A few days ago, the reporter found that the data of Lianjian Optoelectronics was abnormal, and the amount of fictitious profits was as high as 161 million yuan, and its lack of clear investment direction. Last year, nearly half of the net income was not related to the main business.
From the business data disclosed in its financial report, Lianjian Optoelectronics is relying on the interest income generated by fundraising and government subsidies to maintain a modest net profit, the operating cash flow is turned negative, and the surge in accounts receivable contains huge bad debt risk. Future growth is very uncertain.
Li Ka-shing shares a floating profit of 40 million for 5 years
Shenzhen Lianjian Optoelectronics Co., Ltd. (hereinafter referred to as Lianjian Optoelectronics Co., Ltd.) is a system solution provider for mid-to-high-end LED full-color display applications. Its main business provides customers with solution design, product manufacturing, engineering services, technical support and System solutions for "product + service" including product leasing.
In the LED camp, the share price of Lianjian Optoelectronics has not been satisfactory since its listing. As of June 3, the Shenzhen Stock Exchange closed, Lianjian Optoelectronics closed at 14.76 yuan / share. The main force of the day flowed into 110,000 yuan and flowed out of 1.9 million yuan. Since the beginning of this year, the organization has reduced the company's total of 2,585,500 shares through a large trading platform, with a total of 3,330,800 yuan.
In the LED industry, Lianjian Optoelectronics' business competitiveness is not as strong as its chairman Liu Hujun claimed. In the IPO prospectus, Lianjian Optoelectronics listed Alto Electronics and Chaon Ming Technology as competitors. The main business of these three companies is basically coincident, and their business focuses on the market segments.
From the perspective of subdivided products, Alto Electronics is mainly engaged in LED video display system, LED information release and indication system, and electronic return system. It is mainly used in financial systems, stadiums and other fields. Lighting products; Lianjian Optoelectronics is mainly based on high-end LED full-color large-screen products, and has prominent advantages in advertising media, stage performing arts, government and enterprise propaganda and other market segments.
Due to the difference in product positioning and marketing methods, Alto's 2010 product gross margin reached 44.7%, and Chau Ming Technology and Lianjian Optoelectronics were slightly inferior, with 24.04% and 27.49% respectively. The difference is also reflected in the net profit margin. Last year, Alto's net profit margin was the highest among the three companies, reaching 17.03%, followed by Lianjian Optoelectronics, which was 5.04%. Zhouming Technology ranked last, with a net profit margin of only 3.74% last year. .
It is worth mentioning that since the beginning of last year, the organization has no interest in the company, and has not even published a research report. However, it is such a company, and among its shareholders, Li Ka-shing is actually present.
According to the pre-disclosure of the Lianhe Optoelectronics Prospectus, Shenzhen Changyuan Yingjia Investment Co., Ltd. holds 4 million shares of Lianjian Optoelectronics, and Changyuan Yingjia is a wholly-owned subsidiary of the Lijiacheng family-owned listed company Changyuan Group, Li Ka Shing family Through its long-term investment, it holds a 35.41% stake in Changyuan Group as the actual controller. Therefore, Changyuan Yingjia is an investment company indirectly held by Li Ka-shing.
The reporter was informed that Changyuan Yingjia subscribed for 2 million shares in April 2008 for 17.66 million yuan. In July 2009, Lianjian Optoelectronics transferred its capital reserve to share capital, and Changyuan Yingjia held 4 million shares. Calculated by 4 million shares, as of the close of June 3, Li Jiacheng's family accounted for 41.38 million yuan.
1.61 billion yuan profit black hole no solution
Lianjian Optoelectronics, favored by the Li Ka-shing family, is not only very inactive, but also suspected of financial fraud. Judging from its comprehensive financial data, Lianjian Optoelectronics is suspected of a fictional net profit of 161 million yuan.
The predecessor of Lianjian Optoelectronics was Lianchuang Jianhe, which was originally established on April 14, 2003 and has been in business for ten years. On October 12, 2011, Lianjian Optoelectronics was listed on the GEM of the Shenzhen Stock Exchange, raising a net amount of 335 million yuan, of which 148 million yuan was over-raised.
According to the financial report, Lianjian Optoelectronics achieved a net profit of 183 million yuan in five years from 2008 to 2012. The net cash flow from operating activities totaled 69.051 million yuan, and the latter accounted for 37.37% of net profit.
“In general, if a company has not undergone major changes in its main business in the past five years, then the difference between the net cash flow generated by its operating activities and the net profit should not be particularly disparate. In many cases, it should be slightly larger than the net profit.†Shanghai Yang Mo, a certified public accountant of an accounting firm, told reporters that “a company with a stable business operation whose long-term working capital is invested in the early stage of operation, so the net profit realized by this company should be equivalent to the net cash flow.â€
The principle of accounting shows that the operating costs of operating income, including business tax and surcharges, management fees and marketing expenses, are long-term assets that are benefited from one-time investment in multiple periods, and are included in the initial cash flow of the investment. Including the cash flow generated by the investment activity, the benefit period offsets the operating cost of the apportioned cost, and has nothing to do with the cash flow generated by the operating activities.
Therefore, the operating costs of the operating income, which are denominated in the current profit and loss, will result in a decrease in net profit, but will not reduce the cash flow from operating activities.
After reviewing the IPO prospectus of Lianjian Optoelectronics, the 2011 and 2012 annual reports, the reporter found that the estimated net cash flow from Lianjian Optoelectronics' 2008-2012 operating activities is the asset impairment, disposal of long-term assets and financial expenses. The total amount is 471.83 million yuan, plus the sum of net profits, totaling 230 million yuan.
However, the estimated net cash flow of Lianjian Optoelectronics is as high as RMB 230 million, which is a huge difference from the total net cash flow generated from actual business activities in the past five years. However, its business structure has not changed significantly in the past five years.
According to the financial report, from 2008 to 2012, the net cash flow generated by Lianjian Optoelectronics' operating activities was only 69.051 million yuan, a difference of 161 million yuan from the 230 million yuan.
According to Yang Mo's analysis, the total amount of the project, such as asset impairment, disposal of long-term assets and financial expenses, totaled 47.918 million yuan, there was no cash outflow from operating activities, but the operating income was deducted and included in the current year's profit and loss.
Yang Mo told reporters: "For a company whose main business is developing stably and continuously, if the income and payment of goods are normal, then the funds of 47,179,300 yuan will naturally return to the joint construction as cash inflow from operating activities. Photoelectric. If Lianjian Optoelectronics' 183 million yuan net profit is indeed real money, then the company's operating cash flow should be 230 million yuan, but the actual cash flow of Lianjian Optoelectronics is only 69.051 million yuan, a very large difference."
Therefore, in the five years from 2008 to 2012, Lianjian Optoelectronics claimed to earn 183 million yuan, which is not the realized cash profit. Its alleged high profits are fictitious, and it is likely to be as high as 161 million yuan.
From the business data disclosed in its financial report, Lianjian Optoelectronics is relying on the interest income generated by fundraising and government subsidies to maintain a modest net profit, the operating cash flow is turned negative, and the surge in accounts receivable contains huge bad debt risk. Future growth is very uncertain.
Li Ka-shing shares a floating profit of 40 million for 5 years
Shenzhen Lianjian Optoelectronics Co., Ltd. (hereinafter referred to as Lianjian Optoelectronics Co., Ltd.) is a system solution provider for mid-to-high-end LED full-color display applications. Its main business provides customers with solution design, product manufacturing, engineering services, technical support and System solutions for "product + service" including product leasing.
In the LED camp, the share price of Lianjian Optoelectronics has not been satisfactory since its listing. As of June 3, the Shenzhen Stock Exchange closed, Lianjian Optoelectronics closed at 14.76 yuan / share. The main force of the day flowed into 110,000 yuan and flowed out of 1.9 million yuan. Since the beginning of this year, the organization has reduced the company's total of 2,585,500 shares through a large trading platform, with a total of 3,330,800 yuan.
In the LED industry, Lianjian Optoelectronics' business competitiveness is not as strong as its chairman Liu Hujun claimed. In the IPO prospectus, Lianjian Optoelectronics listed Alto Electronics and Chaon Ming Technology as competitors. The main business of these three companies is basically coincident, and their business focuses on the market segments.
From the perspective of subdivided products, Alto Electronics is mainly engaged in LED video display system, LED information release and indication system, and electronic return system. It is mainly used in financial systems, stadiums and other fields. Lighting products; Lianjian Optoelectronics is mainly based on high-end LED full-color large-screen products, and has prominent advantages in advertising media, stage performing arts, government and enterprise propaganda and other market segments.
Due to the difference in product positioning and marketing methods, Alto's 2010 product gross margin reached 44.7%, and Chau Ming Technology and Lianjian Optoelectronics were slightly inferior, with 24.04% and 27.49% respectively. The difference is also reflected in the net profit margin. Last year, Alto's net profit margin was the highest among the three companies, reaching 17.03%, followed by Lianjian Optoelectronics, which was 5.04%. Zhouming Technology ranked last, with a net profit margin of only 3.74% last year. .
It is worth mentioning that since the beginning of last year, the organization has no interest in the company, and has not even published a research report. However, it is such a company, and among its shareholders, Li Ka-shing is actually present.
According to the pre-disclosure of the Lianhe Optoelectronics Prospectus, Shenzhen Changyuan Yingjia Investment Co., Ltd. holds 4 million shares of Lianjian Optoelectronics, and Changyuan Yingjia is a wholly-owned subsidiary of the Lijiacheng family-owned listed company Changyuan Group, Li Ka Shing family Through its long-term investment, it holds a 35.41% stake in Changyuan Group as the actual controller. Therefore, Changyuan Yingjia is an investment company indirectly held by Li Ka-shing.
The reporter was informed that Changyuan Yingjia subscribed for 2 million shares in April 2008 for 17.66 million yuan. In July 2009, Lianjian Optoelectronics transferred its capital reserve to share capital, and Changyuan Yingjia held 4 million shares. Calculated by 4 million shares, as of the close of June 3, Li Jiacheng's family accounted for 41.38 million yuan.
1.61 billion yuan profit black hole no solution
Lianjian Optoelectronics, favored by the Li Ka-shing family, is not only very inactive, but also suspected of financial fraud. Judging from its comprehensive financial data, Lianjian Optoelectronics is suspected of a fictional net profit of 161 million yuan.
The predecessor of Lianjian Optoelectronics was Lianchuang Jianhe, which was originally established on April 14, 2003 and has been in business for ten years. On October 12, 2011, Lianjian Optoelectronics was listed on the GEM of the Shenzhen Stock Exchange, raising a net amount of 335 million yuan, of which 148 million yuan was over-raised.
According to the financial report, Lianjian Optoelectronics achieved a net profit of 183 million yuan in five years from 2008 to 2012. The net cash flow from operating activities totaled 69.051 million yuan, and the latter accounted for 37.37% of net profit.
“In general, if a company has not undergone major changes in its main business in the past five years, then the difference between the net cash flow generated by its operating activities and the net profit should not be particularly disparate. In many cases, it should be slightly larger than the net profit.†Shanghai Yang Mo, a certified public accountant of an accounting firm, told reporters that “a company with a stable business operation whose long-term working capital is invested in the early stage of operation, so the net profit realized by this company should be equivalent to the net cash flow.â€
The principle of accounting shows that the operating costs of operating income, including business tax and surcharges, management fees and marketing expenses, are long-term assets that are benefited from one-time investment in multiple periods, and are included in the initial cash flow of the investment. Including the cash flow generated by the investment activity, the benefit period offsets the operating cost of the apportioned cost, and has nothing to do with the cash flow generated by the operating activities.
Therefore, the operating costs of the operating income, which are denominated in the current profit and loss, will result in a decrease in net profit, but will not reduce the cash flow from operating activities.
After reviewing the IPO prospectus of Lianjian Optoelectronics, the 2011 and 2012 annual reports, the reporter found that the estimated net cash flow from Lianjian Optoelectronics' 2008-2012 operating activities is the asset impairment, disposal of long-term assets and financial expenses. The total amount is 471.83 million yuan, plus the sum of net profits, totaling 230 million yuan.
However, the estimated net cash flow of Lianjian Optoelectronics is as high as RMB 230 million, which is a huge difference from the total net cash flow generated from actual business activities in the past five years. However, its business structure has not changed significantly in the past five years.
According to the financial report, from 2008 to 2012, the net cash flow generated by Lianjian Optoelectronics' operating activities was only 69.051 million yuan, a difference of 161 million yuan from the 230 million yuan.
According to Yang Mo's analysis, the total amount of the project, such as asset impairment, disposal of long-term assets and financial expenses, totaled 47.918 million yuan, there was no cash outflow from operating activities, but the operating income was deducted and included in the current year's profit and loss.
Yang Mo told reporters: "For a company whose main business is developing stably and continuously, if the income and payment of goods are normal, then the funds of 47,179,300 yuan will naturally return to the joint construction as cash inflow from operating activities. Photoelectric. If Lianjian Optoelectronics' 183 million yuan net profit is indeed real money, then the company's operating cash flow should be 230 million yuan, but the actual cash flow of Lianjian Optoelectronics is only 69.051 million yuan, a very large difference."
Therefore, in the five years from 2008 to 2012, Lianjian Optoelectronics claimed to earn 183 million yuan, which is not the realized cash profit. Its alleged high profits are fictitious, and it is likely to be as high as 161 million yuan.
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