A survey of Qingdao Han Cable: 49.07% The return on net assets is doubtful

The financial data of the Qingdao Han Cable, which has been successfully met and will be listed in the recent SME market, has been questioned. 2009 years of Qingdao Han cable to hedge the magic profit of 150 million yuan, such an important issue of the prospectus is a few words perfunctory.　　At the same time, a number of data shows that the company's 2009 sales revenue was $4.636 billion, but the prospectus only quoted $2.9075 billion. One to one reduction, Qingdao Han cable 2009 weighted average net asset yield reached an astonishing 49.07%, does the company have a lower sales revenue and thicker profits to increase asset yield?　　Or are there other ulterior motives lurking outside of the statement's intent? September 28, the reporter calls Qingdao Han cable dong Wang Zhengjun.　　Wang Zhengjun that there are no flaws in the income of sales or hedging.　　Sales revenue geometry? September 3, the first application of Qingdao Han Cable Co., Ltd. was approved by the SFC.　　The next day, the Chinese entrepreneur Federation and other units jointly issued the "China's top manufacturing 500" list, the list of 2009 domestic sales of enterprises ranked, Qingdao Han River Group Co., Ltd. to 4,635,810,000 Yuan in No. 472 place.　　According to "China Electrical Industry Association Wire and Cable Branch 2008, 2007, 2006 Annual Machinery Industry Association Enterprise Basic Situation Summary table", Qingdao Han cable group 2006-2008 main business income is 3.051 billion yuan, 3.924 billion yuan and 4.5 billion yuan respectively.　　However, the information disclosed in the Qingdao Chinese cable prospectus is much lower than the above figures. Introduction of the prospectus, Qingdao Han River Group currently in addition to the listed company Qingdao Han Cable shares, still wholly-owned or holding the way to have Qingdao Han River machinery and other 8 companies, The sales revenue of these 8 companies totaled 66,473,887 yuan in 2009, and the Han River group itself has no sales revenue for 2009 years, then the group's consolidated sales revenue should be the Sino-cable shares and the other 8 company revenue, Han Cable shares combined report sales income of 2.841 billion yuan, to calculate the total sales revenue of Han River group should be 2.9075 billion Yuan.　　This figure is 1.729 billion yuan less than the Han River group announced in the top 500. 2010 years ago, Qingdao Han River Group Holding shares of 12 enterprises, of which Han River construction, Han River Animal and plant medicine and Han River blasting were transferred to third parties in January 2010 and April respectively, wire company in December 2009, the cancellation.　　In addition to wire companies, the transfer of the company's sales revenue does not exceed 100 million yuan. Qingdao Han Cable has also cleaned up the related transactions with other companies in the group, taking into account the actual transaction, in the calculation of the same time the relevant transactions into the statistics, the most important is the wire company with the occurrence of 307 million yuan of related transactions. The prospectus also disclosed that in the case of the increase in orders can not be discharged at the same time, the Qingdao Han Cable has to its shares 50% of Changsha Han River cable start-up company procurement of bare wire, the amount amounted to 246.1 million yuan, but even the two transactions and transfer of the company's sales revenueTotal sales revenue is only 3.561 billion yuan.　　The 2007 and 2008 sales of the prospectus were also well below the sales revenue from the Electrical Industry Association's summary list. Wang Zhengjun told reporters that the company's sales revenue is 2.841 billion yuan, "500 strong" announced 4,635,821,000 Yuan is the Han River group summary of all the subordinate company sales revenue figures, the two types of data without any problems.　　However, the summary data of the Han River Group's subsidiaries, disclosed by the prospectus, remained below the "top 500" figures, and Wang Zhengjun did not give an explanation.　　Where do 150 million sets of guaranteed profits come from? Financial expert Charlot (blog) that the hidden sales revenue for private listed companies one of the most important motive is to evade tax.　　For the Qingdao Han Cable, the opposite side of the sales revenue is the odd high net profit margin.　　From 2007 to 2009, the weighted average yield of net assets in Qingdao was 26.48%, 37.8% and 49.07%, respectively, with 20.71%, 48.85% and 30.28% respectively after deducting the capital gains. Compared with the Qingdao Han cable with the cable industry "first group" in the camp Bao Sheng shares (600973.　　SH), we can see the high net assets yield of Qingdao Chinese cable. Bao Sheng shares in August 2004 on the Shanghai Stock Exchange, in the wire and cable industry and the Qingdao Han Cable Mutual, the company 2009 Annual report disclosed, 2007 to 2009 weighted average return on net assets of 17.75%, 0.62% and 13.19% respectively,　　The weighted average net assets yield of 2007 to 2009 excluding non-recurrent gains were 16.99%, 1.15% and 9.13% respectively.　　2008 domestic enterprises affected by the financial crisis, the benefit of the general decline, Bao Sheng shares of equity returns to 1.15%, Qingdao Han Cable has soared to 48.85%.　　In addition, other domestic wire and cable listed companies such as solar cable, million horse cable net assets rate of more than 25% under the range of changes, even the industry chain relatively long the special transformer the highest year also only reached 27.99%, no one can exceed 30%.　　Another doubt is that the Qingdao Han cable 2009 out of thin air out of nearly 150 million yuan hedging earnings. The disclosure of the prospectus in 2008 futures investment loss of 84.3745 million Yuan, 2009 years of Qingdao Han cable futures investment income reached 146.4193 million yuan, but the specific content of profit is vague, only simple statement said: "2009, with the international macroeconomic stability, copper, Aluminum and other bulk raw materials prices rebounded sharply, resulting in the company to buy futures contract prices are significantly lower than the futures due settlement value, the company delivery futures contracts, settlement date and futures contract price difference between the current investment income. As a result of the 2009, the Company's futures procurement volume is larger, resulting in more investment income. "It is inevitable that the Qingdao Han cable deliberately depress sales revenue, while in the setThe insured subject will conceal the profit "wash white" to achieve the purpose of whitewashing the report smooth listing. The prospectus disclosed that the Qingdao Han cable 2008 copper stock of 2747 tons,　　In 2009, the spot trading of copper and aluminum for 186.2783 million yuan, in accordance with the proportion of 7.277:1 of copper and aluminum, Qingdao Chinese copper spot trading volume should be 160,680,070 yuan, at the same time, in accordance with the 2009 copper purchase price per ton of 35,670 yuan projection, the spot to buy about 4500 tons of copper. As of December 31, 2009, Qingdao Han Cable tenure period copper contract 821 hands, 4105 tons, in the year of January,　　Domestic copper raw materials average price of 28909 yuan per ton, the December Shanghai copper average close to 54,805 yuan per ton, if the assumption of the current period of copper all in January, 821 hands in the profit of 106.3 million yuan.　　In fact, as at the end of 2008 Qingdao Han Cable still holds 1000 hand period copper contracts, and 2009 years of positions, closed warehouse time and hands are not disclosed, the outside can not be sure, the actual profit and loss can not be inferred. It should be said that the 2009 copper prices from the low rise, the whole year is a shock upward trend, the industry enterprises through hedging have been achieved, but the Qingdao Han cable such huge gains are puzzling.　　If the horizontal comparison, it is not difficult to find the Qingdao Han cable hedging profit of the strange. Bao Sheng shares 2009 years operating income of 3,878,990,000 yuan, the current period of hedging income of 29,216,268 yuan; Fujian nanping Solar Cable 2009 sales revenue of 1.5386 billion yuan, the current year of hedging income of 2,628,950 yuan; Zhejiang million horse cable 2009 sales revenue 1,483,420,000 Yuan, hedging income of 60　　14,750 Yuan, Yong Ding shares 2009 sales revenue of 1,565,410,000 yuan, the current year of cover income of 11,818,698 yuan. Strictly speaking, even if the listed companies in the 2009 copper futures on the hedge earnings but tens of millions of yuan, Qingdao Han cable may also be more than the generally expected return, but for such proceeds should be disclosed in the prospectus, to solve the investors doubt. But unfortunately, Wang Zhengjun just "said in the brokerage office", refused to do further explanation.