On April 6, 2017, Xiamen Guangsheng Electronics Co., Ltd. (hereinafter referred to as “Guangyi Sharesâ€, stock code 300632) was listed on the GEM of the Shenzhen Stock Exchange. The company has been listed on the New Third Board in January 2014. After Tusta (300607) and Samsung New Materials (603578), the third successful company in 2017. The number of shares issued by Guanghao Co., Ltd. was 28.95 million shares, and the total amount of funds raised was 213,490,500 yuan. After deducting the issuance expenses, the net amount of funds raised was 177,710,100 yuan, which was used for “LED lighting product expansion project†and “R&D center expansion projectâ€. And “replenishing liquidityâ€. The sponsor institution of Guangqi Shares listed this time is CITIC Jiantou Securities.
According to public information, Guangyu shares issued the prospectus for the first time on July 3, 2015, and the first application was approved on February 27, 2017. On March 24, 2017, Guanghao shares started the subscription, and the issue price was 7.39 yuan/share. The number of final issuances under the net was 2,985,500 shares, accounting for 10% of the number of shares issued. The final number of online issuances is 26,555,000 shares, accounting for 90% of the number of shares issued. The final rate of online issuance is 0.0252122998%, and 43,107 shares were abandoned. In terms of stock price movements, Guangyi shares have been trading for nine consecutive trading days since their listing on April 6, and closed at April 18, at 22.81 yuan.
From 2013 to 2016, Guangyi's operating income was RMB 225,180,700, RMB 21,019,900, RMB 260,770,700 and RMB 3,205,535, respectively; net profit attributable to owners of the parent company was approximately RMB 25,725,500, RMB 21,164,200 and RMB 3,111.47. Ten thousand yuan, 40,326,900 yuan.
Guanghao shares expects operating income in the first quarter of 2017 to be 77.028 million yuan to 89.861 million yuan, which is expected to increase by 27.50% to 48.75% compared with the same period of last year. The net profit attributable to shareholders of the parent company is 98.209 million yuan to 11.4578 million yuan, which is expected to be compared with last year. During the same period, it increased by 48.27% to 72.98%.
From 2013 to 2016, the book value of the accounts receivable of Guangsheng Co., Ltd. at the end of the period was RMB 67,823,800, RMB 70,066,200, RMB 75,536,800 and RMB 12,284,500, respectively, accounting for 39.18%, 48.00%, 49.84% and 52.34 respectively. %, accounting for 30.12%, 33.62%, 28.90%, and 40.37% of operating income, respectively. The turnover rate of accounts receivable was 2.88, 3.35 and 3.06 respectively.
From 2013 to 2016, the book value of the shares of Guangsheng Shares was RMB 38,085,200, RMB 38,607,700, RMB 35,561,100 and RMB 4,668,200, respectively, accounting for 22.00%, 26.25%, 23.58% and 19.89% of current assets. The inventory turnover ratio was 3.68, 4.59 and 5.04 respectively.
From 2014 to 2016, the utilization of LED lighting categories is not yet complete. Among them, the utilization rate of LED lamps decreased by 120.31%, 95.81%, and 95.34% respectively; the utilization rate of LED light source increased, which was 24.28%, 49.65%, and 83.32%, respectively. The production and sales rate of LED lamps decreased by 99.99%, 91.24% and 93.59% respectively; the production and sales rate of LED light sources decreased, which were 195.97%, 108.20% and 94.68% respectively. In the feedback to the application documents, the IEC requested the company to say whether it has the ability and specific measures to develop or digest new products or production capacity of the fundraising project.
During the reporting period, the company's financial director has undergone several changes. In April 2015, the financial controller of the issuer, Chen Xiliang, resigned, and the chief financial officer was changed to Zhou Faquan. In January 2016, Zhou Faquan resigned and the chief financial officer was changed to Yu Zhiwei. The IEC requires the company to explain the true reasons for the above changes, and whether the above-mentioned personnel approve the financial report of the company in the relevant year.
In recent years, the prices of major products such as LED lighting and LED packaging have shown a downward trend. The unit price of LED backlight high-precision structural parts is on the rise. The price of other LED lamps, LED light sources, SMD LEDs, in-line LED package products, LED backlight high-reflection plastic frame and FPC business are all declining.
From 2014 to 2016, the consolidated gross profit margin of Guangsong's main business was 31.33%, 31.05%, 31.41% and 30.84% ​​respectively. There is a risk of a decline in the gross profit margin of the company's main business.
In addition, the Securities Market Red Weekly pointed out in the report that some of the unreasonable financial data of Guangxu shares, including the mismatch between revenue and cash flow, and the unreasonable procurement data.
The China Economic Net reporter sent an interview letter to the company's board of directors on the above issues, and did not receive a reply as of the time of publication.
New three-board LED lighting enterprise transfer board GEM
The company is mainly engaged in the research and development, production and sales of LED lighting, LED packaging, LED backlight modules and accessories, FPC. After 2000, the company continued to create differentiated value around the middle and high-end segment of the LED industry. Relying on the successful development of large customers, quality precipitation and technology accumulation, the company's LED lighting business has developed into the company's core business, becoming the company's main source of income and profit, and has become an important driving force for the company's rapid and healthy development.
In 1999 and before, Guanghao Co., Ltd. mainly produced LED infrared remote control transmitter and receiver products, which were sold to domestic appliance companies. After 2000, the company started from the LED packaging business and selected the high-quality display application field as the development target market. It has developed the top five global display manufacturers such as TPV, Foxconn and LG, and the display products of LED packaging customers such as TPV and Foxconn. CRT to LCD upgrade requirements, in 2002 developed the key component FPC products of LCD display, in 2007 developed the backlight module and accessory products of the core components of LCD display.
When Guangluo entered the LED lighting field in 2011, it took the lead in developing the same LED flat panel lighting technology as the LED backlight core technology. This product was rated as “National Key New Product†in 2012, relying on the technological advancement of the product and the company. Accumulated experience in adapting to the business model of major customers. Since 2013, it has successfully developed internationally renowned customers in the lighting industry such as Anda House, GE, and OSRAM.
The company has passed the system audit of many internationally renowned brand companies and has become a supplier to Top 500 or internationally renowned large companies such as TPV, Foxconn, LG, Anda House, GE, and Osram.
On January 24, 2014, Guangsheng shares were listed on the New Third Board and adopted the transaction method of agreement transfer. The application documents for the initial public offering of shares and registration on the GEM were officially accepted by the CSRC on June 22, 2015. On July 6, 2015, the shares of Guangsheng Co., Ltd. were suspended on the New Third Board.
From 2013 to 2016, Guangyi's operating income was RMB 225,180,700, RMB 21,019,900, RMB 260,770,700 and RMB 3,205,535, respectively; net profit attributable to owners of the parent company was approximately RMB 25,725,500, RMB 21,164,200 and RMB 3,111.47. Ten thousand yuan, 40,326,900 yuan.
Guanghao shares expects operating income in the first quarter of 2017 to be 77.028 million yuan to 89.861 million yuan, which is expected to increase by 27.50% to 48.75% compared with the same period of last year. The net profit attributable to shareholders of the parent company is 98.209 million yuan to 11.4578 million yuan, which is expected to be compared with last year. During the same period, it increased by 48.27% to 72.98%.
The controlling shareholder and actual controller of Guanghao Shares are Lin Ruimei and Lin Wenkun, of which Lin Ruimei directly holds the company's 34,182,200 shares, accounting for 39.51% of the company's total share capital; Lin Wenkun directly holds the company's 34,372,200 shares, accounting for the company's total share capital. 39.58% of the shares. In addition, Lin Wenkun also passed the 633.11 million shares of Hengxinyu Investment Control Co., Ltd.
Lin Ruimei, chairman of the board, born in 1966, Chinese nationality, without permanent residency abroad. He graduated from Nanjing Institute of Technology in 1987 with a bachelor's degree in semiconductor physics and device. He is a senior engineer. He studied at the Xiamen University School of Management in 2004. He attended the Tsinghua President's class in 2011 and participated in the Peking University President's training class in 2013. From 1987 to 1988, he worked at Xiamen Semiconductor No. 1 Factory as a technical research and development staff. From 1988 to 1994, he worked at Hualian Electronics, where he was responsible for process and R&D. Since 1994, he has worked for Xiamen Guangsheng Electronics Co., Ltd., and has served as chief engineer and deputy general manager. He is currently the chairman of Xiamen Guangsheng Electronics Co., Ltd. Lin Ruimei has rich experience in optoelectronics industry and comprehensive management and management capabilities. He is currently the director of the "LED Packaging Engineering Technology Research Center" in Fujian Province, the director of the Optoelectronics Branch of the China Optoelectronics Association, the expert of the "Semiconductor Lighting" Standard Working Committee of Fujian Province, and the Deputy of the Optoelectronics Industry Association of Fujian Province. President, Vice President of Xiamen Optoelectronic Industry Association, member of the Construction Committee of Materials Science and Engineering Department of Xiamen University of Technology. In 2012, he was named “Haixi Entrepreneurship Talent†in Fujian Province.
Lin Wenkun, director, general manager, born in 1957, Chinese nationality, no permanent residency abroad. In 2004, he enrolled in the MBA program of Xiamen University School of Management. In 2012, he attended the presidential class of Xiamen University School of Management. He has rich management experience and business development capabilities. Since 1994, he has worked in Xiamen Guangsheng Electronics Co., Ltd., and served as the general manager of Xiamen Aipusheng Electronic Technology Co., Ltd. from 2002 to 2011. He is currently the director and general manager of Xiamen Guangsheng Electronics Co., Ltd. He used to be the sixth CPPCC member of Huli District of Xiamen City. He is currently the vice chairman of the Cross-Strait Computer Association Industry Alliance and the executive vice chairman of the Fujian New Technology Promotion Center. Director of the Municipal High-tech Association, Vice President of the Fujian Provincial Energy-saving Lighting Products Export Base Chamber of Commerce.
The shares of Guanghao are listed on the GEM of the Shenzhen Stock Exchange. The number of shares issued is 28.95 million shares, and the net proceeds are 177,710,100 yuan, which are used for “LED lighting product expansion projectsâ€, “R&D center expansion projects†and “ Supplementary liquidity."
Taxation, environmental protection and other aspects are subject to punishment by the relevant departments.
On February 20, 2017, the China Securities Regulatory Commission announced the feedback on the application documents for the initial public offering of Guangsheng Shares. Some of the inquiries are as follows:
Disclosure of prospectus: During the reporting period, the issuer was punished by relevant departments in terms of taxation, customs duties, environmental protection, and fire protection. Please issue the issuer: (1) Explain that the light show shows that the relevant taxes and unpaid withholding tax were paid during the period from January 1, 2010 to December 31, 2011, including the reason, amount and calculation process. Impact on the display of the light and the financial status of the issuer; whether the issuer and its subsidiaries have other tax violations or tax underpayments during the reporting period; combined with the Tax Treatment Decision and Tax issued by the Xiamen Local Taxation Bureau The case of the Administrative Punishment Decision Book states that the taxation certificate issued by the Taxation Bureau of the Torch High-tech Industrial Development Zone of the Xiamen Local Taxation Bureau is reasonable; the tax violation is combined with the validity of the issuer's internal control; (2) the description of the love spectrum The reasons for the occurrence of tariff violations, the impact on the financial status of the issuer and the issuer; whether the issuer and its subsidiaries have other tariff violations during the reporting period; indicating that the Xiamen Customs issued a “significant violation of the law†The definition of violation of laws and regulations indicates that Xiamen Customs did not provide any reason for the existence of major violations of law and regulations from September 25, 2013 to December 31, 2014; Interview records with Xiamen Customs personnel; (3) Explain the reasons for the multiple punishments received by the environmental protection department during the reporting period, and the impact on the issuer; combined with the use of environmental protection facilities, explain the issuer's implementation of the environmental protection system Validity; indicates whether the issuer and its subsidiaries have other environmental violations during the reporting period; (4) Explain whether the above-mentioned violations constitute a legal obstacle for the issuer to issue the listing; whether there are other undisclosed Violation of the law. The sponsor institution and the issuer's lawyer are required to verify the above issues, explain the verification process and express their opinions.
The issuer is asked to combine the specific circumstances of the internal transaction pricing during the reporting period to analyze and explain whether there is a situation in which the tax is reduced by transferring profits through internal transactions; the sponsor institution and the reporting accountant are required to verify and issue verification opinions on the above matters.
At the end of 2012, the end of 2013, the end of 2014 and the end of June 2015, the net amount of accounts receivable of the issuer was 656,932,200 yuan, 67,823,800 yuan, 70,066,200 yuan and 75,150,600 yuan, accounting for 37.11% of the operating income respectively. 30.12%, 33.62% and 62.73%.
The issuer is required to disclose the credit policy, settlement method and settlement cycle agreed by the LED package, LED backlight module and accessory parts, LED lighting and FPC business and customers in the contract; disclose the amount of accounts receivable of various business customers at the end of each reporting period. And accountability; combined with the settlement cycle agreed with various customers to analyze and explain the accounts receivable, notes receivable and notes receivable at the end of the reporting period and not yet due on the balance sheet date. Whether the proportion of the corresponding operating income is reasonable, whether there is a situation in which the credit policy is relaxed and the sales revenue is increased; the amount of accounts receivable and the fluctuation of the proportion within one year of the reporting period are specifically analyzed and disclosed; Sales model, credit policy, bad debt provision ratio, further analyze and disclose the reason why the issuer's accounts receivable turnover rate is lower than the industry average; explain the issuer's bad debt provision based on the comparison of the bad debt provision ratio of listed companies in the same industry Adequacy of accrual; distinguish between direct sales, distribution model (if any), disclosure of the top 10 accounts receivable, proportion, customer category, description Reasons for the inconsistency between the top 10 accounts and the top 10 customers; the amount of accounts receivable of major customers, the corresponding amount of operating income, the nature and content of economic business, age, and recyclability; The payment situation after the period; please sponsor the institution and the reporting accountant to check and express their opinions.
In 2012, 2013, 2014 and January-June 2015, the gross profit margin of the issuer's main business was 34.08%, 31.33%, 31.25% and 30.26%, respectively, and the gross profit margin of the main business showed a downward trend.
The issuer is required to disclose the LED packaging business (distinguish between in-line LED, SMD LED, TOP LED, and general-purpose, custom-made products) in combination with direct price, direct labor and manufacturing costs and changes in unit cost, and LED lighting business. (Differentiation of LED lamps, LED light sources, other ancillary products), LED backlight modules and accessories (differentiating LED backlight high-precision structural parts, LED-backlit high-reflection plastic frame), FPC business gross profit margin change analysis; disclosure of other business gross profit margin analysis Compare and compare the unit price, unit cost and gross profit margin of the LED packaging business common, customized products, LED lamps, LED light sources, other ancillary products, LED backlight modules and accessory parts of the listed companies in the same industry, analyze and disclose the issuer LED packaging business, LED The rationality of the gross profit margin of the lighting business and LED backlight module and its supporting components; combined with the gross profit margin of the copper foil company, analyzes and explains the rationality of the difference between the FPC business and Danbang Technology's gross profit margin; please sponsor the institution and the reporting accountant to verify and express their opinions. .
On February 27, 2017, the 14th meeting of the Main Board of the Board of Auditors was held in 2017. According to the announcement of the audit results, the Audit Committee submitted the following inquiries to Guangsheng Shares:
In April 2015, the financial controller of the issuer, Chen Xiliang, resigned, and the chief financial officer was changed to Zhou Faquan. In January 2016, Zhou Faquan resigned and the chief financial officer was changed to Yu Zhiwei. During the reporting period, the issuer has made several changes, and the issuer's representative is asked to explain the true reasons for the above changes. Whether the above-mentioned personnel approve the financial report of the issuer in the relevant year, and whether the level is sufficient to support the issuer's financial data is true and accurate. Complete, whether Chen Xiliang and Zhou Faquan have served as executives or related companies after the resignation, and whether there is a relationship and related transactions with the issuer and its actual controller. Please sponsor the representative to explain the verification process and conclusions.
According to the application materials, the issuer's construction project “Xiang'an Guanghao Base Phase I Project Infrastructure Project†includes the infrastructure project for the expansion project of the LED lighting products and the expansion project of the R&D center, involving a total investment of RMB 76,403,800. . The planned construction period of the first phase of the Xiang'an Guangxuan Base Infrastructure Project is from October 2013 to February 2015. The actual construction period is from October 2013 to December 2015. The construction in progress has been converted to 2015. Fixed assets. The issuer's representative is requested to explain the time when the securities regulatory department accepts the issuer's application documents for the issuance and listing of the GEM, and explains why the "LED lighting product expansion project and the infrastructure project of the R&D center expansion project" are included in the fundraising project. Sex.
According to the application materials, the issuer's subsidiary's love spectrum survived on May 12, 2014. The wastewater exceeding the standard was taken out from the intermediate process of the sewage treatment facility and discharged directly from the discharge port. It was suspected of intentionally improper use of pollution prevention facilities. The total copper concentration of wastewater pollutant discharge at the discharge of sewage treatment facilities on September 18 was 0.64 mg/L, exceeding the limit of pollutant discharge in the Electroplating Pollutant Emission Standard (GB21900-2008), “July 9, 2015 The discharge concentration of wastewater pollutants discharged daily is PH3.7, which exceeds the environmental violations such as the “maximum allowable emission concentration standard in Xiamen Water Pollutant Discharge Standard†(DB35/322-2011). Please sponsor the representative to explain whether the issuer's production and operation activities comply with the environmental protection policy.
Changes in senior management (source: prospectus)
Accounts receivable accounted for a relatively high amount of two customers defaulted on payment
From 2013 to 2016, the book value of the accounts receivable of Guangsheng Co., Ltd. at the end of the period was RMB 67,823,800, RMB 70,066,200, RMB 75,536,800 and RMB 12,284,500, respectively, accounting for 39.18%, 48.00%, 49.84% and 52.34 respectively. %, accounting for 30.12%, 33.62%, 28.90%, and 40.37% of operating income, respectively.
Accounts receivable (source: prospectus)
At the end of 2016, the amount of accounts receivable of the company increased by RMB 47,747,700 compared with the end of the previous year, mainly due to the increase in accounts receivable of RMB 31,197,800 and RMB 1,570,400 for the LED lighting business and FPC business respectively. During the reporting period, the accounts receivable of major customers of the company increased, and the revenue of LED lighting business gradually concentrated on large customers such as Anda House, GE, and OSRAM. The accounts of major customers were relatively long, and the amount of accounts receivable of LED lighting business was higher than that at the end of 2015. An increase of 31,197,800 yuan.
The company's FPC business realized revenue of RMB 36,295,400 in the second half of the year, while the settlement periods of the main customers Hongming Group and Sandi Group were 120 days and 150 days respectively. The amount of accounts receivable related to the FPC business at the end of the period was RMB 30,408,900.
The increase in accounts receivable of Guanghao Co., Ltd. is mainly due to the increase in revenue scale, which will limit the limited production capacity to large customers, and the amount of revenue of large customers will increase more. Due to the relatively long account period of large customers, LED lighting and FPC business related accounts receivable The corresponding increase in the amount of accounts receivable matches the income scale.
In 2014, Guangsheng Co., Ltd. made a full provision for bad debts for Shenzhen Zhengguang Electronics Co., Ltd. (hereinafter referred to as “Zhengguang Electronicsâ€) accounts receivable of 1.736 million yuan. The main reason is: Zhengguang Electronics defaulted on the company's payment, the dispute has been On October 15, 2014, it was terminated by the People's Court of Bao'an District, Shenzhen City, Guangdong Province, and it was decided that Zhengguang Electronics would return the money owed to the company. However, at present, Zhengguang Electronics lacks repayment ability, and the receivables are less likely to be recovered. The company has made provision for impairment in full.
From December 2012 to April 2015, Changzhou Southeast Lianfa Color Screen Electronics Co., Ltd. (hereinafter referred to as “Color Screen Electronicsâ€) purchased products from Aipusheng, a subsidiary of Guangsheng Co., Ltd., and owed a total of RMB 708,800. On August 8, 2016, Aipusheng applied to the Changzhou Arbitration Commission for arbitration, and requested that the respondent, Cai Ping Electronics, pay the amount of RMB 708,800 and pay the liability for breach of contract. Guanghao Shares has made provision for bad debts of RMB 335,757.05 for the above accounts receivable.
From 2013 to 2016, the book value of the shares of Guangsheng Shares was RMB 38,085,200, RMB 38,607,700, RMB 35,561,100 and RMB 4,668,200, respectively, accounting for 22.00%, 26.25%, 23.58% and 19.89% of current assets.
From 2014 to 2016, the stock of Guangsheng shares was mainly raw materials, stocked goods and issued goods. Among them, the proportion of raw materials inventory increased year by year, respectively 29.40%, 34.27%, 36.52%. Inventory of inventories accounted for 33.73%, 24.65%, and 31.63%, respectively.
In terms of asset turnover, from 2014 to 2016, the turnover rate of Guangsheng's accounts receivable was 2.88, 3.35 and 3.06 respectively. The accounts receivable turnover rate was lower than the industry average. From 2014 to 2015, the average turnover of accounts receivable of the same industry was 7.27 and 6.41.
From 2014 to 2016, the inventory turnover ratio was 3.68, 4.59 and 5.04 respectively. The inventory turnover rate is slightly higher than the industry average. From 2014 to 2015, the average inventory turnover rate of the same industry companies was 3.83 and 3.98.
Asset Turnover Analysis (Source: Prospectus)
Most product prices fall, gross margin has a downside risk
In recent years, the prices of major products such as LED lighting and LED packaging have shown a downward trend. From 2014 to 2016, the unit price of Guangzhao LED lamps was 153.56 yuan/piece, 108.49 yuan/piece, 87.60 yuan/piece, and the unit price showed a downward trend. The unit price of LED light source is 35.59 yuan / piece, 38.67 yuan / piece, 17.65 yuan / piece, the overall downward trend.
In the LED packaging business, from 2014 to 2016, the unit price of SMD LEDs was 0.2727 yuan/only, 0.2180 yuan/only, 0.2294 yuan/only, and the overall trend was downward. The unit price of in-line LED package products was 0.2340 yuan/only, 0.2145 yuan/only, and 0.1932 yuan/only. In 2015 and 2016, the price was 8.31% and 9.93% lower than the previous year.
During the reporting period, the unit price of LED backlight high-precision structural parts of Guangsheng Co., Ltd. was 6.39 yuan/piece, 10.50 yuan/piece, and 11.60 yuan/piece, respectively, and the unit price as a whole showed an upward trend. The price of LED backlight high-reflection plastic frame is 3.11 yuan/piece, 2.19 yuan/piece, and 1.87 yuan/piece, respectively. The main reason is that the electronic consumer products are becoming more portable, the product competition is intensified, and the products are thinner and lighter, narrower and smaller. Factors such as the development trend of the direction, the unit price of the product showed a natural downward trend.
During the reporting period, the unit price of Guangfu FPC business was 1,662.60 yuan / square meter, 1,363.03 yuan / square meter, 848.01 yuan / square meter, showing a downward trend.
Overall changes in sales prices (source: prospectus)
From 2014 to 2016, the consolidated gross profit margin of Guangsong's main business was 31.33%, 31.05%, 31.41% and 30.84% ​​respectively. The gross profit margin of each business is as follows:
Gross profit margin of major products (Source: Prospectus)
From 2014 to 2016, the gross profit margin of Guangxuan's LED lighting business was 29.02%, 28.14% and 27.17%, respectively, which showed a general downward trend. The average gross profit margin of listed companies in the same industry was 24.30%, 27.47% and 28.37% respectively. The gross profit margin of the company's LED lighting business is equivalent to the gross profit margin of listed companies in the same industry.
During the reporting period, the company's LED packaging business gross margin was 41.88%, 41.83% and 45.58%. The average gross profit margin of listed companies in the same industry was 24.26%, 23.52% and 22.87%, respectively.
The gross profit margin of the company's LED backlight module and accessory parts business was 22.93%, 30.83% and 33.78%, respectively, and the gross profit margin showed an upward trend. At present, there is no listed company in the same industry for LED backlight module and accessory parts business. Therefore, compared with companies engaged in precision structural parts or plastic parts industry, the average gross profit margin of selected listed companies is 32.96%, 28.39% and 28.12%.
The gross profit margin of the company's FPC business was 31.28%, 26.38% and 23.10%, respectively, and the overall gross profit margin showed a downward trend. The listed company that operates FPC business is Danbang Technology, and its FPC business gross margins are 35.91%, 31.40% and 36.25%, respectively, which is higher than Guangqi.
The prospectus reminds that the company is committed to maintaining or increasing the gross profit margin of the company's products through continuous technological innovation, reducing product costs, increasing product added value, or finding new profit growth points. However, if the company fails to achieve the above objectives effectively, or the overall downward trend of the gross profit margin of the industry in which the company is located cannot be changed due to objective reasons such as increased market competition, the gross profit margin of the company's main business will fall.
Doubt about new capacity and digestion ability
According to the prospectus, the listing of Guangsheng shares will be used for “LED lighting product expansion projectâ€, “R&D center expansion project†and “Supplementary liquidityâ€. Among them, the "LED lighting product expansion project" is planned to invest a total of 11,436,470 yuan.
From 2014 to 2016, the utilization of LED lighting categories is not yet complete. Among them, the utilization rate of LED lamps decreased by 120.31%, 95.81%, and 95.34% respectively; the utilization rate of LED light source increased, which was 24.28%, 49.65%, and 83.32%, respectively.
The production and sales rate of LED lamps decreased by 99.99%, 91.24% and 93.59% respectively; the production and sales rate of LED light sources decreased, which were 195.97%, 108.20% and 94.68% respectively.
In the feedback to the application documents, the IEC indicated that the issuer should combine the market capacity of the fundraising project, the degree of industry sentiment, the products of major competitors, and the market share of the issuer to explain whether the issuer has developed or digested the investment. The ability of the project to add new products or capacity and specific measures. The sponsor institution is requested to check the above questions and express their opinions.
Capacity, production and sales of LED lighting products (Source: Prospectus)
Does the revenue and cash flow do not match the purchase data is unreasonable?
According to the Securities Week Red Weekly, there are certain unreasonable financial data of Guanghao Shares, which makes people doubt the accuracy of their data disclosure.
According to the prospectus, the regional distribution of Guangye Electronics' main business income includes both domestic and overseas. Considering that overseas business does not levy VAT, the domestic income part needs to consider the influence of 17% VAT. Therefore, from the company The disclosed domestic and overseas business income data, calculated that the company's overall tax-included operating income in 2016 was 327,287,100 yuan, taking into account the factors affecting the realization of cash inflows from sales of goods, including current accounts, specifically related to accounts receivable, advance receipts The accounting subjects that are settled with the client, so the impact of these factors needs to be removed when measuring the cash inflow data.
The data shows that at the end of 2016, the book balance of Guanghao Electronic Accounts Receivable was RMB 12,284,500, which was an increase of RMB 47,477,700 from the end of the previous year. The book balance of notes receivable at the end of 2016 was RMB 651,900, compared with the end of 2015. The balance of the subject of 626,600 yuan has also increased by 25,300 yuan. The total of the two receivables increased by 47.5 million yuan. At the same time, the balance of advance receipts at the end of 2016 was 4,417,600 yuan, an increase of 751,500 yuan from the balance of 3,666,100 yuan at the end of the previous year. After reasonable calculation, the reporter calculated that the amount of “cash received from selling goods and providing labor services†that Guanghao Electronics should achieve in 2016 should not exceed 284.474 million yuan.
However, in fact, in the “Selling Goods, Cash Received from Services†subject disclosed in the Guanghui Electronic Cash Flow Statement, the amount incurred in 2016 reached 295.433 million yuan, which is higher than the theoretical limit of the accounting subject calculated by the reporter. The number of 284,474,700 yuan, the difference is more than 1,068,860 yuan.
Taking the 2015 procurement data as an example, in 2015, the amount of optical raw materials in the company was 122 million yuan. Considering the impact of the value-added tax rate of 17%, it can be inferred that the amount of raw materials including VAT in 2015 totaled 142 million yuan. In the cash flow statement “Cash for the purchase of goods and payment of laborâ€, the purchase and outflow of Guangsheng Electronics in 2015 totaled RMB 120 million, which was about RMB 20 million less than the above-mentioned RMB 142 million. Although the new amount of prepayments is about 300,000 yuan, the change is not obvious. Therefore, while the cash payment increases, it means that the liabilities formed by the procurement in 2015 should be reduced by the corresponding amount.
But in fact, the financial statement data given by Guangsheng Electronics shows that the company did not carry out the bill business in 2015, and the amount payable was 37.114 million yuan. At the end of 2014, Guangsheng Electronics also did not carry out the bill business, and the amount payable was 17.73 million yuan. - While the cash payment increased, not only did the amount of accounts payable decrease in 2015, but increased, the amount increased. Nearly 20 million yuan. In this way, in 2015, the total cash outflow and formation liabilities of Guangsheng Electronics actually exceeded the total purchase amount by nearly 40 million yuan.
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