Since 2011, the main business of Furi Electronics (600203) has been at a loss, and its profit mainly depends on investment income and processing of its assets.
What is highly disputed by the market is that non-recurring gains and losses have become an important magic weapon for Furi Electronics' performance. Since the mid-2012 report, Furi Electronics’ net profit attributable to shareholders of the parent company has been profitable, but deducted from non-recurring gains and losses. After the net profit is all a loss.
It is noteworthy that on the one hand, Furi Electronics has been selling its assets to sell its performance; on the one hand, it has been madly acquiring diversified assets on the one hand, and has successively acquired two IPO companies in two years, among which the prospects for high-value acquisition and integration benefits are unknown. Questioned.
Industry "confusing"
Since the mid-2011 report, the investment income of Furi Electronics has suddenly increased sharply, and the company has maintained its performance by relying on investment income.
According to the 2011 Interim Report, Furi Electronics' investment income was 152 million yuan, accounting for 130% of net profit. From 2011 to 2012, the company's investment income was 189 million yuan and 100 million yuan respectively, accounting for 255% of the current net profit. %, 263%.
The most recent sale of investment assets was announced on January 3 this year by Furi Electronics. As of December 31, 2013, the company sold a total of 10 million shares of Huaying Technology, which accounted for the company's total. 1.43% of the share capital. After this reduction, the company still holds 161,609 shares of Huaying Technology, accounting for 2.31% of the company's total share capital. According to preliminary calculations, the company reduced its holding of 10 million shares of Huaying Technology, and the company can obtain an investment income of RMB 20,557,200 after deducting costs and related transaction taxes.
In sharp contrast, from the main business, 87% of the company's revenue comes from trade with a gross margin of only 1.9%.
In order to reverse this situation, in recent years, Furi Electronics has continuously implemented an outreach acquisition policy. According to public information, since 2012, Furi Electronics has changed from a single industry to a diversified merger and acquisition, focusing on three major industries: LED optoelectronics and green energy environmental protection industry, smart home appliances and communication products and domestic and foreign trade.
In 2012, Furi Electronics acquired a 51% stake in Blueprint Energy and officially entered the field of industrial energy conservation.
At the end of September 2012, Furi Electronics acquired a 51% stake in Meiyu New Technology (Shenzhen) Co., Ltd. and changed its name to Furi Beauty, thereby further increasing the mobile communication industry. In 2013, the company developed the Furi smartphone based on the Samsung Exynos platform. In July 2014, 800 million yuan acquired the mobile communication manufacturer Zhongnuo Communication.
In 2013, it acquired a 51% stake in the friendly company and entered the field of green building.
In 2013, Furi Electronics Dyeed LED Optoelectronics Industry, completed the acquisition of 92.80% equity of Shenzhen Mairui Optoelectronics and 20% equity of Cross-Strait Lighting, enhanced the scale of LED industry and improved the LED industry chain of the company.
However, Furi’s “no-business†acquisition was highly controversial – such a “hodgepodge†merger did not give Furi’s rich returns, but instead brought a tight capital chain, high debt ratio and dependence. Handling the state of its assets to maintain profitability.
As a result, non-recurring gains and losses have become an important magic weapon for Furi Electronics' performance. Since the 2012 interim report, the net profit of Furi Electronics' shareholders belonging to the parent company has been profitable, but the net profit after deducting non-recurring gains and losses is all losses.
High premium acquisition of "professional households"
What is even more doubtful about the market is the high premium acquisition of Furi Electronics.
On July 31, Furi Electronics announced the restructuring plan. The company intends to purchase 100% equity of Zhongnuo Communication at a price of 800 million yuan. At the same time, the company intends to use the inquiry method to make non-public issuance of no more than 10 qualified applicants. The total amount of matching funds raised by the stock is estimated to be no more than 220 million yuan.
In this transaction, Zhongnuo Communication's 100% equity evaluation value was 814 million yuan, the value-added rate reached 137.97%, and the transaction price was finally confirmed to be 800 million yuan.
In addition, the high valuation acquisition of InfoComan is also worthy of attention.
Zhongnuo Communications acquired Xuntong Antian for $105 million in March 2014. According to the assessment report, the book value of Xundong's net assets on the evaluation base date (ie December 31, 2013) was 250.251 million yuan, the estimated value was 10,501,200 yuan, and the appraisal value was 79,992,100 yuan. The value-added rate was 319.65%. .
In the acquisition of Furi Electronics in July this year, its valuation rose again.
What is puzzling is that the acquisition evaluation report of Furi Electronics also "just happens" until March of this year. According to the announcement, as of March 31, 2014, the evaluation value of Xuntong Antian increased by 54% to 162 million yuan.
Coincidentally, in the LED optoelectronic industry. In 2013, the company completed an investment of 195 million yuan to acquire 92.80% equity of Mairui Optoelectronics.
In fact, the main downturn of Furi Electronics, the acquisition of IPO folding company Mai Rui Optoelectronics wants to introduce external assets to get out of trouble, but the market is also skeptical - the purchase price is too high.
The acquisition of Mairui Optoelectronics has nearly 200 million yuan, and its corresponding net assets are only 500.439 million yuan, a premium of 4 times.
What is highly disputed by the market is that non-recurring gains and losses have become an important magic weapon for Furi Electronics' performance. Since the mid-2012 report, Furi Electronics’ net profit attributable to shareholders of the parent company has been profitable, but deducted from non-recurring gains and losses. After the net profit is all a loss.
It is noteworthy that on the one hand, Furi Electronics has been selling its assets to sell its performance; on the one hand, it has been madly acquiring diversified assets on the one hand, and has successively acquired two IPO companies in two years, among which the prospects for high-value acquisition and integration benefits are unknown. Questioned.
Industry "confusing"
Since the mid-2011 report, the investment income of Furi Electronics has suddenly increased sharply, and the company has maintained its performance by relying on investment income.
According to the 2011 Interim Report, Furi Electronics' investment income was 152 million yuan, accounting for 130% of net profit. From 2011 to 2012, the company's investment income was 189 million yuan and 100 million yuan respectively, accounting for 255% of the current net profit. %, 263%.
The most recent sale of investment assets was announced on January 3 this year by Furi Electronics. As of December 31, 2013, the company sold a total of 10 million shares of Huaying Technology, which accounted for the company's total. 1.43% of the share capital. After this reduction, the company still holds 161,609 shares of Huaying Technology, accounting for 2.31% of the company's total share capital. According to preliminary calculations, the company reduced its holding of 10 million shares of Huaying Technology, and the company can obtain an investment income of RMB 20,557,200 after deducting costs and related transaction taxes.
In sharp contrast, from the main business, 87% of the company's revenue comes from trade with a gross margin of only 1.9%.
In order to reverse this situation, in recent years, Furi Electronics has continuously implemented an outreach acquisition policy. According to public information, since 2012, Furi Electronics has changed from a single industry to a diversified merger and acquisition, focusing on three major industries: LED optoelectronics and green energy environmental protection industry, smart home appliances and communication products and domestic and foreign trade.
In 2012, Furi Electronics acquired a 51% stake in Blueprint Energy and officially entered the field of industrial energy conservation.
At the end of September 2012, Furi Electronics acquired a 51% stake in Meiyu New Technology (Shenzhen) Co., Ltd. and changed its name to Furi Beauty, thereby further increasing the mobile communication industry. In 2013, the company developed the Furi smartphone based on the Samsung Exynos platform. In July 2014, 800 million yuan acquired the mobile communication manufacturer Zhongnuo Communication.
In 2013, it acquired a 51% stake in the friendly company and entered the field of green building.
In 2013, Furi Electronics Dyeed LED Optoelectronics Industry, completed the acquisition of 92.80% equity of Shenzhen Mairui Optoelectronics and 20% equity of Cross-Strait Lighting, enhanced the scale of LED industry and improved the LED industry chain of the company.
However, Furi’s “no-business†acquisition was highly controversial – such a “hodgepodge†merger did not give Furi’s rich returns, but instead brought a tight capital chain, high debt ratio and dependence. Handling the state of its assets to maintain profitability.
As a result, non-recurring gains and losses have become an important magic weapon for Furi Electronics' performance. Since the 2012 interim report, the net profit of Furi Electronics' shareholders belonging to the parent company has been profitable, but the net profit after deducting non-recurring gains and losses is all losses.
High premium acquisition of "professional households"
What is even more doubtful about the market is the high premium acquisition of Furi Electronics.
On July 31, Furi Electronics announced the restructuring plan. The company intends to purchase 100% equity of Zhongnuo Communication at a price of 800 million yuan. At the same time, the company intends to use the inquiry method to make non-public issuance of no more than 10 qualified applicants. The total amount of matching funds raised by the stock is estimated to be no more than 220 million yuan.
In this transaction, Zhongnuo Communication's 100% equity evaluation value was 814 million yuan, the value-added rate reached 137.97%, and the transaction price was finally confirmed to be 800 million yuan.
In addition, the high valuation acquisition of InfoComan is also worthy of attention.
Zhongnuo Communications acquired Xuntong Antian for $105 million in March 2014. According to the assessment report, the book value of Xundong's net assets on the evaluation base date (ie December 31, 2013) was 250.251 million yuan, the estimated value was 10,501,200 yuan, and the appraisal value was 79,992,100 yuan. The value-added rate was 319.65%. .
In the acquisition of Furi Electronics in July this year, its valuation rose again.
What is puzzling is that the acquisition evaluation report of Furi Electronics also "just happens" until March of this year. According to the announcement, as of March 31, 2014, the evaluation value of Xuntong Antian increased by 54% to 162 million yuan.
Coincidentally, in the LED optoelectronic industry. In 2013, the company completed an investment of 195 million yuan to acquire 92.80% equity of Mairui Optoelectronics.
In fact, the main downturn of Furi Electronics, the acquisition of IPO folding company Mai Rui Optoelectronics wants to introduce external assets to get out of trouble, but the market is also skeptical - the purchase price is too high.
The acquisition of Mairui Optoelectronics has nearly 200 million yuan, and its corresponding net assets are only 500.439 million yuan, a premium of 4 times.
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