Meiling was abandoned 11-year-old institution, "stingy" or dividends.

<p> and July 9 announced the news of the mid forecasted to 591.22% 8.79% after the shares rose as compared Meiling (000521) (000521.SZ) announced on August 6 but after two consecutive mid-year report .trading day to close out the Yin Xian, previously touted the positive but now the market suffered a "Jianguang Si." .</ P> <P> <P> <p> behind a huge contrast, what what kind of secrets hidden? .</ P> <p> performance magic "iFLYTEK" fail </ p> <p> "you help me find Meiling can buy, I think he seems to only 10 times earnings ah" ., a journalist familiar with the retail investors at the weekend watching the latest Meiling to reporters after the Daily News inquired Road. .</ P> <p> Meiling Electrical previously reported 2010 interim report, the company achieved total revenue of 4.576 billion yuan period, corresponding to a net profit of 219 million, earnings per share of 0.53 yuan. .</ P> <p> investors in the foregoing opinion, even if the second half of Meiling Electrical maintain the current level of performance, no chain growth, and its 2010 earnings per share will be at 1 yuan, according to the current Meiling 10.50 .yuan price, the price-earnings ratio will be only 10 times up and down. .In contrast, the current average price-earnings ratio Shenzhen motherboard up to 26 times. .</ P> <p> However, the seemingly cheap Meiling did not actually think of the beautiful. .</ P> <p> reporter access to the latest issue of Meiling's financial statements and found that although the company up to 0.53 yuan per share after tax, but excluding non-recurring items, the company's results will show a prototype. .</ P> <p> total of up to 136 million in net investment income securities and other non-recurring gains and losses, the net profit of Meiling Electrical shrunk from 219 million to 82.8935 million yuan, while earnings per share also will be reduced to .0.20. .If the same simple way to calculate the above, Meiling Electrical current price-earnings ratio will reach 27 times the price is not cheap. .</ P> <p> used to enrich the performance of investment income for Meiling is already not the first time, the company's 2009 earnings per share were 0.73 yuan level, while excluding non-recurring gains and losses of the index was only 0.17 yuan .shrunk as high as 77%. .</ P> <p> Meiling has exactly what kind of "magic", the adjustment of profits can be so large? .</ P> <p> answer is simple, Meiling Electrical "magic weapon" is the total number of shares it holds up to 660 million iFLYTEK (002230.SZ) the sponsor shares. .</ P> <p> iFLYTEK listed in May 2008, 660 million shares held by Meiling Electrical iFLYTEK IPO in May 12, 2009 to obtain distribution rights. .The right of access to circulation after the Meiling started gradually selling iFLYTEK. .</ P> <p> up to 2010 mid-year report, Meiling has accumulated through the sale of iFLYTEK nearly 348 million profit, since 2009, Meiling also dressed the investment income under the more beautiful. .</ P> <p> Still, investors worried that accompanied by the gradual iFLYTEK reduction, Meiling Electrical "magic weapon" is gradually losing "magic." .The latest data show that Meiling held iFLYTEK leaving only 8.48 million shares of stock, book value is only 3.02 million. .</ P> <p> "can be expected, there is no return of this piece, certainly not the first half of the second half of the good results, the future will return to a normal level. ."A household electrical appliance industry analysts declined to be named told our reporter, such as brokerage Guotai Junan profit for the year 2010, given forecasts of 0.7 yuan. .</ P> <p> for the loss of performance after a huge decline in investment income, Xia Meiling Deputy General Manager is not worried, "the refrigerator industry better market the past two years, Meiling is the second industry, home appliances under the .Township refrigerator industry's market share reached 10%, the future, we will take appliances replacement, replacement, home appliances and other opportunities for better development of the company. ."</ P> <p> placement prospects? .</ P> <p> In fact, compared with the enthusiasm of retail investors, sophisticated institutional investors Meiling Electrical seemingly good interim results do not buy it. .</ P> <p> the fourth quarter of 2009 reached a large scale in China Universal Meiling Electrical Growth Stock Securities Investment Fund Focus, for example, the agency bought in one fell swoop in the fourth quarter of the year Meiling 1,159.99 million shares, held .proportion of shares 2.80%, which ranks among the company's fourth-largest shareholder. .</ P> <p> the same time the Fund was settled with the agency there Meiling Electrical GF poly Swiss Securities Investment Fund and other three funds, and in the third quarter before, the first ten Meiling Electrical .List of outstanding shares of large domestic institutional investors does not appear in the figure. .</ P> <p>, however, is not good Meiling Electrical profitability ultimately failed to keep body's heart. .Starting from the first quarter of 2010, China Universal Fund and the GF's two other institutions have begun poly Swiss quietly withdraw Meiling. .</ P> <p> 2010 mid-year report shows, the focus of China Universal Growth Meiling, though still ranked the fifth-largest shareholder, but the total amount held by Meiling has plunged to 261.75 million shares. .The return of China Universal strategy, together Swiss GF, GF core selection, ICBC Credit Suisse has been steady growth, and other famous institutions give all outstanding shares of the Company's top ten list disappear. .</ P> <p> "institutions have their own investment strategy, with the market trend there is a certain relationship, so for them to choose Which of listed companies, we are not to comment, except to say the company's main business as well. ."Xia admitted to our reporter. .</ P> <p> ironically, has been Meiling tossed away iFLYTEK institutions has become the hands of the meat and potatoes. .</ P> <p> and Meiling Electrical same city of iFLYTEK that performance and there is no bright spots, but was optimistic about a number of institutions, since the first quarter of this year, this high price-earnings ratio of stocks in recent times, has been .including China Universal, including several well-known institutions of all ages, even a substantial reduction in Meiling, while also continue to rise. .</ P> <p> appears in the aforementioned industry analysts, institutional investors, the attitude of Meiling Electrical enable the company is planning a private placement issues become more subtle. .</ P> <p> the first half of this year, Meiling has announced major shareholder intends to Sichuan Changhong (600839), and other specific objects, including ten 050 million -1.3 million shares issued to raise funds mainly for Athena Deluxe .refrigerator production line. .</ P> <p> According to Xia introduced, in addition to Sichuan Changhong has committed to subscribe for, the other additional objects yet to be obtained confirmation according to the procedures after the Commission approval. .</ P> <p> When asked about the holdings of company stock a large number of institutional investors, would affect the company's issuance, the Xia that "the company private placement primarily for financial investors, will be traded after one year .Therefore, little effect on the current market conditions. .In addition the company will make to investors, certain performance commitments. " .</ P> <p> According to Xia said Meiling The decision to refinance to the market, mainly because high-end flagship product, Athena refrigerator sales have been good, but because of the long-term production capacity for less than demand, "So .We are confident that a satisfactory return to investors. ."</ P> <p> At the same time, above analysts believe that long periods of dividends may also be affected Meiling one of the factors of private placement, before that, Meiling has accumulated 11 years did not give investors .dividends, the company also has been dubbed the "stingy" in the name. .</ P> <p> this, Xia also responded positively to this reporter responded, "Last year, although the performance is better, but it has negative retained earnings, net profit of 308 million last year, we make up after this one also .three or four million loss, in order to create the conditions for this year's dividends, when the company with surplus reserves to make up for this part of the loss. ."</ P> <p>" means that all profits made this year's distributable profits, dividends, now the conditions have been met. .Force in early 2009, the CSRC in accordance with the provisions of dividends to write articles of incorporation, whether the dividend this year, we will be in strict accordance with the Articles of Association to perform. ."Xia admitted to our reporter. .</ P>.