Shanghai Stock Exchange 2 1 Q Sanan Optoelectronics' excessive cash was questioned.

He Xun. Com News On May 15, Sanan Optoelectronics (600703) received a supervision letter from the Shanghai Stock Exchange on the annual report, covering issues such as cash management, revenue recognition and profit adjustment.

Performance of Sanan Optoelectronics in Recent Three Years

First, the rationality of cash management is questioned.

According to the annual report, the ending balance of the company's monetary funds was 4.4 billion yuan, and in 2065438+2008, the company added 2.9 billion yuan of short-term loans. From the first quarter of 20 18 to the end of the fourth quarter, the book monetary funds were 5.269 billion yuan, 4 1.8 1 billion yuan, 4 1.38 billion yuan and 4.406 billion yuan respectively. According to the annual report of 20 18, the total entrusted wealth management for the whole year was 654.38+006 billion yuan, accounting for only 2% of the monetary funds at the end of the period. The company's annual interest expense is about 6,543.8 billion yuan, which is much higher than the interest income of 47 million yuan.

To put it simply, it is worth noting that Sanan Optoelectronics has a large amount of monetary funds on 20 18, but there are still many interest-bearing loans. What are the functions of these funds? If it is reserved to prevent insufficient liquidity, it is obviously too much; If there is no purpose, it is obviously a dereliction of duty in cash management; Of course, there may also be cases where major shareholders and their related parties occupy company funds for non-operation, and there may also be some potential contracts, similar to "yin-yang contracts".

Second, the authenticity of inventory management is questioned.

The company's inventory balance and turnover days have increased year by year. At the end of the reporting period, the net book value of the company's inventory was 2.68 billion yuan, accounting for 20.40% of the total current assets in the consolidated statement, an increase of 889 million yuan compared with the beginning of the reporting period. The increase in inventory is mainly inventory goods. The annual report shows that in 20 18, the company's revenue and profit declined for the first time in the past six years, and the gross profit margin of the company's LED products decreased by 8.25%. However, the output of 20 18 LED chips increased by 37.23% compared with the previous year, and the inventory turnover days climbed to 174 days.

It shows that Sanan Optoelectronics is a leading enterprise in the domestic LED market. When the whole LED lighting market declined, it was not the profit that shrank, but the mass production, which led to a surge in inventory, a decline in turnover rate and a decline in operating level. There are several possibilities. First, I want to take advantage of the overall market downturn, eat more market share, and exchange price for quantity; The second one is like the possibility that goods don't exist at all.

Third, the rationality of the surge in accounts receivable.

The company's accounts receivable and notes receivable have increased substantially year by year. During the reporting period, the company's balance of accounts receivable and notes receivable was 5.099 billion yuan, accounting for 60% of its operating income, of which notes receivable was 2.6./kloc-0.70 billion yuan, an increase of 76.59% compared with the beginning of the year. Among the notes receivable, the balance of commercial acceptance bills at the end of the period was 65.438+76.2 million yuan, while at the beginning it was only 206 million yuan, a year-on-year increase of 755%.

Here, what Sanan Optoelectronics needs to answer is, as an industry leader, its bargaining power is relatively strong, so why do accounts receivable rise? If we accelerate to seize market share, the credit conditions for lending are not impossible. However, what needs to be vigilant is that whether to increase income through related parties has not been solved at all, and it can be compared by revenue and related party transaction data.

Four. Rationality of R&D capitalization

The capitalization rate of the company's R&D investment is high. The annual report shows that the R&D investment in this period is 806 million yuan, up by 565,438+0.45% year-on-year, of which the capitalized R&D investment is as high as 662 million yuan, and the capitalization ratio of R&D investment is 8265,438+00%. In recent five years, the capitalization rate of the company's R&D investment is higher than 70%, which is obviously higher than that of companies in the same industry. Intangible assets and development expenditure have increased year by year.

Verb (abbreviation of verb) rationality of prepayment of project funds

According to the annual report, the ending balance of the company's prepayments for engineering and equipment was RMB 20,654,388+0.2 million, a substantial increase from RMB 420 million at the beginning of the year. It can be calculated that the amount of prepaid construction equipment has increased by nearly four times compared with the beginning of the year, and the data is quite abnormal. Therefore, the Shanghai Stock Exchange requires additional information on the details, uses and whereabouts of these funds, as well as whether the counterparty has a related relationship with the listed company, whether the related funds eventually flow to related parties, the corresponding engineering projects and related inputs.

If it is a related party, it is likely to take the opportunity to evade supervision and transfer funds, because related parties cannot transfer funds at will.

It is worth noting that recently, many media reported that billions of advance payments of Sanan Optoelectronics seem to be inextricably linked with its related parties. Please refer to the report "Where are the Abnormal" Relationships "Caused by Billions of Prepayments". The equity transfer of Sanan Group is now in doubt.

Sixth, the rationality of long-term suspension of projects under construction.

Several projects under construction have a long construction period and slow reinforcement progress. The balance of projects under construction at the end of the period is 2.732 billion yuan, and at the beginning it is 2.377 billion yuan, which is relatively large, and the progress of many projects is slow. For some projects, the company did not explain the progress of the project, but only disclosed it as "gradually put into operation, but there are still projects under construction". Among them, the integrated circuit project of Xiamen Sanan Integrated Co., Ltd. started in 20 14, and the accumulated investment only accounted for 57.88% of the budget. The progress of the project is slow, and no provision for impairment has been made.

In addition, the accumulative investment of LED industrialization project of Anhui Sanan Optoelectronics Co., Ltd. in 20 15 accounted for 9 1.45% of the budget, and it was 96.51%in 20 18; The accumulative investment of sapphire substrate industrialization project of Fujian Jingan Optoelectronics Co., Ltd. in 20 17 years accounts for 9 1.45% of the budget, and it is 98.74% in 20 18 years. In the LED industrialization project of Tianjin Sanan Optoelectronic Co., Ltd., the accumulative project investment accounts for 97.84% of the budget in 20 15 years, and 94. 17% in 20 18 years.

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