The cousin wrote a book, cry " appear on the market company money newspaper analyses actual combat " , in the final part of the book, at great length used the space of one large order, write the letter asking ask of bourse.
It is the book of the newspaper that keep money obviously, why to want query ask case? Because,that is, case asking ask is too important.
Annual annals season, appear on the market after the company issues annual report, the accountant of bourse people, rely on Yu Jiang big technical step and superintendency tool, can a mind which perceives both past and future the intrigue of city firm on the detection that is like fire, ask ask the form of case through annals next, disclose the problem that they discover to investor.
On April 2, new city accuses (601155) receive the annals that hands in place to ask ask case.
The accountant the same night that watchs to hand in place evicts eviction painstaking effort, the cousin can'ts help clap applauds, at great length thousands of word, tell you directly with respect to difference: New city accuses it is so good that outstanding achievement is done not have.
One, new city accuses outstanding achievement circumstance
On March 9, the company is released 2018 annals, implementation battalion receives 54.13 billion yuan, grow 33.6% compared to the same period; Implementation puts in parent net profit 's charge 10.49 billion yuan, grow 74.0% compared to the same period; Draft every 10 cliques to discover Jin Gongli 15 yuan.
Battalion receives amplitude driving, net profit amplitude is more swift and violent, and really weathy, heroic spirit of share out bonus.
So good company, be worth hold certainly!
Cousin the company in recent years outstanding achievement made plan of a trend, discover the growth carry everything before it since 2016. But, put net specified number of flow of management sex cash, the issue came: In recent years management sex cash flows not beautiful.
2018, net specified number of flow of management sex cash has 31% of net profit only, where is money?
To real-estate industry, 2018 is a very special year, 10 thousand divisions cry piece " subsist " , constant asks cash flows greatly, garden of green jade laurel, be in harmony achieves all without exception to be the first important or urgent business with steam again capital.
Why does new city accuse does management sex cash flow poor so much?
The result asks ask case in annals in.
2, the fine of backside of case asking ask suffers from the intention
The accountant of bourse people the level is very high, and experienced and knowledgeable, all sorts of appearing on the market a road of the company had seen. But as a result of special status, they write a letter asking ask impossibly directly, tell investor, the money newspaper of this company is false.
But as investor, the fine that can see bourse in the between the lines of case asking ask suffers from the intention, small investor is not a conventional phrases in the protection that card inspect can claim, each annals asks ask case is card inspect can cash reflect affirmatorily.
Does new city accuse what does annals ask ask to have in case?
Altogether asked 16 questions, it is the doubt that increases to profit empty completely almost. The cousin is amalgamative similar terms, arrange 9 problems to undertake one by one is analysed.
1, the investment sex estate of the company assesses rise in value 2.809 billion, relatively go up amplitude of year of the corresponding period more than 200% .
What is investment sex estate?
According to accounting standard, use at sale and hack house property, can plan enter investment sex estate. Investment sex estate has kind of two kinds of business accounting, it is with common estate, according to historical cost enter an item in an account, next annual plan carry depreciation, means of this kind of business accounting and common house property do not have distinction, do not need additional attention; 2 be evaluate valence enter an item in an account according to the market, undertake every year assessment new enter an item in an account according to market price next, branch of the market price appreciation, ministry that reduce a cost is affected in those days profit.
Right, new city accuses means of a kind of business accounting after investing what sexual estate uses namely. 2018 a year, the assessment of the company appreciation is as high as 2.809 billion, amplitude of price of field of amplitude far supermarket.
In fact, place footfall drops price of house of town of line of not little 2018 just a little even, 34 lines city rises in price even if to also exceed 20% rarely.
The accountant that hands in place is telling investor: This empty of 2.809 billion adds the suspicion of profit. How much did specific empty add? Even if is hopeful estimation amplitude of price of average 2018 room, these 2.809 billion lis also have 2 billion moisture content almost.
2, annals shows, in July 2018, the company carries consultative agreement kind, will hold a Qingdao of 49.51% outstanding limited company mixes course of study of new city buy hold a justice black of 50.50% limited company of development of my Yue estate brings into limits of amalgamative forms for reporting statistics. Through buying the city that make prosperous to sunlight constant estate develops limited company (the following abbreviation makes Chang Yuheng) 1% equity and the kind that undertake the agreement agrees, will hold a Xu Changyu constant of 32.38% to bring into limits of amalgamative forms for reporting statistics. At the same time company of rotor of jointly owned enterprise brought 677 million yuan of yield, 6.45% what occupy a company to put in parent net profit 's charge 2018.
Of be practical and realistic tell, the cousin did not notice a paragraph this of annals.
According to accounting standard, the requirement that expresses range is to have " effective control counterpoises " . To accusing 80% , the subsidiary of 90% , do not have what demur naturally, but interpose at the 50% subsidiary between, "Effective control counterpoises " feline dirt is very much. Express can stop the run of subsidiary to merge into with profit directly appear on the market company annual report, do not express reflect only in yield.
New city accused a joint-stock company that does not express these 3 originally to undertake be expressinged, besides increase sales revenue specified number, the reason of the others is inadequate.
Why so say?
Because still have 3.
3, annals shows, the company has what much home holds a scale to exceed 50% to close (couplet) battalion enterprise was not brought into to incorporate forms for reporting statistics.
Below the circumstance that expresses in the company of 32.38% , hold of more than 50% do not express actually?
Generally speaking, hold a scale to more than 50% in principle want and be expressed, unless special situation does not have effective control,counterpoise. What characteristic do these companies have?
These company battalion closed 2018 inferior, and basic be deficit.
With the 2nd photograph comparing, conclusion with respect to be vividly portrayed.
4, handed in place to raise doubt to the accrual capitalization circumstance of the company.
Annals shows, capitalization interest expenses was the company 2018 8.85 billion yuan, grow 428.99% compared to the same period. No matter be amount or scale abnormal.
What is accrual capitalization?
According to accounting standard, expenses of interest of the investment sex estate that accords with certain condition, stock, can plan look into corresponding property division. That is to say, in the financial cost of profit the outside and the inside, not be interest expenses completely, still one part is in in asset project.
Estate company has the case of accrual capitalization generally, but the amount of accrual capitalization and proportion are endless however and same.
Be the same as the 10 thousand divisions of the industry for instance, capitalization accrual 5.9 billion, it is about with the ratio of net profit 11.9% ; New city accuses the ratio of capitalization accrual and net profit is 72.5% .
From the point of the result of financial processing, existing to decorate the likelihood of profit through accrual capitalization. If the scale of the capitalization accrual according to 10 thousand divisions, the company decorated 50 much profit almost.
5, hand in place to think the proportion of bad Zhang preparation of the company is too small
The company has aggregate many forty-four billion eight hundred and sixty-eight million yuan other and receivable money, among them receivable Suzhou Yu fills estate to develop the debt such as limited company Zhang age outstrips square other and receivable fund one year, and bad Zhang prepares plan carry scale to be respectively 0.1% or 1% , plan raise scale apparent on the low side.
Generally speaking, exceed the receivable money of a year of Zhang age, have bigger bad Zhang likely, appear on the market for the most part the bad Zhang of the receivable money to a year of above prepares the company plan carry scale to be between 10%-30% . With 10% computation, company " little " plan carry bad Zhang to prepare to exceed 4 billion.
6, hand in place to think new accountant standard is right course affected the company to pass a bit related forms for reporting statistics of annals finance affairs 2018 big. Carry out new income criterion to affect company business income and profit of net putting in a mother 's charge to part to mix 662 million yuan for 3.42 billion yuan according to exposure.
A what implement new income standard above all is 10 thousand divisions, be in early the business accounting that half annals used new standard to have income 2018.
The node that the distinction with new income criterion and former income the oldest standard is income implementation produced change, the income implementation link below original standard of 10 thousand divisions is: The building is finishing check and accept qualification, obtained the consign condition that sells contract agreement, obtained the implementation that sales revenue affirms when buyer agrees by sale contract the payment of consign house property proves.
Below new income criterion, income admits really is not according to period of time the means that honor the agreement undertakes, and should judge this contract according to the clause of the contract is the dot when belonging to honors the agreement or period of time honors the agreement.
Where is the influence with new how old to 10 thousand divisions standard? According to the half an year of 10 thousand divisions signs up for at that time, 10 thousand divisions do business first half of the year income attune added 2.57 billion yuan, but corresponding operating costs attune is added 3.476 billion, actually the influence of new standard is deficient.
Considering in those days of 10 thousand divisions alone direct the conscience that is famous accounting group, Liu Shu power, so the accountant processing of 10 thousand divisions is dovish and reliable.
And new city accuses an of 662 million profit that increases because of new income criterion a bit too much.
7, hand in place to think the company is suspected of associated square interest carrying
The company deals with what accuse a progress of partner new city to accuse a limited company and its subsidiary secondhand plan breath money is 2.222 billion yuan, interest rate level is 8% , prep above loan is standard interest rate, and 2018 year of prep above company the average financing cost of 6.47% .
The money that putting a bank need not, go using the fund of related company, still use the cost of outclass market, does the purpose where? Become commonly bourse so when asking, oppugn a company to have the suspicion that associated square interest carries namely.
Development accuses the associated Fang Xincheng of the company it is H appear on the market company, have the possibility that assists its to increase profit to have market prise government more.
Besides anew city progress accuses outside lending money, the company still has involve correlation in great quantities square other is receivable other due and paragraph, imprest Zhang money, this is the commonly used accountant headings in an account book that associated square interest carries.
8, hand in what what oppugn a company to put borrow double tall phenomenon.
Company 2018 end money fund forty-five billion four hundred and nine million yuan, grow 106.90% compared to the same period, among them bank deposit is occupied than 88.10% ; In the meantime, company long-term loan and short-term loan are aggregate twenty-five billion nine hundred and thirty-nine million yuan.
Last time bourse so when oppugning, still be industry of Kang Mei drug (600518) ...
So, did you understand this problem?
9, the patulous means of real estate Wu of the company also aroused the suspicion that hands in place.
The company is in annals again and again advocate transition does commercial real estate, but the residence is completely however in listed detail detailed list. A door head house is built before the residence, whole village is so-called it is commercial real estate, the transition that will reveal oneself with this kind of means is successful. Handed in place to lift the true management condition of the company with data a De Chaotian.
3, the real motive of got-up profit
Generally speaking, for market prise management, appear on the market the company has the subjective desire that improves profit.
Be close to ST appear on the market the company can be passed blame is regular increase and decrease makes forms for reporting statistics a few more good-looking, escape wrap around the star wears a hat; Growth appears on the market lack of powerly the company can pass correlation square " dummy " brushstroke income, raise income and wool interest rate.
Union hands in the case asking ask of place, thick rough calculation comes, the gain that the company decorates is similar about a hundred 100 million.
But, the kind that rarely the enterprise passes got-up profit adjusts net profit about a hundred 100 million.
What the company does not have ST again is anxious, also do not have particularly much equity impawn, the influence that market prise changes is not particularly big, where is graph what?
The cousin found new city to accuse a vice-president to said a paragraph of word that pass Feburary this year: New city accuses a data that vice-president Ou Yangjie provides to show, the development loan of look forward to of 50 strong rooms was occupied 2017 than 45.9% , increase compared to the same period 10.6% . He is judged, did not come 3 years, look forward to of 50 strong rooms will divide up the bank of 82% to develop loan, "The loan specified amount of financial orgnaization is spent finite, 100 strong the room look forward to besides has not borrowed money in the bank list, look forward to of 50 strong rooms is the bank is put borrow new threshold, also can become the financing new threshold of loan of most finance orgnaization of course. Also can become the financing new threshold of loan of most finance orgnaization of course..
Original, accuse as the canal of real-estate trade policy, more and more estate companies get the fund of the bank very hard, and the only way that wants to take more money, develop outstanding achievement namely.
New city accuses financial personnel uses all accountant headings in an account book that can use, pass hardships one time run, the outstanding achievement of the company had developed the whole nation from point of equilibrium of profit and loss 10 strong.
Acknowledgment hands in place, be suddenly enlightened!
