After the market turns bear, the dominoes invested in the secondary market are falling. This time, the Foshan Lighting (000541.SZ) has a very high reputation.
Foshan Lighting's recent stock market ups and downs
On April 15, Foshan Lighting announced that due to the fluctuation of the securities market, its short-term stock investment income and fair value change income in the first quarter suffered losses. The initial calculation was about -10.84 million yuan. Therefore, Foshan Lighting is expected to be net in the first quarter. The profit loss was about 75 million yuan.
Foshan Lighting was closed on the daily limit and became the only stock that fell on the market in Shenzhen.
Foshan Lighting has always operated steadily and has sufficient funds. Since its listing, the total dividend has far exceeded its financing amount and is known as â€œcash cowâ€.
However, ample cash also needs to find a way out, and stock investment is put on the agenda.
On February 14 last year, Foshan Lighting announced that the â€œProposal on the Company's Use of Idle Funds for the Subscription of New Shares in the Shanghai and Shenzhen Stock Exchangesâ€ was approved by the EGM.
The core content is: â€œThe company's board of directors agreed to make short-term investments on the premise of ensuring the safety of funds. The amount of funds used is controlled within 700 million yuan, and the investment direction is deep and the new stocks of the Shanghai Stock Exchange are subscribed.â€
The area of â€‹â€‹700 million yuan does not affect the daily operation of Foshan Lighting. The 2006 annual report shows that its monetary funds on the account amounted to 980 million yuan.
What is embarrassing is that the resolution passed clearly allows the funds to be used to create new shares, but in actual use, secondary market investment has become the main direction.
The start is perfect. In the second quarter of last year, Foshan Lighting had a bumper harvest.
Last quarter's report showed that Foshan Lighting's short-term revenue was only 170,484,10.09 yuan, but on July 10, Foshan Lighting announced that it expects net profit to increase by about 140% in the first half of the year, due to "in the first half of 2007, investment income increased by 900% over the previous year. %".
The exact data is that the profit and loss of securities investment in Foshan Lighting in the first half of the year was 239,976,866.91 yuan, and the gains and losses from changes in fair value were 24,729,701.58 yuan, a total of 264,706,568.49 yuan.
In the second quarter of last year, the Shanghai Composite Index rose only 20%, but the investment income of Foshan Lighting in the current period was over 37%.
Although the income is quite abundant, â€œ5.30â€ still leaves a shadow on Foshan Lighting. The semi-annual report shows that as of the end of June, the market value of its securities investment was only 74,736,757.24 yuan, and the positions were mainly funds.
In the third quarter, the Shanghai Composite Index rose by 45%, but after deducting the realized income in the first half of the year, Foshan Lighting's short-term investment income was very small, and the position was obviously lighter. However, the good performance of the stock market gave it the courage to increase its position. At the end of the third quarter, Resolutely high jiacang Ningbo Bank (love stocks, quotes, information) (002142.SZ), Hua Xia Bank (love stocks, quotes, information) (600015.SH), China Shenhua (love stocks, quotes, information) (601088.SH ), etc., the balance of securities assets held at the end of the period amounted to 29,881,1993.56 yuan.
So far, Foshan Lighting's 2007 annual report has not been announced, but it can be inferred from its 2007 pre-announcement that the investment income in the second half of last year was not ideal, at most no loss.
According to the above announcement, the annual net profit is expected to increase by 60%-85% over the same period of the previous year, of which investment income accounts for 60% of net profit. .
In 2006, the net profit of Foshan Lighting was 237,472,914.59 yuan. Last year, the company's investment income will not exceed 260 million yuan. But in fact, in the second quarter of last year, Foshan lighting revenue has exceeded this level.
â€œMost of the investment income we estimated in the 2007 pre-announcement announcement has been realized. As of the end of last year, the company only held a small number of stocks and funds. The loss in the first quarter of this year was mainly the securities of subsequent jiacang and Floating losses on securities assets that have not yet been sold," said Foshan Lighting.
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