Accounts receivable high East tower into industry sandwich cake

From the "Investment Express" trainee reporter Lin Lin high accounts receivable, excessive concentration of raw material suppliers, so that the Oriental tower into the industrial chain of "sandwich cake."　　November 29, the audit and passed the Qingdao Oriental Tower Co., Ltd. (hereinafter referred to as "Oriental Tower") of the initial application, the Oriental Tower has become the first listed company in Shandong Jiaozhou. Following yesterday's reporter's report on the transfer of shares of the Oriental Tower, reporters today will be on the company's capital chain on the existence of "flaws" as an analysis of the report. The reporter found that in recent years the Oriental Tower not only accounts receivable soared, but also the main raw material suppliers are increasingly concentrated. In the upstream and downstream of the industrial chain under the constraints of the Oriental tower in the negotiation process is very passive.　　According to the recent data disclosed, the East Tower's asset-liability ratio is also far higher than the industry listed companies. The ratio of assets and liabilities is nearly 73% in yesterday's report, this newspaper questioned the previous equity transfer of the Oriental Tower.　　In fact, the Oriental Tower in addition to the asset management of the loopholes, the company's current accounts receivable is also high, and the presence of suppliers too concentrated, resulting in the price of raw materials in the trap. From the operation of the Oriental Tower in recent years, the company's profitability in the market before the rapid advance. In the last three years, the company's operating income is 1.102 billion, 1.315 billion and 1.478 billion yuan in turn. By the first half of this year, the company's operating income has increased to 730 million yuan. At the same time, the Oriental Tower income-generating capacity is increasing.　　Among them, 2009 and 2008 net profit is 143 million and 61.53 million respectively, increase nearly 1.32 times times year-on-year. It is not difficult to see that the Oriental Tower most of the profit indicators before the listing has been an astonishing growth. However, there is also a company's receivables that grow faster than revenues. The IPO report shows that the number of accounts receivable in the Oriental Tower has been growing at an alarming rate in recent years. From 2007 to 2009, three years, the company's accounts receivable is 200 million, 177 million and 354 million yuan in turn.　　However, by the first half of this year, with a surge in revenues, the company's accounts receivable also increased to 339 million yuan, almost the total amount of accounts receivable last year. In fact, compared with the listed companies in the same industry, the accounts receivable and the ratio of assets and liabilities are obviously too high. The latest data show that the same belongs to the distribution and control equipment manufacturing sector of the Wuzhou Pearl (600873), Seiko Steel Structure (600496) and Zishing Tower (002359) The ratio of assets to liabilities (parent company) only 23.65%, 33.73% and 56.03%, the industry average is only 45.73%.　　However, the Oriental Tower (parent company) Asset-liability ratio is as high as 72.69%. Rising receivables also expose the bad debts of the Oriental Tower.　　As of June 30, 2010, the company accounts receivable net amount is 348 million yuan, the total assets proportion is 23.06%. Although the company's customers mainly for domestic credit good power, communications, petrochemicalIndustry enterprises and radio and television system units, the possibility of bad debts, the end of the age of 2 years in the Accounts Receivable account receivable accounts for the final balance of the proportion of more than 90%. "But with the expansion of the size of the company's business, the company's customers will be increasingly diversified, the future of the company's accounts receivable balance may further increase, if the accounts receivable due to poor or the customer's own financial situation deterioration resulting in the money can not be recovered on time, will bring the risk of bad debts　　The Oriental Tower is also outspoken in its declaration.　　Industrial chain of "sandwich cake" for the Oriental Tower Accounts receivable surge in the reasons, the company explained for the expansion of the company's scale, accounts receivable also increased. At present, the Oriental Iron Tower at the end of the period of the amount of accounts receivable, mainly within 1 years and 1-2 years of receivables, is essentially 2008, 2009, the implementation of the contract receivables. During the reporting period, accounts receivable gradually increased, mainly due to the company's sales scale continued to increase and angle steel tower, steel pipe tower business credit ratio increase. "The company management has been concerned about the continued growth of the company's accounts receivable balance, and has taken positive measures to increase the collection of accounts receivable efforts."　　The Oriental Tower said helplessly in its IPO declaration. From the company's current accounts receivable major customers, most of the credit is good large enterprises. As of the first half of this year, the company's main customer accounts receivable is Northwest Grid Limited (hereinafter referred to as "Northwest power Grid"), Xinjiang New Energy Materials Group Co., Ltd. (hereinafter referred to as "material Group") and other companies, of which, the Northwest grid accounts receivable is 37.2 million yuan, material group accounts receivable is 29.47 million yuan,　　The total accounts receivable is 9.68% and 7.67% respectively, is "outstanding debt" two companies. This car downstream by the customer accounts receivable constraints, the upper reaches of the upstream raw material suppliers over concentration, so that the Oriental tower in the negotiation process is very passive.　　According to the report, as of the first half of this year, the first five suppliers of raw materials in the Oriental Tower, the initial supplier of Laiwu Iron and steel Group purchase amount of up to 185 million yuan, accounting for the total amount of raw materials procurement ratio of 44.44%. An obvious example, in 2008, the sales weight of the company's steel structure products increased by 19.87% compared with 2007, and the sales price of steel rose by 14.5%.　　It is precisely because of the same weight and price growth, resulting in the annual steel structure of the Oriental Tower Business income increased. Although the Oriental Tower customers mainly domestic credit good power, communications, petrochemical industry enterprises and radio and television system units, the possibility of bad debts, the end of the age within 2 years of accounts receivable accounts receivable accounted for the proportion of the final balance of more than 90%. "But with the expansion of the size of the company's business, the company's customers will be increasingly diversified, the future of the company's accounts receivable balance may further increase, if the accounts receivable due to poor or the customer's own financial situation deterioration resulting in the money can not be recovered on time, will bring the risk of bad debts　　"The company also made it clear in its declaration. Some financial experts pointed out that asAn important content of enterprise fund management, the account receivable management directly affects the turnover and economic benefit of the enterprise working capital. The person also said that the cause of the high enterprise Accounts receivable, there may be enterprises in order to expand sales, increase competitiveness, forcing enterprises to use the way of credit to win customers, expand market share. However, this kind of profit growth is not desirable, as a company ready to go public, the Oriental Tower has the obligation to investors, as soon as possible change the status of the company's capital chain tension.