Three major financial problems plagued by more fluoride

CCTV Securities information channel New stock research group multi-Fluorine Chemical Co., Ltd. (for short, more than fluorine), May 4, the IPO, CCTV Securities information channel on the company's prospectus detailed study, found that the actual financial data show that the performance of the company's main performance is declining, cash flow constraints,　　Inventory turnover speed is also less than three problems can not be avoided. Multi-fluorine headquarters located in Jiaozuo Zhongzhan District, mainly engaged in the development of high-performance fluoride products, production and sales business. Products are widely used in metallurgy, abrasives, glass manufacturing, electronics, military and agricultural industries, which in the electrolytic aluminum industry as a flux of aluminum electrolysis. Launched May 4, the issue price of 39.39 yuan per share, the issue of 59.68 times times earnings.　　The company listed the main underwriter is Ping An securities, sponsor Representative is: Wang Jiacheng, Zhou Lingyun. Company Prospectus said, the company is currently the world's largest inorganic fluorine chemical enterprises, mainly engaged in high-performance inorganic fluoride research and development, production and sales.　　The main products annual comprehensive capacity of 130,000 tons, among them 60,000 tons of ice crystals, aluminum fluoride 60,000 tons, white carbon black and other inorganic fluoride 10,000 tons, the company plans to raise capital of 1 billion yuan, mainly for the expansion of leading products anhydrous fluoride aluminum and polymer than ice crystal production scale, improve process level, reduce costs.　　Is such a company will be listed to raise 1 billion yuan listed companies, past performance has not satisfied investors, when the CCTV securities information channel New stock research group to communicate financial issues with the company to obtain a convincing explanation of the company, the prospectus left the phone has not been connected, the sponsor representatives can not give a good explanation.　　Corporate profits suddenly fell in 2009. From the income statement, 2009 of the net profit attributable to the parent company is 77.8688 million yuan, seemingly year-on-year growth, but 2009 Non-recurrent profit and loss accounted for 9.45% of the profit, and 2008, 2007 accounted for 1.23%, 3.04%, that is to say, if the impact of non-recurrent profit and loss on profits , 2009, 2008, 2007 the company realized the profit is 70.52 million yuan, 73.33 million yuan, 62 million yuan.　　In other words, in the 2008 of the global financial crisis, the company's profit is increasing, but in the global financial stability rebound in 2009, the company's main business of the profit is falling. From the profit and Loss statement, the 2009 large increase in the non-recurrent profit and loss mainly from the government subsidies, the company received a subsidy of 7.4989 million yuan, and 2008, 2007, respectively, 2.78 million yuan, 2.09 million yuan, 2009, the company received a subsidy than the previous two years and more, is 2.7 times times the 2008. The government subsidy suddenly increased in 2009, will the company continue to receive nearly 7.5 million yuan subsidy from the local government in the 2010 years after the listing?　　But the company performance violates the big environment to increase or decrease, also worth us to delve into. Cash flow is the lifeblood of the normal operation of the enterprise, multi-fluorineIn 2009, the cash flows generated by the activities of production and operation were supported by the cashflow generated by fund-raising activities. The company's cash flow statement shows that the company's net cash flow is decreasing year by year, In 2007, with 111 million yuan, the 2008 handy became-52.51 million Yuan, in 2009, although there was a cash flow of 63.45 million yuan, but the year the company carried out fund-raising activities, raised funds of 164 million yuan, if this part of the financing, the company's cash flow is-100 million yuan, from the disclosure of the prospectus, this 164 million-dollar fund-raising activities produced The net birth is all from the company's lending to different banks in the year, and the company's cash is tight from the frequency with which it borrowed from banks in 2009. And the company's operating activities generated by the net cash flow in 2008 there are 108 million yuan, 2009 years a significant reduction of 57%, only a mere 45.61 million yuan, the company's main business to obtain cash capacity in 2009 years significantly reduced.　　Multi-fluorine cash flow of the squeeze, years of investment activity is the main reason.　　The company's money is getting more and more slowly, inventory turnover speed is also getting lower. From the report, the company accounts receivable turnover rate is significantly decreasing, 2007 or 19.47 Times, to 2009 years has been 6.01 times, accounts receivable recycling more and more slowly. The number of accounts receivable turnover days increased year by day,　　2007 is 18.49 days, 2008 to 26.4 Days, 2009 has reached 59.9 days, inventory turnover is also decreasing year by day, can be seen not because of the rapid inventory turnover and the increase in receivables, the more and more inactive funds in the accounts receivable, affecting the company's normal capital turnover and solvency. In the prospectus, the company's 2009 inventory turnover rate is high and LAN Tai Industrial, Nanfeng Chemical, Cheng Star shares three of similar comparable to listed companies have been compared to get the "Company's assets turnover ability obvious" conclusion, the reporter read over three already listed three companies, found that three accounts receivable turnover rate, Inventory turnover in the past three years more stable, and did not appear as much as the amount of fluorine accounts receivable turnover is a sharp decline year after day, the increase in turnover days. The same industry, in the face of the same market, for inventory, production of finished goods sales impact is basically the same.　　There are many more fluorine in such a change, it is strange. In order to verify that the CCTV securities information channel New stock research group calls the listed company several times, has been in no answer to the status, the sponsor Wang Jiacheng also failed to give a convincing explanation.