Group of peaceful standing grain is newest annals data doubtful point is heavy, be superintended not only ask ask, and through analysing its the Gou Ji between relevant and financial data concerns, also can discover this company in last few years battalion closes and purchasing respect data is existence doubtful point, the presence of these doubtful point needs investor height vigilance.
In April the middle ten days of a month, all the time since suffer what the outside pays close attention to to appear on the market fully group of Fang Qitai standing grain released data of newest 2018 annals, battalion closes and put in parent net profit 's charge to all come true to grow compared to the same period. Be in however when do not separate a month, the bloc of peaceful standing grain that increases continuously via battalion outstanding achievement in last few years got card watch however conference annual report asks ask case, in the light of its the problem that exists in annals put forward to amount to 19 doubt, ask its reply at be being made before May 15 clearly.
Ask ask to this however, group of peaceful standing grain fails to make a return inside formulary time, because involve,just say in announcement content is more, reply delay. The return of group of peaceful standing grain makes a person feel uncertain, what kind of difficulty be let an enterprise prepare bad reply content inside a week actually? the place that what its have to explain hard really?
In fact, " red weekly " the reporter is in related annual report of group of standing grain of business accounting peaceful when financial data, also discovered a few this companies are in really the doubtful point that in last few years battalion closes and purchases a respect, the existence of these doubtful point, or be this company cannot reply tardy the difficulty of case asking ask.
Value of investment sex estate needs solution
Annals was announced 2018, camp of battalion of peaceful standing grain receives thirty billion nine hundred and eighty-five million yuan, grow 27.35 ％ compared to the same period, profit of net putting in a mother 's charge 2.555 billion yuan, grow 20.25 ％ compared to the same period. Apparently, growth of company management outstanding achievement is smooth, but actually the sale status of group of peaceful standing grain is heated up to discuss by the outside however, huang Jisen ever was in the president that the reason depends on group of peaceful standing grain confidence chock alleged external in December 2017 sale target should break up one time 2018, achieve 200 billion yuan, can be to sell 130.3 billion yuan only as a result eventually most, with anticipate 70 billion yuan to the target differred.
Besides 200 billion dream distant still besides, group of peaceful standing grain sees those who be like the net gain with smooth growth form also is oppugned by investor, among them relatively apparent is the influence that its invest sexual estate to arise to net profit.
Money signed up for exposure 2018, amount of estate of sex of investment of group of peaceful standing grain arose relatively upheaval, achieve seventeen billion six hundred and sixty-five million yuan, soar compared to the same period 43.32 ％ . The company says, this basically is " the company buys east the project such as MALL of vogue of the 4 annulus Jin Zunfu, Tai He large building that develops by oneself, the East China Sea turns by goods in stock to invest sexual estate be caused by. " money newspaper returns exposure, group of peaceful standing grain invested value of sexual estate evenhanded to add 744 million yuan newly 2018, and rise in value of this one share to company profit it is the impact is bigger. The company says in annals: "Investment sex estate evaluated appreciation to be 560 million yuan to noise of the shape of a person or thing seen from the back of interest tax of the current year 2018. " want to know, net 2018 gain is the company 3.911 billion yuan, profit of net putting in a mother 's charge is 2.555 billion yuan, and the 20 ％ left and right sides that the profit after tax that invests sexual estate to evaluate appreciation place to bring took profit of net putting in a mother 's charge.
Those who make a person interrogative is, is growth of value of evenhanded of estate of this investment sex reasonable really? In light of these property that turn into investment sex estate from goods in stock above all, whether be worth so much money to be worth deliberate namely. Annals exposure, this changeover is investment sex estate " east 4 annulus Jin Zunfu " , " Tai He edifice " , " Jinan the eastpart part " wait for property rental rate is respectively 0, 18 ％ and 12 ％ , so low rental rate makes a person generate question to the growth of its evenhanded value. Next, except these property that increase newly, in the property project of before investing value of sexual estate evenhanded 5, also two rental rate are compared on period drop somewhat, it is respectively " shopping centers of square of standing grain of stone lion peaceful " and " shopping square of standing grain of peaceful of the East China Sea " , its the rental rate 2018 is mixed for 69 ％ respectively 64 ％ , and when 2017, the rental rate of two place property still is mixed for 93 ％ respectively 98 ％ .
The property that increases newly is rental lead low, old property rental rate goes now to fall again, this makes a person invest the rise of value of sexual estate evenhanded to generate question to its not only, if real value and evenhanded value do not match, this can let person couplet think of whether the enterprise exists use method of finance affairs adjustment to be done to net profit a few the likelihood that color. If such, whether to close compasses be worth deliberate.
Short-term and indebted pressure is apparent
Form a circumstance to have doubt besides net profit besides, the indebted rate of group of peaceful standing grain and capital catenary circumstance all the time since also suffer " bad-mouth " . In the industry, group of peaceful standing grain the style with radical dilate, expensive indebted, expensive financing is famed, its president Huang Jisen also because of ever the hold post experience at branch of construction bank Fujian Province and be considered as " money ability is excellent " .
Annals exposure, the short-term loan of group of peaceful standing grain and the blame flow that expire inside a year are indebted and total 2018 amount is as high as fifty-seven billion four hundred and twenty-eight million yuan, relatively for, net specified number is the cash flow that its managed an activity to arise 2018 only thirteen billion nine hundred and thirty-one million yuan, period end cash and cash equivalent remaining sum also have eleven billion five hundred and fifty-eight million yuan only, add up to twenty-five billion four hundred and eighty-nine million yuan, not as good as the half of fifty-seven billion four hundred and twenty-eight million yuan of short-term debt. Bring a feasibility condition so: This short-term debt this how pay off?
If continue to borrow debt financing, the financing cost of group of peaceful standing grain is met probably taller, according to money newspaper, financing cost already amounted to 8.52 ％ 2018, and still was 8.1 ％ 2017. In addition, charge of its finance affairs will naturally continue to increase, should know its the financial cost 2018 already was as high as 830 million yuan, grew 17.03 ％ compared to the same period. More important is, this company still has very big fee of one part loan was to do capitalization to handle, its the amount of loan fee capitalization in remaining sum of goods in stock was as high as twenty-five billion two hundred and sixty-two million yuan 2018, accrual capitalization is led achieve 9.3 ％ , still was 7.82 ％ 2017, and accrual capitalization led 10 thousand divisions to have 5.3 ％ only 2018.
Besides the interest expense of high specified number, in two hundred and forty-three billion one hundred and thirty-six million yuan of of group of peaceful standing grain total assets, suffer be restricted asset still is as high as sixty-eight billion three hundred and forteen million yuan, occupy than nearly 3 into. Since suffer,be restricted asset is occupied than such tall, its then current aptitude condition whether borrowing big fund also make a person anxious. More important is, at present rate of impawn of large stockholder of group of peaceful standing grain still is as high as 100 ％ , occupy the 66.4 ％ of total capital stock, this means the cut that will change true gold silver with equity to had been shut seemingly. In view of this, hundreds 100 million short-term debt repay pressure it may be said is tremendous, to this, investor needs vigilance.
Battalion receives data leave a matter for future consideration
Besides afore-mentioned is anxious, two years of money before annals mixed group of combinative peaceful standing grain 2018 sign up for data, " red weekly " reporter discovery, the battalion of this company receives data to concern in financial Gou Ji is presence is unusually constant on processing.
Money signs up for exposure, group of peaceful standing grain came to did business 2018 2016 income is twenty billion seven hundred and twenty-seven million nine hundred and forty-one thousand seven hundred yuan respectively, twenty-four billion three hundred and thirty-one million one hundred and sixty-six thousand four hundred yuan mix thirty billion nine hundred and eighty-four million nine hundred and twenty thousand three hundred yuan (see a table 1) , collect value added tax considering domestic run (11 ％ tax rate) the influence of the element,
The data of amalgamative cash flow meter of the corresponding period shows, company these 3 years " the sale commodity, ready money that provides a service to receive " it is twenty billion seven hundred and ninety-two million six hundred and eighty-five thousand four hundred yuan respectively, mix forty-six billion and thirty-five million seven hundred and thirty-four thousand five hundred yuan thirty-two billion four hundred and one million three hundred and seventy-four thousand eight hundred yuan, in addition, came 2016 the company was added newly 2018 beforehand gathering is respectively - one hundred and eighty-eight million one hundred and eighty-two thousand yuan, seven billion two hundred and eighty-six million seven hundred and eighty-six thousand seven hundred yuan mix forteen billion eight hundred and fifty-five million nine hundred and thirty-nine thousand yuan, be opposite related strong the corresponding period and cash income after receiving money to affect beforehand, with these 3 years battalion received relevant cash to flow into twenty billion nine hundred and eighty million eight hundred and sixty-seven thousand four hundred yuan, twenty-five billion one hundred and forteen million five hundred and eighty-eight thousand one hundred yuan mix thirty-one billion one hundred and seventy-nine million seven hundred and ninety-five thousand five hundred yuan. these 3 years the battalion that contain tax closes to shed data to draw check with cash, Theoretic, these balance should be reflected to add creditor's rights newly in those days,
However, in balance sheet of these 3 years, group of peaceful standing grain came 2016 the receivable Zhang money 2018 (include bad Zhang to prepare) , receivable bill is total it is six billion three hundred and ninety-five million seven hundred and ninety-three thousand one hundred yuan respectively, mix seven billion seven hundred and forty-six million five hundred and forty-five thousand seven hundred yuan seven billion one hundred and ninety-six million three hundred and nine thousand seven hundred yuan, compare on one year of year end respectively identical data raised two billion six hundred and twenty-eight million two hundred and sixty-three thousand three hundred yuan, eight hundred million five hundred and sixteen thousand six hundred yuan mix five hundred and fifty million two hundred and thirty-six thousand yuan, apparent, this one result and theoretic two billion and twenty-seven million one hundred and forty-seven thousand nine hundred yuan when should increase, one billion eight hundred and ninety-three million and six thousand six hundred yuan not agree with apparently with three billion two hundred and thirteen million four hundred and sixty-six thousand yuan of amount,
Although about twenty-seven million six hundred and fifty-five thousand one hundred yuan of battalion closed for five million three hundred and two thousand five hundred yuan of retail income, battalion 2016,be chemical income, tax rate of these income rise in value are 17 ％ , but occupy because of this part income smaller, not apparent to influence of final difference result, after amalgamative computation, receivable money still adds creditor's rights newlier than theory much gave 599 million yuan. Meanwhile, 2016 although the company is announced about fifty-one million nine hundred and sixty-nine thousand eight hundred yuan of receivable bill endorse, but this data also is to slant to the influence of final result small.
Same, mixed 2017 if consider,partial camp closed 2018 for retail income (appreciation tax rate is 17 ％ ) , so the battalion that contain tax receives amount to be able to increase, the difference with academic amount will bigger. And in newspaper of these two years of money, the company was not announced whether receivable bill endorses be related, this is meant, have 1.092 billion yuan two this years at least, 2.663 billion yuan battalion closes is to did not obtain data of corresponding creditor's rights to prop up.
Big purchase defray unidentified
What in closing besides battalion, exist is unusual outside, " red weekly " the reporter still discovers Tai He group 2017, 2018 purchase respect data to exist likewise larger amount is unusual.
The newspaper announced money to was mixed 2017 forward 2018 the purchase of 5 big suppliers and the scale that take total purchase, mixed for six billion seven hundred and nine million eight hundred and seventy-six thousand six hundred yuan 2017 38.11 ％ (see a table 2) , mixed for twelve billion seven hundred and eighty-one million six hundred and twelve thousand eight hundred yuan 2018 60.39 ％ , push cipher out to purchase amount to mix twenty-one billion one hundred and sixty-five million one hundred and forteen thousand eight hundred yuan for seventeen billion six hundred and six million six hundred and three thousand five hundred yuan respectively from this, consider the impact of tax rate of 17 ％ appreciation again,
2017, in the cash flow meter 2018, company " buy the commodity, cash reserve in a bank that accepts a service to pay " mix twenty-six billion nine hundred and ten million two hundred and twenty-six thousand two hundred yuan for twenty-seven billion two hundred and six million six hundred and ninety-one thousand four hundred yuan respectively, after eliminate advances nine hundred and seventy-five million five hundred and seventeen thousand two hundred yuan of a Xiang Xinzeng are affected with one hundred and fifty-one million and ninety-seven thousand seven hundred yuan in those days, criterion with purchased relevant cash outlay to achieve twenty-six billion two hundred and thirty-one million one hundred and seventy-four thousand two hundred yuan to mix twenty-six billion seven hundred and fifty-nine million one hundred and thirty-eight thousand five hundred yuan respectively. Will contain duty to purchase amount and cash outlay to draw check, Theoretic, this will be brought about decreased accordingly with what handled money 2018 2017.
But in fact, these two years deal with money to be seven billion one hundred and twenty-four million one hundred and fifty-four thousand five hundred yuan respectively, seven billion six hundred and sixty-eight million one hundred and eighty-eight thousand four hundred yuan, respectively relatively on period was the same as a data to add seven hundred and eighty-six million five hundred and fifty-six thousand six hundred yuan newly to mix five hundred and forty-four million and thirty-three thousand nine hundred yuan, this one result is obvious with theoretic should reducing a circumstance is conflict with each other. Among them, reduced amount than theory 2017 much 6.418 billion yuan, gap is huge.
2017, there still was fixed assets 2018 primary value, affect in the case of increase and decrease that builds project, intangible assets to be worth formerly, two this years a few the sum are two billion eight hundred and ninety million five hundred and ninety-five thousand eight hundred yuan respectively, six billion and sixty-six million seven hundred and ninety-six thousand four hundred yuan, relatively on period added seven hundred and four million nine hundred and ninety-five thousand six hundred yuan newly respectively, three billion one hundred and seventy-six million two hundred thousand six hundred yuan, the cash reserve in a bank that compose of the corresponding period builds fixed assets, intangible assets and other and long-term capital fund to pay is nine hundred and twenty-seven million five hundred and fifty thousand yuan respectively, eight hundred and thirty-four million one hundred and forty-one thousand one hundred yuan. After both Gou Ji, 2017 deal with money to should reduce two hundred and twenty-two million five hundred and fifty-four thousand four hundred yuan accordingly, 2018 deal with money to should increase 2.342 billion yuan. Although we consider the impact of this share amount, actually the balance that handles money and theoretic amount still is very big, among them, dealt with money existence to make an appointment with 6.641 billion yuan data difference 2017, and the data difference that there also are 198 million yuan 2018. Very apparent, producing so vast data difference is to need a company to wait for an element to make farther exposure to purchasing circumstance and tax rate.
The article comes from security market red weekly
