Skyray Instrument's performance has decreased

With the acceleration of IPO, many high-tech companies that enjoy tax incentives have become a force in the market. However, let the market worry that, with the expiration of tax incentives, these tax incentives account for a considerable proportion of the company's net profit of high-tech companies, will suffer the risk of greater fluctuations in performance. Tianrui, a Jiangsu company listed on January 25 this year, has encountered such a problem. The 2010 annual report released by the company yesterday evening showed that last year's net profit increased by only 9.10% compared with 2009, and one of the reasons for the reduction in tax reduction concessions. The annual report also disclosed that the company plans to transfer 6 shares for every 10 shares to 3 yuan in cash.

Tianrui Instrument 2010 annual report shows that during the reporting period, the company achieved total operating revenue of 277 million yuan, an increase of 45.36% over the same period last year; total profit of 88.879 million yuan, an increase of 25.24%; net profit of 77.126 million yuan, an increase of 9.10 years %. According to the prospectus of Tianrui Instrument, the net profit of the company in 2008 and 2009 was 47.18 million and 70.69 million respectively, and the net profit growth in 2009 was 49.83%. Compared with the performance in 2009, Skyray Instrument's net profit growth rate in 2010 decreased significantly. The company explained that the reason for the small increase in net profit in 2010 was on the one hand due to the strengthening of marketing network construction in 2010 and the increase in R&D investment, which led to a larger increase in company sales expenses and management expenses. Second, the parent company was software in 2009. Corporate income tax is "two exemptions, three reductions and a half," tax exemption period, while in 2010, half of the tax exemption period (tax rate is 12.5%). In 2010, the parent company's corporate income tax increased by 8,790,500 yuan over 2009. Excluding the effect of changes in the corporate income tax rate, net profit in 2010 increased by 21.54% over the same period of last year.

The risk of taxation impacts on net profit has been signaled in the company's prospectus. Tianrui Instrument's prospectus shows that the total tax incentives enjoyed by the company in 2007, 2008, 2009, and the first half of 2010 were 10.25 million, 17.45 million, 25.74 million, and 13.18 million, respectively, and the corresponding net profits for the current period were 56.89 million respectively. , 47.18 million, 70.69 million, 39.58 million, tax incentives accounted for 18.02%, 36.99%, 36.42%, and 33.29% of the company's net profit. During the statistical period from 2007 to the first half of 2010, Tianrui Instruments enjoyed a total of 66.63 million tax concessions, accounting for 31.08% of the company's net profit for the same period, while the company’s 2009 net profit increased by nearly 50% from 2008. Tax incentives also contributed. It seems that the company’s prospectus’s reminder that changes in tax incentives will have a negative impact on the company’s net profit appear to be a success.

Another noteworthy information is that on the day of listing on January 25th, Tianrui Instruments broke the opening quotation, and the level of breakage on the first day of listing reached 16.68%, which was the most fierce break in all new shares this year. From the trend of its listing, the market price of 59.92 yuan is the highest price of Tianrui Instrument, closing at 54.24 yuan yesterday. Since listing, it has been hovering below the issue price of 65 yuan.