Have chicken first or have an egg first? This is a worry problem.
Profit rises brought about share price to rise, be still oneself share price rises to bring about profit of forms for reporting statistics to rise conversely? This is a real case.
Year loss 680 million, put in parent net profit 's charge to exceed 600 million first quarter, after year and quarterly outstanding achievement are announced at the same time, get beneficial wisdom to build (002600.SZ) trade 3 times continuously day of harden.
Spin time looks, company " switchback " the outstanding achievement of type and share price are fluctuant directional height coincide. Appeared a very peculiar phenomenon: Share price of company period end relatively period rise considerably first bring about current the violent wind of profit of net putting in a mother 's charge of forms for reporting statistics rises.
This basically comes from outstanding achievement of subsidiary east bright color to did not amount to mark to compensate share evenhanded value to change suffer effect of share price of company of report period end, and this kind of influence lasts from 2017 up to now.
Notable is, the company buckled blame hind to put in parent net profit 's charge to make an appointment with 225 million yuan first quarter 2019, glide compared to the same period 10.59% . 2018, company imprest, business praise, receivable money produce asset to decrease value loss to make an appointment with 1.806 billion yuan in all.
Be outstanding achievement spurred share price after all? Be still share price affected outstanding achievement?
Before discussing this issue that burns a brain very, review the history of the company first.
Predecessor: Jiang Fenci material
The predecessor that gets beneficial wisdom to build is material of river pink magnetism, advocate business Wu reachs its goods for magnetic material. After appearing on the market 2011, material of river pink magnetism puts in parent net profit 's charge to glide continuously, to the company returned parent net to be less than 4 million yuan 2014, be in brim of profit and loss.
2015, company and photoelectricity of brilliant of the Supreme Being undertake major asset recombine, increased flat to show professional work; 2016, bright color of company and east undertakes asset recombines, added business of accurate structural member.
As the amplification of amalgamative limits, company battalion closes reach profit dimensions to increase apparently. But meanwhile, zhang discuss with sb face to face praise remaining sum is larger and larger also. End by 2016, company business praise about 2.242 billion yuan, basically reach east bright color to form by photoelectricity of amalgamative emperor brilliant.
2017, because affirmatory outstanding achievement was not reached, the company is bright to east colour plan promotes trade praise decrease a value to make an appointment with 271 million yuan.
Feburary 2018, the science and technology that get benefit borrows material of magnetism of housing river pink to appear on the market, the company accuses a partner change to get the better of investment to get (Shenzhen) limited company, change of effective control person is Ceng Fangqin.
Recombine after finishing, the company raised accurate function parts of an apparatus on the foundation of original business, appear on the market company business praise the structure also produced change, the business that basically generates to buy material of river pink magnetism reversely praise about 1.918 billion yuan.
Rich be bought and recombine the history to be profit and share price resonance are buried later played a hint foreshadowing later developments in a story.
Profit and share price resonance: Is early days bought " step on thunder " be unexpectedly current contributive profit?
Year report showed 2017, because of unfulfilment of acceptance of outstanding achievement of east bright color, the basis amends agreement, compensation responsibility person with its major asset recombines taking company stock to undertake about 174 million times compensating, compensatory share with total prices by the company 1 yuan price is undertaken counter-purchase and giving cancelling, make an appointment with 174 million yuan of complemental balance with cash.
According to annals, compensate share to this part, company with receiving market price on December 31, 2017 8.37 yuan / plan change into evenhanded value increase and decrease, value of evenhanded of share of compensation of this part outstanding achievement changes accrual of as aggregate as cash compensation amount generation makes an appointment with 1.632 billion yuan.
Compensation meets the outstanding achievement that undertakes with share commonly be cancelled directly after was counter-purchased second year, can not affect continuously appear on the market company profit.
Nevertheless, basis year reported 2018, the company stock of hold of place of cloud of Cao of former partner of east bright color 228, 571, 428 still are in impawn frozen condition, the company cannot be counter-purchased temporarily and cancel its correspondence to compensate share 115, 227, 242, company with on December 31, 2018 price of company stock closing quotation plan into measure with evenhanded price estimation and its are fluctuant plan into current the financial capital of increase and decrease. 2018, company share price drops more than 70% , generation evenhanded value changes the loss makes an appointment with 879 million yuan.
And 2019 first quarter, company share price goes up turn over times, suffer share price wave motion to affect, the company was not counter-purchased cancel outstanding achievement to compensate share to produce evenhanded value to change accrual makes an appointment with 353 million yuan. This drives a company to put in parent net profit 's charge to grow 47.85% to reach 602 million yuan compared to the same period first quarter greatly, and buckle blame hind to put in parent net profit 's charge to make an appointment with 225 million yuan, glide compared to the same period 10.59% .
Business praise as successional as imprest Bao Lei: Management not to be pooh-poohed or " does finance affairs bathe " ?
2018, suffer share price to drop influence, company evenhanded value changes the loss exceeds 800 million yuan. Additional, company imprest, business praise, receivable money produce asset to decrease value loss to make an appointment with 1.806 billion yuan in all, bring about annual deficit to make an appointment with 680 million yuan.
See imprest first. According to annals, material of river pink magnetism board piece imprest of business of heavy goods trade makes an appointment with 1.119 billion yuan, put in bigger risk to cannot call in entirely, the company inside report period plan carry bad Zhang to prepare to make an appointment with 951 million yuan, plan raise scale for 85% .
The basis asked ask the return of case to bourse in July 2018, material of river pink magnetism is widen profit point of growth, use appear on the market platform financing advantage and Guangzhou eminent beneficial and grand of river door constant begin collaboration, began to manage heavy goods 2014 (aluminous ingot, zinc ingot, cathode copper) commerce.
Material of river pink magnetism trades in a large amount of commerce in the process main with imprest means bankroll, after grand of constant of door of Guangzhou eminent beneficial, river uses imprest Zhang money to purchase heavy goods, with excel market value the sale gives Jiang Fenci 5 subsidiary of material. Advance Zhang money rolls circularly, settle accounts cycle is 3-6 about month.
End on June 30, 2018, 5 subsidiary of material of river pink magnetism are aggregate to Guangzhou eminent beneficial, Jiang Menheng grand advances about 1.12 billion yuan are used at purchasing heavy goods. But according to Guangzhou eminent beneficial and Jiang Menheng grand management layer replies, guangzhou eminent beneficial and grand of river door constant are current Zhang face financing is tight, management have enough to meet need is painful, relevant imprest Zhang section fails on schedule settle accounts, the subsidiary that affected a company a large amount of trade business run normally. The company thinks afore-mentioned imprest Zhang moneys are to reclaim certainly risk.
And this also affected company business on certain level praise the test that reduce a cost.
2018, the business that the company buys material of river pink magnetism to arise reversely praise plan promote trade praise decrease a value to make an appointment with 286 million yuan. According to the crucial parameter that gives out in annals annotations, buy material of river pink magnetism to fold reversely lead now for 10.2% , should have business under additionally two praise the unit of the test that reduce a cost. The company predicts his income increase rate was about 2019 18.00% , came 2020 year after year of income increase rate dropped 2023, it is about respectively 12.00% , 9.00% , 5.00% with 3.00% .
Additional, 2018, subsidiary east bright color is round to Jinliji receivable Zhang money plan carry bad Zhang to prepare to make an appointment with 205 million yuan, accumulative total plan raises scale for 85% .
The relation between company outstanding achievement and share price suffers not only " invisible hand " influence, still have money ability. (YYL)
