Jinyi Industrial Main Landslides &Nbsp; 21 Million Buyers Questioned

Last year, Jinyi Industrial (601002, closing price of 6.16 yuan), which is still at a loss, is now rich. The company announced today (May 19th) that it will spend 21 million yuan on 73 sets of commercial housing.

Although the company said that the purchase of commercial housing is for employees to benefit, there are still people in the industry questioned whether the company is a real estate or engage in disguised equity incentive? It is somewhat surprising that such a "bleeding" has occurred in the face of a major slide in the main business.

Yesterday, the board of directors of Jinyi industrial and Commercial Council passed the relevant bill to purchase commercial housing. It agreed that the company purchased two sets of commodity real estate with its own funds in the group of two batches. The construction area is about 7220 square meters, and the total price of the purchase price is not more than 21 million yuan (excluding maintenance fund, property tax and other certification fees). The company said that the real estate purchased by the group will be mainly used for the accommodation of some advanced technology and management personnel who have joined or are about to introduce the company in recent years, so as to enable them to feel secure in the company and play a better role in the long-term development and sustainable development of the company.

"Is it a real estate acquisition or a disguised equity incentive?" A senior market person told the "daily economic news" that the 73 housing units only have nearly 100 square meters of building area. If the pool is added, the property area will be considerable. It is difficult to judge whether the company can disclose the allocation method of the real estate and the list of employees assigned to it.

The market participants also believe that the fastener industry of the company is now in the era of small profits and losses after maintaining its rapid growth in the past 10 years. Last year, the company's business situation also suffered heavy losses over the years. Its performance is still in a state of loss. In the case of declining performance of the main business, the company made some surprise. If the company launched equity incentive in the doldrums of performance, the management of the company will have another one for investors.
　　
Statistics show that in 2009, Jinyi industry achieved sales revenue of 1 billion 708 million yuan, only 78.78% of its annual target. The net profit attributable to the parent company was -155.11 million yuan. During the reporting period, the financial crisis and the European Union and Canada imposed heavy anti-dumping duties on fasteners from China. The export business of the company dropped by 50%, and there was a loss. At the same time, the domestic market price competition was fierce due to the export of domestic enterprises to the domestic market, and the general fastener business was basically at a loss even if there was an order. The operating rate was once less than 50%, and the general fastener business became the root of the company's loss last year. High speed rail (high-speed rail civil aviation competition) fasteners have not yet entered the peak delivery period, due to technological development investment, agency fees and bank loans, so that the company's expenses increased significantly. Last year, the company can be described as an internal and external problem.

Analysts further pointed out that although the company's first quarter performance has recovered, but in 2010 still faces many difficulties, the impact of international trade protectionism that the company will face will continue. The sharp rise in iron ore prices will inevitably force the adjustment of steel prices, thereby reducing the profit margins of the company's products. It is expected that in the long run, the company will enter a period of meager profits. Therefore, when there is no sign of obvious improvement in performance, it is out of season for managers to make a big purchase.

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