The fire not only caused Li Peng shares to suffer heavy losses, but also made the capital in the circulation market flee. Recently, Li Peng shares that were suspended for several days issued an accident announcement. The company's production workshop caused a major fire due to equipment failure and caused economic losses of more than RMB 35 million. Unfortunately, this fire also "fluids" to the circulation market. Yesterday, affected by bad news, the stock price crashed and all the funds heard and fled. For the stock market, the reporter interviewed analysts who participated in the company's research report by telephone. He believes that the valuation is too high is Li Peng's flaw, the company's cap production industry "imagined space" is still limited .
Funds fled
Affected by this bad news, yesterday morning, the capital staged a major escape and the company's stock price sealed the daily limit early. The daily limit board was not opened until five minutes before the close. It eventually closed at a close of 7%, at 15.18 yuan.
In fact, the stock price of the company has also been falling. After rough statistics from the reporter, as of yesterday's close, since mid-April, the stock has fallen by nearly 29%. Before the ex-rights, Li Peng shares have not fallen below the issue price of 23.8 yuan, but once in July last year, once approached this section.
The reporter reviewed the changes in the shareholders of Li Peng since it was listed and discovered that there are few large institutions in the circulation market of the company. According to statistics, Li Peng shares were listed in March last year, but from the second quarter of last year to the end of last year, in the three quarters of the year, almost all of the company’s top ten shareholders of circulation were natural persons. There are not many well-known organizations inside. . Until the first quarter of this year, only one or two small investment institutions established positions in the company's circulation market.
Book loss 35 million
According to the Li Peng shares on the evening of the 19th announcement, the company's aluminum plastic factory production workshop at about 11 o'clock on June 12, 2011 due to equipment failure short-circuit fire, causing fire. After the fire fighting and related departments of Fuping District, Yantai City, Shandong Province, made full efforts to save fire. At 3 pm, the open flame was extinguished and the accident did not cause any casualties.
The reporter interviewed the securities representative of Li Peng shares anonymously. The name said that the fire was caused by a short circuit. “There have been no similar incidents before. This is the first time. This time, the accident workshop will be resumed within 15 days. The rest of the company’s six or seven workshops are operating normally.â€
According to the announcement, the time of the fire was on June 12. However, it was not until the evening of June 19 that the company issued an accident announcement, which was almost a week away. "This is due to the exchange, I hope the company can confirm the loss of the situation and the specific value before the release of information. So the company liquidated the loss of the accident before releasing the relevant information." This name on behalf of the explanation.
When a reporter asked whether the accident would affect the company’s upcoming semi-annual report or the company's short-term performance, the representative said that the negative influence was inevitable. “About compensation, Li Peng The shares are also actively communicating with insurance companies and giving investors an answer as soon as possible.â€
In addition, the company also said that the fire is expected to book losses of about 35 million yuan, of which about 27 million yuan in fixed assets loss, accounting for the last period of 11.66% of net fixed assets, inventory loss of 8 million, accounting for the latest issue 6.21% of the total inventory, the 2010 net profit attributable to the shareholders of listed companies was 3109.27 million.
Analyst: Excessive valuation, limited imagination
With regard to issues related to the trend of the market outlook, the reporter interviewed Tianxiang Investment as an investor and participated in an analyst who wrote the Li Peng stock research report.
The analyst said that the company's cap production industry is affected by the downstream of the industry chain. “For example, most of the bottle caps produced by the company are for food producers such as liquor. The slow growth of such food companies and the low demand of downstream industries have imposed constraints on bottle cap manufacturers.â€
"From the current fundamental point of view, the company's valuation has been considered high." The analyst believes that Li Peng shares is already close to 30 times the dynamic price-earnings ratio, and on the small plate industry in the same container packaging, caps For a listed company that produces, this price-earnings ratio is relatively high. “Comparing the dynamic P/E ratio of Zijiang Enterprise with more than 10 times, the valuation of Li Peng shares is obviously high. Actually, in view of the current industry where the company is located, the imagination space and 'storyline' are not very strong, and there are not many concepts that can be hyped. ."
“There is only one production base like a company, covering the country’s business model, and it is a single-point growth model.†The analyst said that the added value of the industry’s products is not high, and there is no excessive pricing power for the products. The company's gross profit is not an easy task.
The reporter reviewed the company's financial reports in recent years and found that since the listing, the company’s performance growth has gradually stabilized. According to statistics, in 2009 and last year, the company achieved a net profit of RMB 29,725,500 and RMB 30,192,700 respectively, an increase of 1.57%. In the first quarter of this year, it only achieved a net profit of 903.08, an increase of less than 1.9%.
"We give a 'neutral' rating in the research report. In fact, brokers generally do not give too low a rating, and 'neutral' is already equivalent to a bearish level." The analyst finally said.
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