Flying Integrity key customer data contradictions three major risks hidden landmines

Since 2012, the first disclosure of the prospectus has been widely questioned by the Flying Integrity Technology Co., Ltd. (hereinafter referred to as "flying integrity"), finally recently "through" success, the initial application will be passed, from the listing and further. According to its prospectus, the company intends to land on the gem, issued not more than 25 million shares, raise funds 618.49 million yuan for Usbkey security products technology upgrades, new product development and industrialization projects, such as seven major projects. However, the industry's skepticism about the company has not been followed by its own. Flying Integrity In addition to relying too much on banks and other major customers, key customer data, "fight" and many other issues, "financial investment newspaper" reporter found that there are also selective disclosure and over-reliance on tax incentives, inventory proliferation problems, high performance growth behind the high risk. Foreign operations accounted for and related disclosure synchronization big "shrink" according to the new version of the Flying Integrity Prospectus, 2013, 2012, 2011 overseas operating income of 33.1509 million yuan, 26.3831 million yuan, 26.5708 million yuan. It can be seen that the company's overseas business fluctuation is obvious, and during the reporting period, the company's overseas business accounted for 3.92%, 4.36% and 7.82% of the operating income, it is clear that the proportion of overseas business revenue is gradually decreasing. Although the company said in the prospectus that the gradual decrease in the proportion of the company's overall performance impact is small, but the company did not disclose specific reasons. Whether it is a new or an old version of the prospectus, the company listed the offshore business as a separate list of the description. Reporter browsing Flying integrity 2012 disclosed the old version of the prospectus found that the old and new version of the case for overseas business statement is a big difference. In the old version of the prospectus, spent more than 4 pages of text to disclose details of the company's offshore operations, including "the company's products have been in more than 50 countries and regions to achieve sales, customers throughout Europe, Southeast Asia, South America and North America." "such as detailed regional situation, as well as the specific composition of export business and gross margin situation, the first five foreign users of sales, distributors, and even disclosed the company's domestic and overseas business expansion of the comparison. In addition, the Chisel chisel, "in the future, the company will increase overseas market development efforts, will focus on expanding Europe, Southeast Asia, South America and North America and other regional markets." The company also plans to set up overseas customer service centers to better respond to the market, customer service, "for the expansion of overseas markets is ambitious." On the other hand, the new prospectus, which is a list of nearly three years of overseas revenue and accounting, is less than 1 pages in length, while overseas-run countries and regions, and ambitions to expand international markets, are not mentioned. What is the construction situation of the company after more than a year of development in the plan mentioned in the old version of the prospectus? What is the specific composition and operation of overseas business? Is the company not disclosing details because the overseas business is not developing smoothly or the overseas business is shrinking? Will the future be actively expanded to seek breakthroughs in overseas business? In the case of intense domestic competition and market saturation,Will it increase investment in overseas operations? A string of questions were not answered in the new version of the letter, and the journalist's call to the company had not been answered. Industry analysts believe that this disclosure "shrinkage" of the situation does not exclude the company intentionally, highlighting the advantages and as far as possible to hide short plate, there is a suspicion of selective disclosure. High risk company development step by step alarming rough look at the Flying honesty Prospectus, the financial data is very beautiful. However, in careful view, high growth behind the high risk, the company's risks have to prevent. on page No. 206 of the new prospectus, the cash inflow of the company's operating activities in 2013 was 1,033,643,056 07 yuan, and 2012 was 719,729,409 30 yuan, while the cash outflow from operating activities corresponded to 874,114,187, 56 and 583, 959,503.22 Yuan, can calculate, 2013 operating activities cash inflow year-on-year growth rate of 43.62%, and operating activities cash outflow year-on-year increase of 49.69%. Obviously, the company's operating activities cash outflow rate is higher than the inflow, the company's benefits are in a downward trend. This is a big risk. Secondly, in the new flow table can be clearly seen in 2013, the return of tax is 39.25 million yuan, accounting for operating activities cash inflow of 103.36 million yuan accounted for 37.97%, close to 40%. At the same time, in the risk of flying good faith also active frank, mentioned the risk of changes in tax policy, pointed out the enjoyment of value-added tax rebate, High-tech enterprises income tax concessions and other preferential policies. 2012 to enjoy the tax refund 4,380,660 42 yuan, 2013 annual tax refund 39,253,376 77 yuan, respectively, accounting for the total profit of the year 3.58% and 16.92%. During the reporting period, the company enjoyed an income tax of 6,756,909 66 yuan in 2011, 12,360,110 92 yuan in 2012 and 21,944,822 55 Yuan in 2013, which accounted for 9.67%, 10.1% and 9.46% of the total profit in that year respectively. In view of the two tax concessions, 2013, 2012 tax return accounted for the total profit in the current period of 26.38% and 13.68%, can be seen, tax return on the contribution of net profit is in the trend of increasing year by age. However, the prospectus mentions that the second High-tech enterprise income tax concession is only 3 years, and the third key software enterprise preferential period is only 2 years. In this short period of 2, 3 years, the company's net profit source is about to reduce tax concessions a large, the performance of the face will become a big probability event. In addition, analysts pointed out that the U-Shield production has a certain penetration rate, although the bank of major banks in the market is not saturated, but because of a U-Shield service life of up to 5 years, the average bank for 3 years to carry out a tender, the stock of U-Shield update speed slow, coupled with the impact of electronic authentication technology brought by mobile Internet, The rapid growth of the U-Shield certification IndustryHow long the situation can last is worth considering. and the main U shield products flying integrity, the reporting period, the company's inventory balance at the end of 14,181, 260,000 yuan, 10,054 390,000 Yuan and 20,510 yuan, the proportion of total assets is 770,000, 51.92% and 27.85% respectively. Such a large volume of inventory, once the gross profit margin, the loss of bid or the decline in inventory, and so on, the impact on the company's performance.