本报记者 刘章号 发自北京

Our reporter from the Beijing LiuZhang number

　　临上市前夕，大肆分红，面临资金压力，奋力上市，崇达技术究竟慷何人之慨？

Listed in the eve of,Wantonly share out bonus,Face financial pressure,Listed to,Advocates of what technology causes the expense of anyone?

　　近日深圳市崇达电路技术股份有限公司（下称“崇达技术”）补充预披露招股书，谋划于深交所上市，发行3750万股，拟募资4.7亿元全部投入募投项目小批量PCB生产基地建设项目。

Recently shenzhen worship of circuit technology co., LTD(said"Worship of technology")Added preliminary prospectus disclosure,Plan in shenzhen listed,Issue 37.5 million shares,Quasi need to recapitalise 470 million yuan all in offering for project small batch PCB production base construction projects.

　

　突击分红 Assault share out bonus

　　在2011年公布年报的1363家上市公司中有345家符合毛利率超过40%的“暴利”标准，但在2011年实施过现金分红的却只有32家。

Released in 2011, annual report of 1363 listed companies in 345 with more than 40% of the gross profit margin"profits"standard,But in 2011, the cash share out bonus is only 32 home.

　　与已上市公司如此抠门的现金分红政策不同，崇达技术在临上市前夕对公司股东慷而慨之。

And already listed companies so door cash dividends policy different,Worship of technology in listed in the eve of the shareholders of a company causes and the expense.

　　2009年起连续三年，崇达技术现金分红占净利润比例都超过30%，而在今年3月，公司上市前夕，崇达技术更是向老股东大派红包，分掉去年底净利润近一半的现金。

Since 2009, three years in a row,Worship of technology of cash share out bonus, net profit rate is more than 30%,In march this year,The company listed on the eve of,Worship of technology but also to the old shareholders big pie red packets,Points out late last year net profit nearly half of the cash.

　　中证投资张志民认为，上市前夕突击分红意在降低老股东的持股成本，不愿意把利润滚存给新老股东共享。似乎为了印证这一猜想，崇达技术在未来分红规划中表示“2011-2013年，公司每年以现金方式分配的利润应当不少于当年实现的可分配利润的20%”，而非之前的30%。

Investment has ZhangZhiMin think,Listed eve assault bonus to reduce the old shareholders holding cost,Don't want to put profit accumulated for the new old shareholders share.Seems to be in order to confirm this conjecture,Worship of technology in the future dividends planning said"2011-2013,The company annual cash distribution profit shall be no less than the realization of distributable profit of 20%",Instead of 30%.

　　崇达技术对当年利润的分配金额在近三年的报告期内分别为2700万元、3700万元和4050万元，占当年净利润的比例则分别高达65.93%、38.63%和30.79%。

Worship of technology on the amount of the distribution of the profits in recent three years of report period is 27 million yuan respectively/37 million yuan and 40.5 million yuan,The net profit of the proportion of 65.93% respectively/38.63% and 30.79%.

　　今年3月9日，崇达技术以2011年期末股本1.125亿股为基数，向发行前的老股东每股派发现金0.36元，合计派发现金股利4050万元。

This year on March 9,,Worship of technology in 2011, the final equity 112.5 million shares for base,To before the issuance of the old shareholders distributed cash per share 0.36 yuan,Aggregate distributed cash dividend is 40.5 million yuan.

　　时代周报记者测算发现，2010年6月入股崇达技术的汇投投资当时投资2000万元，获得536万股，持股比例4.76%。在2011年的利润分配中，汇投投资获得177万元的现金分红；2012年的分红中又获得193万元。换言之，在两年不到的时间里，汇投投资已经仅凭现金分红就已从崇达技术兑现370万元，尚未上市套现却已收回投资成本近两成。

Times weekly reporter calculate discovery,June 2010 to become a shareholder by chung technology for investment when investment of 20 million yuan RMB,Get 5.36 million shares,Shareholding ratio by 4.76%.In 2011, the distribution of profits,Collect pitch investment obtain 1.77 million yuan of cash dividends;In 2012 the share out bonus and obtain 1.93 million yuan.In other words,In less than two years of time,Collect pitch investment had with only cash share out bonus is already from worship of technology to cash 3.7 million yuan,Cash is not public yet has withdraw investment cost nearly twenty percent.

　　然而，热衷分红的背后却是巨额流动负债、应收账款高企、在建工程高速增长致使现金流吃紧的状况。

however,Keen to share out bonus is behind a huge current liabilities/Accounts receivable high/The project under construction the cash flow growth tight condition.

　　截至今年上半年，崇达技术的流动比率仅为1.04倍，速动比率则为0.82倍，远低于标准值。“传统观念认为，流动比率为2、速动比率为1较为合适，如果低于标准值，就表明企业的短期偿债能力和流动性不足。”华泰证券(601688,股吧)徐竞舟对时代周报记者分析道。

By the first half of this year,Worship of technology flow ratio is only 1.04 times,Quick ratio is 0.82 times,Far below standard."Traditional concept that,Flow ratio is 2/Quick ratio is 1 relatively appropriate,If less than standard value,It shows that the enterprise short-term solvency and liquidity shortage."Huatai securities(601688,guba)XuJingZhou to times weekly reporter analysis way.

　　事实上，崇达技术也正面临着流动性不足的风险。2011年底，流动资产合计为3.72亿元而流动负债已经达到4.06亿元，流动资产尚不足以覆盖即将到期的负债。

In fact,Worship of technology also is facing the risk of liquidity shortage.By the end of 2011,Current assets amounted to RMB 372 million and current liabilities has reached 406 million yuan,Current assets are not enough to cover expiring liabilities.

　　风险加剧因素之一还在于流动资产中竟有高达2.05亿元的应收账款和6400万元的存货，变现能力堪忧；唯一可以指望的是8000多万元的货币资金，不过在今年初的现金分红中又一次性分掉4000多万元，致其手中可支配资金大为减少。

Increased risk factors is that current assets there should be as high as 205 million yuan accounts receivable and 64 million yuan in inventory,Cashability is;The only can count on is more than 8000 yuan currency funds,But in earlier this year in the cash dividends and disposable points out more than 4000 yuan,To its hands disposable capital is greatly reduced.

　

　“华丽”财报 "luxuriant"earnings

　　崇达技术“华丽”的财务数据足以让已上市公司自叹弗如。2011年度该公司实现净利润1.32亿元，同比增长27.3%，而可比上市公司与主要竞争对手兴森科技(002436,股吧)与沪电股份(002463,股吧)同比只增长0.38%和0.54%。

Worship of technology"luxuriant"The financial data of the listed company has enough to make ZiTanFuRu.2011 the company net profit of 132 million yuan,Year-on-year growth of 27.3%,But comparable the listed company and the main rival xing's science and technology(002436,guba)And Shanghai electric shares(002463,guba)Only 0.38% and 0.54% year-on-year growth.

　　让崇达技术在净利润大幅增长上敢于叫板竞争对手的是其领先的营收增长率。2010年崇达技术的营收增长率排在各上市公司首位，高达80%；2011年在欧债危机发酵的影响下，多家公司亏损，崇达技术仍然保持23%的增长；甚至在今年上半年仍然同比增长了13%。

Let the worship of technology in net profit growth to cry on competition is its leading revenue growth rate.2010 years of technology of chung revenue growth rate in the first row of each listed company,As high as 80%;In 2011, the debt crisis under the influence of fermentation,Many companies losses,Worship of technology still keep 23% of growth;Even in the first half of this year is still a 13% year-on-year growth.

　　崇达技术以生产销售PCB（Printed Circuit Board，中文称“印制电路板”）为主营业务，在上述同类上市公司中主要面向北美和欧洲市场，下游行业应用领域分布在通信设备、工业控制、医疗仪器、国防、航天航空、安防电子等工业领域，其中前两位占比最高，受全球经济波动影响较大。

Worship of technology to the production and sales of PCB(Printed Circuit Board,Chinese say"Printed circuit board")For the main business,In the above listed company mainly take the same in North America and Europe market,Downstream industry application field distribution in communication equipment/Industrial control/Medical instruments/defense/aerospace/Security electronic and other industrial fields,The top two accounts for more than the highest,Impacted by the global economic fluctuation influences.

　　时代周报记者从IPC—国际电子工业联接协会（即Institute of Printed Circuits）了解到，困扰全球经济的下行逆风也已蔓延至电子制造业，阻碍了早期的行业反弹。

Times weekly reporters from IPC - international electronic industrial connection association(Which Institute of Printed Circuits)To understand,With the global economy down against the wind has also spread to electronic manufacturing industry,In the early industry rebound.

　　在大环境不佳的背景下，PCB企业特别在2011年遭遇需求下滑、增速放缓，而崇达技术仍然能保持23%的营收增长和27%的净利润增长不禁引发投资人士对其华丽财报的质疑。

In the background of the environment is not good,PCB enterprises, particularly in 2011 encounter decline in demand/Slowdown in,And worship of technology can still keep 23% of the revenue growth and 27% of the net profit growth can't help trigger investment to the people questioned luxuriant earnings.

　　甚至从行业整体毛利率来看，崇达技术的毛利率高于除兴森科技外的其他同行业上市公司。

Even from industry overall gross profit margin to see,Worship of technology gross profit margin is higher than in addition to xing's science and technology industry outside the other listed companies.

　　近三年，崇达技术的毛利率均在30%以上，而同行业上市公司平均毛利率则只有20%，崇达技术竟然高出10个百分点以上。

Nearly three years,Worship of technology are more than 30% in gross margin,And the same industry listed companies average gross profit rate is only 20%,Worship of technology was more than 10%.

　　同业上市公司兴森科技2011年年报披露，从8月份开始，受欧债危机影响导致海外市场需求突然下滑，全球经济和行业景气度持续低迷，下半年订单增长未达到年初预定目标，全年业绩水平未达到计划目标。实现利润总额1.50亿元，同比下降2.69%，每股收益则下滑了8.09%，为0.62元。

Trade with the listed company's science and technology in 2011 annual report disclosure,Began in August,By the debt crisis led to the overseas market demand suddenly glide,The global economy and the boom of industry sustained downturn,At the beginning of the second half of the order growth fails to reach the intended target,Annual performance levels have not reached planned target.Realize total profit of 150 million yuan,2.69% year-on-year drop,Earnings per share is dropped 8.09%,Is 0.62 yuan.

　　无独有偶，另一竞争对手沪电股份在2011年年报中坦承，销售及获利同比有所下滑，全年净利润增长仅有0.54%。而其同样受累于欧债危机影响，欧美发达国家经济增长疲软，新兴经济体增速放缓。

similarly,Another competitor Shanghai electric shares in 2011 annual report admit,Sales and profit slipped up,Annual net profit growth of only 0.54%.And the same involvement in European debt crisis,The European and American developed country economic growth is slowing,Emerging economies' growth is slowing.

　　总部位于美国的DDi Corp与崇达技术一样主营小批量PCB，是后者在北美地区的主要竞争对手，其在2011年销售收入也比2010年有所下滑，净利润仅增长5.3%。

Headquarters is located in the American DDi Corp and worship of technology as the main small batch PCB,It's the latter in North America's main rival,Its sales income in 2011 than in 2010 dropped,Net profit rose by only 5.3%.

　　国内外各家同业公司均未能如崇达技术一般在2011年实现如此大幅增长。“经过2008-2009 年的PCB 产业调整，到2013 年预估年全球PCB 增长率将恢复到3.6％左右”，中国电子材料行业协会高级工程师祝大同在引用Prismark（注：美国电子行业信息咨询公司）的数据后分析认为。显然，崇达技术23%的营收增长颠覆了这一判断。

Families at home and abroad trade company failed to such as worship of technology is in commonly 2011 years to achieve such a sharp increase."After 2008-2009 years of PCB industry adjustment,By 2013 estimated years global PCB will recover to a growth rate of about 3.6%",China's electronic materials industry association senior engineer wish datong in the reference Prismark(note:The American electronics industry information consulting company)After the data analysis of think.obviously,Worship of technology 23% revenue growth overturned this one judgment.

　

　盈利难持续 Profit difficult to keep

　　迫在眉睫的2.2亿元短期借款和1.7亿元的应付账款无疑让崇达技术的现金流危机火上浇油。

Imminent 220 million yuan short-term borrowing and 170 million yuan accounts payable would certainly make up to technology chung cash flow crisis add fuel to the flames.

　　大笔借款的同时，崇达技术亦在快速挥霍。投资活动所产生的现金流量净额在2009年已为-6000万元，到2010年这一支出陡增为-2.23亿元，2011年则继续扩大到-2.76亿元。

Large sum of money at the same time,Worship of technology also in rapid splurge.Investment activity generated net cash flow in 2009 has already been for - 60 million yuan,By 2010 this expenditure spurt for - 223 million yuan,In 2011 continued to expand to - 276 million yuan.

　　在最新披露的招股书中，截至今年6月底，固定资产和在建工程分别达到3.66亿元和1.17亿元，分别较2009年底增长了1.08倍和2.12倍。而本轮上市拟募资4.7亿元全部投入募投项目小批量PCB生产基地建设项目，若上市未果，崇达技术资金缺口将更加巨大。

In the latest in its prospectus disclosure,By the end of June this year,Fixed assets and construction in progress reached 366 million yuan and 117 million yuan,By the end of 2009 were more increased by 1.08 times and 2.12 times.And this listed quasi need to recapitalise 470 million yuan all in offering for project small batch PCB production base construction projects,If the listed not if really,Worship of technology will be more huge funding gap.

　　更加糟糕的情况在于伴随着欧债危机的“酵母”效应仍在释放。IPC发布的《2012年PCB行业调研报告》显示，来自欧美市场的订单大幅下降。2011年PCB企业营收增幅不超过5%，这一说法已得到行业内人士证实。

The situation is worse with the debt crisis"yeast"Effect is still in the release.IPC released[In 2012 the PCB industry research report]display,From the European and American market order to drop considerably.2011 PCB enterprise revenue growth not more than 5%,This is the one that has been the personage inside the industry confirmed.

　　2009年起连续三年，崇达技术外销销售收入占收入总额的比例分别高达70.87%、83.27%和82.89%，连年攀升，今年上半年这一比重进一步上升到83.18%。外销区域主要集中在欧洲、美洲和除中国之外的亚洲其他地区。

Since 2009, three years in a row,Worship of technology export sales revenue accounted for the proportion of total revenue respectively reaches as high as 70.87%/83.27% and 82.89%,Rising in successive years,In the first half of this year the rate rise to 83.18%.Export areas are mainly concentrated in Europe/America and outside China in addition to other parts of Asia.

　　同业上市公司天津普林(002134,股吧)证代国炜对时代周报记者表示，由于欧债危机等因素对电子元器件行业影响加大，尤其对出口产品销售影响重大，造成报告期内销售额同比减少幅度较大，预计 2012 年业绩将发生亏损。而在其今年中报中也披露预计今年1至9月将有3500万元至4000万元的亏损额。

Trade listed company tianjin prynne(002134,guba)Card generation Hui countries to times weekly newspaper reporters,Due to the debt crisis factors on the electronic components industry influence increase,Especially for export products a great influence on the sale,Cause the report period year-on-year sales to reduce to a larger extent,Expected 2012 earnings losses will occur.And in the center daily news this year also disclosure expected this year 1 to September will have 35 million yuan to 40 million yuan of loss.

　　此种情形之下，崇达技术仍“乐观”表示今明两年能保持年销售额30%以上高速增长。

This kind of situation,Worship of technology is still"optimistic"Said in the next two years to maintain annual sales more than 30% growth.

　　据IPC最新发布的《电子行业最新市场数据季度报告》显示，2012年第二季度，北美PCB和半导体销售年增长率仍为负值。

According to the latest release of IPC[Electronic industry the latest market data quarterly report]display,The second quarter of 2012,North American PCB and semiconductor sales annual growth rate is still a negative value.

　　不过，崇达技术亦在招股书中坦承，“从2011年7月份开始，欧洲债务危机开始蔓延，欧洲地区的经济发展受到一定影响，本公司欧洲地区订单在2011 年下半年开始有所下滑”。

but,Worship of technology in also in its prospectus admits,"From 2011 began in July,European debt crisis began to spread,Europe's economic development is affected certainly,The company order in Europe in the second half of 2011 beginning to decline".

　　外销收入波动图显示，在2011年底与2012年初期间，崇达技术亚洲、欧洲及北美三大市场相继探底，销售额一度逼近1000万元。

Export income volatility diagram display,In the end of 2011 and early 2012 period,Worship of technology Asia/Europe and North America three big market successively exploratory bottom,Sales once approximation is 10 million yuan.

　　崇达技术的第一大客户是美国的Palpilot International Corp.，2011年对其销售收入为1.45亿元，两年增幅超过两倍，占销售总额比例从9.84%升至14.99%。

Worship of technology to the first big customer is America's Palpilot International Corp.,2011 years to its sales income is 145 million yuan,Two years of growth more than two times,Total sales accounted for the proportion of 9.84% to 14.99%.

　　历年崇达技术的前五大客户均为国外公司，截至今年6月底，前五大客户占当期销售金额的比例为30.42%，并且报告期内均保持在33%左右的比重。

The worship of technology of the top five customer are foreign companies,By the end of June this year,The top five customer accounts for the proportion of the current sales amount is 30.42%,And the report period are to remain in the proportion of 33%.

　　过度依赖国外市场与过度依赖大客户显然令崇达技术在行业不景气的状况下举步维艰。仅人民币升值一项，已令崇达技术损失1300万元，占当期利润总额的数个百分点。

Excessive dependence on foreign markets and excessive dependence on big customer obviously make worship of technology in the industry downturn, under the condition of struggling.Only the appreciation of the renminbi a,Already to worship of technology loss 13 million yuan,The current account for of the total profit of the number.

　　正如Prismark长期深耕于全球电子产业与电路板产业的姜旭高博士谈到此次全球性金融危机对PCB 市场产生的影响时，用八个字总结其特点：“影响面大，恢复期长”，崇达技术亦概莫能外。

As Prismark long-term subsoil global electronic industry and circuit board industry JiangXuGao doctor talked about the global financial crisis on the impact of PCB market produce,With eight word to sum up the characteristics:"Influence surface big,Convalescence long",Worship of technology also without exception.