After a stimulating first day on the market, on Aug. 25, Contour Medical opened lower. It opened at just 79.88 yuan per share, down 32.31 percent from the previous day's closing price. In the middle of the stock at 9:39 pm as well as 13:43 pm touched the temporary suspension. Finally, the day closed at 138.99 yuan/share, up 20.99%, the day's turnover of 3.266 billion yuan, the turnover rate of 76.09%.
Listed on the first day that became 10 times the rate of increase in the stock public information shows that the main business of Contemporary medicine, including medical diagnostic, monitoring equipment research and development, production and sales. Its main products cover the blood oxygen class, electrocardiogram class, ultrasound class, monitoring class, blood pressure class and other categories, the cumulative sales of products to the world's more than 130 countries and regions.August 24, as the first day of implementation of the registration system of the Growth Enterprise Board, one of the 18 new shares landing in the capital market. That morning, Contai Medical shares opened up more than 400%, followed by relatively stable trend.
Until 14:20 that day, Contai Medical shares began to pull up quickly, and 14:28 into the first temporary suspension. After the end of the temporary suspension, the stock price continued to rise rapidly, at 14:50 into the second temporary suspension. 14:51, Contai Medical appeared to burst pull, within three minutes, the stock price soared to 308 yuan / share, the intraday increase of up to 2931%. But the duration of this price is very short, and then fell back quickly. As of the end of the day, Kangtai medicine closed at 118 yuan / share, up 1061.42%, the whole day turnover of 1.57 billion yuan, the turnover rate of 68.61%.
Some analysts believe that Contai Medical late share price jumped up, may be related to institutions in the morning has surrendered chips. Some people also believe that the tail plate has the suspicion of lobbyist speculation. In this regard, Huang Jianzhong, associate professor at the Shanghai Normal University Business School, believes that Yesterday's Kangtai medical tail plate movement due to the very small turnover, there should be no manipulation of the market, may be the result of the retailer blindly follow the wind. Huang Jianzhong analyzed to the "International Finance Daily" reporter, "Yesterday, Kangtai medicine in the stock price continues to climb high, after the second meltdown, some people in order to grab chips, and constantly raise the purchase price, leading to retailers to panic mentality. With the time gradually approaching the close, some retail investors worried about not being able to enter the field, so blindly follow the trend of high prices pending orders to buy, so that the Kangtai medicine stock price all of a sudden rushed to a very high. Subsequently, the market found that the valuation is too high, no one to follow, and ultimately more than 300 yuan of the share price is just a flash in the pan. And those who originally held the chips felt the price was right and rushed to dump them out of the market, sending the stock price crashing down again very quickly. After last night's fermentation, this morning a lot of people think the wind is not right, after the opening of the market will be regardless of the cost of immediate selling, resulting in this morning's low opening of the situation of the Kangtai medicine."
Yesterday's trading details show that before the close, a very small number of investors bought Contai Medicine at about 300 yuan per share, and by the time the closing bell rolled around, the loss was more than 60 percent. Even if the stock has rallied today, but according to the closing price of 138.99 yuan / share, this part of the loss is still more than 50%. However, this morning there are some investors in the collection of bidding low price to buy, as of the close, the gain has been more than 70%.
Huang Jianzhong believes that in the early stages of the implementation of the GEM registration system, the short-term market volatility will be larger, investors follow the wind speculation is tantamount to taking chestnuts out of the fire. As the market gradually return to rationality, the late overvalued stocks will certainly experience a pullback. In this regard, the Science and Innovation Board has been a lesson learned. The company's performance fluctuations
As the GEM registration system 18 new shares in the highest price-earnings ratio of a stock, Kangtai medicine crazy logic behind? Market analysts believe that Contact Medical shares soared, first of all, with the cancellation of the GEM listing the first five days of the up and down limit related to the new shares have a free play space. Secondly, the stock issue price of only 10.16 yuan, is the day of the new listing of 18 companies in the lowest issue price of a stock. In addition, the company's first-half earnings surge is also one of the important reasons why it is sought after by the market.
According to the prospectus, Kangtai Medical's products in the categories of oximetry, cardiology, ultrasound, guardianship, and blood pressure ushered in a rapid volume increase during the epidemic. As of the first half of this year, the company realized operating income of 751 million yuan,a year-on-year increase of 421.17%; and net profit of 364 million yuan,a year-on-year increase of 1820.05%. Due to the surge in market demand for the aforementioned products, Kangtai Medical expects that the annual revenue for FY2020 could reach 1.25 billion yuan, a year-on-year increase of 22.79%; and the net profit attributable to mother could reach 547 million yuan, a year-on-year increase of 641.95%. However, with the improvement of the epidemic situation, the company admitted that the demand for the aforementioned products may face the risk of a significant reduction, which will lead to a decline in the company's performance.
The reporter noted that in recent years, the performance of Kangtai medicine fluctuates greatly. Historical financial data show that from 2015 to 2019, the company realized operating income of 284 million yuan, 442 million yuan, 398 million yuan, 363 million yuan, 387 million yuan, respectively, and net profit of 61.5335 million yuan, 103 million yuan, 77.0572 million yuan, 62.031 million yuan, 73.7812 million yuan. In this regard, Kangtai Medicine gave the explanation that, firstly, due to the fluctuation of the procurement plan of the provincial, municipal and county-level health authorities, the revenue of the company's main product Health All-in-One Machine fluctuated greatly; secondly, the main customer Remote Heart Sector and its affiliates experienced poor operating conditions and capital turnover, which led to fluctuations in the company's sales revenue of cardiology-type products. In addition, in the company's business management, Kangtai medicine also exists inventory turnover is slow.Wind information shows that the average inventory turnover rate of the healthcare equipment and services industry in 2017-2019 is above 4, while the indicator of Kangtai medicine is less than 2.