The year-on-year performance of Wei Wei shares fell 90% into a new share of a€?changing the facea€?
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The reporter's investigation found that the second-new stock "changing face king" Wei Wei shares in the performance and stock price were "double kill", while the public disclosure of information does not correspond to the actual situation, it seems that more than the above example.
"false fake shares"
In May 2012, the companya€?s shareholding in the GEM was 385 million yuan. However, it was quickly dubbed the a€?fake sharea€? because the company released its 2012 results in mid-July just two months later. The forecast is that the net profit attributable to shareholders of listed companies in the first half of 2012 is 2.4 million to 3.4 million yuan, a decrease of 94.12% to 95.85% over the same period of the previous year.
At the end of February this year, Weiwei Co., Ltd. released its 2012 performance report, saying that due to the impact of North American climate, the sales of its products declined. In 2012, its total operating income was 453 million yuan, a year-on-year decrease of 25.07%; net profit was 818.64 million yuan. The decrease was 85.72%, and the basic earnings per share was 0.06 yuan, a decrease of 89.09%.
a€?Because of the hurricane weather in 2011, US retail sales did not meet expectations. During the second half of 2011 to the first half of 2012, major retailers were in the process of digesting inventory, and due to prudence, US retailers adjusted The minimum inventory level, so the procurement volume during the reporting period decreased significantly, which directly led to the company's sales scale decreased in the first half of the year, and net profit fell sharply year-on-year." Wei Wei shares in its 2012 semi-annual report. However, these statements are not mentioned in their prospectus.
Corresponding to the decline in performance of 90% is the stock price decline. As of the recent closing date, the company's share price closed at 7.97 yuan / share, compared with its first-day closing price of 12.93 yuan / share (pre-recovery price), the cumulative decline of nearly 40%.
Employees are busy with the season
Yan Wei's prospectus said: "About 90% of the products are sold to North America. The consumption of solar lawn lights and solar garden lights in the North American market is mainly concentrated in spring and summer, and the company's customers generally stock up two to three months in advance, subject to the market. Due to the influence of consumption habits, the seasonal characteristics of the company's operation are obvious. From 2009 to 2011, the sales revenue realized by the company's sales season accounted for 74.51%, 76.68% and 89.97% of the operating income of the year. The company's production and operation are seasonal. Production and sales according to the order, the production season is from September to March, and the sales season is from November to April."
At 2 o'clock in the afternoon of March, at the junction of Fuping Road, Zhenxing Road, Longgang District, Shenzhen, next to the Shuangchang Department Store chain opposite the Weiwei Shares Headquarters, several staff members wearing Yu Wei's uniforms are excited. Playing American billiards continued until 4 pm. "Now there is nothing to live after the end of the year. If we want to go to work, we will not rest here, that is, there is nothing to do now, we are playing here." A staff member of the Wei Wei company held a billiard bar and told reporters.
Obviously, in early March, Weiwei has already entered the off-season of production and sales, which is completely different from the description in the prospectus.
"If it is in the peak season, then the container trailers must be lined up and loaded at Yantian or Shekou. We are mainly busy in the past two months." But this working day reporter is at the gate of Qiwei. Waiting for a whole day, but did not see a container trailer in and out of the door of the Wei Wei shares.
The prospectus also states that the cash flow cycle in production and operation activities generally lags behind production and sales for 60 to 90 days, which is inconsistent with the fiscal year; and the larger balance of accounts receivable at the end of the period is mainly affected by the seasonal factors of production and operation. From November to April, the sales season is high, and the amount of accounts receivable within the credit period due to product sales at the end of the year is large.
Less production outsourcing?
"Our work is a five-day system, eight hours a day. If you don't have money, you can get a basic salary, which is equivalent to the minimum wage standard set by Shenzhen. Sometimes it is exchanged on weekdays and Sundays, but it will not be processed. Only after working overtime can we process the capital. According to the labor law, it is 13 blocks and an hour. Now we have no overtime work. According to the latest minimum wage in Shenzhen, we can get 1,600 yuan for the basic salary, and the overtime pay should be more than 14 yuan. There is no adjustment notice yet." Another staff member told reporters.
The staff also said that he used to work in another factory in the field, earning more than 2,000 yuan per month. Now, not every month, the basic salary is so low. There are off-season, peak season, peak season and overtime pay. Three or four thousand or so. He revealed that in fact, Weiwei has outsourced some production processes to other factories. These factories do not necessarily provide sufficient overtime pay according to the labor law. The overtime pay may be seven or eight yuan an hour. These factories are mainly around Longgang District. Sometimes Wei Wei is more willing to take responsibility for these outsourcing factories because of the lower cost. At present, the Weiwei headquarters factory does not recruit people, not so much to do.
The Weiwei share prospectus shows that due to insufficient production capacity, the company will carry out external processing of some assembly and packaging processes. The assembly and packaging process is not high in technical content, and there are many manufacturers in the company. It has high substitutability, fierce competition and reasonable pricing. During the reporting period (2009~2011), the proportion of external processing products accounted for 45.04%, 50.00% and 27.86%, respectively, and the external processing amount was 4,411,700 yuan, 13.15 million yuan and 9,558,300 yuan respectively. The proportion of current production costs is 1.49%, 2.93% and 2.08%, respectively.
a€?As the scale of the company's operations continues to expand, some processes are not conducive to ensuring product quality and completing orders on time through outsourcing production. After the fundraising project is put into production, the company will reduce the proportion of the use of outsourcing production.a€? The prospectus is called. However, in fact, is the outsourcing of production processes more or less? The prospectus statement seems to contradict the above-mentioned staff statement.
Inventory and receivable "high"
In addition, for the current situation of accounts receivable and inventory surge, as well as operating cash flow in 2011, Wei Wei shares did not seem to have a reasonable explanation in the prospectus.
a€?The photovoltaic lighting products produced by the company are mainly sold by foreign large chain retailers and household products supermarkets such as TheHomeDepot, LOWE'S, TARGET, WALMART. During the reporting period, the companya€?s sales revenue to the top five customers accounted for 83.14% of the operating revenue, respectively. 77.45%, 79.39%, customer concentration is higher." The prospectus said.
According to the prospectus, at the end of 2009, the end of 2010 and the end of 2011, the book value of accounts receivable was 96.737 million yuan, 109.7748 million yuan and 85.496 million yuan, accounting for 32.15%, 24.32% and 17.31% of the total assets respectively; The inventory balance at the end of the period was 155.7777 million yuan, 216.605 million yuan and 224.1276 million yuan, accounting for 51.64%, 47.86% and 45.39% of the total assets, respectively. According to the prospectus, the company is in the peak production period in December, and the balance of finished products that have not yet been sold in the production process at the end of the year is large. From 2009 to 2011, the net cash flow from operating activities was less than the net profit, mainly due to the continuous growth of inventories and changes in operating receivables and payables. In 2011, the operating cash flow was -457.61 million yuan, which was more than 100 million yuan from the net profit. The company explained that this was caused by the large amount of payment for purchases and employee wages after the completion of inventory sales.
In addition, there is no more detailed explanation of the above financial abnormalities in the prospectus. The reporter called the Secretary of the Board of Directors on the above financial aspects, but the telephone has not been answered.
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