Good news Feihong: Net income relies on tax concessions receivables are growing too fast

Economic Herald Financial researcher Shi Xianliang Board will convene the 14th meeting on March 22, audit Shenzhen Shenzhou Computer Co., Ltd., Beijing Good News Feihong Electric Co., Ltd. 's first application. Good news Feihong belongs to Sanbanxi listed enterprises, the code is 430023. The company is currently 63 million shares of equity, this time to be in the gem to issue 21 million shares. The company 2007, 2008, 2009, 2010 years ago three quarter earnings per share of 0.41, 0.49, 0.60, 0.52 yuan respectively.　　Annual performance growth rate of about 20%, which has been listed in the Enterprise Board of the middle-and-down.　　From the financial indicators, the impact of the company's main factor is that net profit is heavily dependent on tax concessions, accounts receivable growth too fast these two major issues. Nearly 30% of profits by tax incentives good news Feihong proposed prospectus shows that the company 2007, 2008, 2009, 2010 1-September All tax concessions accounted for the current period of net profit of 24.47%, 35.08%, 28.75%, 23.93%.　　In addition, during the reporting period, the company enjoyed a government subsidy of up to 11.51 million yuan. December 31, 2007, the company approved by the Beijing Science and Technology Commission of High-tech Enterprises, according to the State Council approved the "new high-tech industry Development Zone Interim", enjoy the tax rate of 15% levied enterprise income tax preferential policies. January 1, 2008, the new "Enterprise Income Tax Law" began to implement, the company has in accordance with the relevant laws and regulations through the new High-tech enterprises, according to the newly "Enterprise Income Tax Law" continue to enjoy 15% of the preferential tax rate. If the above tax preferential policy changes, will have a certain impact on the operation of the company.　　The company's 2007, 2008, 2009, 2010 1-September revenue concessions accounted for 8.73%, 6.87%, 7.84% and 9.64% of the current net profit. According to the State Council approved a number of policies to encourage the development of software industry and integrated circuit industry, the company sold its own development and production of software products, enjoy by the end of 2010, at 17% of the statutory tax rate after the imposition of value-added tax on its actual tax burden of more than 3% of the partial implementation of the preferential The general meeting of the State Council held in January 2011 has made it clear that the value-added tax policies for software products will continue to be implemented; In addition, the company 2008 also in accordance with the relevant national policy provisions to enjoy the sale of Military Sales tax rebate preferential policies.　　Company 2007, 2008, 2009, 2010 1-September VAT rebate revenue accounted for 14.68%, 28.21%, 20.91%, 14.29% of the current net profit respectively.　　Only value-added tax, reporting period the company received a total of 25.1606 million yuan tax refund, accounting for the proportion of net profit of 19.73%, if the end of 2010, the tax rebate policy can not continue, the company's profitability will be affected. Accounts receivable go every yearHigh hidden Danger December 31, 2007, December 31, 2008, December 31, 2009, September 30, 2010, the company accounts receivable net amount is 59.37 million yuan, 67.68 million yuan, 99.57 million yuan and 113.87 million yuan respectively, the proportion of total assets is 32.68%,　　34.83%, 40.36% and 34.52%, the proportion of current assets is as high as 34.1%, 38.89%, 44.89% and 41.72% respectively. From the accounts receivable age, within 1 years of the proportion of accounts receivable less than 80%, that is, more than 20% of the accounts receivable in 1 years after the recovery or can never be recovered, which for the company in the future a large number of hidden dangers. The company's main customers for the domestic railway branch or related companies. According to media reports, the Ministry of Railways is currently in debt close to 1.49 trillion yuan, and the annual profit is almost negligible compared with the debt, in 2007, the railway ministry after-tax profit of 8.72 billion yuan, 2008-12.951 billion Yuan, 2009 for 2.743 billion yuan, operating profit margin in 2007, 2008, 2009 were 15.57%, 9.37% and 11.35% respectively. The three-year net asset yield was 0.98%, 1.31% and 0.24%, respectively.　　In this context, good news Feihong's bad debt risk can not be underestimated. The company's operating cash flow is also not very stable, 2008 per share operating cash flow of 0.19 yuan, 2009 for 0.22 Yuan, 2010 to 0.47 Yuan, and the third quarter of 2010 is 0.19 yuan.