Gem'S Performance Is "Nike Curve" Is Normal.

"The decline of gem performance is the biggest culprit of collective growth and decline of gem." Market participants say so. According to the 2011 performance forecast issued by GEM listed companies, although 2/3 of the annual reports showed a pre growth, compared with the first two years of the gem, the figure showed a 3 - 2: 1 ladder decline. The cheers of "China NASDAQ" are still in the ear. achievement Has the situation of failure been completely defeated?

Data show that in the 10 GEM companies with the biggest performance decline in 2010, the reasons for the decline in the performance of the 8 companies are related to the single product, limited market space, regional market shrinkage, and the profit margins of the upstream and downstream sectors. Why is it still rare for GEM companies to show signs of "explosive growth"? The Shenzhen Stock Exchange has said that this requires a lot of input and the necessary conversion time, "at least three to five years". Such as the early Apple Corp after the last century scenery has also fallen into a huge loss, and then through continuous innovation, has achieved the current high speed growth.

according to Medium and small plates A survey data of listed companies shows that the "Nike curve" feature is common in SMEs' post market performance growth, that is, the performance growth slowed down or even declined one year after the listing, and the subsequent 3~5 years resumed the trend of rapid growth. This phenomenon is mainly based on two reasons: first, before the listing of small and medium-sized companies, they tend to be single business, less personnel, and low management costs; after the listing, the investment has increased and the scale has expanded rapidly. Companies often experience inadequate management or fail to keep up with the management level. The cost is rising rapidly, and their performance has gradually declined. Two, some companies have invested too much in the early stage of investment projects, and some of them need to be included in the current period. Subsequently, by strengthening management or effective implementation of investment projects, negative effects were gradually eliminated and performance returned to the track of sustained growth. "Small and medium-sized enterprises, some GEM companies after the listing of short-term performance growth slowed down or decline is also consistent with the growth of SMEs listed before and after the" Nike curve "characteristics. Therefore, the market should face up to the phenomenon of performance fluctuation of GEM companies and give more tolerance and more time.

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. The above GEM companies are expected for the first quarter. Net profit The total amount was about 3 billion 868 million yuan to 4 billion 618 million yuan, while the net profit in the same period last year was 4 billion 288 million yuan, basically unchanged. Among them, comparable 170 companies expect net profit to decrease by 33.63% to 44.09%.

The 290 companies expect net profit in the first quarter to be between 3 billion 868 million yuan and 4 billion 618 million yuan, compared with 4 billion 288 million yuan in the same period last year. Of these, 170 comparable companies expect net profit to drop by nearly 45%. According to the insiders, under the environment of economic slowdown, the smaller GEM companies are facing growth challenges.