Ruimao main business gross profit margin decline supply chain platform expansion buried hidden danger

The main business of this newspaper, the author of Rice Drop/Venraymouton (600180.SH), is mainly in two aspects, one is coal trade; the other is the service and factoring business on the supply chain platform: Rimautong provides platform service and factoring business to suppliers, enabling suppliers to transfer trade credit risk, Early recovery of trade accounts, strengthen the liquidity of funds. and Ruimao general rule obtains the related interest income as well as through the bad debt guarantee, the accounting management, the account collection and so on professional service obtains the non spreads the intermediate income. Earnings show that Ruimao coal trade business gross profit margin of more than 10%, this in the coal trade industry is quite astonishing. The same industry gross margin is less than 5%, such as the World of Technology (600582.SH) of the coal trade gross profit margin of 2.6%, with the great energy in Henan (600403.SH) under the coal trade business gross profit margin of 2.76%. Ruimao explained that most of the company's trade business is mainly contributed by coal blending. Since 2013, the company has no relevant data disclosure, according to its 2012 annual report, direct transport and participation accounted for 54.28% and 45.72% of coal trade, gross profit margin of 7.66% and 19.49%, even if only to consider direct operation, its gross margin is also far higher than peers. and the coal-blending business up to nearly 20% gross margin is staggering, the equivalent of 4500 kcal of coal sold 5500 kcal price. I don't know Ruimao's big clients Huaneng Qin North power plant and Huaneng Jinggangshan power plant know how to match the high gross margin of coal will have any regrets. The previous years may have been explained by Ruimao's coal import credentials, which allowed it to have resources below market prices. However, with Shenhua, China Coal and other giants of the cliff-type price reduction, some areas of domestic coal and foreign trade coal prices upside down, domestic coal and foreign trade coal price difference near a step convergence. At the same time, Shenhua and other giants in Jiangsu Lianyungang, Jiangxi Jiujiang and other sites to build coal logistics distribution base. and Wuhu port, Tangshan port, such as the subordinate coal logistics enterprises have also entered the coal blending business, these Ruimao to the traditional distribution of the region's coal blending business formed a strong attack. Rimautong 2014 coal trade can still hold 10% gross profit margin? may be the coal price trade gross margin of the continuing downward trend, forcing Rimautong had to open a second battlefield outside the traditional trade business: the type of financial business supply chain platform management and factoring business. Ruimao receives 1% of the receivables as a platform service fee and a monthly 6%-8% loan financing fee. The 2013 annual report shows that its combined operating cash flow-$ 1.8 billion, the most important reason is that under the factoring contract, the recipient receivables soared from zero to 2.177 billion yuan, with an annual dividend of 6% from the major shareholder Ruimao Supply Chain Co., Ltd. borrowed 2.07 billion yuan. The debt rate soared from 38% in the early year to 73% in the annual report. Coincidentally, in the second half of 2013 Rimautong in full swing to launch the platform factoring business, the CBRC strengthened the bank's factoring business supervision, and at the end of the year issued the "Commercial Bank factoring Business managementInterim measures. According to China Banking Association 25 member units statistics, the first half of 2013 domestic factoring business volume amounted to 1.2 trillion yuan, a surge of 115.7%, international factoring volume of 59.43 billion U.S. dollars, the year-on-year increase of 176.1%. Behind the radical is the risk, especially in energy-related industries. A president in the media interview said: "The accident of factoring business is mainly concentrated in the energy sector, the steel trade area is not much, for the steel trade area, banks are now more cautious, factoring business generally will not involve steel trade." and coal, oil and other energy enterprises, due to market price fluctuations in the impact of obvious volatility in the energy companies affected the flow of funds, so the risk was passed on to the bank. "The bank's factoring business, because of its ability to evade regulation and no uniform standards, has naturally evolved into a financial innovation tool that improves the customer's credit and avoids responsibility." Banks in the factoring business is more inclined to large and medium-sized enterprises, these enterprises are large in volume, risk-resistant ability, and relatively easier to assess risk. Relative to the bank's customers, Ruimao supply chain platform customers should be smaller, more need cash flow, customers are not only state-owned power plants, there are many coal two or three traders, steel, cement and other coal enterprises. The risk is more difficult to assess, whether it is a supplier or a purchaser. Rimautong Although the top five trading customers have disclosed, but the factoring involved in the 2.177 billion-yuan receivables of customers, industry, geography, and so almost no risk information. Therefore, both factoring business risk of high hair industry, but also engaged in small and medium-sized customers mainly Ruimao, its factoring business hidden hidden dangers? As a result of the radical expansion plan, Rimautong 2013 issue plan is to raise 907 million yuan, mainly used in 37 of the current procurement and sales network based on 50 new procurement and sales outlets, but the issuance of the program has been delayed implementation. 2014 by the rise of the price of the machine, Ruimao-Tong announced that the adjustment of fund-raising program, financing scale to 2.7 billion yuan, but the main new sales outlets are still 50, and nearly 1.7 billion yuan as sales outlets of the liquidity and business development fees used, and the investment after the return of investment profit margin from 18.28% Dropped to 12.52%. Obviously, the rate of return brought about by the raising of $900 million is much higher than that of 2.7 billion yuan. For all shareholders, a less-than-one increase in earnings per share is more helpful. But for big shareholders, high-priced super raise is more conducive to large shareholders, the current a-share market is not mature place, that is, small stocks can get unreasonable high premiums, through the operation of the capital market constantly pull high stock prices and additional, not only increase the market value of each share, but also increase the original shares of net assets, Especially for the large shareholder with frequent pledge of equity, with the implementation of additional issuance and the rise of share price, more funds can be made. By the end of 2013, the major shareholder Zhengzhou Ruimao Tong held 70.87% of the equity, the cumulative number of pledged shares accounted for 64.09% of total equity. 9.55 yuan for the closing price of the dayThe value of the pledged shares of the major shareholders amounted to 5.3 billion yuan.