**: Smart Wave.
Sina Finance Listed Company Research Institute|Earnings Eagle Eye Warning.
Tongling Nonferrous Metals Group Tongguan Mine Construction Co., Ltd. *** hereinafter referred to as "Tongguan Mine Construction") disclosed the prospectus. Tongguan Mine Construction plans to be listed on the Beijing ** Stock Exchange.
1. Main business and main financial indicators
The company's main business is: integrated mine development services.
From the perspective of revenue structure, the revenue of mining engineering construction business accounted for 7124%, which is the company's largest business, as follows:
According to the prospectus, the main financial indicators of Tongguan Mine Construction are as follows:
According to the algorithm of the Eagle Eye early warning system of Sina Finance's listed companyTongguan Mine Construction has triggered 20 financial risk early warning indicators
Second, the performance status
During the reporting period, the company's operating income was 92.4 billion yuan, 102.4 billion yuan, 116.4 billion yuan, a year-on-year change. 70%；The net profit was 4126940,000 yuan, 4792440,000 yuan, 7192310,000 yuan, a year-on-year change. 08%；Net cash flow from operating activities was 8293160,000 yuan, 12 billion yuan, -2840,000 yuan, a year-on-year change of 4493%、-100.02%；Gross margins were: 48%；Net profit margins were. 18%。
On the business side, we mainly judge the company's growth, revenue quality, earnings quality, core competitiveness and other dimensions based on financial analysis, and the core risk points need to be paid attention to as follows:
In terms of growth, need attention:
The compound growth rate of revenue is less than 30%. In the past three complete fiscal years, the company's operating income was 9200 million yuan, 10200 million yuan, 11600 million yuan, with a compound growth rate of 1228%。
In terms of the quality of income, need attention:
The growth rate of net profit rose sharply. In the latest full fiscal year, the company's net profit growth rate was 5008%, the growth rate of the previous period was 1613%, a significant increase.
Revenue growth diverges from selling expenses. In the latest full fiscal year, the company's operating income changed by 13 year-on-year7%, and the year-on-year change in selling expenses was -1629%。
The growth rate of accounts receivable is higher than the growth rate of operating income. In the latest full fiscal year, the company's accounts receivable increased by 3094%, and operating income increased by 13 percent year-on-year7%。
The cash-to-cash ratio continues to be below 1. In the past three full fiscal years, the ratio of cash received by the company from the sale of goods and the provision of labor services to the operating income is as follows: 74。
Divergence between revenue and cash flow changes. In the latest full fiscal year, the company's operating income increased by 13% year-on-year7%, net cash flow from operating activities decreased by 10002%。
In terms of the quality of earnings, need attention:
Gross profit margin is lower than the industry average. In the most recent full fiscal year, the company's gross profit margin was 1348%, which is lower than the industry average of 1358%
Gross margin is significant**. In the past three complete fiscal years, the company's gross profit margin was as follows: 48%, and the year-on-year change in the last two periods was 2324%、-9.68%。
Gross margin fluctuated. In the past three complete fiscal years, the company's gross profit margin was as follows: 48%, and the year-on-year change in the last two periods was 2324%、-9.68%。
R&D expenses accounted for less than 5% of income. In the most recent full fiscal year, the ratio of the company's R&D expenses to operating income was 213%。
R&D expenses continued to decline. In the past three full fiscal years, the company's R&D expenses were 0300 million yuan, 0300 million yuan, 0200 million yuan, R&D expenses and operating income respectively. 13%。
The net present ratio is less than 1. In the most recent full fiscal year, the ratio of net cash flow from operating activities to net profit was -0 and less than 1.
3. Asset quality and anti-risk ability
During the reporting period, the current assets were 79.2 billion yuan, 79 billion yuan, 87.1 billion yuan, accounting for the proportion of total assets. 19%；Non-current assets were 18.8 billion yuan, 26.4 billion yuan, 25.8 billion yuan, accounting for the proportion of total assets. 81%；The total assets were 98 billion yuan, 105.4 billion yuan, 11$2.9 billion.
During the reporting period, the company's asset-liability ratio was as follows: 56%；The current ratios are: 57。Among them, the ratio of accounts receivable to total assets in the most recent full fiscal year was 3378%, the ratio of inventories to total assets is 771%, and the ratio of fixed assets to total assets was 1572%, and the ratio of interest-bearing liabilities to total liabilities is 044%。
On the asset and capital side, we mainly judge the company's asset quality, capital security, and the company's anti-risk ability based on financial analysis, and the core risk points that need to be paid attention to are as follows:
In terms of asset quality, need attention:
The accounts receivable turnover ratio is lower than the industry average. In the latest full fiscal year, the company's accounts receivable turnover rate was 346 is lower than the industry average of 22075。
The total asset turnover ratio is lower than the industry average. In the most recent full fiscal year, the company's total asset turnover ratio was 107 is lower than the industry average of 128。
Assets receivable are greater than liabilities payable. In the latest full fiscal year, the company's operating liabilities such as notes payable, accounts payable, and accounts receivable in advance accumulated to 3700 million yuan, notes receivable, accounts receivable, prepaid accounts and other operating assets accumulated to 4800 million yuan, the company's industrial chain voice or need to be strengthened.
Prepaid accounts are highly volatile. In the most recent full fiscal year, the company's prepaid accounts were 83730,000 yuan, with a change rate of 151 from the beginning of the period05%。
The growth rate of prepaid accounts is higher than the growth rate of operating costs. In the most recent full fiscal year, the company's prepaid accounts increased by 15105%, and the cost of operating increased by 15% year-on-year63%。
Bills receivable account for a relatively large proportion. In the most recent full fiscal year, the company's notes receivable current assets ratio was 1052%。
In terms of anti-risk ability, need attention:
The level of assets and liabilities is higher than that of peers. In the most recent full fiscal year, the company's asset-liability ratio was 5256%, higher than the industry average of 4582%。
In terms of business sustainability, need attention:
Rely more on large customers. In the latest full fiscal year, the total sales ratio of the company's top five customers was 7691%, excluding industry factors, and be alert to the potential business sustainability risks of large customers' dependence.
Fourth, the situation of raising funds
The number of Tongguan Mine Construction's public offering does not exceed 5066670,000 shares, and the funds to be raised are 26 billion yuan, of which 4000000,000 yuan for the construction project of new technology R&D center for mining engineering, 10,000000,000 yuan for supplementing the operating capital project of mine engineering construction and mining operation management business, 12000000,000 yuan for the construction of mountain engineering and the purchase of mining equipment.
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