the additional annual sales income 31.47 billion yuan, profit 9589 million yuan, tax 1.15 million yuan, after-tax static the investment capital can be recovered in (including construction for 6.87 5844.71 million yuan investment. In minicomputer/server and system integration applications technical reforms project. The server products and software and system integration business is the dominant industry company development. This project will make full use of the enterprise existing condition is conducted on the basis of technical transformation, successfully developed wave server cluster system, proxy servers, etc, providing integrated wave server application solutions… this after the completion of the project, expected project in new annual sales income is 28220000yuan between billion yuan, after-tax profits tax 1582 million yuan RMB, er, project investment capital can be recovered in static 4.06 (including construction is).”
According to the forecast, wave when prospectus collected information finish all the cast, after the new project in 12386 profits should have million. But, in the tide information listed so far more than 10 years time, its net profit when 5015 yuan only the highest (2002), the highest total profit only 8487 yuan (2002).
In 2002, wave info in raising money when it announced the project has not completed the transformation, to gradually “jump out PC industry,” the low level of competition in the market tide computer so slowly disappear. Later, its backers investment and borrow all listed application software business shell is also its detachment. Since 2002, wave info although main business increased, but their benefits but year-to-year declines. From 2003 to 2005, tide information respectively, net for 2935 have tumbled 1366 million yuan RMB, 837 million yuan, earnings per share, respectively, .06, 0.14 for .04 respectively, net assets yield 3.38%, 1.52%, animals.
In 2006, because the application software business, stripping the wave info with asset scale business undergone great changes, its business focused mainly on a server industries. But this obviously make wave info situation worse. 2006 annual report showed that, although the company net has risen slightly than in 2005, achieve 861 million yuan, but one of the printing enterprise from equity 20% stake dividend there own 6 million yuan, from subsidies income have 496 yuan, the company operating profit 5.97 million for – actual.
In 2006 in 2007 and similar. Although its net profit have 1087 yuan, but there FeiZhuYe shares from the dividend 443 million yuan, tungkang government subsidy 1218 million yuan. That year, due to the implementation of new accounting standards, will invest earnings from operating profits within outside on the operating profit, make the company the actual operating profit loss reduced to 80 million yuan.
2008 is the wave of the year is good-looking information performance. Four trillion yuan benefit countries due to reasons such as investment, business profits reached 1392 million yuan RMB, the net profit for games. However, careful analysis can be found, including its constitute only a few is brought by the server business. In the games, including net profit of RMB] 94.8 million yuan; government subsidies And in 1392 yuan in profits from the bonus namely da shares tungkang 443 million yuan. In addition, because tungkang shares listed in 2007 in 2008, tide information to sell holdings of 800,000 shares, profit 799 million yuan. If not, the two income from the server, the profits IT devotes only 1.5 million yuan.
2009 is more miserable. Although in the company’s annual report released its net profit for 398 yuan, but one of the dividends from tungkang shares have 421 million yuan, from the government’s subsidies have 974 thousand yuan, and operating profit 492 million for -. Also, the actual situation in the annual report released than even poorer. 2010, shandong securities regulatory bureau of inspect wave info that corporate existence empty to add sales income, etc. After adjustment, its net profit for 2009-318 million yuan.
Until the third quarter of 2010, wave in the profit and loss performance always struggling information between. The company, according to the 2010 three quarterly profits for – 1055 yuan, belong to the shareholders of a listed company net profit for 482 yuan, earnings per share is only .02.
Refinancing performance increase. Before hattush
But all this information in tide again before intended to dramatically change the financing.
On December 8, 2010, the company, while moving office abrupt announcement represents dispose of house property, performance increase. Eight trading in the future, tide information released directional seasoned plans. The tacit understanding degree between a heart contain “.
According to the 2010 annual, wave info that year realization operating profit 3477 million yuan net 1533 yuan,. However, careful analysis of its profit constitute, still can regret that its main profits are still very thin. If the gains from tungkang shares subtract from thousand dollars, and 1101 real estate project built family’s income mingyuan 84 million yuan, the IT industry profits is still negative. And in its net profit, the disposal of the asset gains 736 million yuan and the government subsidies than half of 1910 yuan.
In the first quarter of this year, total profit of tide information for 4006 yuan, but including a plot was acquired in jinan city government and storage 3544 yuan assets disposal gains. Remove this, its operating profit only 248 million yuan.
Nearly five years, wave the earnings per share information, respectively, 0.053 yuan, .04 0.092 yuan, – 0.016 yuan, .16, and net assets yield only 3.44%, any other year highest most in hovering between 1% and 2%. If no government subsidies and tungkang shares listed, dividends, etc, the company nearly five years have three, four years is the loss.
“High-tech” does not equal the profitable
Wave info on June 8, 2000, opening the first listed 22.71 yuan. Listed 10 years, never had equity turn add, just four dividends, which is three times in 2003 before every 10 years ago, the dividend 1 yuan, the last time at the end of 2008 is 0.2 yuan every 10 dividend. If investors in tide information with its opening listed shares, when the cost of holding so far 22.39 yuan/shares for corresponding current share prices, 23.93 yuan, an average annual income is less than 1%, far below the bank the one-year deposit rate.
With independent intellectual property rights high-tech and products company has been in the capital market, because it means best-known lucrative. However, wave info is totally against the rules.
Zhuhai from server to server road 4, again to high-end fault-tolerant server, wave info claims in the server of research and production has been leading domestic and international monopoly, and broken for Chinese firms to reduce a lot of server costs. For instance in April 2010, wave info released the first independent research and design high-end server – 8, and says TS850 tensaw tide realize multinomial technical patents, became the third after IBM, HP’s global large-scaled server system independent design, development and production capacity of the manufacturers. This year’s “guard deparement wave wave of high-end tensaw group, as China’s first fault-tolerant server by ministry of science and technology of high-end fault-tolerant server such display. At the same time, the company said high-end fault tolerant computer technology and market every year the overseas enterprise profit value gone tens of billions. But the company’s performance obviously does not match with the statement that must let a person, this set of its ipo pitches “thickening bright prospect of cloud computing” is under suspicion.
