On Monday (September 19th), Del International Furniture Co., Ltd. (hereinafter referred to as Del Home), which was only one working day before the pre-disclosure time, successfully passed the lightning. As a listed company in the flooring industry, Del Home presents low product prices and higher gross margins than companies in the same industry. It is worth noting that the procurement data disclosed in the Del Home Prospectus is in doubt. The value is larger with the company's raw material supplier Daya Technology (000910, closing price of 6.44 yuan) and Zhongfu Industrial (000592, closing price of 8.30 yuan). The gap, the highest item difference reached about 30 million yuan. In the context of real estate regulation and control, the industry is facing a certain impact. In the 2010 annual report and the 2011 mid-year report, the listed companies in the flooring industry, Daya Technology, Shengda Forestry (002259, closing price of 9.70 yuan), Kelan Wood Industry (002354, closing price of 15.70 yuan), etc., have appeared. Different degrees of decline. However, compared to the industry's listed pioneers, Del Home has recorded continuous growth in performance. According to the Del Home Prospectus, the company's net profit for the first half of 2008 to 2011 was 47.426 million yuan, 84,793,200 yuan, 97.795 million yuan, and 5,481,800 yuan. The growth momentum was rapid. "Daily Economic News" reporter found that compared to other flooring listed companies, Del Home's gross margin is also the highest. The data shows that the main products of Del Home are laminate flooring and parquet. In 2010, the gross profit margins of the two products were 35.72% and 19.97%, respectively. According to the comparison of Del Home in the prospectus, in 2010, the gross profit margin of the wood flooring business of Shengda Forestry and Kelan Wood was 32.77% and 16.21%, respectively, and the gross profit margin of Del Home was 33.26%. For the case that the gross profit margin is higher than other companies in the same industry, the most easily conceivable is that the company's products are relatively high-end and the price is higher. However, the fact is that more than 80% of Del's home income comes from laminate flooring, which belongs to the low-end products in the wood flooring industry. Compared with the price of 100 yuan on solid wood composite flooring, the price of laminate flooring in 2010 is only 52.36 yuan / square meter. Based on this calculation, the cost of Del home laminate flooring is only 33.66 yuan / square meter. The raw material storage short-term gross profit is higher, although the cost control seems to be strong, but the peers said it is difficult to understand. Yesterday, the reporter of "Daily Economic News" called Shengda Forestry. A staff member of the company's securities department said that the price of Shengda forestry laminate flooring was above 60 yuan/square meter. According to the data of the Del Home Prospectus, the gross profit rate of Shengda Forestry Reinforced Composite Floor is 32.77%, calculated at the price of 60 yuan / square meter, and its cost is 40.338 yuan / square meter. In other words, the production cost of Del Home is 16.6% lower than that of Shengda Forestry. Shengda Forestry staff told reporters that in general, the cost of raw materials such as forestry, such as forestry, will certainly be lower, and the cost control of Shengda Forestry belongs to the middle and upper reaches of the industry. “In recent years, as the price of wood-based substrates and labor and energy costs have been increasing, the growth rate of raw materials has increased more than the price.†From this point of view, Del Home has no advantage in raw materials, and its gross profit margin is higher than that of Shengda Forestry. . In this regard, the above-mentioned Shengda forestry workers also said that they could not understand. “The ability of Mofidel’s home to control costs is so strong? If there is any trick to control costs, we really want to learn from it.†However, this trick is nothing, and the prospectus cannot give a convincing answer. The only explanation is "advanced technology." However, an accountant told the reporter after analyzing the financial data of Del Home, the data is not worthy of scrutiny. The data shows that in 2010, the total amount of raw materials purchased by Del Home was 360 million yuan. Since the inventory amount in the first half of 2011 was not much higher than that at the end of 2010, the main focus was on the raw material portion, which increased by 3,329,200. The company's 2010 raw materials of approximately 356 million yuan were used to achieve sales, regardless of the decline in inventory of inventory products. The accountant said that although it is not certain how much of the above-mentioned raw materials are used to produce laminate flooring, how much is used to produce solid wood composite flooring. However, according to the prospectus, the laminate flooring accounts for about 82% of the company's total revenue, so it can be roughly calculated, about 291.92 million yuan (356 million yuan × 82%) of raw materials will be used to produce and sell laminate flooring. The accountant said that only this rough calculation (raw material 291.92 million yuan, sales area of ​​81.717 million square meters), the production cost is as high as 35.72 yuan / square meter, much higher than the cost disclosed by the company in 2010 33.66 yuan / square meter. "Know, this has not considered other costs such as labor, energy, etc." Inconsistent with the data of Daya Technology In fact, there is still a disadvantage in the cost control of Del Home, that is, the company is not like Daya Technology and Shengda Forestry. Have upstream forest resources. Therefore, raw materials such as the company's wood substrate need to be purchased. Interestingly, competitors in the same industry, namely listed companies Daya Technology and Zhongfu Industrial, are buyers of Del Home Raw Materials. However, after comparing the data of the three parties, the reporter of "Daily Economic News" was surprised to find that the data released by Del Home in the prospectus was quite different from the two listed companies mentioned above. On the 87th page of the Del Home Prospectus, the company announced the procurement of five raw material suppliers from 2008 to the first half of 2011. The data shows that Daya Technology has always been the largest raw material supplier for Del Home, providing the company with a substrate board. Trading with Del Home is Daya Wood (Jiangxi) Co., Ltd. (a subsidiary of Daya Jiangxi), a 75% owned subsidiary of Daya Technology. In 2008, Daya Technology (including Daya Jiangxi Company and Jiangsu Daya Decoration Materials Co., Ltd.) provided a total of 103.418 million yuan of raw materials to Del Home; in 2009 and 2010, the purchase amount from Daya Technology was 7095.64 respectively. Ten thousand yuan, 117,557,700 yuan; in the first half of 2011, it was 536,286 yuan. However, the reporter of the Daily Economic News found that the above data is quite different from the data disclosed in the annual report of Daya Technology. According to the 2010 annual report, the sales amount of the 3rd to 5th largest customers of Daya Technology did not exceed 100 million yuan. However, Del Home's purchase amount from Daya Jiangxi is 117,557,700 yuan. "According to the new accounting standards, as long as it is a holding relationship, the sales amount of the subsidiaries' customers will be reflected in the client's amount of the listed company, instead of multiplying the equity ratio." Yesterday, a listed company's securities affairs representative told reporters. In other words, Del's home purchase of 117,557,770 yuan should be ranked as the third largest customer of Daya Technology, but in fact, Daya Technology's 2010 annual report did not mention Del home. Since the sales of Daya Technology's fifth largest customer is 86.923 million yuan, the data difference between the two companies is at least over 2,937,700 yuan. For example, in the first half of 2011, Da Ya Technology's report appeared in Del Home, as the second largest customer, the transaction amount was 47.474 million yuan. However, according to the prospectus of Del Home, in the first half of 2011, the company purchased 53.28 million yuan from Daya Jiangxi Company, and the difference between the two data was 6,516,100 yuan. Inconsistent with the data of Zhongfu Industrial and the data related to Daya Technology is not an isolated case. The data of Del Home and Zhongfu Industrial also have a big difference! According to the prospectus, Zhongfu Industrial is also the raw material supplier of Del Home, which supplies the substrate board. In 2009, Zhongfu Furen Wood Co., Ltd., a subsidiary of Zhongfu Industrial Holdings Co., Ltd., provided 45.475 million yuan of raw materials to Del Home. However, according to Zhongfu Industrial's 2009 annual report, the company's sales revenue from Del Home was 42.128 million yuan, and the difference between the two data was 3.0477 million yuan. Look at 2010 again. According to the prospectus, the amount of Del Home purchased from Jianfu Furen Wood was 95.416 million yuan. Zhongfu Industrial's 2010 annual report shows that the sales revenue from Del Home is 76.767 million yuan, and the two sets of data also have a gap of 15.749 million yuan. Whether it is Daya Technology or Zhongfu Industry, the amount of purchases disclosed by Del Home is higher than the sales data in its regular report. This is in doubt that it is difficult for the moral home to exaggerate its business scale. In response to the above questions, the "Daily Economic News" reporter yesterday (September 20) called two listed companies. The staff of the Daya Technology Securities Department said that it may be a problem of statistical caliber. However, for the reporter "when the amount difference is nearly 30 million yuan", she said that this situation is not clear, "You go to ask Del home." Zhongfu Industrial Secretary-General Yang Jiaxuan told reporters that she also Not very clear, and said that the two sides will check the data of both parties and give a reply. "The small gap may be the inconsistency of the statistics, but if the difference is too much, it will be a problem." Yesterday, a listed company witness told the "Daily Economic News" reporter. He believes that the data disclosed by Del Home is different from the data disclosed by the two listed companies, and the difference is up to nearly 30 million yuan. This is obviously not a problem in the statistical caliber.
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