The Gem Deviates From The Truth: High Growth Bubble Burst.

April 25th,

Last weekend, we announced a quarterly report.

Affected by this, including Lehman broadcasting and television (600162.SZ) and Anju Bao, including 6 GEM stocks.

On the 25 day, on behalf of 200 or so, the gem composite index closed at 961 points, which was only one step away from the low point 951 that reached 25 on January this year. The Shanghai Composite Index fell 1.51% after that day, closing at 2964 points, 303 points higher than the January 25th low 2661 points, up 11.39%; and the 7025 points of the SME board index rose more than that of January 25th.

Insiders told reporters that there are two reasons why the growth enterprise board index is lagging behind. First, the high issuing price of GEM companies leads to the high base of the gem composite index; two, as the annual reports and quarterly reports continue to be released, especially the latter profits fall year by year and the performance is lower than the market expectations, many investors choose to vote with their feet.

"Performance landmines" frequently detonated

On the 25 day, a 3 month old Anju Bao announced a quarterly report. The company engaged in building intercom system only recorded a net profit of 3 million 52 thousand and 100 yuan in 1-3 this year, a sharp drop of 77.2% compared to the same period last year.

In fact, the stock market fell below the 49 yuan issue price on the first day of listing.

The 2010 annual report, released in March 29th, disclosed that the allocation plan was 8 yuan for the 10 increase of 15 shares.

Although the share price once rushed to 50.87 yuan, the sharp decline in the quarter's share price broke its share price again, with its stock price closed at 40.82 yuan in April 25th.

On the same day, the GEM companies which also reported on the down limit include Lehman optoelectronics, Jianxin stock (300107.SZ), 300129.SZ, 300050.SZ and 300119.SZ.

Among them, the first three companies in the first quarter net profit fell 38.23%, 11.41% and 34.01%, respectively. Rip biology and century Dingli were first and second trading days after 10 increased 10 shares.

In fact, on the 25 day, a quarterly gem company was released, many of which declined in the 1-3 months of this year.

Among them, Ketai power, a communications product, dropped by 76.89%, while the Great Wall group (300089.SZ) and tengbang international fell 26.81% and 24.67% respectively. The three companies and the new open source (300109.SZ), which shrank 10.96% of net profit in the first quarter, were all broken and hit a new low.

Some GEM companies even appeared in the 2010 annual report and the quarterly decline in 2011.

300063.SZ, known as the largest water-based ink manufacturer in China, landed on the gem last March 26th. In less than two months, the stock price fell below 28.8 yuan.

In March 29th this year, Tianlong Group reported that its net profit in 2010 was 25 million 717 thousand yuan, down 29.45% compared to the same period last year. It became a rare stock and non convertible stock in GEM companies, which immediately dropped 7.49%.

In April 18th, Tianlong Group forecast net profit fell 1-3 71.85%-65.91% in the same period this year.

The stock price has fallen again. From the date of the annual report, the stock price has fallen by 17.88%, and it has reached a new low of 21.45 yuan since its listing.

In fact, the decline in the share price of this gem is not limited to the decline in performance.

Last year, net profit growth of 76.54% and 300146.SZ of net profit growth of 25.32% in the first quarter of this year were also sold.

The company, which has been engaged in health care products business, has proudly issued the first price of GEM companies at 110 yuan, but it broke down in April 19th.

At the end of April last year, the national technology (300077.SZ) dropped from 183.77 yuan to 93.15 yuan, less than a year ago.

Two factors behind

From the end of last December to the end of January this year, the gem composite index was synchronized with the main board and the small and medium board index.

Insiders pointed out that the decline is largely due to the overall decline of Shanghai and Shenzhen stock markets.

But data show that in the 3 months from January 25th this year, the Shanghai Composite Index and Shenzhen index rose by 11.39 and 9.94% respectively. The SME board index rose by about 10.4%, while the gem composite index fell to a low point.

The above insiders believe that the abnormal performance of the gem is obviously caused by other factors.

Why does the gem index deviate from the A share market trend?

According to the reporter's survey, it is the two important factor that the issue price of gem is too high and the performance growth is expected to be lower than expected in the near future.

According to the data provided by CAE, the average price earnings ratio of GEM has been about 68.28 times since the launch of the gem in 2009.

The average price earnings ratio of the 42 GEM companies released in 2009 was about 61.16 times that of 2010, and the average price earnings ratio of the more than 110 start-ups rose to about 70 times in 2010.

GEM board deviates from the truth

In January this year, the gem price earnings ratio bubble was blown to the maximum. The average price earnings ratio of the 21 companies in that month was 82.78 times.

Among them, the new research shares (300159).

SZ) was 150 times; Lehman broadcasting and television was 131 times, which fell 38.23% in the first quarter and ended on April 25th.

In this context, the high price earnings ratio of the gem promotes the abnormal issuance price of the GEM companies, even though the two tier market is not as good as 2009 crazy, but the share price of the second board is still "high above the horizon", which has pushed the base of the gem composite index to a certain extent.

Fortunately, since February this year, the earnings growth rate of GEM has gradually declined.

Data show that the average price earnings ratio of February and March was 64.6 times and 63.62 times that of the 12 GEM companies in April. The average price earnings ratio of the 12 GEM companies fell to 60 times below 58.64 times.

Among them, Sen yuan shares (300210.SZ) is 46.81 times, and Heng Shun Electric (300208.SZ) is 46.64 times.

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On the other hand, a quarterly report of GEM companies released in April showed that more than 10 companies had a quarterly net profit decline, of which three or four net profit growth was less than 30% year-on-year.

This performance is obviously lower than market expectations.

Triggered by frequent landmines, gem has become the market capital to avoid the plate. Even after many listed 10 high 10 share allocation plans, stock prices are still falling all the way.

At the beginning of the listing, the national technology favored by the organization, although in March 15th launched a 10 increase of 10 shares to send 5 shares to send 5 yuan of good distribution plan, but its stock price fell from 127.39 yuan to 93.15 yuan, a decrease of 26.88%, 92.98 yuan historical low from its issuing price by 87.5 yuan.

In addition, 300087.SZ, which fell 19.59% in the first quarter, hit a 81 yuan high in early December and was sold off this year.

Reporter comparative report found that as of the end of December last year, the top ten shareholders of the top 9 shareholders of the company were Huabao Xingye income growth fund and other 9 institutions, which collectively possessed about 5 million 300 thousand shares of the current stock market. Up to the end of March this year, 9 Institutions in the top ten shareholders had raised only 2 million shares.