On August 19, Xingyu shares (601799.SH) were suspended due to the planning of major asset purchases. And investors are more concerned about the operation of Xingyu shares. In the middle of 2013, the company's net profit increased by 17.83% year-on-year, but the inventory also soared to 346 million yuan. At the time of the company's listing in 2011, the annual production of 1 million sets of vehicle Lamp projects has not yet achieved the expected revenue. Now the company will once again open a total of nearly 1.1 billion yuan of vehicle investment projects. Is this reliable?
IPO project progress is not up to expectations
Xingyu Co., Ltd., located in Changzhou, Jiangsu Province, is a typical family-owned holding company. The shareholding ratio of Zhou Bajin and Zhou Xiaoping's father and daughter totals nearly 60%. At present, Zhou Xiaoping is the chairman and general manager of the company.
On February 1, 2011, Xingyu shares engaged in the manufacture of headlights landed in the capital market, raising a total of 1.274 billion yuan. The only IPO investment project is an annual production of 1 million sets of headlights (including headlights, fog lights, rear combination lights).
According to the “Construction Engineering Construction Contract†signed at that time, the commencement date is April 8, 2010. According to the prospectus, the investment plan of the project is 3 years, so the investment progress should be completed in the first half of 2013. However, Xingyu's "Special Report on the Deposit and Actual Use of Funds Raised in the First Half of 2013" shows that the investment progress of the annual output of 1 million sets of lamp projects is 96.86%, and the project has not yet completed the investment progress.
In fact, the above IPO projects of Xingyu have not achieved the expected benefits in addition to failing to complete the investment schedule on schedule. At the time of listing, Xingyu shares said in the prospectus that after the annual production of 1 million sets of headlights was completed, it is estimated that the annual main business income will be 560 million yuan. The data shows that in 2012, the progress of the above projects of Xingyu Co., Ltd. was 95.07%, and the realized income was 371,104,200 yuan. In the first half of 2013, the investment progress was 96.86%, and the income of 158,580,300 yuan was realized. If the calculation is based on the proportion of investment progress, the company's above-mentioned fundraising projects are still a long way from the expected target.
Nearly 1.1 billion yuan of investment capacity to put satellites?
The only fundraising project of Xingyu's IPO was not only the investment progress was not up to expectations, but also failed to achieve the expected income. At this time, the company has successively launched a large-scale expansion plan of nearly 1.1 billion yuan.
On April 19, Xingyu shares announced that the company will invest in the “annual production of 500,000 sets of LED lights and supporting projects†in the Changzhou National High-tech Industrial Development Zone. The total investment is expected to be 588 million yuan. The construction period of the project is 2 years. It is estimated that the operating income that can be realized in normal years is 855 million yuan.
On May 20th, the above-mentioned annual output of 500,000 sets of LED lights and supporting projects was approved by the company's 2012 annual general meeting.
According to the official website of Xingyu, the company held a groundbreaking ceremony for the fifth phase of the project to complete the annual production of 500,000 sets of LED lights and supporting projects on December 30, 2012, with an annual output of 500,000 sets of LED lights. And the renderings of the supporting projects are impressive. It can be seen that the company is full of confidence in the above projects and has already begun to layout before it has been approved by the shareholders meeting.
At the same time, Xingyu shares seem to be making big investments in Changchun, Jilin.
On May 9, Xingyu shares announced that the company has established a subsidiary company, Jilin Province Xingyu Automotive Lamp Co., Ltd. (hereinafter referred to as Jilin Xingyu). As early as the end of 2012, Xingyu shares purchased about 120 mu from Changchun Automobile Economic and Technological Development Zone at a price of 250,000 yuan/mu (based on the final price determined by the government) (based on the actual transfer area of ​​the local government) Land use rights. From buying land to setting up a subsidiary, this is not an accident.
On June 7, the “Environmental Impact Report of Jilin Province Xingyu Auto Lamp Co., Ltd. with an annual output of 1 million sets of headlights†released by Changchun Automobile Economic and Technological Development Zone showed that the project is located in Changchun Automobile Economic and Technological Development Zone. On the north side of the road, on the east side of C43 Road, on the west side of B3 Street. The project covers an area of ​​79,975 m2 and a building area of ​​90,983 m2. It is planned to build workshops, comprehensive buildings, dangerous goods warehouses and other auxiliary houses, and purchase 581 sets of various types of equipment, and the total investment of the project is 500 million yuan, all of which are self-financed by the enterprise. The preparation unit of the above project environmental assessment is Jilin Provincial Metallurgical Research Institute, the preparation time is May 2013, and the construction unit is Jilin Xingyu.
As a result, Xingyu has an annual output of 500,000 sets of LED lights and supporting projects and an annual production of 1 million sets of headlights in Changchun, with a cumulative investment of 1.88 billion yuan.
According to the data, the inventory of Xingyu shares in 2011 and 2012 was also 282 million yuan and 345 million yuan respectively, while the inventory in the middle of this year was also 346 million yuan, of which the total finished goods and inventories totaled 287 million yuan.
According to statistics, among the 61 listed companies with statistical data of Shenyin Wanguo, the average inventory turnover days was 109.62 days, while the inventory turnover days of Xingyu shares was 126.27 days, higher than the industry average.
As we all know, the inventory turnover days reflect the ability of the company to realize the inventory, the less the turnover days, the faster the inventory will be realized, thus reflecting the good sales of the products. It not only affects the short-term solvency of enterprises, but also is an important part of the management of the whole enterprise.
Under this circumstance, the company is investing in an investment plan with an external investment of nearly 1.1 billion yuan when the IPO fund-raising project has not yet reached the expected investment schedule and the expected benefits have not been achieved. Is this reliable?
On August 21, the reporter contacted the secretarial office of Xingyu shares. A staff member said that the secretary-general was on a business trip and the witness was not there. He could not answer the question.
The reporter noticed that as early as August 19th, the secretaries of Xingyu shares, Huang Hefa, published a series of pictures of Zurich, Switzerland on WeChat, with "The hotel I live in, the room and the surrounding area, pretty!" A picture of the text logo. The reporter called him several times, but they were unable to connect.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
IPO project progress is not up to expectations
Xingyu Co., Ltd., located in Changzhou, Jiangsu Province, is a typical family-owned holding company. The shareholding ratio of Zhou Bajin and Zhou Xiaoping's father and daughter totals nearly 60%. At present, Zhou Xiaoping is the chairman and general manager of the company.
On February 1, 2011, Xingyu shares engaged in the manufacture of headlights landed in the capital market, raising a total of 1.274 billion yuan. The only IPO investment project is an annual production of 1 million sets of headlights (including headlights, fog lights, rear combination lights).
According to the “Construction Engineering Construction Contract†signed at that time, the commencement date is April 8, 2010. According to the prospectus, the investment plan of the project is 3 years, so the investment progress should be completed in the first half of 2013. However, Xingyu's "Special Report on the Deposit and Actual Use of Funds Raised in the First Half of 2013" shows that the investment progress of the annual output of 1 million sets of lamp projects is 96.86%, and the project has not yet completed the investment progress.
In fact, the above IPO projects of Xingyu have not achieved the expected benefits in addition to failing to complete the investment schedule on schedule. At the time of listing, Xingyu shares said in the prospectus that after the annual production of 1 million sets of headlights was completed, it is estimated that the annual main business income will be 560 million yuan. The data shows that in 2012, the progress of the above projects of Xingyu Co., Ltd. was 95.07%, and the realized income was 371,104,200 yuan. In the first half of 2013, the investment progress was 96.86%, and the income of 158,580,300 yuan was realized. If the calculation is based on the proportion of investment progress, the company's above-mentioned fundraising projects are still a long way from the expected target.
Nearly 1.1 billion yuan of investment capacity to put satellites?
The only fundraising project of Xingyu's IPO was not only the investment progress was not up to expectations, but also failed to achieve the expected income. At this time, the company has successively launched a large-scale expansion plan of nearly 1.1 billion yuan.
On April 19, Xingyu shares announced that the company will invest in the “annual production of 500,000 sets of LED lights and supporting projects†in the Changzhou National High-tech Industrial Development Zone. The total investment is expected to be 588 million yuan. The construction period of the project is 2 years. It is estimated that the operating income that can be realized in normal years is 855 million yuan.
On May 20th, the above-mentioned annual output of 500,000 sets of LED lights and supporting projects was approved by the company's 2012 annual general meeting.
According to the official website of Xingyu, the company held a groundbreaking ceremony for the fifth phase of the project to complete the annual production of 500,000 sets of LED lights and supporting projects on December 30, 2012, with an annual output of 500,000 sets of LED lights. And the renderings of the supporting projects are impressive. It can be seen that the company is full of confidence in the above projects and has already begun to layout before it has been approved by the shareholders meeting.
At the same time, Xingyu shares seem to be making big investments in Changchun, Jilin.
On May 9, Xingyu shares announced that the company has established a subsidiary company, Jilin Province Xingyu Automotive Lamp Co., Ltd. (hereinafter referred to as Jilin Xingyu). As early as the end of 2012, Xingyu shares purchased about 120 mu from Changchun Automobile Economic and Technological Development Zone at a price of 250,000 yuan/mu (based on the final price determined by the government) (based on the actual transfer area of ​​the local government) Land use rights. From buying land to setting up a subsidiary, this is not an accident.
On June 7, the “Environmental Impact Report of Jilin Province Xingyu Auto Lamp Co., Ltd. with an annual output of 1 million sets of headlights†released by Changchun Automobile Economic and Technological Development Zone showed that the project is located in Changchun Automobile Economic and Technological Development Zone. On the north side of the road, on the east side of C43 Road, on the west side of B3 Street. The project covers an area of ​​79,975 m2 and a building area of ​​90,983 m2. It is planned to build workshops, comprehensive buildings, dangerous goods warehouses and other auxiliary houses, and purchase 581 sets of various types of equipment, and the total investment of the project is 500 million yuan, all of which are self-financed by the enterprise. The preparation unit of the above project environmental assessment is Jilin Provincial Metallurgical Research Institute, the preparation time is May 2013, and the construction unit is Jilin Xingyu.
As a result, Xingyu has an annual output of 500,000 sets of LED lights and supporting projects and an annual production of 1 million sets of headlights in Changchun, with a cumulative investment of 1.88 billion yuan.
According to the data, the inventory of Xingyu shares in 2011 and 2012 was also 282 million yuan and 345 million yuan respectively, while the inventory in the middle of this year was also 346 million yuan, of which the total finished goods and inventories totaled 287 million yuan.
According to statistics, among the 61 listed companies with statistical data of Shenyin Wanguo, the average inventory turnover days was 109.62 days, while the inventory turnover days of Xingyu shares was 126.27 days, higher than the industry average.
As we all know, the inventory turnover days reflect the ability of the company to realize the inventory, the less the turnover days, the faster the inventory will be realized, thus reflecting the good sales of the products. It not only affects the short-term solvency of enterprises, but also is an important part of the management of the whole enterprise.
Under this circumstance, the company is investing in an investment plan with an external investment of nearly 1.1 billion yuan when the IPO fund-raising project has not yet reached the expected investment schedule and the expected benefits have not been achieved. Is this reliable?
On August 21, the reporter contacted the secretarial office of Xingyu shares. A staff member said that the secretary-general was on a business trip and the witness was not there. He could not answer the question.
The reporter noticed that as early as August 19th, the secretaries of Xingyu shares, Huang Hefa, published a series of pictures of Zurich, Switzerland on WeChat, with "The hotel I live in, the room and the surrounding area, pretty!" A picture of the text logo. The reporter called him several times, but they were unable to connect.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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