As the largest slaughtering and processing enterprises in Sichuan Province, high-Gold Food Company (NYSE: 002,143) has been to rely on government subsidies play in the bright performance. High King Food 2009 operating income 7,550,000 yuan, is 11.5 times operating profit, while 80.7% of the company operating income from government subsidies.
from high gold food market has suddenly transferred to the main business downturn, performance continues to decline will go hand in hand. 2007 (listed year), the company achieved net profit of 45.52 million yuan; 2008, the direct performance of the company fell to 6.46 million yuan; 2009, the government subsidies, the company is only a net profit of 7.55 million yuan; and 1 year to June, high loss of 23.57 million yuan gold food results, down 478%. But for government subsidies each year in the fourth quarter arrival, high gold food dismal earnings reports have put the green hat I'm afraid.
Do panic! The main force is still diving? Stuck with the stock is likely to have saved! March the stock market changes are likely to occur? Tug of war hidden behind the movement of funds!
What causes high gold food 2007 since the downturn in market?
According to the author for high long-term follow-up study of gold food, gold food market which is high in the strategic direction for three years,
IPO raised investment project invest in projects directly related to change. Among them, the company .
addition, the ; and plan completed by the end of 2007, the late due to various factors, the construction completion date postponed twice, and finally the company decided to invest in change projects.
also invested 56 million of the frozen meat cold chain logistics and distribution system projects and investments 13.5 million in Luzhou City, canned meat, high processed food company Golden transformation, are expected to be 1 year investment, but the company listed in the stranded changed after that, so that the expected net profit of 14 million became impossible.
under such a situation of high gold food, but fell to the lowest in the pork price had to sell stock in order to restore a loss.
2009, the High King of food in the country plans to start purchasing and storage of frozen pork to buy thousands of tons of high prices of pork, Youyi before the Spring Festival this year put back into the market at below market prices. Deputy General Manager Hu Renbin high gold foods said earlier, which resulted in high gold food double negative impact.
However, as the traditional populous province of Sichuan pig, in recent years a large number of young rural migrant labor force reduced the surplus rural labor, resulting in reduced active pig, pigs in Sichuan have lost the traditional bulk the advantages of raising mode, the province scale breeding patterns is difficult to achieve the desired results within the short term, the purchase price of live pigs and pig resources losing its competitive edge, sales of frozen meat uncompetitive.
high gold food since 2008 to adjust the development strategy, the original sale of the meat-based business model and gradually adjusted to a meat-based sales,
high gold food business model is the last major production and sales of frozen meat, frozen meat in the turnover cycle is generally 20-30 days, the business model led to profit greatly by fluctuations in pork prices. Now it seems the situation in the pork price rose again, the excess inventories of frozen pork may bring short-term high-performance gold food growth, but that does not change the main food of high payments decline over the years.
investment behavior, such as 135 million investment in Chengdu Bank, the acquisition of the lake's 100% stake in Beijing Beijing, Lanzhou, meat processing 51% controlling interest, but the real eye-popping is involved in the real estate industry.
two high gold food subsidiary - the original Guangyuan high gold food to 24.5 million yuan assets of the old plant to a subsidiary of high-gold property transfer involving 32,844 square meters of land use rights and housing ownership of 27,905 square meters. The project was named as
high gold food items involved in real estate is the second cooperation with the Government of Yibin City Cuiping, College Road area of the district level in 1972 acres of land consolidation and development, total project investment of about 851 million budget , has invested 172 million.
practice, however, foods with high real estate business since gold since 2007 there has been no substantial development. 2010 Daily News revealed that high gold real estate development and investment in the development of land consolidation project cost 16.83 million yuan, reports the amount of money in the end than the beginning of the amount of capital increase of 25.51%, mainly through the increase in liquidity caused by short-term borrowings. In other words, high real estate Gold food business has been maintained by borrowing, but also pledged to explore the hands of major shareholders took turns to share the reason why. No wonder some investors that invest in real estate high gold food is suicidal.
lose faith in shareholder, executives have holdings
high gold food shareholders and executives of the restricted shares was lifted on July 20 this year, the company announced that the total number of shares sold to lift the limit of 119 million shares, representing the total number of restricted shares 100%, accounting for 74.25% of the total shares, the actual number of shares can be traded for the 2,979.30 million shares.
11 earlier this month to a record high gold price of food high in the recent rebound, the company Chairman and Vice Chairman Jin Xiangyu Damien to both the high hand, large sell-off until July 20 this year, lifted the shares . They were on November 5 and November 10 to sell 500 million shares each, a total of a billion in cash pocket.
is worth noting that when the family in two large cash the same time, high gold food is also selling the other two executives, one is the director and deputy general manager of Tang Jiang, who in November early reduction of high gold food is divided into three 65-million, cash of about 7.78 million yuan; the other was the supervisor of the Company Chen Lin, at the November 5 holdings 150 million shares, 16.53 million yuan cash.
and the two executives and the company is, the Vice Chairman has relatives. Department of Jin Xiangyu Jiang Tang's brother, Damien's sister-in-high-Chen Lin Department.
This also means that, in four days in early November, the high total of four executives of gold selling food, selling a total of 1215 shares, 137 million total cash.
No comments:
Post a Comment