Shenzhen’s three questions rectangular semiconductoron December 26th, 2011 at 1:55 AM
Mayor of Shenzhen, the company’s first semiconductor lighting side application was approved on 16 December issuance examination committee. Although the company net profit level in the past three years show rapid growth, from 2008 to 1.3335 million yuan rose to 36.1255 million yuan in 2010, CAGR of 420.49%. But the fact is 2011 is not a good year China LED lighting industry, of which the third and fourth quarter related to corporate financial performance is not satisfactory in general, is rectangular in Shenzhen, in the LED industry as a whole overcapacity on the eve of the smooth realization of market say that it is lucky.
Shenzhen rectangular three questions
Mayor of Shenzhen, the company’s first semiconductor lighting side application was approved on 16 December issuance examination committee. Although the company net profit level in the past three years show rapid growth, from 2008 to 1.3335 million yuan rose to 36.1255 million yuan in 2010, CAGR of 420.49%. But in fact the LED industry in 2011 is not a good year, of which the third and fourth quarter related to corporate financial performance is not satisfactory in general, is rectangular in Shenzhen, in the LED industry as a whole overcapacity on the eve of the smooth realization of market say that it is lucky.
The concern is more worthy of the market in the company to disclose information in the prospectus, the three lurking doubt, there is directed at the company’s earnings manipulation, fraud and other serious problems in high-tech enterprise qualification.
Chip prices defy logic?
According to the prospectus disclosure, rectangular in Shenzhen, the first half of 2011 sales occurred in the cost of 149,634,800 yuan, the chip raw material costs accounted for 38.36%, while corresponding to 57.3999 million yuan.
Prospectus did not disclose details of the first half of 2011 the number of chip consumption data, but our production and marketing of various products through the company’s situation can be roughly estimated. Shenzhen rectangular selling products include three varieties, namely DIP LED products, the first half of 2011 sales of 1,904,600 K; SMD LED products output was 356 100 K, sales of 291 000 K, which removed for personal use SMD-type light source used in the production of SMD LED products, direct sales rate for the external sales of 94.31%, thus calculated for the direct production of SMD LED products for the 308 600 K, is posted for personal use chip light source used in the production of SMD LED products produced 47,500 K; while Chip sales rate of 81.72% over the same period lighting, the SMD LED products which contain the actual sales of 38 800 K. The three LED products contain a total of 2,234,400 K, corresponding to the consumption of the chip 2234400 K. This calculation, the cost of consumption of the chip is priced at 25.69 yuan recorded / K.
But the problem is that the cost of Shenzhen rectangular chip can not exist on this data, because the disclosure of procurement information for the 2010 purchase price of 25.07 yuan / K, 2011 in the first half of the purchase price of 24.75 / K, are less than previously estimated consumption of the chip at cost price 25.69 yuan / K.
As the Shenzhen stock issue pricing rectangular weighted average method, consider the impact of ending inventory cost of raw materials, materials in 2011 issued the first half of the chip unit, the average purchase price should be between 2010 and 2011 the average purchase price of the first half of , the current chip, which means that price should be greater than the costs recorded in the first half of 2011, average purchase price of 24.75 / K, while less than the 2010 average price of 25.07 yuan procurement / K. The company’s actual chip at cost price 25.69 yuan / K is clearly contrary to the normal financial logic.
High-tech enterprise qualification suspected of fraud, tax evasion?
Prospectus disclosure, rectangular in 2010, Shenzhen won the high-tech enterprise qualification, and thus enjoy a 15% corporate income tax rate, which the first half of 2010 and 2011, the amount of tax incentives were 4.1251 million yuan and 3.6412 million yuan, the proportion of total amount of net profit was 11.42% and 11.94%. However, the prospectus, “R & D investment,” part of the disclosure, Shenzhen, 2010 rectangular place the amount of 6.5659 million yuan investment in R & D, accounting for the amount of 269.751 million yuan current operating income of 2.43%, significantly less than the “high-tech enterprises recognized standards” in amounts of money spent on R & D share of total operating income of not less than 3% of the mandatory requirements. Thus in the last year and a half rectangular Shenzhen suspected of tax evasion and corporate income tax the amount of total 7.7663 million yuan.
Number of R & D is not real?
In fact, “high-tech enterprises recognized standards” of the other two criteria, namely, the number of accounting researchers and college education accounted for two data, Shenzhen rectangular 10.69% respectively and 30.1%, is only slightly higher than ” high-tech enterprises recognized standards “in 10% and 30% of the data standards.
But the problem is that the data on the number of R & D personnel, there are major doubts. According to the company’s disclosure of R & D costs incurred in the first half of 2011 total 2.7487 million yuan terms, even if all these costs as research and development personnel in the costs, then 119 technical staff labor costs of only 23098.32 yuan per capita, taking into account that contains the about 30% of the cost of social security and housing fund, the actual remuneration not more than 17767.94 yuan, average monthly wage of less than 3,000 yuan.
How, in the city of Shenzhen, to less than 3,000 yuan monthly salary of R & D category of personnel recruitment, is this possible? Therefore, if not deliberately concealed Shenzhen rectangular amount of R & D expenses were incurred, and then inflated current profits, then it can only infer the actual employees engaged in R & D is likely to be less than the disclosure of the number of 119, the number of personnel in R & D accounted for The indicators, also does not meet the “high-tech enterprise certification standards.”