Lehman listed less than April earnings plummeted out of the quagmire of profitability?

It is understood, Lehman photoelectric listed since January 13th, Lehman photoelectric shares has been low-spirited, published last month in 2011 1 quarterly show, the company profit fell nearly 40%. The impact of the first factor, in April 25th, the rapid decline in the price of Lehman photoelectric. Listed at the beginning of the 48 yuan share price fell to $27.02 in April 28, 2011, which is only listed on the market for just over four months brought about not only the pain of Lehman photoelectric, but also to face the biggest pressure since Lehman listed.

Listed less than April earnings drop

Lehman photoelectric announced in April 23, 2011 2011 1 quarterly, during the reporting period the company achieved operating income of 40 million 780 thousand yuan, an increase of 10.5%, the chain fell 34.6%; a total profit of 6 million 80 thousand yuan, down 35.8%%, fell 35.1%; attributable to shareholders of listed companies net profit of 5 million 270 thousand yuan, down 35.2%, a decline of 34.5%, earnings per share of 0.08 yuan.

According to Lehman, said the company's first quarter issue of the listing, the issue of the relevant expenses increased the cost of the period, one of the reasons for the impact of net profit. Market participants pointed out that the increasingly fierce competition in the LED industry, product price changes will also have a certain impact on the performance of listed companies.

April 25th, Lehman photoelectric shares opened sharply lower, that fast limit, to close at 31.23 yuan. Decline in performance, the stock price fell as one of the incentives. In fact, since January 13th this year, the company's stock market, the cumulative decline of 26%.

It is understood that since listing in January 13, 2011, Lehman's share price has been depressed. The first quarter of 2011, net profit loss of 38.23%, but also to share prices all the way down. Compared to the beginning of the listing price of 48 yuan, as of April 28, 2011 has fallen to $27.02.

A month before the evening of March 29th, Lehman officially announced the 2010 annual report. The report shows that the operating performance of the year 2010 the company has maintained a rapid growth, the main business income of 206 million 102 thousand and 600 yuan (about $206 million), representing an increase of 102.77%; realize the main business profit of 42 million 895 thousand yuan, a year-on-year increase of 88.88%; net profit of 38 million 967 thousand and 800 yuan, representing an increase of 81.94% over the previous year's 21 million 417 thousand and 900 yuan.

The general decline in product gross margin

The report shows that the year 2010 the company's main product gross margin in addition to in-line LED devices, gross margin increased year-on-year, the remaining three business gross margin declined, the patch type LED device is gross margin fell nearly 10 percentage points over last year. It is understood that the current Lehman photoelectric lighting products revenue accounted for only 0.9% of the main revenue.

Increases in liabilities and cash flow fell

As of the end of 2010, the company's total liabilities of about 117 million yuan, accounting for 53% of total assets, total liabilities increased by more than last year, 266.38%. Net cash flow from operating activities was 21 million 262 thousand and 700 yuan, down from last year's $24.14%. Net cash flow generated from operating activities per share for two consecutive years of decline.

At the same time, the report shows that in 2010 the company accounts receivable was $36 million 257 thousand and 900, an increase of 122.45% over last year, plus other receivables of $5 million 870 thousand, a total of about $42 million 127 thousand and 900 receivables, accounting for 20% of total revenue.

Whether a company has sufficient cash inflows is critical, not only related to its ability to pay dividends, repay debt, but also related to the company's future survival and development. From the previous company's prospectus disclosed in the financial risk of a column, referred to a number of risks, including the risk of bad debt accounts receivable and inventory decline or unsalable risk.

2010, the company accounts receivable growth faster than the growth rate of revenue over the same period. Too much of the accounts receivable is not conducive to the improvement of operating efficiency, but also may result in bad debts and the company suffered losses. At the same time, if the company can not strengthen the management of production planning and inventory management, timely digestion of inventory, the future may be a decline in inventory and inventory pressure, thus the company has a negative impact on production and operation.

Inventory increase of 178.37% over the same period last year

2010 annual inventory amounted to $58 million 377 thousand and 200, accounting for 28.32% of annual revenue, representing an increase of 160.86% over the same period last year. Inventory of finished goods amounted to 38 million 866 thousand and 200 yuan, accounting for the total inventory of 66.58%, representing an increase of 170.82% over the same period last year.

Source: 2010 Annual Report