129833943185156250_358Torch Technology big IPO question Pong risk inventories accounts receivable rose
Similarly to many second board companies
Diablo 3 power leveling, torch technology customer income percentage is too high.
Not only that, in order to meet the needs of customers, company inventories and accounts receivable improve year by year, the performance increase in uncertainty after the expiration. Largest customer accounted for more than half of him hanging on by a thread according to torch technology export prospectus, company products service at national grid, the South-Network and the provincial network companies such as power and non-power users, it is closely related to business development and network investment, development planning. List, according to the annual income of the customers of its disclosure, five customers revenue accounts for more than 2009-2011 years ago, 51.91% and 48.36%, respectively, relatively high customer concentration, dependentObvious.
If the above major customer business model changes, or to other related products, will lead to a decline in demand for products, to the negative impact on operating results of torch technology. In addition to domestic business, export sales businesses torch technology, but this business with large customers rely on much more serious. In 2011, companies selling products in overseas marketsTotal sales amount 80.8643 million Yuan, 7,619.980,000 worth of products exported to the Czech Republic, and end customers to the ZPA Czech company.
In other words, the torch technology overseas sales by the ZPA Czech company 94.23% digestion. Worthy of note is that torch technology over the income's largest customers: Zhejiang, China international economic and technological cooperation limited responsibilitySales of products of the company, Zhejiang 100% international similar product purchases. In 2009, Zhejiang International has always been the company's biggest customer, sales amount ratio of operating income, 24.39%, 14.17%, respectively. If we put this part of the product export income count as income,The 2011 year will account for company's export revenues to total 30.7%.
Huge export income ratio, will face international economic deterioration, the Renminbi exchange rate risks, but torch technology has not been in the prospectus for this tip. Both stocks should be the boom, far beyond industry companies and customers rely on accompanying with, is the torch to ChinaScience and technology over the rise in levels of inventory and receivables. 2009-2011, the company reported the end of the period of total net inventory and accounts receivable NET, 45.7% and 53.14% per cent of total assets in the same period.
Worthy of note is, in stock, net of inventory and a sharp increase in the percentage. Prospectus argues
TERA CD-key,Because of budget management of power industry, the impact of purchase and payment settlement, loans with longer recovery cycle
SWTOR CD-key, some will go over the year, resulting in a company's accounts receivable balances were higher. In addition, with the grid on performance appraisal strengthen, companies must respond faster delivery in a timely manner, and some of the raw materials purchase cycle is longer, can only reserve some amount larger in under market conditions,Long raw materials supply cycle. But than its industry companies disclose in the prospectus, this poses no reasonable doubt. Its smart meter revealed by the successful bidder, Ningbo Jiangsu linyang Samsung electric, electronic and torch technology belong to the forefront of the bid amount. But on the and accounts receivable turnover inventory turnover, torch technology and these two companiesDigital there is a large gap. Why belong to the power meter industry enterprise, its financial data will be so distant?
Does the company intend to whitewash for the listed? 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