Ocean King Lighting's performance growth rate "chilling" What is the shareholder's dividend?

The Securities and Futures Commission disclosed the initial prospectus (declaration draft) of Ocean King Lighting Technology Co., Ltd. (hereinafter referred to as "Ocean King Lighting") in early June.

It is reported that Ocean King Lighting wants to issue 50 million shares, and the total share capital after the issuance is 400 million shares. Ocean King Lighting's main business is specialized in the development, production, sales and service of special environmental lighting equipment. Through careful browsing of the prospectus, the IPO research team found that the performance of Ocean King Lighting has shown signs of slowing down. At the same time, the major shareholders passed the dividends on the eve of the listing and only paid attention to Dajin, which made it difficult to be optimistic about its listing prospects.

The growth rate of performance has been exhausted
Although Ocean King Lighting's operating income has exceeded one billion yuan, it is a "big company" that is rare among small and medium-sized board companies. However, as the company's performance growth has been exhausted, it will inevitably cause people to worry about their future development prospects.

According to the data of the prospectus, in 2009, 2010 and 2011, Ocean King Lighting's operating income reached 96,826,500 yuan, 1,18,638,600 yuan and 1,32,273,200 yuan, with a compound annual growth rate of 16.88%. Such sales growth is actually unspeakable.

However, the growth rate of net profit seems to be "not able to take out." Looking at the data in the “Consolidated Income Statement” in the financial statements in the prospectus, the net profit in 2009, 2010 and 2011 was RMB1,116.5 million, RMB18,791,100 and RMB18,989,500 respectively. On the surface, the compound annual growth rate has reached 25.74% in the past three years, but in 2011, the growth rate was only 1.06%, which was negligible.

The performance growth rate is weak, which is not a good phenomenon for the listed companies. It is understood that according to the statistics of the financial report of some small and medium-sized listed companies, the net profit attributable to shareholders of the parent company in the medium and small board this year has increased by 19.53%. Compared with the hatchback, the increase in net profit of Ocean King Lighting is very "chilling." Some analysts pointed out that for companies with a slowdown in performance growth, it is impossible to change their face immediately after listing. So for investors in the secondary market, it is certainly not good news.

What is the intention of dividends?
Is it the priority to consider the development of the company and use the funds for investment, or is it to put money into your own pockets? Rational shareholders will choose the former, while the major shareholder of Ocean King Lighting chooses the latter.

According to the prospectus data, from 2009 to 2011, Ocean King Lighting's cash dividends were 60 million yuan, 110 million yuan and 60 million yuan respectively, accounting for 55.57%, 64.87% and 34.38 of the distributable profits realized in the year. %.

Is it really money that has nowhere to spend and must pay dividends? This is not the case. According to the prospectus, the customers of Ocean King Lighting are mainly large and medium-sized state-owned enterprises, government agencies, institutions, etc. These customers generally have budgets at the beginning of the year and final accounts at the end of the year. Therefore, the operating income of Ocean King Lighting is more reflected in the second half of the year, which led to the company. The operating income of the past years has been characterized by low before and after high. In the respective years from 2009 to 2011, the operating income realized by Ocean King Lighting in the first half of the year accounted for 37.92%, 39.07% and 41.23% of the operating income of the year. The seasonal fluctuations in operating results have resulted in an imbalance in the operating cash flow of Ocean King Lighting during the year. Objectively, Ocean King Lighting needs to maintain a high cash stock, which will have a certain impact on Ocean King Lighting Investment and Financing Activities. In other words, Ocean King Lighting's operating income is unstable, and it is highly likely that it will face the risk of insufficient cash flow. From this point of view, Ocean King Lighting actually needs to reserve some cash to cope with this situation.

However, the practice of the major shareholder of Ocean King Lighting is far from the same. It is understood that the actual controllers of the company are Zhou Mingjie and Xu Su, and the two former holders hold a total of 83.62% of the company's shares, which is in an absolute controlling position. Therefore, in the past three years, 230 million yuan of dividends, 192 million yuan broke into the pockets of the Zhou couple.

In fact, this is an exclusive act of exclusive interest.

Dong Jiangao abnormal changes
In recent years, Ocean King Lighting's directors, supervisors and senior management have changed frequently, which may affect its final listing.

On October 10, 2008, Ocean King Lighting held the founding meeting and elected the first board members: Zhou Mingjie, Chen Zhong, Li Caifen, Huang Xiuqian, Liu Jizhen, Liu Bicheng, Chen Shaofeng, Zhang Xin, Ma Shaoyong, Liu Shanshan Wang Jinxi, Chen Yansheng, Fan Shiqing, Hu Yuancheng and Wang Yong, among whom Wang Jinxi, Chen Yansheng, Fan Shiqing, Hu Yuancheng and Wang Yong are independent directors. On the same day, the first meeting of the first board of directors of the company elected Zhou Mingjie as the chairman of the company.

Four members of the first board of directors resigned during the reporting period. In June 2009, Chen Zhong resigned as a director of the company; in June 2010, Zhang Xin resigned as a director of the company; in January and May of 2011, Liu Bicheng and Liu Xinhua resigned as directors of the company.

The members of the Ocean King Lighting Supervisory Board also changed. Among the members of the first board of supervisors, Liu Xinhua resigned as a supervisor in April 2009 before resigning as a director. Chen Yan resigned in June 2010 because he entered the board of directors. Supervisor position. Luo Wenyi, who served as a supervisor with employee representative qualifications, also resigned as a staff representative supervisor in July 2010.

In addition, senior management has also changed. According to the prospectus, in April 2009 and January 2010, Ocean King Lighting hired Liu Xinhua and Zhang Xin as deputy general managers of the company. However, the two men did not have a long time in office. In January 2010, Zhang Xin took the lead in resigning as general manager. In May 2011, Liu Xinhua also resigned as deputy general manager. For the resignation of the two executives, the prospectus did not know whether it was intentional or unintentional, and even the reasons were not explained.

Compared with the members of the first board of directors, among the new members, there are five people, including Chen Zhong, Liu Bicheng, Zhang Xin, Liu Xinhua and Luo Wenyi. Such changes have not constituted a major change in the "Dong Jiangao." But it is undeniable that it has changed abnormally. For this kind of situation, the audit committee is very cautious. For example, at the end of last year, Huazhi’s alcoholic bank’s IPO was planted on it.

Three Burner with Built in Hob

3 Burner Gas Cooktop,3 Burner Gas Stove,Automatic Gas Stove 3 Burner,70Cm Gas Cooker Hob

Xunda Science & Technology Group Co.ltd , https://www.xundatec.com