Jiffeng Agricultural Machinery Accounts Receivable is the net profit 27 times times credit the performance to hide the risk

Less than a year into the market, gem companies have been hit back to the prototype. The halo of high growth has faded, but some companies have been "on credit" for the growth of these companies. As of yesterday, 113 gem companies listed have disclosed their interim results this year.　　Data show that the 113 gem listed companies as at June 30, 2010 The balance of accounts receivable as high as 12.097 billion yuan, net profit is 3.243 billion yuan, accounts receivable is 3.73 times times the net profit, and the motherboard has been published in the report of the company, accounts receivable average is the net profit of 1.08 times times. Gem Accounts receivable is more than 20 times times the net profit of the company has 3, of which Jiffeng agricultural machinery accounts receivable is 27 times times the net profit, topped the list, Meteno to 24.87 of the results ranked second.　　Accounts receivable and net profit ratio of more than 10 of the 11. Jiffeng Farm Machinery: Accounts Receivable is a net profit of 27 times times last October, the listing of Jiffeng farm machinery, can be said to rely on credit to improve performance.　　Listed less than a year, the company's medium-term accounts receivable increased by 449.59%, is the current period of 27 times times net profit, the first gem! In the first half, Jiffeng agricultural machinery to achieve total operating income of 1,376,013,200 yuan, a year-on-year increase of 68.43%, the net profit of 24.2103 million yuan, year-on-year growth of 8.63%. And the company's accounts receivable balance of 65,585 27, accounting for current assets of 34.77%. At the end of 2009, the company's accounts receivable is 11,933.510,000 yuan, only half a year, accounts receivable increased by 53,651.760,000 yuan, the growth rate is as high as 449.59%.　　In addition, other accounts receivable from the end of 2009 to increase the 22.9814 million yuan to 31.2354 million yuan, an increase of 35.92%. In recent years, the performance of Jiffeng agricultural machinery has slowed down year in and year out, accounts receivable has increased. 2007-the first half of 2010, the company's net profit was 13.1028 million yuan, 27.626 million yuan, 50.2346 million yuan and 24.2103 million yuan, year-on-year growth of 1292.72%, 110.84%, 81.84% and 8.62%, the net profit growth rate has declined year by year.　　Accounts receivable, 2007-2009, respectively, 17.2367 million yuan, 25.5488 million yuan, 119 million yuan. For the first half of the major changes in Accounts receivable, the company explained is mainly due to the 2010 purchase subsidy declaration system reform, subsidy reporting network system technology support immature subsidies, the company's "subrogation" to form a large number of subsidies to receive subsidy deferred recovery.　　At the same time, the company's rapid expansion of the scale of business, increased the number of matching vendors and the various agricultural machinery in charge of the Ministry of Agriculture and Finance departments of agricultural subsidies, as well as the dealer has not yet been returned to increase. With the rapid increase in accounts receivable, the company's accounts receivable turnover is a sharp decline. During the reporting period, Jiffeng of agricultural machinery accounts receivableTurnover rate of 3.55, compared with the end of 2009 22.13, Year-on-year decline of 83.96%.　　The company has been blamed for the time lag of reporting subsidy payments in the provinces over previous years. Jiffeng Farm Machinery main business income mainly from the agricultural machinery products sales revenue, other business income mainly from consulting, maintenance service fees and freight revenue. Although ostensibly, the company achieved a 8.63% net profit growth in the first half of the year, but this fully benefited from the national agricultural machinery subsidy policy.　　During the reporting period, the Jiffeng farm machinery received a national subsidy of up to 15.5 billion yuan; At the same time, the collection of funds in the reporting period generated a 1.85 million yuan interest income. In fact, companies are increasingly reliant on government subsidies. 2007-2009, the proportion of corporate subsidy sales to total income was 71.26%, 73.68% and 82.72% respectively. 2008, the company received 4 billion yuan of state subsidies, 2009, the amount of subsidy increased sharply to 13 billion yuan.　　But this year only first half, the company received the agricultural machinery Purchase subsidy fund 15.5 billion yuan. Meteno: Accounts receivable hidden risk in Jiffeng agricultural machinery, Meteno receivables are 24.87 times times the net profit, ranked second. Meteno in January this year, the first report after the IPO is not optimistic, 2010 1-June, Meteno realized net profit of 11.2528 million yuan, down 21.43%.　　This also includes the government subsidy received by the company 343,500 Yuan and the interest generated by raising funds 1.6374 million yuan. The company is mainly engaged in research and development of Communication tower, manufacturing, sales and installation of maintenance services, the first half of the company's operating income of 109 million yuan, an increase of 0.92%; basic earnings per share of 0.12 yuan, down 45.45%. One of the tower sales in the current period to achieve business income accounted for 96.88%.　　For the decline in net profits, the company attributed it to the expansion of sales, sales and management staff increased, management costs increased. Performance has slipped, but accounts receivable has been rising year by year. As of June 30, 2010, Meteno Accounts receivable balance is 280 million yuan, accounting for 35.4% of the company's current assets. Compared with the end of 2009, it grew by 24.24%. The other accounts receivable is 11.6781 million yuan, an increase of 180.9%.　　2007-2009, the Meteno accounts receivable is 23.1487 million yuan, 88.7654 million yuan, 225 million yuan respectively. In this regard, the company said that the increase in accounts receivable is due to the industry settlement characteristics. That is, by the manufacturer to advance funds, the completion of the acceptance of the operator to pay the industry practice.　　The high unit price of communication towers and the long acceptance period of design, manufacture and installation, the suppliers usually need to advance a large amount of funds. In addition to industry characteristics, the relative concentration of customer base is also the reason for the high account receivable. The report shows that the company's top 5 customer sales accounted for the company's total operating income of 35.77%, of which the first major customers in China Mobile Communications Group Shaanxi LimitedWeinan branch of the company accounted for 20.61%. Among the top 5 accounts receivable, the top 2 customers China Mobile Communication Group Co., Ltd. Weinan Branch, China Telecom Group Hebei Network assets branch are listed, a total of 13.77% of the total accounts receivable.