The devoted capital of 71% is changed rate, concealed the fact of loss of comparatively well-off share; Connection is bought twice to the home that already had last year and abroad, of comparatively well-off share money newspaper doubt is heavy this 2018. To the well-off nowadays, new energy resources builds a car to cannot have turned round, dally with data ceaselessly to favor in order to exchange capital only probably.
On March 26 late night, chongqing well-off share released his formally money signed up for 2018. According to data, comparatively well-off 2018 share realizes business income 20.24 billion yuan, drop compared to the same period 7.72% , profit of net putting in a mother 's charge 106 million yuan, drop compared to the same period 85.33% .
Release outstanding achievement in comparatively well-off share the following day, public figure of many group of finance and economics expressed the doubt to annual report of comparatively well-off stock on a lot of platform. Among them, about comparatively well-off share devoted capitalization leads the freeboard of 71% and the central point that made attention is purchased outside two churchyard in the past.
Many trade public figure expresses, from 2018 money signs up for and character, although comparatively well-off share fetched a net gain of 100 million, but hide among them moisture. No matter be the freeboard research and development of 71% ,the home that devoted capitalization is led or already had last year and abroad are bought twice, put in very big question. Many investment public figure thinks, comparatively well-off share adopts financial measure short-term grind the risk that made the same score transition to bring, but the angle from long-term development, no matter be opposite,investor or enterprise are not a meddlesome affection.
1
71% freeboard research and development throws capitalization rate
The pertinent information that according to this comparatively well-off share money signed up for 2018, 2018, the proportion that research and development of comparatively well-off share throws capitalization (% ) achieved 71% , research and development of this one superhigh throws capitalization to lead the attention that caused the outside.
Research and development throws capitalization proportion
Basis " company treasurer standard 6 intangible assets " the 8th regulation: The defray that enterprise interior studies to develop project level ought to be entered at producing chronometer current increase and decrease. If undertaking the premise of capitalization of charge of research and development falls,this is meant, the enterprise receives consideration current capital pay in current capital investment. In short, if comparatively well-off share was not in 2018 the investment on research and development, the form with capitalization plan enter intangible assets, have so quite an item of expenditure that the research and development of one part throws meeting computation to sign up for in 2018 money inside, then causes the fall of profit of current and financial forms for reporting statistics.
The operation mode of capitalization of research and development basically is thrown in the light of major research and development before this concentrated model company, what charge of research and development may take company charge is very big one part, mix in company income scale at the same time profit dimensions is medium slant below the circumstance below, use capitalization of charge of research and development to adjust the practice of profit is having very large technology space, can let this kind of enterprise there is better performance on capital market. The attention that reports to finance affairs as capital market spends promotion, capitalization rate makes research and development a kind of reasonable " finance affairs makes false " way, comparatively well-off share is operated to throwing the capitalization of research and development, namely " finance affairs makes a holiday " a kind.
Public figure of group of finance and economics thinks, alleged finance affairs builds false essence to be nodded definitely is finance affairs colors actually, cent is 3 administrative levels: Low administrative levels, play battalion to close, enjoy profit; Medium administrative levels, enjoy cost, enjoy cost; Advanced administrative levels, play amalgamative forms for reporting statistics, play give delay income tax capital fund, play rights and interests of a few shareholder. And capitalization of charge of research and development belongs to medium administrative levels again in paragraph a taller kind.
The personage that pays close attention to domain of finance and economics for a long time discloses to car prophet, according to regulation of our country financial management, comparatively well-off share can throw research and development capital capitalization, depend on throwing research and development located level definition is " development phase " , is not " phase of research and development " . Development or research and development are limitted by the enterprise, can understand optionally, also was an enterprise to leave capitalization of capital of many research and development the space.
Public figure of trade of finance and economics thinks, to comparatively well-off share this kind wants short-term for the business that increases profit, wanted the strong interfuse that exert sucks the breast only " development phase " , capitalization of charge of research and development, with respect to OK and temporary safety, can adjust current gain, settle a pressing need.
"In the final analysis, got-up result sees to capital, " afore-mentioned personages say frankly, most enterprise can undertake finance affairs is decorated, this basically is capital market presence is many come loose an idle fund, investor of this one part of can low administrative levels see the dominance data such as profit, very difficult attention signs up for the connotation of data backside to the money after decorating.
Although capitalization of fund of investment of research and development is to appear on the market,the company's global finance affairs colors operation mode, but no matter be transverse,the investment of 71% freeboard research and development that this exposure of comparatively well-off stock gives is compared still is fore-and-aft, exceeded an industry to anticipate, caused the high attention of bound of finance and economics naturally.
Capitalization rate compares research and development of investment of partial car look forward to
The data shows, the capitalization rate that the business research and development such as car of group of the steam on 2017, east wind, Great Wall car throws is 0. Chang'an car 27.94% , car of river the Huaihe River is 31.62% , biyadi 40.32% , numerous peaceful car 41.47% , the devoted capitalization level of above car look forward to all under comparatively well-off share the scale of 71% . According to historical data, comparatively well-off 2016 share announces data this to be 51% , was 2017 42% .
Throw capitalization rate in the light of the freeboard that instantaneous violent wind rose 2018, comparatively well-off share did not give in money newspaper explanation.
The high proportion capitalization that profit from throws to research and development is operated, 2018, comparatively well-off share formed 1 billion blame patent technology of the left and right sides in intangible assets respect, increase than going up one year near 500 million.
Specific in light of, about 300 million originate the enterprise is amalgamative increase, 200 million originate enterprise interior research and development. Analysis of public figure of trade of finance and economics points out, this kind is not patent technology define by the enterprise, the value of a quantity that contain gold gets deliberate.
Besides promotion capitalization rate drive up reduces 2018 wealth year outside capital expenditure, the blame of 160 million manages accumulative total of comparatively well-off share sexual increase and decrease promoted oneself profit objectively also the standard.
2018, comparatively well-off share adopts the change of mode of collaboration of as virgin as InEVit partner, the share that pays sequel no longer turns into the income outside doing business to money paid for something purchased or received for something sold 86 million yuan () of 13.2 million dollar, plus deal with subsidiary equity (23 million) and the government is accessorial relatively on year the corresponding period increases (64 million) . Comparatively well-off share passed a car 2018 advocate the profit besides course of study is already total 173 million yuan of RMBs, if take out this a series of blame run sexual profit and loss, vest in of comparatively well-off share appears on the market the net gain of company shareholder - 152 million yuan, be in deficit condition.
2
Throw the many wide announce charge of 100 million than research and development
Investigation is interviewed in car prophet in, many trade public figure expresses to car prophet, from data analysis, the financial accounting of comparatively well-off car is handled, make the index such as net 2018 gain looks very beautiful, but this does not mean comparatively well-off share to be managed at present healthy.
Among them, the wide announce charge that prep above research and development throws, financial cost that increases considerably, caused the attention of many personage.
Relevant expenses represents
According to money newspaper, 2018 money year comparatively well-off share produces 585 million yuan advertisement cost in all, compare the amplitude that the advertisement of 289 million publicized charge to have nearly 102% 2017. As similar as ad fare, sale service expends the growth that also had 121% . Those who make a person accident is, the defray of charge of 2018 research and development is comparatively well-off share 480 million yuan, photograph comparing publicizes expense under advertisement.
Publicize charge in the light of the advertisement that grows considerably, comparatively well-off share is unscrambled to promote a brand image, advertisement and product conduct propaganda put in a quantity to increase. What do not match with the advertisement that grows substantially and cost of sales nevertheless is, 2018 money year, comparatively well-off share finishs 350 thousand in all, drop than what 400 thousand sales volume had 11.26% 2017.
2018, comparatively well-off share to quicken be born of product of new energy resources, on the promotion of golden Qia brand it may be said is thrown with great quantity. According to the news that car prophet knows, golden Qia brand is exclusive coronal name " quick-witted and outstanding " , take depth of program inside and outside embedded means, cooperative quantity step is giant.
Golden Qia EV, quick-witted and outstanding
Although sponsor charge to belong to confidential data outside to cannot be gotten, but comparative " the most powerful head " every season 250 million yuan coronal renown charge, " quick-witted and outstanding " depend on CCTV platform, cost cost or will taller.
In addition, 2018, charge of finance affairs of comparatively well-off share by 2017 3000 beyond 120 million what increase to 2018, accumulative total increases extent to amount to 289% , well-off explains growth reason the growth that is loan interest. Relevant personage expresses to car prophet, lift great leap forward of debt new energy resources before comparatively well-off share a few years, a large number of loan repay period concentration comes, charge of prospective finance affairs still will continue to increase.
3
Prep above is actual the price 57% buy large stockholder property
Outside the issue that besides afore-mentioned money the newspaper shows, according to what this comparatively well-off share releases money signed up for 2018, look of subsidiary Lu city finishs net profit actually to be greatly - seventy-five thousand two hundred yuan, this and before anticipate income difference is bigger affirmatorily.
On March 9, 2018, comparatively well-off share with 640 million yuan of prices, buy accuse a partner Chongqing well-off to control a limited company (well-off of the following abbreviation accuses) the Lu city of hold allows limited company of old car transmission (look of city of Lu of the following abbreviation is big) the share of 86.37% .
Evaluate a report to show, end on December 31, 2017, lu city look is four hundred and sixty-nine million seven hundred and sixty thousand seven hundred yuan via audit net assets greatly, under its partner value of face of Zhang of all rights and interests. Press this computation, criterion Lu city look assesses value greatly relatively the price of net assets excessive of classics audit 57.65% .
In the light of Gao Yi valence buys Lu administrative division the look is big, relevant analysis personage concludes, this action makes comparatively well-off share extended a car to produce industrial chain, make whole company competition ability promotes substantially, be helpful for the capital market attention to comparatively well-off share. In the meantime, accumulative total 640 million yuan buy a fund, control a capital flow with was offerred constant for well-off of parent company of comparatively well-off stock.
Ask to accord with policy code, in be being bought this, well-off blew hard for Lu city look ～ is clean 2020 2018 profit is gross not the outstanding achievement under 260 million yuan is affirmatory, it is 3 years respectively 20 million, 90 million, 150 million. Relevant trade public figure expresses, "Outstanding achievement is affirmatory " it is to be bought recombine the other side trades in trading in certain outstanding achievement with respect to the enterprise of mark the classics that puts forward inside acceptance period does business of accomplishment assure. On one hand, reflect trade the stronger to oneself business development existence confidence of mark, can to appear on the market market of company, 2 class is offerred good anticipate; On the other hand, serve as those who be based on prospective accrual to prop up, can " on the technology " the rationality that answers appraise value. Trade the other side is right appear on the market company make outstanding achievement commitment while, can agree outstanding achievement compensates arrangement at the same time, namely when affirmatory item was not reached, trade how the other side is opposite appear on the market the company undertakes compensating, appear on the market in order to protect the interest of small shareholder in the company.
Do not amount to the relevant compensation clause of mark about outstanding achievement acceptance
Well-off accuses specific compensation agreement is, if profit did not amount to a target, make over honest commitment its will let just undertake compensating to sufferring, means of specific compensation computation is: Acceptance is clean during compensating acceptance of total amount = profit total - during acceptance total of profit of actual net profit " .
Money signed up for the basis this 2018, the outstanding achievement loss with big look of city of 2018 year Lu 75 thousand yuan. Amend an article according to afore-mentioned agreements preliminary estimation, if did not come two years the outstanding achievement of mark still not gain, appear on the market company comparatively well-off stock can get 240 million yuan compensation money only, far cannot enclothe pay 640 million buy a fund.
4
Caustic of SF MOTORS net loss 370 million yuan
Interview in car prophet in, the personage expresses related bound of many finance and economics, to comparatively well-off share, expanding business of new energy resources at present is Chongzhongzhi is weighed, it is the business emphasis of comparatively well-off share, also be the main reason that makes comparatively well-off share ceaseless dally with financial forms for reporting statistics.
Show according to the report, 2018, the battalion of SF MOTORS of department of grandfather of sea of comparatively well-off United States that finish closes only 360 thousand yuan, net loss caustic amounts to 370 million yuan.
Of Zhang Xinghai of person of door of control of comparatively well-off stock child, SF MOTORS is actual chief Zhang Zhengping
The data shows, 2016, comparatively well-off share threw 30 million dollar to establish SF company formally in American Silicon Valley, this company announces to pursue intelligence the design of electric car, research and development, production, sale. But develop pattern basically or be core in order to buy abroad and mature property.
In October 2017, the InEVit of firm of design of research and development of system of electric car batteries of SF and American place is signed " amalgamative agreement " , buy latter with 33 million dollar 100% equity. Introduce according to its government, inEVit calls his the system of batteries model group of the design, can reduce a quantity to produce cost considerably. Notable is, when buy, inEvit net assets is - three hundred and ninety-one thousand one hundred dollar, be worth computation of 34.3 million dollar in order to evaluate, this company rise in value is led 8772.7% .
Before this, comparatively well-off share hands in place in response card express in relevant file, investing InEVit basically is to stem from strategic of car of company new energy resources to think, be based on the ability of research and development of the other side and commercial value, set out from the angle that raises level of company whole research and development and batteries technology level, pure short-term finance affairs invests and rather than. But the money bulletin that issues according to this, 2018, inEVit annual business income is 0, net loss caustic 69.83 million yuan. That is to say, the company of this United States that boasts the technology is advanced did not sell the product that gives money one minute up to now.
The outside besides buying InEVit to puzzle to abroad SF MOTORS and high price, comparatively well-off share returned the factory of new energy resources to home to undertake large-scale extend. Money signed up for the basis 2018, comparatively well-off share is in build a project 2.8 billion yuan, fixed assets amount from 2017 3.66 billion increase 4.93 billion yuan, among them plant of production of Jin Kangxin energy is priority discipline.
According to money newspaper, the sources of energy produces per year Jin Kangxin 50 thousand pure dynamoelectric by project of the construction that use a car, accumulative total invests 2.5 billion yuan, already completed investment 2018 1.2 billion yuan, accumulative total invests plan already 83.87% , predict 2019 put into production.
Luck gallop the factory is produced can utilization rate
Although be produced in new energy resources can the do one's best on augment, but its are produced can utilization rate however very not saturated. According to money newspaper, 2018, the luck of plant of production of car of new energy resources that comparatively well-off share has built at present gallop plant design is produced can 20 thousand, finished production only 2018 6026, produce integratedly can utilization rate is only 30% .
