Why does Zhongtian Technology keep falling?

First, there are too many circles for money management. Since listing, equity financing has reached more than110 billion, not counting the 4 billion convertible bonds. Where is the growth of this company? More than half of the market value is earned by circling money. The rate of return is not high. Second, the layout of the main business is too scattered, the competition in the industry is fierce, there is no industry leader, and the product market has no pricing power. It's a walk-on company. For example, the pricing power of optical fiber price is in the hands of the demand side. Whatever you do, nothing is the first in the industry. Third, the management style is too conservative. Conservative companies cannot obtain market risk premium. . . . . . . . . . However, one of the biggest advantages of this company is that the stock price has fallen steadily, which can be used to match the market value to play new shares.

1. The national policy of developing photovoltaic power generation was ignored, and the depreciation of equipment was changed from 20 years to 10 years, while the photovoltaic products of Zhongtian Technology were used for 25 years. As a result, Zhongtian Photovoltaic increased its provision by 80 million yuan in 20 17. The larger the industry scale, the greater the accrual. Billions of dollars have been invested, but the profits have not been released, but the depreciation accrual has come out in large quantities, which means that the depreciation accrual expenses of Zhongtian Photovoltaic will offset the profits in recent years, and the rest is very little or even negative. 2. The country suddenly changed the encouragement policy of new energy vehicles inexplicably, canceled the huge subsidies to manufacturers, and shifted to the sales link to avoid the purchase tax. This policy change has led to a decline of about 20% in the profit of automotive lithium batteries, which is extremely unfavorable for Zhongtian Technology to contribute 800 million yuan in net profit to its estimated annual output.