View ValuationQuantumCTek 향후 성장Future 기준 점검 5/6QuantumCTek은 연간 수입과 매출이 각각 67.8%와 46.6% 증가할 것으로 예상되고 EPS는 연간 71.4%만큼 증가할 것으로 예상됩니다.핵심 정보67.8%이익 성장률71.42%EPS 성장률Communications 이익 성장47.2%매출 성장률46.6%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트02 May 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updates공시 • Mar 30QuantumCTek Co., Ltd. to Report Q1, 2026 Results on Apr 21, 2026QuantumCTek Co., Ltd. announced that they will report Q1, 2026 results on Apr 21, 2026공시 • Mar 24QuantumCTek Co., Ltd., Annual General Meeting, Apr 20, 2026QuantumCTek Co., Ltd., Annual General Meeting, Apr 20, 2026, at 14:30 China Standard Time. Location: No. 777, Huatuo Lane, High-tech Zone, Hefei, Anhui China공시 • Dec 26QuantumCTek Co., Ltd. to Report Fiscal Year 2025 Results on Mar 25, 2026QuantumCTek Co., Ltd. announced that they will report fiscal year 2025 results on Mar 25, 2026공시 • Sep 30QuantumCTek Co., Ltd. to Report Q3, 2025 Results on Oct 18, 2025QuantumCTek Co., Ltd. announced that they will report Q3, 2025 results on Oct 18, 2025공시 • Jun 30QuantumCTek Co., Ltd. to Report First Half, 2025 Results on Aug 13, 2025QuantumCTek Co., Ltd. announced that they will report first half, 2025 results on Aug 13, 2025공시 • Mar 28+ 1 more updateQuantumCTek Co., Ltd. to Report Q1, 2025 Results on Apr 22, 2025QuantumCTek Co., Ltd. announced that they will report Q1, 2025 results on Apr 22, 2025공시 • Dec 27QuantumCTek Co., Ltd. to Report Fiscal Year 2024 Results on Mar 26, 2025QuantumCTek Co., Ltd. announced that they will report fiscal year 2024 results on Mar 26, 2025Reported Earnings • Oct 26Third quarter 2024 earnings released: CN¥0.25 loss per share (vs CN¥0.47 loss in 3Q 2023)Third quarter 2024 results: CN¥0.25 loss per share (improved from CN¥0.47 loss in 3Q 2023). Revenue: CN¥30.2m (up 83% from 3Q 2023). Net loss: CN¥19.8m (loss narrowed 47% from 3Q 2023). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Communications industry in China.공시 • Sep 30QuantumCTek Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024QuantumCTek Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024Reported Earnings • Jul 31Second quarter 2024 earnings released: EPS: CN¥0.076 (vs CN¥0.32 loss in 2Q 2023)Second quarter 2024 results: EPS: CN¥0.076 (up from CN¥0.32 loss in 2Q 2023). Revenue: CN¥60.1m (up 129% from 2Q 2023). Net income: CN¥6.13m (up CN¥31.9m from 2Q 2023). Profit margin: 10% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 44% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Communications industry in China.공시 • Jun 29QuantumCTek Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024QuantumCTek Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024Reported Earnings • Apr 28First quarter 2024 earnings released: CN¥0.52 loss per share (vs CN¥0.20 loss in 1Q 2023)First quarter 2024 results: CN¥0.52 loss per share (further deteriorated from CN¥0.20 loss in 1Q 2023). Revenue: CN¥9.48m (down 69% from 1Q 2023). Net loss: CN¥41.5m (loss widened 156% from 1Q 2023). Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Communications industry in China.New Risk • Apr 22New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding).공시 • Apr 09QuantumCTek Co., Ltd., Annual General Meeting, Apr 29, 2024QuantumCTek Co., Ltd., Annual General Meeting, Apr 29, 2024, at 14:30 China Standard Time. Location: No. 777, Huatuo Lane, High-tech Zone, Hefei, Anhui ChinaReported Earnings • Apr 09Full year 2023 earnings released: CN¥1.54 loss per share (vs CN¥1.07 loss in FY 2022)Full year 2023 results: CN¥1.54 loss per share (further deteriorated from CN¥1.07 loss in FY 2022). Revenue: CN¥156.1m (up 16% from FY 2022). Net loss: CN¥123.9m (loss widened 44% from FY 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Communications industry in China.공시 • Mar 30QuantumCTek Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024QuantumCTek Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024New Risk • Mar 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.공시 • Mar 13QuantumCTek Co., Ltd. announced that it expects to receive CNY 1.90342583 billion in fundingQuantumCTek Co., Ltd. announced that it has entered into a Share Subscription and Strategic Cooperation Agreement to issue 24,112,311 A shares at a price of CNY 78.94 per share for the gross proceeds of CNY 1,903,425,830.34 on March 11, 2024. The transaction will include participation from returning investor China Telecom Quantum Information Technology Group Co., Ltd. The transaction has been approved in the sixth meeting of the eighth board of directors, the fifth meeting of the eighth board of supervisors, the fifth meeting of the audit committee of the eighth board of directors, at the 33rd meeting of the company’s 3rd board of directors and the 31st meeting of the 3rd board of supervisors and the first special meeting of independent directors in 2024 and is subject to approval of shareholders meeting, the Bureau of National Defense Science and Technology, the State-Owned Assets Supervision and Administration Department, the Shanghai Stock Exchange and the China Securities Regulatory Commission. The shares are not transferable within 36 months from the end of issuance.Reported Earnings • Feb 27Full year 2023 earnings released: CN¥1.56 loss per share (vs CN¥1.07 loss in FY 2022)Full year 2023 results: CN¥1.56 loss per share (further deteriorated from CN¥1.07 loss in FY 2022). Revenue: CN¥156.1m (up 16% from FY 2022). Net loss: CN¥125.3m (loss widened 45% from FY 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Communications industry in China.공시 • Dec 29QuantumCTek Co., Ltd. to Report Fiscal Year 2023 Results on Apr 26, 2024QuantumCTek Co., Ltd. announced that they will report fiscal year 2023 results on Apr 26, 2024Reported Earnings • Nov 01Third quarter 2023 earnings released: CN¥0.47 loss per share (vs CN¥0.20 loss in 3Q 2022)Third quarter 2023 results: CN¥0.47 loss per share (further deteriorated from CN¥0.20 loss in 3Q 2022). Revenue: CN¥16.5m (down 33% from 3Q 2022). Net loss: CN¥37.2m (loss widened 131% from 3Q 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Communications industry in China.Reported Earnings • Aug 30Second quarter 2023 earnings released: CN¥0.32 loss per share (vs CN¥0.32 loss in 2Q 2022)Second quarter 2023 results: CN¥0.32 loss per share. Revenue: CN¥26.3m (up CN¥22.0m from 2Q 2022). Net loss: CN¥25.7m (flat on 2Q 2022).공시 • Jun 28QuantumCTek Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023QuantumCTek Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023Reported Earnings • Apr 28First quarter 2023 earnings released: CN¥0.20 loss per share (vs CN¥0.25 loss in 1Q 2022)First quarter 2023 results: CN¥0.20 loss per share (improved from CN¥0.25 loss in 1Q 2022). Revenue: CN¥30.5m (up 209% from 1Q 2022). Net loss: CN¥16.2m (loss narrowed 17% from 1Q 2022).Board Change • Mar 15Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Vice Chairman Bing Wang is the most experienced director on the board, commencing their role in 2018. Independent Director Zongwei Xu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.이익 및 매출 성장 예측XSSC:688027 - 애널리스트 향후 추정치 및 과거 재무 데이터 (CNY Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202775420N/A80112/31/20265378N/A1813/31/20263147-8121N/A12/31/20253105-118-11N/A9/30/2025343-3-8426N/A6/30/2025305-20-6635N/A3/31/2025263-11-941N/A12/31/2024253-32-5333N/A9/30/2024183-100-115-82N/A6/30/2024169-117-121-90N/A3/31/2024135-149-79-58N/A12/31/2023156-124-39-4N/A9/30/2023169-1042362N/A6/30/2023177-832978N/A3/31/2023155-833796N/A12/31/2022135-86774N/A9/30/2022174-54-6118N/A6/30/2022169-64-107-9N/A3/31/2022184-43-151-48N/A12/31/2021179-37-153-64N/A9/30/20211528-104-7N/A6/30/202114224-3925N/A3/31/202113825-437N/A12/31/202013429-2227N/A9/30/202025559344N/A6/30/20202505991144N/A3/31/202024752111166N/A12/31/201925849N/A171N/A12/31/201826572N/A-4N/A12/31/201728474N/A-17N/A12/31/201622759N/A-45N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 688027 의 연간 예상 수익 증가율(67.8%)이 saving rate(2.4%)보다 높습니다.수익 vs 시장: 688027 의 연간 수익(67.8%)이 CN 시장(27.2%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: 688027 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: 688027 의 수익(연간 46.6%)이 CN 시장(연간 16.2%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: 688027 의 수익(연간 46.6%)은 연간 20%보다 빠르게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 688027의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YTech 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/23 03:38종가2026/05/22 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스QuantumCTek Co., Ltd.는 2명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Liangbi ZhaoChina Galaxy Securities Co., Ltd.Daisy DaiMorgan Stanley
공시 • Mar 30QuantumCTek Co., Ltd. to Report Q1, 2026 Results on Apr 21, 2026QuantumCTek Co., Ltd. announced that they will report Q1, 2026 results on Apr 21, 2026
공시 • Mar 24QuantumCTek Co., Ltd., Annual General Meeting, Apr 20, 2026QuantumCTek Co., Ltd., Annual General Meeting, Apr 20, 2026, at 14:30 China Standard Time. Location: No. 777, Huatuo Lane, High-tech Zone, Hefei, Anhui China
공시 • Dec 26QuantumCTek Co., Ltd. to Report Fiscal Year 2025 Results on Mar 25, 2026QuantumCTek Co., Ltd. announced that they will report fiscal year 2025 results on Mar 25, 2026
공시 • Sep 30QuantumCTek Co., Ltd. to Report Q3, 2025 Results on Oct 18, 2025QuantumCTek Co., Ltd. announced that they will report Q3, 2025 results on Oct 18, 2025
공시 • Jun 30QuantumCTek Co., Ltd. to Report First Half, 2025 Results on Aug 13, 2025QuantumCTek Co., Ltd. announced that they will report first half, 2025 results on Aug 13, 2025
공시 • Mar 28+ 1 more updateQuantumCTek Co., Ltd. to Report Q1, 2025 Results on Apr 22, 2025QuantumCTek Co., Ltd. announced that they will report Q1, 2025 results on Apr 22, 2025
공시 • Dec 27QuantumCTek Co., Ltd. to Report Fiscal Year 2024 Results on Mar 26, 2025QuantumCTek Co., Ltd. announced that they will report fiscal year 2024 results on Mar 26, 2025
Reported Earnings • Oct 26Third quarter 2024 earnings released: CN¥0.25 loss per share (vs CN¥0.47 loss in 3Q 2023)Third quarter 2024 results: CN¥0.25 loss per share (improved from CN¥0.47 loss in 3Q 2023). Revenue: CN¥30.2m (up 83% from 3Q 2023). Net loss: CN¥19.8m (loss narrowed 47% from 3Q 2023). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Communications industry in China.
공시 • Sep 30QuantumCTek Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024QuantumCTek Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024
Reported Earnings • Jul 31Second quarter 2024 earnings released: EPS: CN¥0.076 (vs CN¥0.32 loss in 2Q 2023)Second quarter 2024 results: EPS: CN¥0.076 (up from CN¥0.32 loss in 2Q 2023). Revenue: CN¥60.1m (up 129% from 2Q 2023). Net income: CN¥6.13m (up CN¥31.9m from 2Q 2023). Profit margin: 10% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 44% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Communications industry in China.
공시 • Jun 29QuantumCTek Co., Ltd. to Report First Half, 2024 Results on Aug 31, 2024QuantumCTek Co., Ltd. announced that they will report first half, 2024 results on Aug 31, 2024
Reported Earnings • Apr 28First quarter 2024 earnings released: CN¥0.52 loss per share (vs CN¥0.20 loss in 1Q 2023)First quarter 2024 results: CN¥0.52 loss per share (further deteriorated from CN¥0.20 loss in 1Q 2023). Revenue: CN¥9.48m (down 69% from 1Q 2023). Net loss: CN¥41.5m (loss widened 156% from 1Q 2023). Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Communications industry in China.
New Risk • Apr 22New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding).
공시 • Apr 09QuantumCTek Co., Ltd., Annual General Meeting, Apr 29, 2024QuantumCTek Co., Ltd., Annual General Meeting, Apr 29, 2024, at 14:30 China Standard Time. Location: No. 777, Huatuo Lane, High-tech Zone, Hefei, Anhui China
Reported Earnings • Apr 09Full year 2023 earnings released: CN¥1.54 loss per share (vs CN¥1.07 loss in FY 2022)Full year 2023 results: CN¥1.54 loss per share (further deteriorated from CN¥1.07 loss in FY 2022). Revenue: CN¥156.1m (up 16% from FY 2022). Net loss: CN¥123.9m (loss widened 44% from FY 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Communications industry in China.
공시 • Mar 30QuantumCTek Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024QuantumCTek Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024
New Risk • Mar 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.
공시 • Mar 13QuantumCTek Co., Ltd. announced that it expects to receive CNY 1.90342583 billion in fundingQuantumCTek Co., Ltd. announced that it has entered into a Share Subscription and Strategic Cooperation Agreement to issue 24,112,311 A shares at a price of CNY 78.94 per share for the gross proceeds of CNY 1,903,425,830.34 on March 11, 2024. The transaction will include participation from returning investor China Telecom Quantum Information Technology Group Co., Ltd. The transaction has been approved in the sixth meeting of the eighth board of directors, the fifth meeting of the eighth board of supervisors, the fifth meeting of the audit committee of the eighth board of directors, at the 33rd meeting of the company’s 3rd board of directors and the 31st meeting of the 3rd board of supervisors and the first special meeting of independent directors in 2024 and is subject to approval of shareholders meeting, the Bureau of National Defense Science and Technology, the State-Owned Assets Supervision and Administration Department, the Shanghai Stock Exchange and the China Securities Regulatory Commission. The shares are not transferable within 36 months from the end of issuance.
Reported Earnings • Feb 27Full year 2023 earnings released: CN¥1.56 loss per share (vs CN¥1.07 loss in FY 2022)Full year 2023 results: CN¥1.56 loss per share (further deteriorated from CN¥1.07 loss in FY 2022). Revenue: CN¥156.1m (up 16% from FY 2022). Net loss: CN¥125.3m (loss widened 45% from FY 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Communications industry in China.
공시 • Dec 29QuantumCTek Co., Ltd. to Report Fiscal Year 2023 Results on Apr 26, 2024QuantumCTek Co., Ltd. announced that they will report fiscal year 2023 results on Apr 26, 2024
Reported Earnings • Nov 01Third quarter 2023 earnings released: CN¥0.47 loss per share (vs CN¥0.20 loss in 3Q 2022)Third quarter 2023 results: CN¥0.47 loss per share (further deteriorated from CN¥0.20 loss in 3Q 2022). Revenue: CN¥16.5m (down 33% from 3Q 2022). Net loss: CN¥37.2m (loss widened 131% from 3Q 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Communications industry in China.
Reported Earnings • Aug 30Second quarter 2023 earnings released: CN¥0.32 loss per share (vs CN¥0.32 loss in 2Q 2022)Second quarter 2023 results: CN¥0.32 loss per share. Revenue: CN¥26.3m (up CN¥22.0m from 2Q 2022). Net loss: CN¥25.7m (flat on 2Q 2022).
공시 • Jun 28QuantumCTek Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023QuantumCTek Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023
Reported Earnings • Apr 28First quarter 2023 earnings released: CN¥0.20 loss per share (vs CN¥0.25 loss in 1Q 2022)First quarter 2023 results: CN¥0.20 loss per share (improved from CN¥0.25 loss in 1Q 2022). Revenue: CN¥30.5m (up 209% from 1Q 2022). Net loss: CN¥16.2m (loss narrowed 17% from 1Q 2022).
Board Change • Mar 15Less than half of directors are independentThere are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Vice Chairman Bing Wang is the most experienced director on the board, commencing their role in 2018. Independent Director Zongwei Xu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.