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admiralty brass tubes tenders

author:MF manufacturerstime:2022-03-11 22:33:01

《Gold evidence》Northern Capital Center Yinxi/author Midnight Mu Ling Yingmi/Wind control

since2020year12Moon,Global car chip supply is imbalance。Ring ring,Automobile chip shortage worldwide,Will affect the growth of the auto industry in the short term。on the other hand,since2018New year's sales have declined,industry“Decline”Not reduced。Guangzhou Jinzhong Auto Parts Co., Ltd.(Hereinafter referred to as“Jinzhong Shares”)Also fondprint,Changes in demand in the downstream automotive industry are the most direct industry factors affecting their income,Be in place“swirl”Jinzhong shares,Future growth space or limited。

Review its performance,Jinzhong Shares Business Income2020The growth rate of the year is slow,Net profit has been lost in two consecutive years,Dedicated weighted average net asset yields also present down trends。also,Jin Zhong Shao, a raw material supplier that supports 10 million yuan purchase amount,There are very few people in the social security payment.,Transaction authenticity。have to be aware of is,Jinzhong Shares also exists customer concentration long than the industry average、The problem of contradiction before and after the average price of the two editions。And it is awkward,Jin Zhong Shao, the sponsors of this listing, have been issued two times two times。

one、Net profit“Reversing”,Net asset yields are low year by year

2020year,Jinzhong shares business income growth slowdown,Net profit。

(admiralty brass tubes tenders)Oriental wealthChoicedata,2017-2020year,The business income of Jinzhong shares is3.25Billion、3.4Billion、3.76Billion、3.96Billion,2018-2020Year-on-year growth4.77%、10.45%、5.55%。

In the same period,The net profit of Jinzhong Shares is4,760.81Ten thousand yuan、6,304.7Ten thousand yuan、5,613.51Ten thousand yuan、4,869.96Ten thousand yuan,2018-2020Year-on-year growth32.43%、-10.96%、-13.25%。

at the same time,2018Year2020year,Jin Zhong shares is not enough than the net1。

Oriental wealthChoicedata,2017-2020year,Jin Zhong Shao-share business activities cash flow into small testers3.42Billion、3.36Billion、3.8Billion、3.6Billion。

(admiralty brass tubes tenders)according to《Gold evidence》Northern Capital Center,2017-2020year,The earnings of Jinzhong Shares is1.05、0.99、1.01、0.91。

Oriental wealthChoicedata,2017-2020year,The net cash flow generated by Jinzhong Shares is based on9,252.2Ten thousand yuan、5,605.81Ten thousand yuan、5,895.88Ten thousand yuan、4,172.55Ten thousand yuan。

according to《Gold evidence》Northern Capital Center,2017-2020year,The net ratio of Jinzhong Shares is1.94、0.89、1.05、0.86。

Apart from this,2018-2020year,The weighted average net asset yield after the recurrent profit and loss is declining trend。

According to Jinzhong Shares, the date is2021year6moon9Japanese statement(Hereinafter referred to as“Statement”),2018-2020year,The weighted average net asset yields after the recurrent profit and loss are respectively19.79%、15.16%、11.76%。

As can be seen,2019-2020year,Jinzhong Shares Net Profit Lost Growth,and2018and2020Year-old、It is not enough to net1。also,During the reporting period,The weighted average net asset yield of Jinzhong Shares is also declined by year after weighted average net asset yields after recurring profit or loss.。

two、“one person”Suppliers support 10 million yuan purchase quota,Suppliers frequently receive environmental protection ticket suppliers selection mechanisms or tortured

(admiralty brass tubes tenders)2020year,The third largest raw material supplier social security payment of the original raw materials supplier social security payment of the total number of purchases.,Transaction authenticity。

According to the prospectus,2020year,Shanghai Huizhou Metal Material Co., Ltd.(Hereinafter referred to as“Shanghai emblem”)、Dongguan Shencai New Material Co., Ltd.(Hereinafter referred to as“Dongguan god”)、Shanghai Fucai Metal Material Co., Ltd.(Hereinafter referred to as“Shanghai Fucai”)Combined into a third largest raw material supplier of Jinzhong shares,Getting total supply1,184.64Ten thousand yuan。

According to the prospectus,Shanghai Fucai、The main supplier of Shanghai Huizhou and Dongguan Shenmai is a metal material for gold shares,And three companies are controlled by the same actual controller。

(admiralty brass tubes tenders)However,Dongguan god、Shanghai Fucai or“Zero”enterprise,Shanghai Huizhou Shenzhen Social Insurance payment1people。

Market Supervision Administration,Shanghai Huizhou is established2017year5moon27day,Shareholders are 眭 眭 志、Liu Jie。2018year,Shanghai Huizhou has a social security payment number0people,2019-2020year,Its social security payment is1people。

Market Supervision Administration,Dongguan god is established2012year6moon8day,Shareholders are Liu Jie、眭 眭 志。2018-2020year,The number of social security payments in Dongguan gods is0people。

(admiralty brass tubes tenders)Market Supervision Administration,Shanghai Fucai is established2020year1moon13day,Shareholders are Liu Jie、眭 眭 志。2020year,Shanghai Fucai's social security payment0people。

Public information,Shanghai emblem、Shanghai Fucai、The actual control of Dongguan gods is Yong Zhi,Shareholders are Liu Jie。

Public information,As of the query day2021year7moon12day,Yong Yisheng associated company is Shanghai emblem、Shanghai Fucai、Dongguan god。

(admiralty brass tubes tenders)Public information,As of the query day2021year7moon12day,Shareholders Liu Jie associated with Shanghai Huizhou、Shanghai Fucai、Dongguan god。

Means of,Shanghai emblem、Shanghai Fucai、Dongguan god or does not have social security payment。

It is worth mentioning that,Market Supervision Administration,2018year3moon30day,North Beach Market Supervision Management Office,The results of the spot check are through registration(Business place)can not be reached。

Problem is more than this。Jinzhong Shares2020The third largest foreign manufacturer or“Problem”。

According to the prospectus,2020year,Alborne Edwei Control Auto Parts Co., Ltd.(Hereinafter referred to as“Alborne Edward”)For Jinzhong Shares, the third largest proprietor supplier,Mute electroplating service for Jinzhong shares,Jinzhong Shares on its procurement amount213.96Ten thousand yuan,Accounting of JPHo Shares19.02%。

Market Supervision Administration,Guangdong Edwei Control Auto Parts Co., Ltd.(Hereinafter referred to as“Edwei, Guangdong”)For Alpère, I used named。

According to Qingyuan City Qingxin District People's Government2018year12moon17Daily release《Fixin District Safety Supervision Bureau2018year11Month administrative punishment announcement》,2018year11moon5day,Guangdong Edwei controlled violations《Occupational disease prevention》and《Hazardous Chemical Safety Management Regulations》Implementation。

According to the fresh environmental penalty(2018)5Document,2018year2moon5day,Guangdong Edwei controlled the results of monitoring of hydrogen chloride in pollution factor:260.1mg/m³,Exceed《Electroplating pollutant emission standard》(GB 21900-2008)surface5Emissions concentration limit7.67Multiplication,Improvement of Environmental Protection Bureau, Qingyuan City, Qingyuan City15Ten thousand yuan。

also,2019-2020year,Alborne Edward control2The second is listed as being executed。

(admiralty brass tubes tenders)according to(2019)Guangdong1803Execute4263Document,2019year11moon5day,Guangdong Edwei was controlled by the Qingyuan Qingxin District Court as being executed,Executive target2,375Yuan。

(admiralty brass tubes tenders)according to(2021)Guangdong1803Execute173Document,2021year1moon10day,Almady Defiria was listed as being executed by the Qingyuan Qingxin District Court,Execution target7.46Ten thousand yuan。

Unique,Another cooperation for the other cooperation of Jinzhong Shares has been punished。

According to the prospectus,2018-2020year,Guangzhou Magnimer Metal Products Co., Ltd.(Hereinafter referred to as“Guangzhou magnesium”)The third、third、Fourth largest foreign supplier,The main external processing step is a metal surface anti-corrosion treatment。In the same period,Jinzhong Shares respectively purchased the amount150.15Ten thousand yuan、141.54Ten thousand yuan、102.57Ten thousand yuan,The proportion of the proportion of the foreign shares of the Golden Clock Shares is16.13%、13.19%、9.12%。

According to Guangzhou Nansha District Government2018year4moon23Monthly release《Guangzhou Nansha District Environmental Protection Bureau2018year3Month administrative punishment》,2018year3moon16day,Guangzhou Magnesium is overwhelming,Be ordered to rectify and fine32Ten thousand yuan。

2019-2020year,Jinzhong Shares2020The third largest raw material supplier social security payment is1people,But the amount of more than 10 million yuan is supported for the JICHU.,Both parties transaction authenticity or torture。also,Jinzhong shares supplier Almadyewei control、Guangzhou magnesium has been punished for environmental protection issues,Jinzhong shares supplier selection mechanism or deposit“Vulnerability”。

three、Customer concentration“Distortion”Peers,The downstream automotive industry is expected to grow in space or compressed

Watch to customers,since2019Annual,Jinzhong shares customer concentration“Distortion”Peers。

According to the prospectus,The peers of Jinzhong Shares can be Jiangsu Changshu Curfer Group Co., Ltd., respectively.(Hereinafter referred to as“Changshu steam”)、Jiangsu Xinquan Auto Accessories Co., Ltd.(Hereinafter referred to as“Xinquan Shares”)、Hainan Yuda Auto Parts Co., Ltd.(Hereinafter referred to as“达”)、Shanghai Daimei Auto Accessories Co., Ltd.(Hereinafter referred to as“Shame shares”)。

According to the prospectus,2018-2020year,The proportion of the sales revenue of the top five major customers accounts for the proportion of operating income, respectively.88.97%、88.43%、86.08%。

(admiralty brass tubes tenders)According to the prospectus,2018-2020year,The sales revenue of the top five customers in Changshu foorage is56.05%、52.32%、58.93%;The proportion of sales revenue in the top five customers in Xinquan shares is89.15%、73.41%、68.93%;The top five major customers of the Shanda Shares are proportional to59.72%、52.74%、52.6%;The proportion of sales revenue in the top five customers of Yimei shares is50.3%、49.36%、49.4%。

(admiralty brass tubes tenders)Here,Jinzhong shares,Customer concentration is slightly higher than the company's listed company department related to its sales mode。

In recent years,Global car sales and China's car sales have continued,The downstream car industry of Jinzhong Shares or“Cold”。

(admiralty brass tubes tenders)According to the prospectus,Jinzhong Shares99%The above operating income is the sales of car wheel decorative parts、Car logo decoration、Car body decorative parts and income formed for customer development molds。

According to the prospectus,Changes in the demand in the downstream automotive industry are the most direct industry factors affecting the income of Jinzhong shares.。

Oriental wealthChoicedata,2015-2016year,Global car sales are8,967.8Ten thousand vehicles、9,385.64Ten thousand vehicles。

According to the prospectusOICAdata,2017-2019year,Global car sales are9,566.06Ten thousand vehicles、9,505.59Ten thousand vehicles、9,129.67Ten thousand vehicles。

According to the China Automobile Industry Association,2015-2020year,China car sales2,459.76Ten thousand vehicles、2,802.82Ten thousand vehicles、2,887.89Ten thousand vehicles、2,808.06Ten thousand vehicles、2,576.9Ten thousand vehicles、2,531.1Ten thousand vehicles。

(admiralty brass tubes tenders)according to《Jinzheng Research》Northern Capital Center Calculation,2016-2019year,The year-on-year growth rate of global car sales was4.66%、1.92%、-0.63%、-3.95%。2016-2020year,The year-on-year growth rate of car sales in China was13.95%、3.04%、-2.76%、-8.23%、-1.78%。

not difficult to see,2018years since,Global car sales are declining year by year,China's car sales also show negative growth。The change in the demand of the downstream automobile industry is the most direct industry factor affecting the income of Admiralty Shares,It means that there is room for growth in the downstream market of Admiralty shares or is“shrink”,Admiralty shares have room for future growth or“restricted”。

Four、Average product price data of the two versions of the prospectus“fight”,The sponsor has been issued a warning letter twice

The authenticity of the information disclosed in the prospectus,Accuracy is very important。However,Admiralty shares2018year and2019Average price of jewelry inside and outside the year,In two versions of the prospectus“sorry”。

According to the signing date of Admiralty Shares2020year7moon1Prospectus of the day(hereinafter referred to as“2020Annual prospectus”),2018-2019year,The total average price of the interior and exterior products of Admiralty Co., Ltd. is6.56Yuan/piece、7.07Yuan/piece。

(admiralty brass tubes tenders)According to the prospectus,2018-2019year,The total average price of the interior and exterior products of Admiralty Co., Ltd. is6.41Yuan/piece、6.85Yuan/piece。

(admiralty brass tubes tenders)That is, the prospectus discloses Admiralty shares2018Average price of interior and exterior products,Compare2020The average price of interior and exterior decorations in the annual prospectus is low0.15Yuan/piece;Prospectus discloses Admiralty shares2019Average price of interior and exterior products,Compare2020The average price of interior and exterior decorations in the annual prospectus is low0.22Yuan/piece。

(admiralty brass tubes tenders)Besides,2019-2020year,The sponsor of Admiralty's listing this time has twice been issued a warning letter by the China Securities Regulatory Commission。

According to the prospectus,The sponsor of Admiralty is Nanjing Securities Co., Ltd.(hereinafter referred to as“Nanjing Securities”)。

According to the SFC 2020year7moon3published on《Decision on issuing a warning letter to Nanjing Securities Co., Ltd.》,2020year1moon13day,Nanjing Securities as Kunming Purton Environmental Technology Co., Ltd.(hereinafter referred to as“Pulton Environmental”)Host Broker,Due to the due diligence process of Pulton Environmental's fixed assets,Failed to ask Pulton environmental accountants about fixed assets and depreciation,A warning letter issued by the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission。

According to the SFC〔2019〕75file number ,2019year9moon12day,Nanjing Securities is in the process of stock-pledged repurchase,Insufficient investigation of access to integrating parties exists、The problem of poor financing management,A warning letter issued by the Jiangsu Securities Regulatory Bureau of the China Securities Regulatory Commission。

Two versions of the prospectus,2018year and2019The average price of interior and exterior decoration products of Jinzhong Co., Ltd. appears data“fight”,Admiralty shares' quality of information disclosure may suffer“torture”。And the sponsor, Nanjing Securities, has2The Securities Regulatory Commission issued a warning letter for the second time,What is the quality of its practice?

so far,Admiralty shares intending to hit the capital market,Can you pass the barrier successfully??yet to be tested。

This article comes from Jinzheng Research