Despite the sponsor's sudden attack on shares, it did not affect the success of Mulinsen Co., Ltd. through the review of the audit committee. However, it is worth noting that the company has passed the review on July 27, and has been in the past two and a half months, but the company has still not been able to obtain the listing approval.
According to the prospectus, the company's operating income increased from 3.8539.09 million in 2008 to 8.1476.63 million in 2010, with a compound growth of 45.4%. The net profit attributable to shareholders of the parent company increased from 170.457 million in 2008 to 2010. The compound growth rate of 101.93 million yuan is as high as 144.48%. However, the dazzling profit growth ability cannot hide the objective risk of the purchase of the main raw material chips too dependent on the two Taiwanese manufacturers, although in the “risk factor†part, Mulinsen vowed to “increase the procurement of domestic chips and reduce the import. The dependence of Taiwan's chips and "has established a procurement chip cooperation relationship with domestic chip manufacturers", but the objective result that investors can see is that Mu Linsen's total amount of raw materials purchased from Jingyuan Optoelectronics and Guanglei Technology both accounted for Compared with 4.97% in 2008, 14.61% in 2009, and 20% in 2010, the degree of dependence on raw materials is obviously increasing year by year. Then the company deliberately describes “reduction of dependence†in information disclosure. Is there any misunderstanding?
What's more, there are still major doubts about the financial data of the subsidiaries in the prospectus of Mulinsen, as well as the problem of seriously overestimating the income of the fundraising projects.
The fundraising project is seriously exaggerating
The investment demand of Mu Linsen’s listed funds raised amounted to 426.318 million yuan, of which the total investment of Lamp-LED product technology transformation project and SMD-LED product technology transformation project was 354.789 million yuan, accounting for 83.22% of the total raised funds investment budget. It is the top priority of fundraising projects. However, for these two key projects, the company has behaviors that seriously overestimate the benefits of the project.
According to the data disclosure of the fundraising project, the Lamp-LED product technology transformation project will increase the production capacity of Lamp-LED products by 6.23 billion/year, resulting in a new operating income of 43.61 million yuan/year and a net profit of 65.534 million yuan/year; The SMD-LED product technology transformation project will increase the production capacity of SMD-LED products by 2.38 billion/year, resulting in a new operating income of 238 million yuan/year and a net profit of 23.90 million yuan/year. However, this optimistic expectation cannot be supported by the current business data. In 2010, according to the company's sales detailed data disclosure, Lamp-LED products achieved sales of 815.061 million in 2010, and realized sales income of 494,434,900 yuan. The calculated sales unit price was 611.53 yuan/10,000, and the newly added capacity was 6.2 billion. It can only correspond to 38,098,700 yuan/year, which is less than the amount of new business income disclosed by the company, which is less than 55,116,300 yuan, accounting for 84.23% of the estimated annual net profit of 65,534,400 yuan, which means that according to the current product sales of the company. For the price operation, the estimated profit of the Lamp-LED product technical transformation project is only 15.77% expected in the prospectus.
The SMD-LED product technology transformation project's calculation results are even more "leiren". SMD-LED products achieved sales of 179.83 million in 2010, and realized sales income of 14.88 million yuan. The calculated unit price was 827.83 yuan/10,000. The newly added capacity of 238 million can only correspond to 190,702,700 yuan/year, which is 409.73 million yuan less than the newly added operating income disclosed by the company, accounting for 171.44% of the estimated annual net profit of 23.90 million yuan. It means that according to the current product sales price of the company, the SMD-LED product technology transformation project will change from the estimated profit of over 20 million yuan to a huge loss of nearly 20 million yuan!
So is it possible that the sales price of Mulinsen's products will increase significantly in the future? At least in the past three years of sales data, relevant data support is not available, because Lamp-LED products and SMD-LED products have been declining year by year in the past three years, and in the market environment where the prices of the most important raw material chips continue to decline sharply. In this case, it is impossible to see the driving force for the increase in the sales price of the company's end products, which further confirms the company's behavior of overestimating the proceeds of the fundraising project.
Disappearing sales of SMD-LED products
Even more strange, according to the data disclosure of production and sales, there were no SMD-LED products sold in the two years of 2009 and 2008, but in the sales revenue of the classified products, the company formed sales in the past two years. The income is 428,800 yuan. If you refer to the sales unit price in 2010, it should correspond to the sales volume of 5,178,000. So, is Mulinsen missing the sales data of SMD-LED products in 2008 and 2009 in the production and sales part of the disclosure, or is it inflated the operating income among the product revenues? Although the sales volume of more than 5 million can't be compared with the sales scale of billions of Lamp-LED products, it seems that there should be no more than 5 million sales scales because the company's sales volume data disclosure unit is “10,000â€. Turning a blind eye, it is even more doubtful that there is a possibility of inflating operating income.
On the above issues, the reporter has interviewed the company many times and sent an interview outline, but as of press time, the company did not have any reply. In addition, the company still has doubts about the financial data of its holding subsidiaries.
According to the prospectus, the company's operating income increased from 3.8539.09 million in 2008 to 8.1476.63 million in 2010, with a compound growth of 45.4%. The net profit attributable to shareholders of the parent company increased from 170.457 million in 2008 to 2010. The compound growth rate of 101.93 million yuan is as high as 144.48%. However, the dazzling profit growth ability cannot hide the objective risk of the purchase of the main raw material chips too dependent on the two Taiwanese manufacturers, although in the “risk factor†part, Mulinsen vowed to “increase the procurement of domestic chips and reduce the import. The dependence of Taiwan's chips and "has established a procurement chip cooperation relationship with domestic chip manufacturers", but the objective result that investors can see is that Mu Linsen's total amount of raw materials purchased from Jingyuan Optoelectronics and Guanglei Technology both accounted for Compared with 4.97% in 2008, 14.61% in 2009, and 20% in 2010, the degree of dependence on raw materials is obviously increasing year by year. Then the company deliberately describes “reduction of dependence†in information disclosure. Is there any misunderstanding?
What's more, there are still major doubts about the financial data of the subsidiaries in the prospectus of Mulinsen, as well as the problem of seriously overestimating the income of the fundraising projects.
The fundraising project is seriously exaggerating
The investment demand of Mu Linsen’s listed funds raised amounted to 426.318 million yuan, of which the total investment of Lamp-LED product technology transformation project and SMD-LED product technology transformation project was 354.789 million yuan, accounting for 83.22% of the total raised funds investment budget. It is the top priority of fundraising projects. However, for these two key projects, the company has behaviors that seriously overestimate the benefits of the project.
According to the data disclosure of the fundraising project, the Lamp-LED product technology transformation project will increase the production capacity of Lamp-LED products by 6.23 billion/year, resulting in a new operating income of 43.61 million yuan/year and a net profit of 65.534 million yuan/year; The SMD-LED product technology transformation project will increase the production capacity of SMD-LED products by 2.38 billion/year, resulting in a new operating income of 238 million yuan/year and a net profit of 23.90 million yuan/year. However, this optimistic expectation cannot be supported by the current business data. In 2010, according to the company's sales detailed data disclosure, Lamp-LED products achieved sales of 815.061 million in 2010, and realized sales income of 494,434,900 yuan. The calculated sales unit price was 611.53 yuan/10,000, and the newly added capacity was 6.2 billion. It can only correspond to 38,098,700 yuan/year, which is less than the amount of new business income disclosed by the company, which is less than 55,116,300 yuan, accounting for 84.23% of the estimated annual net profit of 65,534,400 yuan, which means that according to the current product sales of the company. For the price operation, the estimated profit of the Lamp-LED product technical transformation project is only 15.77% expected in the prospectus.
The SMD-LED product technology transformation project's calculation results are even more "leiren". SMD-LED products achieved sales of 179.83 million in 2010, and realized sales income of 14.88 million yuan. The calculated unit price was 827.83 yuan/10,000. The newly added capacity of 238 million can only correspond to 190,702,700 yuan/year, which is 409.73 million yuan less than the newly added operating income disclosed by the company, accounting for 171.44% of the estimated annual net profit of 23.90 million yuan. It means that according to the current product sales price of the company, the SMD-LED product technology transformation project will change from the estimated profit of over 20 million yuan to a huge loss of nearly 20 million yuan!
So is it possible that the sales price of Mulinsen's products will increase significantly in the future? At least in the past three years of sales data, relevant data support is not available, because Lamp-LED products and SMD-LED products have been declining year by year in the past three years, and in the market environment where the prices of the most important raw material chips continue to decline sharply. In this case, it is impossible to see the driving force for the increase in the sales price of the company's end products, which further confirms the company's behavior of overestimating the proceeds of the fundraising project.
Disappearing sales of SMD-LED products
Even more strange, according to the data disclosure of production and sales, there were no SMD-LED products sold in the two years of 2009 and 2008, but in the sales revenue of the classified products, the company formed sales in the past two years. The income is 428,800 yuan. If you refer to the sales unit price in 2010, it should correspond to the sales volume of 5,178,000. So, is Mulinsen missing the sales data of SMD-LED products in 2008 and 2009 in the production and sales part of the disclosure, or is it inflated the operating income among the product revenues? Although the sales volume of more than 5 million can't be compared with the sales scale of billions of Lamp-LED products, it seems that there should be no more than 5 million sales scales because the company's sales volume data disclosure unit is “10,000â€. Turning a blind eye, it is even more doubtful that there is a possibility of inflating operating income.
On the above issues, the reporter has interviewed the company many times and sent an interview outline, but as of press time, the company did not have any reply. In addition, the company still has doubts about the financial data of its holding subsidiaries.
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