Qi Xing, any more stories?

Before listing, the growing performance of Qixingta seems to prove that it is a "mainstream manufacturer with scale advantage, good brand, quality and core competitiveness", with strong bargaining power and stable profit growth. However, after listing, the Seven Star Tower has been going downhill, with losses in the first quarter of 20 14 and 20 15.

20 10 company * * * signed an order for 72,000 tons of various iron towers, a record high. However, due to the rising cost of raw materials and labor, the unit price of product sales decreased, the contract performance and management expenses increased, and the main profit indicators decreased to varying degrees year-on-year. 20 1 1 is still affected by these reasons, and revenue and profit continue to decline year-on-year. Until 20 14, it fell into a loss situation, and the gross profit margin of the main products was 12.29%, down 1.42 percentage points year-on-year, mainly due to the decline in the unit price of the execution contract.

The same unfavorable factors, such as rising raw material prices, do not affect the company's profits at all before listing, but have a huge impact after listing. Is the world changing too fast?

Compare Weifang Changan Tower Co., Ltd. (hereinafter referred to as "Changan Tower"), a holding subsidiary of Wuzhou Pearl (later renamed Meihua Bio, 600873). SH) (the company was injected into the listed company in 2003, and it was split on 20 10). Changan Tower is a mainstream manufacturer with better scale advantage, better brand, better quality and more core competitiveness than Seven Star Tower, but its net profit margin has been very low. One of the main reasons for the low net profit rate of Wuzhou Pearl in 2007 and 2008 is that the price of raw materials for main products has increased by a large margin, while the increase in net profit rate in 2009 is mainly caused by the decrease in raw material prices. The operating income of Seven Star Tower is about half that of Chang 'an Tower, but its net profit is twice that of Chang 'an Tower, and its net profit rate is 3-4 times that of Chang 'an Tower. Of course, this is only before the listing. After listing, the net interest rate of Qi Xing Tower dropped from 20 10 to 20 14, which were 7.89%, 6.50%, 4.35%, 0.39% and-13.96% respectively. I'm afraid the performance is not as good as Chang 'an Tower.