National technology nearly two days can be described as the storm continued, first claimed cheated away 500 million yuan of funds, and then thrown a buy announcement, intended to no more than 2 billion yuan, cross-industry acquisition of a company from the new energy industry.
What is interesting is that based solely on these announcements, it is clear that the SFC will not issue a notice of investigation concerning the suspension of listing, and Mustang noted that there are many anomalies in the national technology hidden behind a series of coincidences.
Strange acquisitions
First of all, on December 6, 2017, National Technology just right time to throw the acquisition proposal.
As we all know, just seven days ago, National Technology just claimed that it had been cheated of 500 million yuan of funds, and the past 10 years, the company's net profit of just 439 million yuan. Black Swan will undoubtedly have a tremendous impact on financial conditions, this time Choose to buy the company, quite a bit to turn the tide of the situation.
However, for the company, such restructuring may not be necessary.
Time back in 2010, National Technology completed the IPO, successfully landed in the capital market. "Prospectus" shows that the company originally only wanted to raise 330 million yuan to upgrade their own security chip, and finally raise a total of 2.3 billion yuan of funds.
In other words, at that time, there were nearly 2 billion super-raised funds in the hands of companies that could be prepared from time to time, and even as of mid-2017, there were still 1,008 million yuan of fund-raising balance accounts.
In addition, from the financial situation observation, although the non-net profit of national technology deduction is negative from 2012 to 2014, it has been turned into profit since 2015, and from 2105 to September 2017, Profits of 45.41 million yuan, 76.97 million yuan, 39.66 million yuan, good profitability, the prospect seems bright .In mid-2017 report 'core competitiveness analysis' also stressed that the company' research and development more focused on the main industry ',' the external environment continued to improve 'And so on, full of confidence in the future.
What is even more important is that 500 million yuan deceived this time is investment and financial resources rather than working capital.
If only from these dimensions to observe, although this incident will cause greater damage to national technology this year, but apparently will not hurt the fundamental, affecting the normal operation, and in the main business continued to improve cross-border restructuring, If not well thought out strategic planning, the far-reaching impact on the company should not be underestimated.
In response, a brokerage in east China investment banking department to the Mustang financial analysis, for an investment, the financial data before a lot more room for maneuver; and this does not exceed 2 billion yuan of acquisition funds, just the company account left More than one billion yuan in cash spent.
In fact, it is far far less superficial to look at the financial status of National Technology in recent years before the volume of 500 million yuan was rolled out.
Dangling financial data
From 2014 to 2016, National Technology achieved operating revenue of 426 million yuan, 561 million yuan and 706 million yuan respectively, showing steady growth, with a revenue of 539 million yuan in the first three quarters of 2017.
However, it is noteworthy that the balance of accounts receivable for the three years was 220 million yuan, 340 million yuan and 427 million yuan respectively, accounting for 51.64%, 60.61% and 60.48% of revenue respectively. To the extent that all contributed to the growth of accounts receivable.
And the issue of revenue more than that, let's look at several sets of data:
Generally speaking, a manufacturing company's revenue growth, the main impact of several factors: First, the higher the price of each product; Second, more products are produced and sold; Third, the original inventory of goods Been sold out.
If the former, the gross profit margin will basically increase; as for the latter, since the production of more things, then the manufacturing costs (machine start-up, factory work time, and workers working time, etc.) should generally rise.
Compared with Changjiang Electronics, Ziguang Guoxin and other enterprises, these accounting subjects are basically in a consistent state, while the consistency of the changes in national technology-related data is not obvious.
In this sense, what exactly supported the growth of national income in the past three years? For this issue, Mustang Finance made contact with the national technology, and the other side said that everything should be based on public notice.
Intermediate accountant Hao Tian Yi Bronco analysis of the factors that affect the cost of manufacturing is very complicated, only the disclosure of earnings data, and can not cover all possible reasons, but it is indeed worth noting.
In addition, Beijing Ji'an Jinxin Science and Technology Co., Ltd. has given CIMC National Technology a rating of "CCC" and ranked 230 out of 321 listed companies in computer communications and other electronic equipment manufacturing industries. "CCC" rating means that the company Low position in the industry, the operating situation is very unstable, poor profitability, cash flow shortage, higher operating losses and default risk, speculative risk.
In the meantime, the 'JIAN JINXIN Listed Company Competition Analysis System' gives an explanation of 'adjusting the profit of main business' by means of presumed false sales, early recognition of sales revenue or relaxation of credit policy in an attempt to expand the sales of credit.'
In addition to the downturn in operating income, the cash flow trend of national technology is not optimistic.
The timeline has been extended. Since its listing in 2010, the cash and equivalent balance of the Company has been declining. In seven years, it has decreased by nearly 2.3 billion yuan (about 800 million yuan has been transferred to bank entrusted wealth management).
And it is clear that in 2014, 2015 is a watershed.
On the one hand, since the beginning of these two years, the cash flow from operating activities of the Company has been transferred from positive to negative, which means that the non-net profit deducted by the aforesaid companies in the past four years (45.41 million yuan, 76.97 million yuan and 39.66 million yuan ) Just for book profit, did not really fall into the pocket.
On the other hand, in 2015, the net outflow of cash from the national technology investment activities reached as high as RMB1.319 billion. Over the course of a year, half of the book's money was spent. Where did these funds go?
Believe that with the SFC step by step investigation, everything will come to fruition.