#头条创作挑战赛#
In the first case, competition intensifies, and in addition to a surge in accounts receivable, it is usually accompanied by a decline in gross profit margin
However, Qianshan Yao Machine has a logical deviation of "high accounts receivable VS abnormally high gross profit margin (high gross profit VS low turnover)" here.
Note that from 2010 to 2012, the proportion of accounts receivable to revenue rose from 30% to 70% in just two years. However, gross margin remained stable during the period
Compared with its peers, taking Tofflon as an example, its gross profit margin is close to and slightly lower than that of Qianshan Yao Machine, but Tofflon's accounts receivable account for revenue is between 10% and 20%, which is significantly lower than that of Qianshan Yao Machine
Since 2011, the proportion of accounts receivable in revenue has remained above 40%), which is not much different from the same industry such as Chutian Technology and Xinhua Medical.
Excluding the first case, then it can only be the second case: actively relaxing the credit term of accounts receivable.
However, in this case, does the business logic really hold?
If we really want to take the initiative to relax the maturity of accounts receivable, the normal business logic should be: cash flow from operating activities should remain healthy in the long run
At the same time, foreign investment should not be too much, otherwise the free cash flow will be negative, and the pressure on the company's capital turnover will be great, otherwise it will need financing to support the operation of the enterprise, and financial costs will also be generated, and the asset-liability ratio will eventually be raised.
The actual situation of Qianshan Yao Machinery is that the cash flow of operating activities fluctuates greatly, and it has been investing abroad, and the cash flow is completely dependent on financing activities
Obviously, it is not very logical to take the initiative to relax the accounts receivable period.
In addition to the contradiction of "high accounts receivable VS abnormally high gross profit margin", the accounts receivable of Qianshan Yao Machinery also have a logical deviation from the revenue data, mainly "the increase in operating income VS the decline in the proportion of accounts receivable"
Note that in 2010, the growth rate of operating income increased from 25% to 36.1%, while the proportion of accounts receivable decreased from 47% to 27%, accounting for 43%
The normal situation is that the growth of accounts receivable is driven by revenue growth, while the revenue growth of Qianshan Yao Machinery has seen a sharp decline in the proportion of accounts receivable
Finally, seeing this, there is still a question that has not been resolved:
Taking 2010 as the cut-off point, why did before 2010 (2008-2010) the proportion of accounts receivable in revenue decline sharply, and after 2010 (2010 to 2012), the proportion of accounts receivable in revenue soared?
The answer is likely to be related to its sprint to IPO at the end of December 2010.
From 2007 to 2010, it was the IPO reporting period, during which its revenue rose sharply and its revenue fell sharply.
Combined with its prospectus, it was found that in 2010, a new customer appeared on the list of its top five sales customers - Corning Pharmaceutical, and it was the largest customer in 2010, with sales revenue of 9.98 million yuan and a contribution of 4.73% to revenue.
At this point, it's only natural that we have to look up Corning Pharmaceuticals. The strange thing is that after checking all the platforms such as the industrial and commercial information system, Qichacha, Qixinbao, etc., this company cannot be found.
Not only that, the new No. 1 customer, its arrears did not rank among the top ten, and the accounts receivable were at least less than 1.55 million yuan
This means that the accounts receivable it formed that year was 11.67 million yuan (the tax-included amount of 9.98 million yuan in revenue), and at least 10.12 million yuan were recovered (the 10th account receivable was 155 yuan), and the recovery rate was 86.71%
Compared with its second largest customer, Tuopai Pharmaceutical, the sales volume to Tuopai Pharmaceutical was 9.74 million yuan, the amount of accounts receivable at the end of the year was 5.12 million yuan, and the recovery rate of funds that year was 55%
To sum up, this case at that time constituted four major financial risks in terms of accounts receivable
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market