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What's behind the disappearance of 150 million and the national technology behind the 2 billion reorganization?
On July 15, 2017, the announcement of National Technology announced that it had received the "Notice of Investigation" from China Securities Regulatory Commission on suspicion of illegal information disclosure and had the risk of being suspended from listing.
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, as the SFC investigation step by step, everything will come to an end.
2. Cogobuyuki expected the second half of the year as a hard-core profit growth for the future;
Cogobuy said it has gradually digested the negative impact of tighter credit. Its proprietary sales business bottomed out in the third quarter of 2017 but it gradually rose from the bottom in the fourth quarter and is still expected to make a profit in the second half of this year. In the second half of last year, Cogobuh registered the same profit. As of the end of December 2016, Cogobuh earned 2.75 billion yuan, up 56% year-on-year. The growth of self-operated business next year mainly depended on the recovery of bank credit lines speed.
In addition, the Company adjusted the focus of its future development and established the development mode of "hard egg platform industrialization + IC components trading platform dual engine." The project industrialization on hard egg platform will start to become the new momentum for the release of corporate performance. Through the enterprise and Technical services, hatching investment income and other high value-added business, driving the Group's performance.
Looking into the fourth quarter of this year, the company will accelerate the development of hard egg business. At present, hard egg has access to the world's top technology giant, and actively grasp the opportunities for smart upgrade of traditional manufacturing industry, and in-depth cooperation with high-quality companies such as hard eggs this year Six months and Samsung Electronics reached a strategic cooperation.
The strategic partnership includes the Samsung ARTIK ™ Platform, the latest development of Samsung's end-to-end integration platform that will enable the AI project to provide a one-stop shop for AI projects from silicon to software to cloud and data services Complete AI solution capabilities to help businesses upgrade and develop AI products and services.
Ming Pao
3. Domestic chip is a new wave of investment is expected to rise rapidly in the next few years;
China's electronics industry, "lack of core less screen" situation, is changing.After the BOE in the field of domestic panels to achieve technological breakthroughs, the domestic chip is expected to achieve a leap in the coming years.It is noteworthy that the current global IC industry is to our country Accelerate the transfer, there is also a new round of domestic investment wave, the domestic chip technology in independent research and development and mergers and acquisitions of the dual support has become a long-term more clear investment outlet.
'Domestic core' has become a hot topic in the recent capital markets, the IC industry chain triggered the pursuit of capital concentration.For example, Si design innovation in the field of IC design, top technology, IC packaging and testing in the field of long power technology, crystal technology, IC materials Jiang Feng Electronics in the field, SMIC and other companies in Shanghai Xinyang and IC manufacturing have soared.
Because they do not have the core technology, China annually spends a huge amount of foreign exchange import chips.According to statistics provided by the General Administration of Customs, China's IC imports amounted to 227,026 million U.S. dollars in 2016, double the amount of crude oil imported in the same period of time. Subject to foreign countries, domestic technology is weak, the strategic situation is very passive, to achieve 'China's core' import substitution has become a clear national development strategy.
At present, in the field of memory chips, China's memory chip industry is basically empty, almost 100% dependent on imports.In the field of CPU, domestic mobile phones hardly use domestically produced CPU chips except Huawei.In the field of IC manufacturing, the most advanced SMIC International is still difficult to mass production at 28nm, and TSMC, Samsung and other companies have begun to develop 7nm technology.
From the point of view of global industrial development and transfer, the semiconductor industry has rapidly developed along with the last round of technological revolution in computers and the Internet. As a whole, the semiconductor industry originated in the United States. As a result of the international division of labor brought by globalization, the semiconductor industry gradually expanded to Japan, South Korea, Taiwan In recent years, this industry is moving to the domestic, especially the domestic chip is on the rise.
According to the data from the Ministry of Industry and Information Technology, the sales volume of ICs in China was 433.5 billion yuan in 2016, an increase of 20% over the previous year, while the average CAGR of 22% in the past 14 years will explode in areas such as consumer electronics, internet of things, smart cars and AI in the future Growth, is bound to drive the rapid growth of China's integrated circuit products, development prospects are very broad.
Analysis shows that in the IC industry chain, the upper reaches of the chip design, the middle reaches of the chip manufacturing, the lower reaches of the chip packaging and testing.As a result of different access to technology threshold in the early development of integrated circuits, packaging and testing to our country as an entry point and the massive development, Due to its low technical content and labor-intensive nature, the packaging and testing industry occupies the largest proportion in China and has become the most internationally competitive part of China's IC industry chain. Meanwhile, China's support for the chip design industry continues to increase In contrast, chip manufacturing is a capital-intensive and technology-intensive industry, and TSMC, a pioneer in foundry foundry, rapidly occupied the market with a first-mover advantage. In 2016, the OEM market share was 58 %, Far ahead of other companies.While SMIC as a domestic brand representatives in recent years the rapid development of 2016 revenues 2.8 billion US dollars, and the gap between TSMC is huge.
According to the analysis, the domestic chip alternative to this national development strategy is showing its effectiveness.With the large-scale investment in domestic funds, a breakthrough in independent R & D after the introduction of technology has led to the rapid rise of domestic chips in the next few years, To develop prospects. Institutional tips related to the listed companies such as chip design ring Siu Yi innovation, the top technology; chip foundry leader in the manufacturing sector SMIC, sputtering target supplier Jiang Feng Electronics, wafer cutting Leading Han's laser; chip IC packaging and testing of long-term technology, including micro-rich and so on.
Economic Information Daily
4. From China to China to create another invisible battlefield
On December 3, the 4th World Internet Conference's "Release of the World's Leading Scientific and Technological Achievements of the Internet" was held at Wuzhen Internet International Convention and Exhibition Center, and released the world's leading scientific and technological achievements in the field of Internet. The photo is based on the 'Supernatural Power · Taihu Lake' supercomputer system Major application results. Visual China for the map
For every Chinese with a strong national complex, it can be expected that Chinese-made chips, operating systems and databases will be able to be used, but whether these Chinese-made products can be put together on the same machine can be highly effective 'Use it'?
Computer expert, China Aerospace Science and Industry Second Hospital 706, deputy director of network and information security Zhongsheng Hai had six years ago, had an experience. He still clearly remember that to open that Taiwan's own domestic assembly of computers, boot let him wait For more than two minutes, turning on a 10M-sized document in the computer left him waiting for another three minutes - the first time he understood the true 'people who hate iron and steel' mentality for domestic devices.
But is this unnecessary?
In this Trojan, the back door one after another, frequently, 'Prism door' ransomware era, up to the national security, to personal privacy, are facing the core technology is controlled by others, there are loopholes in the security risks of information vulnerability. Science and engineering, for example, is called China's largest missile weapon research and development unit, often sounded 'not autonomous control, will be subject to people' alarm.
Over the past six years, 706 self-controllable IT teams where Chung Chiung-Ho has been exploring this card-and-neck puzzle, his first step, sounds plausible: autonomously controlled information that builds homegrown hardware and software System, from 'can not be used' to 'available' or even 'easy to use'.
Build a house on the foundation of someone else's home, then pretty collapse may collapse at any time
Gu Peng is the head of the Zhongshenghai team, and the head of the network and information security department at 706, China Academy of Aerospace Science and Industry. In the past year, one of the most hearsensives is: Is it unsafe to use computers made by foreigners and mobile phones?
At this moment, he usually talks about a "total score", that is, a few key parts of the so-called information system, such as the CPU, the operating system and the database. Then everyone will find that At present, the electronic devices that can be found on hand are almost all non-domestic products with almost no exceptions -
CPU is usually used by Intel, the operating system is Microsoft, the database is Oracle.
This is just the tip of the iceberg. People who are concerned about cybersecurity can often hear the phrase 'the United States' Big Eight Vajra.' '- specifically the' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' Qualcomm, Apple, etc., from the information system in all areas to seize the Chinese market.
In an interview with China Youth Daily and China Youth Online reporter Gu Peng said that if these foreign manufacturers stopped selling or stopped production and the western countries imposed a blockade on China, then our information system will face the problem of equipment damage Repair, the system can not be upgraded, the product can not be maintained 'dilemma.
Playing an image, for example, building a house on the foundations of other people's homes and then collapsing may collapse at any moment.Peng Peng said that this is why we often say that autonomous control is a problem of ' Can not use, can not use!
Another problem is that "there are still many safety issues even if they can be used."
Gu Peng said that the core components used in many important infrastructures, information systems and personal computers in China are non-national goods. There are serious security risks such as Trojans, loopholes and backdoors. This provides the possibility for overseas surveillance and control , Laying a great risk to the country's network security.
Gu Peng said that the processor, the operating system and other core components are likely to be 'tricks', which may be through the operation of the preset monitoring user behavior, theft of sensitive information, resulting in a virus outbreak, resulting in personal Privacy, security of corporate information and even national security are hard to guarantee.
This is not alarmist.
Internationally, there is a notable example: in 2010 Iran's nuclear facilities suffered from a 'shock net' attack from abroad and directly paralyzed more than 1,000 centrifuges in the country's nuclear facilities. Many foreign agencies and the media have come to the conclusion that The main reason is that Iran's nuclear-related information control system lacks self-protection.
How can we achieve autonomic control? Well known computer expert in China, Ni Guangnan, a member of the Chinese Academy of Engineering, has a discussion: relying on independent research and development design, master the core technology, innovation and development, research and development, production, upgrades, maintenance, full controllable computer system Hardware can be called self-controllable.
To put it plainly, is the core technology, the key components, all kinds of software are all localized, their own development, manufacturing their own, these 'life gate' in their own hands.
Own brick and sand do not have to build a house, let alone into the homes of ordinary people
In a sense, the project of "nuclear high base" that China spends billions of dollars on - "core electronic devices, high-end general purpose chips and basic software products" came into being. In 2006, this project was linked to manned space flight , Lunar exploration project together, was included in the country's 16 major science and technology projects.
In November this year, the Ministry of Science and Technology and Ministry of Industry and Information Technology jointly held a press conference on the special results of 'nuclear high base', in which they disclosed that the key technology of the core devices and the foreign disparities have been shortened from 'over 15 years' before the special start up to about 5 years'.
This and Gu Peng feel very much.With the domestic chip Godson, Feiteng, Shen Wei, the domestic operating system Galaxy, the successful bidder, as well as the domestic database Kunlun and other core baked weapon, much criticized the 'lack of soul less' problem Already eased.
But then, there was the problem he encountered: the parts were made, but when they could be used, after all, nothing meant to be usable and easy to use.
At the special conference of 'Nuclear High Bases', Professor Wei Shaojun, the chief technical officer and director of the Institute of Microelectronics at Tsinghua University, also talked about this topic: We can make a sample with high index, but we must do it Market applications can be widely recognized by users of the product - this is completely different.
China Aerospace Science and Industry Institute 706 also bear the "nuclear high base" part of the special, but they also explore, it is to further create samples for the product, to the market, 'used to be bricks brick, sand No sand, now the situation is: brick is a brick, sand is sand, but the lack of an ecological chain, lack of a willing to cover the house '.
As Wei Shaojun said, before the special implementation of 'nuclear high base', the domestic operating system basically can only run on the foreign CPU, while the domestic CPU running software is mainly the CPU manufacturer's own research and development - no commercial software developer is willing to make the domestic CPU development software.In contrast, the whole machine manufacturers are not willing to build machine production for domestic CPU, because - there is no market, or market competitiveness is too weak.
Gu Peng team played by the "whole machine manufacturers." To his where the China Aerospace Science and Industry, used to a large project, good at doing system integration; second to his where 706, the best is to do 'computer Machine '.
Nowadays, China Aerospace Science and Industry Corporation, which is based on 'Tian Yue' series of computer products and 'Tianyi' cloud platform, was born here, which is the largest autonomous controllable information system up to now.
How difficult it is to turn around users' localization is slow and can not keep up. "
Not long ago, at the Fourth World Internet Congress held in Wuzhen, Ni Guangnan mentioned this system when he gave a keynote speech and described it as "a typical example of an autonomous and controllable alternative to network information security in China."
In Ni Guangnan view, China's Internet tree needs' deep roots', 'deep root' means the tree is solidly rooted, to have the core chip, the basic software, key equipment, three aspects of support, and 'Ye Mao 'This means that the tree will benefit every corner of the society and economy and benefit every household, benefiting everyone.
The latter is obviously not easy.After all, people seem to have been accustomed to these products, Gu Peng said, with Intel processors and Windows operating systems, such as Wintel interface style, operating habits have been 'popular', then, even though 'Domestic self-owned information technology products, the promotion of the application process is facing greater market challenges.
'To know how difficult it is to turn around the minds of users' localization is slow and keep up the development', Gu Peng said that from this we can see that the role of 'machine manufacturer' is not easy and certainly not only 'Integration' is as easy as it is. 'It's not hard to simply assemble the components together, but the machine is just as I described it. I can not use it.'
Zhong said that "bricks are not suitable and should be used during the process of building a house." What their team needed to do was to systematically integrate a single breakthrough in the production of 'nuclear-based' projects, There are constant adaptation, a large number of compatible coupling and optimization work to be done, like a pearls into a necklace.
The latest data from China Aerospace Science and Industry show that the autonomous controllable information system developed by Gu Peng and Zhong Shenghai team has initially realized the nationwide production substitution of computer and information system hardware and software.
More importantly, this system has been running steadily for one year at the scale of localization of 10,000 units and employees of more than 10 provinces and municipalities of China Aerospace Science and Industry Corporation carry out routine work on it. In the past one year, millions Sample data statistics found that more than 95% of the system's application of the corresponding time control in less than two seconds - this speed has been based on Wintel architecture-based information system.
Shanghai Aerospace Science and Industry Institute 706, deputy director of Shanghai Shiguang Shen told reporters that the 706 team will then use two to three years, on the basis of 20,000 units to achieve more than 50,000 domestic terminals and 100,000 ~ 150,000 domestic mobile terminal network deployment.
This will to some extent answer another challenge of autonomous controllable systems: the lack of large-scale testing of mature industries, application areas less promotion time short how to do.
China Youth Daily · Youth Online reporter Qiu Chenhui Source: China Youth Daily