Expensive Bird Related Transaction Pricing Is Questioned

stay shoes Under the overall downturn of the service industry, after several twists and turns and efforts, the noble bird finally landed in the domestic A share market in January 24, 2014 and undertook the sponsor as UBS Securities.

Prospectus shows that in 2013 1-9, the company achieved operating income of 1 billion 691 million yuan, operating profit 306 million yuan, net profit 249 million yuan, after deducting non recurring gains and losses attributable to shareholders of the parent company's net profit of 228 million yuan. Net profit in 2013 is expected to decrease by about 15%-20% compared with 2012.

However, the performance of the birds is pretty. From 2010 to 2012, both operating income and gross margin continued to grow. But in the same period, its competitors were defeated. As a matter of fact, there are many questions about the rise of the birds and birds. Some researchers say that the performance of the birds is out of line with the industry.

Besides, the transaction price between the expensive bird and the related party is high, and the price is unfair. If the pricing is fair, the erratic purchasing standards will make the outside world doubt about the quality of its products.

Related party pricing is high.

In 2010, the price of related transactions between the expensive bird and the Tai Chang shoe material was much higher than that of the non related suppliers, while the related prices dropped sharply in 2011. The pricing of related party transactions is erratic. According to the insiders, the price of related birds is not fair, or the quality of products is suspected of being shoddy.

The shoe material of Tai Chang is the related party of the noble bird. The real controller Lin Tianfu's wife and brother Lin Haibin holds 40% and Lin Jianjia shares 60%. The main business is sole manufacturing. In 2010, it was the second largest supplier of shoe materials. The purchase amount of expensive bird to Tai Chang shoe material reached 47 million 750 thousand yuan, accounting for 10.64% of the total purchase amount of shoe material in the current period.

In 2010, you bought three kinds of soles, PU, MD and RB, to the related side Tai Chang shoe material. But the average purchasing price of the three kinds of shoes is higher than the average price of non related purchase.

The associated purchase price of PU shoe sole is 17.10 yuan, the non related price is 12.84 yuan, the price is higher than 33.18%, the MD shoe sole related unit price is 17.24 yuan, the non related price is 16.10 yuan, the difference rate is 7.08%; the RB shoe sole correlation purchase price is 9.62 yuan, the non related unit price 9.34 yuan, the difference rate 3%.

The prices of related party transactions are higher than non related prices, and the alleged pricing is unfair. The explanation given by the Krishna bird is that the average price of PU soles is high because its weight is about 28.16 grams heavier than the other related parties, and the MD soles are priced high because the weight is 27.07 grams heavier than that of the non related party suppliers. But there is no explanation for the pricing of RB soles.

This seems to mean that the heavier the sole is, the better the quality is, so the higher the price. But the standard of controlling the weight of the sole is not uniform. In 2011, the average purchasing price of the relationship between the expensive bird and the shoe material of Tai Chang was lower than the average price of the non related purchase. The reason is that the sole weight of the purchased shoe is lower than the total shoe sole supplied by the non related party.

In 2011, the PU sole of the shoe material of Tai Chang was 68 grams lighter than the related party, and the average price was 14.96% cheaper. In 2010, the PU sole was only 28 grams more than the related party, and the price was 33.18% higher than that of the related party. The sole weight of RB is 42.90 grams lighter than that of the related party, and the average unit price is lower than that of the related party by 11.22%. Previously, the price of MD soles was only 5.88% higher than that of 7.08% in 2010.

The logic of GUI bird seems to be that the sole is heavy and the price is more expensive, which means better quality. The prospectus disclosed that the average factory price of footwear products in 2011 was much higher than that of 2010. but Purchase The weight of the sole is lighter. If the weight of the sole determines the quality of the product to a certain extent, it is expensive.

How does the quality of the shoe shoes of Tai Chang shoes vary?

It has been reported that in the quality inspection of the industrial and commercial bureau of a province in 2012, a number of enterprises, including the "noble bird" and many other brands, were not qualified. Unqualified footwear products are mainly peeling strength, durability, appearance is not up to standard and so on.

Gross profit margins go against the trend.

When the whole industry is tired and falling into the "cold winter", the performance of noble birds cannot be outdone. Gross profit and operating income go against the declining trend of the industry; when competitors are fully shrinking, the number of retail terminals is greatly expanded.

Anta, XTEP, PEAK and other brands, such as the production mode, the sales mode and the average price, are close to the birds, and are their main competitors.

From 2010 to 2012, the gross profit margins of rival birds showed a certain decline. Lining's gross profit margin declined from 47.28% in 2010 to 37.84% in 2012. But the gross profit margin increased from 31.95% to 40.70%.

In 2010, the gross margin of issuers was 31.95%, with the lowest gross profit margin among all competitors. In the same year, Anta's gross profit margin was 42.80%, 360% 41.47%, XTEP 40.65%, Lining 47.28%, PEAK's gross profit margin also reached 38.04%. {page_break}

In 2011, when the gross profit margin of its competitors declined or basically unchanged, the profit margin of the precious birds rose sharply. The gross profit margin increased from 31.95% in 2010 to 38.66%, while the gross profit margin of Anta, 31st and Lining of its competitors declined, and the gross margin of XTEP and PEAK was basically flat with that of 2010.

In 2012, the gross profit margin of the precious birds rose from the lowest in 2010 to the highest in the competition, reaching 40.70%. During this period, the gross profit margin of the whole industry dropped from 41.63% to 38.70%.

In 2012, Anta's gross profit margin declined from 42.80% to 37.95%; the gross profit margin of 331% dropped from 41.47% to 39.84%; the gross margin of PEAK fell from 38.04% to 36.45%; the gross margin of Lining dropped by about 10 percentage points, from 47.28% to 37.84%.

The trend is not just about gross margins, but also a sustained rise in operating income under negative growth in the whole industry.

Disclosed in the prospectus, the business income in 2012 was 2 billion 860 million yuan, and the operating income in 2011 was 2 billion 649 million yuan, and the operating income in 2010 was 1 billion 530 million yuan. This shows that from 2010 to 2012, the business income of the noble bird continued to rise.

But its competitors' revenues declined. In 2012, PEAK achieved operating income of 2 billion 903 million yuan, down 1 billion 744 million yuan compared with 2011, and Anta realized sales income of 7 billion 623 million yuan in 2012, a decrease of 1 billion 281 million yuan compared with 2011, and sales income of 4 billion 951 million yuan in 2012, and a decrease of 618 million yuan compared with 2011; XTEP realized sales income of 5 billion 550 million yuan, a decrease of 10 million yuan. The leading Li Ning Co of domestic sports brand decreased by nearly 1 billion 200 million yuan in 2012 compared with 2011.

At the same time, the "noble bird" is a large expansion of the number of retail terminals. In 2011, the number of stores was 5067, an increase of 1040 compared with 2010. In 2012, the number of stores increased to 5400. In the first half of 2013, the number of stores has reached 5508. The total retail terminal area increased from 282 thousand square meters to 415 thousand square meters.

" Guirenniao The high growth of the reverse industry is out of line with the status quo of the industry. A securities industry researcher said so.