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Original title: 3D share performance pressured accounts receivable inventory soared
Editor of China Economic Net: On December 7, 2016, Zhejiang Sanwei Rubber Products Co., Ltd. (hereinafter referred to as “3D Sharesâ€, stock code 603033) was listed on the Shanghai Stock Exchange, and the sponsor institution was China Merchants Securities. The initial public offering of 22.7 million shares, all issued as new shares, no transfer of old shares. The total amount of funds raised was RMB 398,838,500, after deducting various issuance expenses of RMB 34,985,500, and the actual net proceeds raised was RMB 363,400,000, respectively for high-performance specialties with an annual output of 7 million square meters. Conveyor belt production line projects, repayment of bank loans and supplementary working capital.
According to public information, the 3D shares released the latest prospectus on June 26, 2015, and the first application was approved on March 23, 2016. On December 7, 2016, the 3D shares were launched and the issue price was 17.55 yuan/share. Before the callback mechanism was launched, the initial number of offline issuances was 14 million shares, accounting for 61.67% of the current issuance; the initial number of online issuances was 8.7 million shares, accounting for 38.33% of the number of issuances; The number of final issuances was 2.27 million shares, accounting for 10% of the number of shares issued; the final number of online issuances was 20.43 million shares, accounting for 90% of the number of shares issued, and the final rate of online issuance was 0.00962365%, 65,331. The stock was abandoned. In terms of stock price movements, the three-dimensional shares have been trading for three consecutive trading days since their listing on December 7, and closed at December 30, closing at 30.58 yuan.
During the reporting period, the stable net profit of 3D stocks surged. According to the prospectus, from 2012 to 2014, the company realized operating income of 932.32 million yuan, 972.48 million yuan, and 928.16 million yuan respectively; net profit was 61.35 million yuan and 126.44 million yuan respectively. 12,1,68,000 yuan. In 2015 and January-September 2016, the company realized operating income of RMB 764,500,000 and RMB 542,500,000; the corresponding net profit was RMB 91.01 million and RMB 58.28 million, respectively.
From 2012 to 2014, accounts receivable continued to increase, with 186.11 million yuan, 265.65 million yuan and 314.7 million yuan respectively. The turnover rate of accounts receivable continued to decline, being 4.93, 4.00 and 2.98 respectively. . Inventories also increased year by year, with a total of 124 million yuan, 158.09 million yuan, and 221.32 million yuan. The inventory turnover rate was 5.87, 5.06, 3.67. In 2015, January-September 2016, accounts receivable The turnover rate and inventory turnover rate continued to decline, and the corresponding accounts receivable turnover rate was 2.23 and 1.46, respectively, and the inventory turnover rate was 2.69 and 2.43.
The three-dimensional shares are expected to achieve an operating income of 728.30 million yuan to 802.7 million yuan in 2016, a change of 5% to -5% over the same period of the previous year; a net profit of 77.4 million yuan to 86.5 million yuan. Compared with the same period of last year, the change was -5% to -15%; basic earnings per share was 1.14 yuan / share to 1.27 yuan / share, compared with the same period last year -5% to -15%.
According to the Times Weekly report, the three-dimensional shares were affected by the decline of the industry. The three-dimensional shares said in the prospectus that the raw materials of the company's main products are natural rubber and synthetic rubber, accounting for about 40% of the operating costs. The fluctuation of rubber prices has a greater impact on the company's business. Since raw rubber accounts for a relatively high proportion of the company's product cost and cannot be changed in the near future, the company may experience a 50% decline in operating performance due to rising rubber prices.
According to the report of the Volkswagen Securities, in 2012-2014, the company's R&D investment was 1.18206 million yuan, 10.69.57 million yuan and 1,108.81 million yuan respectively. In 2014, the three-dimensional share operating income was 928 million yuan, and the research and development expenses accounted for 1.19% of the operating income, while the comparable listed companies such as Sanlux, Double Arrow and Baotong were both above 3%. At the same time that R&D expenses are lower than those of peer companies, it is the vacancy of three-dimensional rubber invention patents for many years. The four invention patent filing days are between the second half of 2007 and the first quarter of 2008, which may mean that the three-dimensional shares have not been patented for many years.
The China Economic Net reporter sent an interview letter to the company's securities department on the above issues, and did not receive a reply as of the press release.
Rubber tape manufacturers raise capital to expand production capacity
According to the prospectus, the 3D shares were formerly established by Zhejiang Sanwei Rubber Products Co., Ltd. on August 29, 1997. On June 20, 2011, the company was changed to a joint stock company and changed its name to Zhejiang 3D Rubber Products Co., Ltd.
3D is committed to providing high quality, safe and reliable products and services in the field of rubber tape. Since its establishment in 1997, the company has been engaged in the production and sales of rubber conveyor belts and V belts. The main business has not changed. According to the statistics of China Rubber Industry Association, the company's conveyor belt production and sales ranked the top ten in the industry for five consecutive years from 2009 to 2013, of which the industry ranked fourth in 2013; V belt production and sales ranked second in the industry for five consecutive years, which is the only one in the country. Conveyor belts and V belts are among the top ten companies.
The company's production activities are all in China, and its main customers are located in machinery, metallurgy, electric power, mining, chemical, building materials and ports. The main customers are exported to Asia, North America, Africa, South America and Europe. .
The conveyor belt products produced by the company can be divided into cotton canvas conveyor belt, nylon conveyor belt, polyester conveyor belt and steel cord conveyor belt according to the different materials. According to the functional characteristics, it can be divided into ordinary conveyor belt, high temperature conveyor belt and resistant. Burning conveyor belt, flame retardant conveyor belt, cold resistant conveyor belt, oil resistant conveyor belt, acid and alkali resistant conveyor belt, etc. The V-belt products produced by the company can be divided into two types: cloth V-belt and trim-cut V-belt according to the difference of production process; according to the functional characteristics, it can be divided into ordinary V-belt, combined V-belt, and automobile V-belt. , V-ribbed belt, timing belt, etc.
The company is one of the drafting standards for tape national standards and industry standards. It has participated in the formulation of 8 national standards and 1 industry standard for the tape industry. It is the vice chairman unit of the rubber hose branch of China Rubber Industry Association. In September 2014, the company delivered The “three-dimensional†registered trademark of the belt and V belt was recognized as “China Famous Brand†by the State Administration for Industry and Commerce.
According to the prospectus, the company's operating income from 2012 to 2014 was 932.32 million yuan, 971.148 million yuan, and 928.16 million yuan respectively; net profit was 61.35 million yuan, 126.44 million yuan, 12 , 1,68 million yuan. Accounts receivable continued to increase, at 186.11 million yuan, 265.65 million yuan, and 314.7 million yuan, respectively, and the turnover rate of accounts receivable continued to decline, being 4.93, 4.00, and 2.98 respectively. Inventories also increased year by year, with 124 million yuan, 158.09 million yuan and 221.32 million yuan respectively. The inventory turnover rate was 5.87, 5.06 and 3.67.
According to public information, in 2015 and 2016, the company realized operating income of 764.45 million yuan and 542.05 million yuan; the corresponding net profit was 91.10 million yuan and 58.28 million yuan respectively. The receivables turnover rate was 2.23 and 1.46. The inventory turnover rate was 2.69 and 2.43.
The 3D shares were listed on the Shanghai Stock Exchange, and 22.7 million shares were publicly issued. The net proceeds raised were RMB 363,400,000, which were used for the production of 7 million square meters of high-performance special conveyor belt production line and repayment of bank loans. And supplement working capital.
Large inventory increase was questioned
On June 26, 2015, the CSRC announced the feedback on the application documents for the initial public offering of 3D shares. Some of the inquiries are as follows:
According to the prospectus disclosure, the issuer has a recurring connected transaction. From the perspective of transaction amount, the cumulative transaction amount of the R&D building constructed by the related party Zhejiang Shengde Construction Co., Ltd. is 9,114,592 yuan; The storage fee provided by the related party Sanmen Central Asia reached 100%. Please add and analyze and disclose in the “Business and Technology†section of the prospectus: (1) Classify the cost of the procurement engineering unit of Zhejiang Shengde Construction by type and specification, analyze the approximate average price of the project cost, and compare the price of the similar project cost market in the comparable area. Comparative situation; (2) In 2013 and 2014, the warehousing expenses changed greatly, and according to the proportion, the issuer's warehousing services were provided by three Central Asian countries. Please analyze the reasons for the large changes in storage costs in light of changes in inventory. The sponsor institution is requested to express opinions and provide evidence for the reasonableness and fairness of the pricing of connected transactions.
According to the prospectus disclosure, the issuer's gross profit margin of each product is quite different, and the domestic sales gross profit margin is higher than the foreign sales gross profit margin. Please supplement and analyze and disclose in the “Management Discussion and Analysis†section of the prospectus: (1) Changes in the price of the product, the price of raw materials (including accessories and fuel power), the unit's depreciation and amortization expenses, and the unit's processing price. The situation shows that the gross profit margin of the main business in 2013 and 2014 increased significantly and the gross profit margin of V-belt products increased year by year. (2) The gross profit margin of export and domestic sales was disclosed in the sub-products, and the reasons for the difference in domestic and foreign sales gross profit margins were explained.
According to the prospectus disclosure, during the reporting period, the issuer's inventories amounted to RMB 124.022 million, RMB 15,809,500 and RMB 221,320,800, respectively, which was a large increase, mainly due to the increase in raw materials. Please analyze the disclosure of the available production time of the raw materials in the “Management Discussion and Analysis†section of the prospectus, combining the production cycle and capacity of the main products. The accountant is required to combine the average purchase price of raw materials, market price and trend of change during the reporting period to indicate whether there is any indication of impairment of raw materials, whether the provision for inventory depreciation should be accrued, and whether the current inventory depreciation reserve is fully accrued.
The actual controllers, Ye Jiyue and Zhang Guiyu, hold 51.324% and 14.706% of the shares of the company respectively. The actual controller and its close family members hold a total of 75.295% of the company's equity. The sponsor institution and the issuer's lawyer are required to check the issuer's corporate governance, especially whether the necessary review and avoidance measures have been fulfilled during the related party transaction, and to express a clear opinion on whether the actual controller's family control rights concentration affects the effectiveness of the corporate governance structure. .
The company expects 2016 results to decline year-on-year
According to public information, the 3D shares released the latest prospectus on June 26, 2015, and the first application was approved on March 23, 2016. On December 7, 2016, the 3D shares were launched and the issue price was 17.55 yuan/share. Before the callback mechanism was launched, the initial number of offline issuances was 14 million shares, accounting for 61.67% of the current issuance; the initial number of online issuances was 8.7 million shares, accounting for 38.33% of the number of issuances; The number of final issuances was 2.27 million shares, accounting for 10% of the number of shares issued; the final number of online issuances was 20.43 million shares, accounting for 90% of the number of shares issued, and the final rate of online issuance was 0.00962365%, 65,331. Shares were abandoned. Among them, online investors abandoned 61,007 shares, and offline investors abandoned 4,324 shares. In terms of stock price movements, the three-dimensional shares have been trading for three consecutive trading days since their listing on December 7, and closed at December 30, closing at 30.58 yuan.
The three-dimensional shares are expected to achieve an operating income of 728.30 million yuan to 802.7 million yuan in 2016, a change of 5% to -5% over the same period of the previous year; a net profit of 77.4 million yuan to 86.5 million yuan. Compared with the same period of last year, the change was -5% to -15%; basic earnings per share was 1.14 yuan / share to 1.27 yuan / share, compared with the same period last year -5% to -15%.
The company said that its operating results in 2016 are expected to decline to a certain extent compared with the same period of last year, mainly due to the downstream of the company, especially downstream of the conveyor belt product line, and the cyclical adjustment of industries such as machinery, metallurgy, mining, building materials and ports. The structural excess factor, the industry growth slowdown, the company's product demand has temporarily declined, resulting in increased industry competition, product market prices have decreased, resulting in the company's overall income and profits have declined to varying degrees.
Industry downside risks
According to the Times Weekly, the three-dimensional shares in the rubber industry have also been affected by the decline of the industry.
Affected by multiple factors such as crude oil price and futures market, the price of natural rubber fluctuated greatly, and the rubber industry was affected by the market downturn.
Taking the natural rubber futures price of the Shanghai Futures Exchange as an example, since March 2009, the price low of 11,360 yuan / ton continued to rise, climbing to a record high of 42,895 yuan / ton in February 2011, an increase of 277%, followed by natural rubber Prices have fallen all the way, falling to 13,405 yuan / ton at the end of last year, a drop of 68%.
Three-dimensional shares said that the decline in revenue and net profit was mainly due to macro factors such as the continued sluggish external economy in Europe and the United States in 2014. As a result, the company’s export revenue decreased year-on-year, and the decline in sales unit price was the cause of the decline in sales. This is because the main raw materials of the conveyor belt continue to decline.
The three-dimensional shares also stated in the prospectus that the raw materials of the company's main products are natural rubber and synthetic rubber, accounting for about 40% of the operating costs. The fluctuation of rubber prices has a greater impact on the company's business. Since raw rubber accounts for a relatively high proportion of the company's product cost and cannot be changed in the near future, the company may experience a 50% decline in operating performance due to rising rubber prices.
It is worth noting that the decline in operating results is more common in the industry. In the first half of 2015, although the gross profit growth of Shuangjian shares and Sanlix in the same industry was considerable, the net profit still experienced a different degree of decline. Among them, the net profit of Double Arrow shares fell by nearly 20%.
“Tubing belts and conveyor belts mainly serve the steel and coal industries, and these industries are relatively sluggish in the first half of the year. In addition, the macroeconomic growth rate has slowed down, the global demand for natural rubber has shrunk, and the price of natural rubber has declined. Conducive to the tape companies to reduce costs, but at the same time the sales price is also affected. From the price trend of the tires, the decline in raw material prices, resulting in the decline in the price of finished products, but the decline in the price of finished products, significantly lower than the price of raw materials Low, in the next one or two years, the overall situation of the rubber industry will not be improved, the rubber raw material grid will continue to decline, and synthetic rubber will also decline due to overcapacity." Wang Yulian told the Times Weekly reporter.
R&D expenses are lower than peers
According to the report of the Public Securities News, the three-dimensional shares said in the prospectus: "Since the establishment of the company, it has always attached importance to technology research and development, and always pays attention to closely tracking the development trend in the industry to ensure that the company's products and technologies are consistent with the advanced direction at home and abroad. The prospectus also stated that the company has a high-tech R&D center recognized by the Taizhou Science and Technology Bureau of Zhejiang Province as a platform to carry out research and development of various new technologies and products. In 2012-2014, the company's R&D investment was 11.82 million yuan, 10.69.57 million yuan and 1,108.81 million yuan respectively.
In 2014, the three-dimensional share operating income was 928 million yuan, and the research and development expenses accounted for 1.19% of the operating income, while the comparable listed companies such as Sanlux, Double Arrow and Baotong were both above 3%.
At the same time that R&D expenses are lower than those of peer companies, it is the vacancy of three-dimensional rubber invention patents for many years. According to the 3D share prospectus, “As of the signing date of this prospectus, the company has 6 patents, including 4 invention patents, and the two new V-belt products have won the third prize of Zhejiang Chemical Technology.â€
It is noteworthy that these four invention patent applications are between the second half of 2007 and the first quarter of 2008, which may mean that the three-dimensional shares have not been patented for many years.
Then, what about the three-dimensional shares comparable to the listed companies Sanlix, Double Arrow, and Baotong? By consulting the relevant company's annual report and other information, it is known that Sanlux obtained two invention patents in 2014; Baotong Belt Industry completed the application for 17 invention patents in 2014; Double Arrows 2014 Annual Report did not mention invention patents, but the reporter inquired about patents. The search and analysis website found that the company is applying for two invention patents this year.
In fact, from the perspective of the education level of the 3D stock employees, as of December 31, 2014, among the 1479 employees, there were 3 masters and above, 29 undergraduates, and 89 junior college graduates, accounting for the proportion of employees with college education or above. It is only 8%; from the professional structure of the company's employees, there are 1026 production personnel, accounting for 69.37%, while the technical staff is 48, accounting for 3.25%.
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