The Secretary-General avoided answering! Embarrassment of lifting the ban by Gaode infrared

Repeatedly refused to conduct normal interviews, but afterwards made a evasive response on the online platform. What role does Gaud's infrared secretary play? Even so, these responses can't change the fact that the company's net profit in 20 18 is mixed with water, and the high valuation supported by this is also full of risks.

Our reporter Xu Wen

On the evening of April 6th (Friday), Securities Market Weekly published a report entitled "The Illusion of High Infrared Growth in Gaode". In this paper, the running status of GOD infrared (0024 14) is analyzed. SZ) attracted the response of individual shareholders and the violation of journalists' personal rights. At the same time, the general manager of Gaode Infrared publicly stated that the company's media communication channels were smooth. After the reporter asked the company for verification, this article on the Internet was deleted immediately.

In fact, the reporters of Securities Market Weekly contacted the listed companies three times according to the formal interview process, but all directors refused to be interviewed, but they were extremely active in the interaction, saying that the facts supported by arguments in the report were "false information".

In this regard, this magazine believes that the relevant network has responded to several statements about the concept of stealing. From the analysis and comparison of other income, bad debt recovery, capitalization of development expenditure and other accounting subjects, the financial operation of Gaode Infrared is very different from that of its peers. Is this earnings management under the pressure of lifting the ban or can the company really justify itself?

The response of stealing the concept

In a short time after the release of "Gaud Infrared High Growth Illusion", Sina Finance published a manuscript entitled "Media Exposes Gaud Infrared High Growth Illusion, Individual Major Shareholders Angry at the Other Party's Unprofessionality" through a reporter with the pen name "Meteor".

Subsequently, the relevant manuscript of Securities Market Weekly was deleted from the news announcement of Wonder Information Goldinfrared.

This response report failed to provide any new news clues and independent interviews. On the contrary, it selectively extracts the analysis reported by this newspaper and beautifies the response of individual shareholders of the company on the online platform.

In order to accurately convey the views of both sides, the reporter of Securities Market Weekly quoted the original text of the response of individual major shareholders of Gaode Infrared, and clarified its response to the report on key issues in this journal.

First of all, the netizen who claimed to be the company's individual major shareholder said in the stock bar, "Goodwill is usually impaired only when the performance is not up to standard. Hangang Electromechanical Co., Ltd. actually acquired 65.438+0.87 billion cash and 65.438+0.1.72 million shares of the company, which was bound to the original management of Hangang. People bought it with real money of 25.6 yuan and held it for three years.

This answer completely distorts the original text. In the original text, all the facts about the acquisition of Handan Electromechanical by listed companies in the report came from Gao Yinfurui's announcement, and the report also affirmed the extremely high growth brought by Handan Electromechanical to the performance of listed companies. I quote the original content of "Gaud Infrared High Growth Illusion" to set it straight: "Gaud Infrared acquired 65,438+000% equity of Handan Electromechanical Co., Ltd. with its own funds of 487 million yuan in September 2005, adding traditional ammunition and information ammunition business, and this transaction also formed a goodwill of 280 million yuan. At that time, the performance commitment given by Handan Electromechanical Co., Ltd. was that the accumulated net profit attributable to the parent company after deducting non-recurring gains and losses in 20 15, 20 16, 20 18 and 20 19 was 2160,000 yuan. After the acquisition, the operating income of Gaode infrared traditional ammunition and information ammunition business increased rapidly. In 20 18, the revenue was 439 million yuan, an increase of 18.8% compared with 20 17, accounting for 40.5% of the total revenue. "

As for the problem that subsidies account for a large proportion of net profit, the unnamed major shareholder immediately changed his concept in the second response. "All kinds of subsidies are 654.38 billion +0.02 billion, and the Nuclear High Foundation certainly has subsidies. If the company's research and development is fruitless or the technology is not advanced enough, the government will give you subsidies. Do you try to subsidize? "

What needs to be emphasized here is that "historical subsidy" and "2065438+2008 subsidy" are completely different concepts.

Our report clearly shows that the historical subsidies of listed companies are all around 20 million yuan, but in 20 18, they suddenly increased to1020,000 yuan, accounting for 77.2% of the net profit1320,000 yuan, which made a great contribution to the net profit.

In terms of projects, other income mainly includes "enjoying the tax preferential treatment of relevant national policies" of 7,654,380+0.92 million yuan, R&D investment subsidy of 654,380+0.0346 million yuan, and industrial support fund of 654,380+0.65438 million yuan, of which the tax preferential treatment of 2065,438+0.07 yuan is zero. Judging from the time of other income recognition, Gaode Infrared recognized 58.44 million yuan and 43.565438 million yuan respectively in the second quarter and the fourth quarter of 2065. Compared with the net profit of 58.44 million yuan in 2065,438+07, its importance is obvious, but the reporter did not consult the relevant announcement.

Ruichuang Micro Nano, whose net profit is equivalent to that of Gaode Infrared, is currently catching up with science and technology innovation board IPO. The net profit of the company in 20 18 was1250,000 yuan, but other income was only12.54 million yuan, accounting for only about 10% of the net profit.

Then, individual shareholders made such an answer instead of the company's chairman Huang Li. "Deposits and loans are both high and dangerous, and pledge is more dangerous. Do you have common sense of life? " Property mortgage, almost every family in China has, and there are deposits. There is a higher return on investment. Why do you have to pay back the loan? Fool, you pledged less than 20% of the shares. What are the risks? We can buy more than 20% of family assets. How can it develop rapidly without financing? "

So, can financing develop rapidly? In fact, GOD Infrared raised RMB 654.38+95 billion in its initial public offering in 2065.438+00, and then raised RMB 626.5438+0 billion in its private placement in 2065.438+06, totaling more than RMB 2.5 billion.

But how efficient are these funds? Before listing, in 2009, the operating income of Gaode Infrared was 353 million yuan and the net profit was 654.38+380 million yuan. After listing, its net profit only reached 65.438+0.4 billion yuan in 2065.438+0.00, and has not reached a new high since then. Among them, a single computer purchased at a cost of 487 million yuan contributed 80.33 million yuan in 2065.438+0.

In addition, after the publication of this article, Chairman Huang Li continued to pledge and release the equity, but the purpose was changed to "personal use financing". Before the report was released, the purpose column in the announcement was only "financing". The shareholder seems to have guessed the chairman's mind again.

For the bad debt recovery operation of Gaode Infrared, the company's secretary-general and individual shareholders have unified their caliber. Individual shareholders claimed "1 100000 bad debts and 2 10000 bad debts, and the company's accounts receivable for 20 18 years were 896.73 million, which added up to 13 100000, less than ten thousandths. The one-way trading rate of stocks in the previous two years was two thousandths. The company's secretary-general also said, "The category corresponding to 165438+ 10,000 yuan in the company's statements is accounts receivable with single provision for bad debts. Although the single amount is not significant, it has no significant impact on the company's production and operation. "

It should be emphasized that the article in this journal never mentioned "165438+ million bad debts" mentioned by individual shareholders and directors. The original text of the report is as follows: "During the reporting period, the amount of subsidies confirmed by Gaode Infrared was120,000 yuan, compared with 27.85 million yuan in the same period of 20 17. Even if the non-net profit is deducted, it depends on -3655. How does such a story support the current valuation of the secondary market of more than 654.38+06 billion yuan? " In addition, GOD Infrared's industry benchmark company Dali Technology (0022 14. SZ), during the same period, no bad debt recovery treatment was carried out, while Gaode Infrared supported the performance growth of 20 18 years by relying on the low performance of 20 17 years, and the real fundamentals of the company were far less glamorous than the appearance.

In addition, the long response of individual major shareholders missed a key point, that is, the abnormal capitalization rate of high-tech infrared R&D investment. In 20 14, the capitalization rate of the company's R&D investment was 59.3%, and the capitalization amount was 97.72 million yuan, while the net profit of that year was only 67.95 million yuan! Gaode Infrared beautifies the report by capitalizing R&D investment. But strangely, in the 20 14 annual report, the R&D investment of Gaode Infrared in that year was only 67 1 1 ten thousand yuan. Why is the capitalization amount in the 20 14 annual report as high as 97.72 million yuan? However, the company's 20 15 annual report shows that the R&D investment is164.83 million yuan. In 20 17, the capitalization rate of R&D investment once again solved the "urgent need" of Gaode Infrared. The capitalization amount of R&D investment in that year was as high as 63.9 million yuan, but the company's net profit returned to its mother in that year was only 58.44 million yuan. As of 20 18, the capitalization amount of R&D investment of Gaode Infrared was 67,765,438 yuan, with a capitalization rate of 25.3%. In the same period, the company's net profit returned to its mother was 65.438+0.32 billion yuan.

However, the capitalization rate of Dali Technology's R&D investment has been zero for many years, and peer Ruichuang Micro-Nano has basically spent all R&D expenses. Different from its peers, Gaode Infrared has capitalized R&D investment to such a high degree, which objectively beautifies its performance.

Pressure under the lifting of the ban

In the first quarterly report of 20 19, gaode infrared predicted that the net profit for the first half of the year was123 million yuan-164 million yuan, up 20%-60% year-on-year.

The actual situation needs to be disclosed in the semi-annual report, but a beautiful semi-annual report is conducive to the lifting of the ban and the reduction of the relevant parties.

20/kloc-in September, 2006, the related party and employee stock ownership plan of Gaode Infrared's major shareholder invested RMB 300 million and RMB 32.88 million respectively to participate in the fixed increase. The lock-up period is three years, and it will be lifted at the end of September 20 19, and the additional issuance price is 25.60 yuan per share. During this period, Gaode Infrared only made a small amount of transfer and dividends. On May 9, Gaode Infrared closed at 16.44.

Finally, the shareholder evaded the Measures for the Administration of Information Disclosure of Listed Companies in his personal capacity and had no responsibility to release the so-called benefits: "The military industry is inconvenient to disclose, and there will be surprises." However, how do individual shareholders know these benefits?

The real situation is that the valuation of Gaode Infrared is on the high side. As of the close of May 9, 20 19, the P/E ratio of GOD Infrared exceeded 100, while the average P/E ratio of Shenwan's tertiary industry "Other Electronics III" was only 43 times.