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The合理性 of investors in Jifeng Agricultural Machinery cutting positions and fleeing is understandable. Due to the full implementation of national expansion, after Jifeng Agricultural Machinery went public, it rapidly expanded its territory, laying out in 18 provinces (municipalities, autonomous regions), with wholly-owned or majority-owned subsidiaries in various places numbering in the dozens. It established a nationwide chain network architecture layout centered on provincial "beachheads", with direct-operated chain stores at the municipal level as nodes, and county-town level agency distributors as terminals, comprising 160 direct-operated stores and 1406 agency distributors. Under this business model, if Jilin Company and Chongqing Company are suspected of bribing entities, can other companies remain unscathed? If strictly pursued, how much negative impact it will have on Jifeng Agricultural Machinery's future expansion and development is hard to estimate.
Jifeng Agricultural Machinery was once the leader among the first batch of Growth Enterprise Market (GEM) companies that debuted in October 2009. In just one month after listing, the stock price rose from an issue price of 17.75 yuan to nearly 100 yuan. In 2010, Jifeng Agricultural Machinery showed good development momentum. The state continued to increase subsidies for purchasing agricultural machinery products, leading to a booming market for agricultural machinery purchases and sales. Jifeng Agricultural Machinery's strategy of implementing nationwide network expansion and optimizing business development proved effective. The company achieved a net profit of 66.4187 million yuan, an increase of 32.22% compared to the same period last year, with an average annual compound growth rate of 55.06% over the past three years.
Despite not having a high gross margin on its main business and still relatively low absolute profits, Jifeng Agricultural Machinery's rapid expansion was generally well-received by industry analysts. Analysts such as Wen Yao from Guojin Securities believe that China's agricultural machinery distribution industry is currently at a critical stage of increasing market concentration, with policy and capital being the main drivers accelerating industry consolidation; Jifeng Agricultural Machinery is a uniquely listed "small company" within a large industry with promising development prospects. In 2010, the scale of the agricultural machinery industry market was 280 billion yuan, while Jifeng Agricultural Machinery had a sales scale of 3.6 billion yuan, ranking first in the industry. Currently, it is in the scale expansion phase, and it is expected to maintain an average annual growth of more than 90% in sales scale over the next three years, including disc plow blade series. Therefore, analysts mostly give positive ratings.
Will the accusation of bribing entities deal a fatal blow to Jifeng Agricultural Machinery? Market insiders believe that based on experience, this kind of negative news is unlikely to overturn the company's intrinsic value, and the short-term sharp drop in the stock price might be a buying opportunity.
Chen Dao