Growth Of GEM Companies Slowed Down In The First Quarter

The company is nearly doubled.

According to the provisions of the Shenzhen Stock Exchange, the GEM listed companies should disclose the first quarter earnings announcement in April 5th before 2012. As of April 4th, 290 GEM companies released quarterly results. China Securities Journal reporter statistics found that the above GEM companies are expected to total net profit in the first quarter of about 3 billion 868 million yuan to 4 billion 618 million yuan, while the total net profit in the same period last year was 4 billion 288 million yuan, basically flat. Among them, comparable 170 companies expect net profit to decrease by 33.63% to 44.09%.

In the first quarter of this year, GEM companies Expected performance Worse than last year. Statistics show that the total net profit of the 290 companies in the first quarter of this year is expected to drop by 8.34% to 9.43% over the same period. In those 290 companies, excluding the companies that did not disclose the first quarter results in 2010, the remaining 242 comparable companies achieved a total net profit of 3 billion 586 million yuan in the first quarter of last year, a sharp increase of 36.77% compared with the same period last year, and a decrease of 29.56% in the annulus. Of the 290 companies, excluding the companies that did not disclose their annual reports last year, the remaining 170 comparable companies expected a net profit drop of nearly 45% in the first quarter of this year.

There were 11 companies in the first quarter, compared with 6 in the same period last year. Among them, the National Alliance Fisheries (300094) had a deficit of 23 million yuan to 24 million yuan. Last year, the company achieved net profit of 12 million 526 thousand and 700 yuan, down 84.10% compared to the same period last year. Tianlong Optoelectronics (300029), new Daxin (300080), Tong Yuan Petroleum (300164), and Jia Xing Fei Hong (300213) expect to lose more than 10 million yuan. In terms of the expected year-on-year decline in the first quarter performance, the largest decline was in the 320% quarter to 403%, followed by Zhi Yun (300097), down 188.32% to 217.88%. On the whole, the number of companies whose expected performance fell by more than 50% in the first quarter reached 34, compared with 20 in the same period last year.

Some companies expect satisfactory results. Due to the first quarter of last year Net profit The base is low, plus the interest on deposit interest and the tax refund factor of the listed capital raising, Julong shares (300202) expect a profit of 67 million yuan in the first quarter, an increase of 100 times compared with the same period last year. In addition to Julong shares, 16 companies are expected to grow by more than 1 times in the first quarter, most of which are due to lower net profits in the first quarter of last year or increased interest on the market.

Two factors led to decline in performance

Seasonal factors may be the main reason for the decline of the performance of listed companies. Guo Lian fisheries said that the seasonal impact of shrimp culture season, basically in the first quarter of the inventory semi-finished products thaw re processing, coupled with the impact of the shutdown during the Spring Festival, low production and sales, fixed costs and labor costs increased, the first quarter of the year is basically at a loss. It can be proved that the company lost 3 million 359 thousand and 500 yuan in the same period last year.

　　 Industrial factors This is another reason that affects the performance of GEM companies. For the GEM companies based on high-end manufacturing, the first quarter was the traditional off-season. For example, among the 11 companies that made a profit, the machinery and equipment industry accounted for 10. Chi Yun shares said that the amount of contracts awarded in the first quarter was significantly reduced compared with the same period last year. Sales of products were generally recognized by the end acceptance as a time for revenue recognition, resulting in a substantial reduction in the revenue that could be recognized in the first quarter of 2012.

Also feel the "cold" brought about by the recession of the industry, as well as the source equipment (300140). The company believes that sales and gross margins of products have declined year-on-year due to the slowdown in domestic economy and the lack of market demand for power spanmission and distribution equipment manufacturing industry. At the same time, the shearing contract delivery contract with higher gross profit margin decreased, leading to a loss in the first quarter.

According to the insiders, most of the GEM companies have limited resources in the initial stage, and generally focus on single business, single region, single industry link or single customer. They are faced with external shocks such as industry fluctuations, regional market shrinkage, upstream and downstream environmental changes, and so on.

According to statistics, in the 10 GEM companies with the biggest decline in performance in 2010, the reasons for the decline in the performance of the 8 companies were related to the single product, limited market space, regional market shrinkage, and squeezing profit margins on the upper and lower reaches.