Dongyuan electrical large sums of money to buy the suspect frequency now

"Securities Market weekly Red weekly" special authors of the air phase Dongyuan electrical Appliances (002074, shares bar) on September 10 issued the "Share purchase assets and raise supporting funds and related Transactions report", the plan to 6.84 yuan/ The price of the unit is directed to issue 489.9275 million shares, in order to buy the country Xuan Gao 100% Equity, the national Xuan Gao's overall valuation as high as 3.351 billion yuan, compared to the book net assets premium rate of 289.76% In addition, the 120 million shares will be issued for the collection of supporting funds, so far, the total number of new Dongyuan appliances more than 610 million shares. It is noteworthy that Dongyuan electrical current total equity is only 253 million shares, then the directional additional, the company's share capital expansion of more than twice times, Dongyuan electrical appliances will be from a small stock into the total share capital of nearly 900 million shares of the medium and large stocks. According to the latest release of Dongyuan electrical appliances announced that the targeted additional acquisition of assets scheme was accepted by the SFC on October 8, this country Xuan Gao Ke from the successful shell listing only one step away. However, behind the good news is the company's main shareholder, "Nantong Investment Management Co.," but in the stock price significantly pulled up the September 24 and 25th significantly reduced the 1.29 million shares, which added a little "disharmony factor" for the acquisition plan, is still holding Dongyuan electric 7% Are the main shareholders of the above shares not optimistic about the company's acquisition? What's more, from the Dongyuan electric appliances disclosed by the state Xuan Gao related information, which also lurks a lot of doubt, even point to the company has financial fraud suspicion, very intriguing. Accounts receivable "Shichong" from the National Xuan Gao Branch sales related data, according to the data disclosed by the Company's audit report, as of the end of the first half of this year, the major customer "Anhui-Kai Automobile Co., Ltd." to 147.5609 million yuan of the final balance, ranked the second largest national Xuan Gao branch accounts receivable customer's precedence. In the normal financial accounting logic, accounts receivable is used to account for the main business related to the outstanding funds, therefore, accounts receivable is born in the sales process, only through the formation of sales of goods receivable, and its corresponding VAT sales tax, also should be included in the Accounts receivable accounting scope. In terms of the huge arrears between the state-run hi-tech and the big customer-kai, the age is clearly labeled "within 1 years", This means that nearly 150 million trillion dollars in the huge arrears was born between July 2013 to June this year, which means that the state-level hi-tech in this time period, the sales of Kai car (including VAT), should not be less than 147.5609 million yuan. However, in fact, according to the disclosure of the State-level audit report data, Kai-car in 2013 and the first half of this year were not included in the top five list of sales customers, which means that the national Xuan Gao for an Kai car sales amount, In 2013 years should not exceed 34.1534 million yuan, in the first half of this year should not exceed 4.1026 million yuan, two total and the above mentioned 147.5609 million yuan salesThe lower limit is a far cry. In other words, to Chun and Kai car sales between the scale, is not enough to produce an amount of up to 147.5609 million yuan of accounts receivable, then this huge amount of debt is how to produce? Even, is this huge amount of debt assets real? We all had to play a big question mark. It is noteworthy that Chun hi-tech and major customers "Anhui-Kai Automobile Co.," the relationship between the relations is not simple, according to the acquisition report disclosed that the state Xuan Gao Branch contains a holding subsidiary, "Anhui Ankei Xuan New Energy Vehicle Technology Co., Ltd.", on its shareholding of 88%, and the other 12% of the equity will belong to And from the name of the subsidiary, "an-kai" name ranked in the "National Xuan" before, it is evident that an-kai car for the state Xuan Gao Branch of the holding subsidiary of the importance of the operation. Are there any direct or indirect links between these unusual partnerships and the accounts receivable that have emerged in the preceding paragraphs? I am afraid this can only be explained by the state Xuan Gao. The deviation between the number of employees and the size of the company in addition, the state Xuan Gao's own operating data, there are also a lot of doubt. According to the report of the acquisition of the company's operating scale of information, between 2011 to 2013, whether the scale of production and sales and operating income scale, there has been a large increase. Operating income in two years, the expansion of nearly 3 times times, product capacity and actual output expansion is also twice times or more than twice times. The main business of the national Xuan Gao Ke is the production and sale of battery pack, in essence or belong to the industrial manufacturing industry, from the business characteristics of such enterprises, accompanied by the expansion of business scale and capacity, but also must accompany the growth of the company's operating scale, which includes the increase of production and processing equipment, as well as personnel, In particular, the growth in the number of manufacturing workers. However, only from the disclosure of the national Xuan Gao calendar years of staff data, from 2011 to 2013, the company's total number of employees not only showed no growth, but also showed a small decline in the state, and in the acquisition report did not disclose the existence of the state-Xuan high branch of Labor outsourcing and other acts. It is strange that the actual output of the product has doubled, but that the number of employees does not need to increase, which means that the amount of work that the company's individual employees have increased by more than a year from 2011 to 2013 is a common sense? If the productivity of the country's high-tech workforce was normal in 2011, it would be a sweatshop by 2013. More worrying is that, in the number of employees and the growth of the company's business scale is clearly behind the gap, do not rule out the existence of the country Xuan Gao people to reduce the number of personnel, reducing the cost of human activities, and eventually led to the country Xuan Gao's profitability is artificially inflated. The divergence between the number of employees and the expansion of product output is not likely to continue for a long time, and once the Dongyuan has been acquired by the company to "fill" the vacancy, it is bound to lead to a sharp rise in human costs and a rapid decline in profitability, which is also an investmentPeople have to pay attention to the point of risk. The business prospect of acquiring the subject matter of the country Xuan Gao Ke's main products for automotive batteries, so dubbed the "new Energy vehicle" concept, from the company's product production process, its battery batteries using lithium iron phosphate as its battery cathode material. At present, the cathode materials used in lithium batteries of new energy vehicles include lithium iron phosphate, ternary material, lithium cobalt acid and lithium manganese oxide. Among them, lithium iron phosphate energy density is low, for each kilogram of 120Wh, but the best thermal stability, not easy to deflagration, the actual use of the security is higher, BYD (002594, shares bar) is the use of lithium iron phosphate as a battery cathode material representative car enterprises. In contrast, the energy density of ternary materials can be 150Wh per kilogram, or even 200Wh, so the use of ternary materials as a positive electric vehicle mileage longer, but the security is questioned, Tesla and Nissan Wind waiting for a bus, is the use of ternary materials as the representative of the battery cathode materials. The market for ternary materials and lithium iron phosphate is a long-standing competition. According to media reports, since the introduction of China in 2004, lithium iron phosphate has been the mainstream of China's power batteries, lithium manganese oxide and ternary materials are very few users, but Tesla's strong growth has widened the advantages of ternary materials. China Bank International has previously published a research report that: "The reason is Tesla rather than the wind let the market heat up ternary materials, and its use of global supply chain procurement, so that can stimulate the development of the whole industry has a great relationship, and Tesla is really good at marketing." "More importantly, the Ministry of Finance, Ministry of Industry, Ministry of Science and Technology Department of the three ministries and departments on October 16, 2012, announced a joint declaration on the organization of the 2012 New Energy Automotive Industry Technology Innovation Project Notice", The technical innovation goal given in the paper is that the energy density of the battery monomer is up to 180Wh per kilogram in 2015 (the module energy density reaches more than 150Wh per kilogram). Although it is not clear from the document that the proposed use of the material, but the "energy density" of the measurement of the current only ternary materials can be achieved, lithium iron phosphate is not a small distance from this standard. Under the influence of the above notice, plus the Tesla effect, many domestic car companies have announced a shift. At this year's Beijing auto Show, there are Jianghuai, Chery, North Steam, Zhongtai and other manufacturers said that in the latest models will use ternary materials, and corresponding to the lithium iron phosphate battery technology is gradually neglected by the market. The lithium iron phosphate route has begun to wane in the United States since 2012, in light of the discovery path of new energy vehicles in the US. GM announced in 2007 that it was working with U.S. battery maker A123 Systems to develop pure electric cars with lithium iron phosphate batteries, but by 2010, GM's Chevrolet Volt had finally adopted the ternary cathode material provided by LG Chemistry. Although in the acquisition report, the current shareholders of the state-run high-tech company gave a more rapid performance growth commitment in the next few years, but from a larger industrial development direction, focused on lithium iron phosphate battery production of the National Xuan Gao branchThe market environment is not optimistic, whether it will eventually become the new energy vehicle industry as a long-term beneficiary of rapid growth, I am afraid it has yet time to test.