We know that the company’s operating income will be realized in two forms. One is that after the product is sold out, it will directly receive cash from the customer and return it to the company in cash. This part will be reflected in the “sales goods of the cash flow statement. "In the cash received from labor service" project, the other is to write off the product, and the uncollected arrears form accounts receivable in the form of accounts receivable or bills receivable. The client recovers, so the company's operating income should have the support of the corresponding cash flow and receivables, while the triangular stock 's operating income is not the case. Three-wheeled tires listed on the road three major problems to be solved According to the prospectus, in 2014, the operating income of triangular tires was 9.165 billion yuan. In the year, the cash items it received for sales of goods and services were 6,711 million yuan, and the item actually included the year's advance receipts. Increase the amount of cash and other inflows, so if you want to account for cash inflows from your operating income, you need to deduct the portion of cash you add to your advance receipts. In 2014, the amount of advance receipts increased by approximately 0.17 billion yuan. It can be concluded that the actual cash inflows from operating income during the year will not actually exceed 6.964 billion yuan, which means that the portion of receivables for triangle tyres in 2014 should at least be There is an increase of 2.471 billion yuan, and this result does not include the cash inflows achieved by its output tax, export tax rebate, etc. If this part of the cash portion of inflows is accounted for, the part of the receivable The amount of increase should be far more than this amount. What about the actual situation? According to the company’s financial data, the notes receivable in 2014 have not only increased but have decreased by 265 million yuan, while the accounts receivable have also been reduced by RMB 62 million. This means that the receivables received during the sale of goods and services were received. In fact, the cash also includes the amount of notes receivable and accounts receivable collected in the previous fiscal year totaling 327 million yuan, so at least its operating income of 2.798 billion yuan did not flow into the company’s account in cash, nor did it form a In the collection section, where did so much operating income go? Regarding the mismatch between cash inflow and operating income, Triangle Tire stated in the prospectus that during the reporting period, the company’s cash inflows for sales of goods were lower than the current operating income, mainly because the company’s sales receipts were about 30. % is the bank acceptance bill, and the company transferred the acceptance bill in the form of an endorsement to the raw material supplier for the purchase of the raw material, so no cash inflow or outflow occurred. There are also cash payment and credit purchases when enterprises purchase products from suppliers. The cash payment part is directly reflected in the cash item for purchase of goods and labor services, and the purchase part will form a bill payable or accounts payable. The payment company will complete the payment according to the agreement. In 2014, the amount of cash paid for the purchase of triangle tires and the acceptance of labor services was 4.290 billion yuan, and the amount of prepayments at the end of the year decreased by 98 million yuan from the beginning of the year, which means that the corresponding amount of material purchases had been paid in advance in the previous year. . The amount of new bills payable in the year increased by 216 million yuan, while the amount of accounts payable did not increase but decreased by 36 million yuan. It can be seen that in the middle of 2014, the triangle tires accounted for the total amount of payments due to cash payments and credit sales. It was 4.568 billion yuan. At the same time, Triangle Tire said in its prospectus that in 2014, the total purchases of the top five suppliers amounted to 20,819,963,000 yuan, accounting for 39.30% of the total purchase amount in the current period, which can be calculated as the total purchase amount in 2014. 5.297 billion yuan. Compared with the “good documentation†procurement amount of 4.568 billion yuan, of which 729 million in purchases, there was no cash flow expenditure and no corresponding payables. According to the explanation in its prospectus, purchases should be made in the form of bank acceptance bills. However, strangely enough, from the above point of view, it should have 2.798 billion yuan in bank acceptance bills for procurement. From the procurement data, it is only 729 million yuan to meet the procurement gap. There are still more than 20 of them. There is no cash inflow of 100 million yuan in operating income, no receivables are formed, and there is no corresponding bank procurement billing procurement data. This is really strange. Similarly, there are similar situations in 2013. According to the calculations, in 2013, the company had at least approximately 2.597 billion yuan in operating income, that is, it did not flow into the company in cash, and no corresponding receivables were formed. According to Triangle Tire, the $2.59 billion should be purchased from raw material suppliers in the form of a bank acceptance bill endorsement. However, after accounting for the above analysis method in 2014, it can be seen that 1.256 billion yuan in purchase amount did not flow out of the company in cash, and no corresponding payables were formed. Even if this 1.256 billion yuan purchase is all based on bank acceptance drafts. The endorsement approach was realized, but there is still a gap of more than 1.3 billion yuan that cannot be explained. The maximization of profits is the goal pursued by the company. Such a huge amount of operating income will be “disappeared†so silently. This is clearly inconsistent with common sense, and the only reasonable explanation is that the company may inflate operating income. The inflated operating income can further realize the effect of inflated profits and whitewash results. This is also one of the many counterfeiting measures taken by many IPO companies for listing. In addition to the existence of an inflated operating income, the author finds that both the raw material price and the price of its main product are very unusual in the triangular tire 's prospectus. Triangle tires provided the average sales price of its main products, all-steel tires, semi-steel tires, and bias tires, when it introduced the average price changes of its main products. Taking 2014 as an example, the average price of these three types of tires were respectively It is 1019.05 yuan/bar, 182.05 yuan/bar, and 3254.12 yuan/bar. At the same time, when introducing the inventory details, the company also provided the average prices of all steel tires, semi-steel tires, bias tires, and other products in its inventory. In 2014, the average price of these three finished products was 736.61 yuan per article. , 128.40 yuan / article, 2260.72 yuan / article. We know that the price of finished goods in inventory should reflect its production cost, which means that the above price is its cost price. Based on the average selling price and cost price of the corresponding products above, the author calculated that the gross profit rates of the company's main products, namely steel tyres, semi-steel tyres and bias tyres, were respectively 27.72%, 29.47% and 30.53%. According to the prospectus, in 2014, among the company's main products, all steel tires accounted for 65% of the main business revenue, semi-steel tires accounted for 30.65% of the main business income, and biased tires accounted for the main business. The proportion of income is 4.25%. From this point of view, its comprehensive gross profit margin should be at least 27.72%. However, in fact, the gross profit rate announced by the company's prospectus is only 23.17%, which is far lower than the above calculation results. What is this all about? In fact, this calculation result is nothing more than the low cost price given by the triangular tire prospectus, or the high sales price. Obviously, if the company drops the cost price, it will inevitably lead to a decrease in the company's inventory. Reducing the value of its assets is inconsistent with the interests of the company. Therefore, I have reason to doubt that triangle tires inflated the sales price of their products. On the one hand, the high prices will make the company's gross profit margins look more attractive. On the other hand, It will greatly increase operating income. Combined with the above, its cash flow and receivables cannot support its operating income, which may be the result of inflated operating income through price measures. In addition, the purchase price of raw materials for triangular tires is actually quite different from the average unit price of raw materials in stock, which makes it difficult to understand. Triangle tires stated in the prospectus that the proportion of natural rubber and synthetic rubber in the tire production cost accounted for the largest proportion, accounting for about 50% of the production cost. Natural rubber is wear-resistant, easy to process, and less polluting to the environment, but its yield is limited. Synthetic rubber can replace some of the properties of natural rubber, but overall synthetic rubber performance is not as good as natural rubber. Natural rubber and synthetic rubber prices are highly correlated. Since natural rubber is superior to synthetic rubber, the price of natural rubber should be higher than that of synthetic rubber. In addition, due to the strong price correlation between the two, even if prices fluctuate, the price of synthetic rubber may be slightly higher than that of natural rubber. However, the gap should not be too big. However, the price of the two rubbers in the Triangle tire prospectus is not exactly the same. When triangle tires introduced the purchase of raw materials in the prospectus, they provided the prices for natural rubber and synthetic rubber. When they introduced stock raw materials, they also gave the average unit price of natural rubber and synthetic rubber. However, it is strange that The data is completely different. As far as natural rubber is concerned, during the reporting period, the average inventory price per ton of material in each fiscal year was lower than the average purchase price by more than 1,000 yuan. The synthetic rubber was different, except for the average inventory price per ton of material in 2012 compared with the average purchase price. In addition to the low of more than 1,000 yuan, 2013 and 2014 were even more than 1,000 yuan more than the average purchase price per ton, the same raw materials, the same price is the price difference between the two prices so great, it is difficult to understand. In 2014, the average inventory price was even higher than the average purchase price in 2013. To know that the average purchase price in 2014 decreased by more than 1,000 yuan compared to 2013, how did the 2014 average inventory price rise? This is obviously unreasonable. In addition, the average inventory price of synthetic rubber in 2014 was even more than 3,000 yuan more than the average price of natural rubber inventory. Since the performance of synthetic rubber is inferior to that of natural rubber, the price is so much higher than that of natural rubber, why not all the triangular tires are made of natural rubber? , but to choose synthetic rubber? According to the data, the production capacity and production of the company have increased continuously in the past three years (the total production capacity increased from 20,381,000 in 2012 to 23,081,000 in 2014, and the output increased from 17,288,200 in 2012 to 2,139.46 in 2014. Ten million), the total demand of employees of Delta Tire and its subsidiaries has increased in the past three years. Among them, the number of formal employees has decreased from 5,115 in 2012 to 4,921 in 2014, while the number of labor dispatched employees has increased from 2012 to 2012. 3076 people rose to 4308 in 2014. With regard to the continuous increase in the number of labor dispatchers, the company explained in the prospectus that there is a large demand for labor in the tire industry, and the labor mobility is strong. Since 2009, with regard to temporary, auxiliary, and alternative positions, the company has used labor dispatch companies to sign labor dispatch agreements, and the labor dispatch company has dispatched employees to solve the labor demand. Regarding the treatment of labor dispatch employees, we all know that compared to the formal employees of the company, the low wages and bad pay are open secrets. It is for this reason that the State introduced the “Provisional Regulations on Labor Dispatch†for use in 2014. Protect the interests of labor dispatch employees. The "Regulations" require that employees can only use dispatched workers in temporary, auxiliary or alternative jobs. The number of dispatched workers used shall not exceed 10% of the total employment. If the employing unit exceeds 10% of the total amount of employment before the implementation of these Regulations, it shall formulate a plan for adjustment of employment and reduce it to the required ratio within two years. However, in 2014, when the regulations were issued, the number of triangular tire use labor dispatch employees still reached 4308, close to the number of formal employees. If the "provisional ratio of labor within 2 years" is followed by the "Provisional Regulations on Labor Dispatch," it will undoubtedly cause great problems for triangular tires. In 2014, more than 4,000 labor dispatch employees will have more than 3,000 in the next two years. People will be converted into formal employees, which will greatly increase the labor costs of enterprises. At the same time, due to the large number of basic employees, whether the qualification of high-tech enterprises can continue to be retained is still a big problem. After all, the qualification of high-tech enterprises The number of required R&D personnel and the number of college-educated employees are the red lines. If an enterprise loses the qualification of a high-tech enterprise, it means that the company will lose a huge amount of tax incentives, and the growth rate of corporate profits will decline sharply. The anti-wear tile is mainly used on the windward side of the heating surface pipes such as the superheater, reheater, economizer, and water-cooled wall pipes of the boiler, as well as the induced draft fan (the amount is very small). Wind surface, reduce pipe wear and increase the service life of heating surface pipes. In the general industry, it is mostly called "anti-wear tile" and "anti-wear cover plate". Anti-abrasion tiles are special accessories for boilers. Generally, they are mostly used in power station boilers, and are used less in small boilers. 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