Chew under the sky
In the same year, there was a great deal of noise about the move of the samurai headquarters from changsha to beijing. Of course, hunan's drums do not want to let this large taxpayer go, so we see that while the three families' three-thirteen jobs (600031) and the three-thirty-one (688349) registered in beijing have moved to beijing, the company's base remains “foknan”。
Figure 3 is the first deep-drilled excavator product
The relocation of an enterprise has shocked the province, and the enterprise is necessarily unusual. Today's story is dominated by a different business, prince liang, the top story of the hegemonic president。
Liang, born in 1984, was the sole son of the founder/man of the san luen, who, as a young man, followed the way of the second generation and went to england after high school, where he was placed to screw in the three heavy workshops。
Of course, the prince's got a script that must have been published by the lord:
A year of qualification was acquired at the workshop in 2006; the position of deputy director general of finance jumped in 2007; the position of vice general of three heavy workers was mentioned in 2008. This year, liang was only 24 years old。
With the gradual expansion of the three-by-one work map, the curriculum vitae of liang continues to be plating, with senior management positions including: chairman of the three-one international (0631. Hk), vice-chairman of financial risk, chairman of san francisco bank, etc
In 2021, the head office of the three-and-a-half-fold labour force was suddenly defunct. All efforts were made to prepare for the marketing of the roots of interconnection (a22222. Sh). If successful, the workers will have a fourth listed company。
One, three, one. What's the game
Three units produce machines of various kinds, of which three-and-a-half workers (6000031) produce blue-scatter excavators, three-thirty energy (688349) produce wind power equipment, and three-one international (0631. Hk) produce coal diggers for coal owners。
Although the dividends from the development of the domestic machinery manufacturing industry have already been fully absorbed, the trinity also wants to continue to capture the pulse of the industrial internet. So this time, the slb is connected, mainly by industrial internet products, including intelligent manufacture of iiot solutions, product intelligent iiot solutions, industrial chain iiot solutions。
Root-connected product application scene (extracted from the quoting unit note)
Don't look at the company's product as if it's not clear, but deep-seated in the book, we find that the real output of the industrial internet is actually a variety of ap products。
1. Root interconnections mainly export a variety of aps to enterprises
As can be seen from the examples given in the root interconnected stock statement, in simple terms the company has made various apps to other industrial enterprises, such as aps to identify machine failure, aps to replace electricians' metering, aps to identify, through ai images, that have no safety caps on their heads and work clothes, and mechanical work environments to reduce downage and fuel consumption。
The roots interconnected industrial interconnected product matrix, which focuses on the development of different kinds of aps by enterprises, overlaps with different aps
2. How much of these apps can save clients? Case
Sprinting ipos through a few apps, naturally at the heart of the company's data computing capacity, directly determines whether the roots of interconnection can really save clients money, and whether the cost of purchasing their aps is less than the cost of their production operations. From the information currently disclosed in the roots interconnected stock book, the company's industrial internet products are not sufficient to destabilize traditional industrial production patterns。
Instead of hand-drawing the meter, reminding workers to wear their hats, and automatically sending out a single maintenance machine, how much can be saved for the enterprise and the roots are not mentioned。
3. Whether or not to adapt to new technological changes in the future is the key to the survival of companies
While the industrial internet is a good one, it will certainly be a trend in the future. However, china is in the early stages of development rather than large-scale applications, whether it is industrial internet or physical networking. From the experience of the technological revolution’s evolution, companies that could not survive the early night of the industry, such as the non-cishande, who was dubbed “china’s light-volts role model” at the beginning of the development of the light-voltaic industry, have experienced a full life cycle of establishment, listing and bankruptcy in 12 years。
And it rejoices and is lost。
When the current system cannot be converted to new technological developments, all the efforts in the front period may simply be a stepping stone for future generations. This is the pattern of technological change and the weight that every enterprise must bear。
Is it possible to “triple jobs”
Why did the roots start the industry and become the first crab-eating company in a private enterprise to eat industrially。
1. High scale of associated transactions
In 2019-2021, the roots earned $111 million, $184 million and $280 million, respectively, from three or one workers, representing 74. 24 per cent, 69. 02 per cent and 56. 82 per cent of their share of operating income。
Businesses linked to three groups of enterprises, 2019-2021
It's obvious that the roots are interconnected to feed the big kids at once。
2. Significant internal borrowing of funds in the prior period
The trinity provides not only business but also seed money for the roots to connect. By the end of 2021, there were 1,218 million yuan, or 107. 79 per cent of the company's total assets. The company as a whole is in fact an externalization of the built-in sector of the triple。
Discounting of interconnected party funds (extracted from unit notes)
But what is confusing is that even if the roots are so short of money, they are very generous in keeping their platforms running for their shareholders (the employee-owned platform) ningbo and wisdom, ning bo man tree, and ning bomath。
In the case of silver and trees, where the shareholders are not paid and the company is required to raise the shareholders, the operation is somewhat suspicious of the transfer of benefits。
3. Has there ever been a related secured loan and will there be any in the future
In 2019-2019, the roots interconnection provided loan guarantees of $569 million in unlimited joint and several responsibilities to the guangzhou mao industry, which is controlled by three heavy labourers, with the financing of three heavy jobs. Of course, in order to ensure that the roots are connected to the market, the guarantee was lifted by a tripartite agreement in november 2020
The roots are interconnected to guarantee a loan from the guangzhou-based company
While widespread, listed companies guarantee loans to the parent community enterprises behind them, they are definitely high-risk locations. The guarantee that the roots above are connected to guangzhou's wah yeo is good, after all, borrowing money from a three-thousand job, and the leverage of the three-thirty system has not increased。
But what if it's a bank loan? Do we see a few examples of parent-owned loan guarantees that bring down the main listed company? That's a good example, isn't it
He's up high, he's down, he's down, he's down. The roots of the interconnection with the three-thirty workers, each of which has been damaged, seem to be difficult to change in the short term。
Iii. What is the most likely concern of ipo adjudication
On 2 june 2022, the interconnection of the roots published the quoting notes as a first step towards the eventual completion of the ipo process through the adjudication process. Here's where we're going to take a wild guess:
1. Fairness of transfer pricing for internal transactions
According to the stock statements of the roots interconnected, companies price both within (triple companies) and externally (third-party independent companies) according to market principles。
However, with no comparable product or standard cost disclosed, the roots of the tree interconnected, the white mouth says that companies price according to market-based principles, with little regard for the analytical capacity of investors。
So, are the roots interconnected at a fair, high or low price for industrially interconnected products? Are there instances of high gross operating income through adjustment of the related transaction price? I am afraid that we will be able to see an answer only after the decision has been challenged in the question letter。
Explanation of company product pricing in the root interconnected stock exchange notes
2. Management rates are much higher than those of their peers, and executives are paid and share
In 2019-2021, equity incentives implemented by the interconnected roots were set at a cost of 88 million yuan, 300 million yuan and 368 million yuan, respectively. Moreover, the costs of managing the costs of the company's incentive to dislodge shares are alarming. The average management rate for other bountiful software, eastern côte d ' ivoire, is only 6. 38 per cent, while the management rate for the interconnected roots is 29. 86 per cent
Without spending much effort on developing third-party clients, three or three companies can feed on both stocks and salaries, and the roots of interconnected executives are not going too well。
3. Different issues of the same replenishment price
It buys watermelon at the same time as store a, buys watermelon at one dollar per pound, buys it at two dollars per pound, buys it at three dollars per pound。
The example of watermelon purchases is the same as in the case of an equity transfer linked to the roots。
In june 2019, the roots were linked to each other and transferred the company's shares at different prices to herds of defence, shenzhen and chuhai. At the same time, funding for the roots is interconnected. Why is shenzhen's purchase price lower than the other two investors? Why did the other two buyers agree to this unequal treaty, and whether there were any other hidden conditions。
Stock transfers in june 2019, with roots interconnected at different prices
4. The ability of companies to sustain government subsidies
In 2019 - 2021, grants from the ministry of industry and communications and hunan province for various types of science and technology projects were provided in the amount of $33,659 million, $5,836. 89 million and $23,24. 22 million, respectively. The ratio of government subsidies to operating income was 22. 19 per cent, 20. 9 per cent and 4. 50 per cent, respectively. Not all private start-ups can get that kind of subsidy, but it's the influence of the trinity league。
At present, the roots are growing by only about 500 million businesses three years later, which makes the contribution of government subsidies to corporate profits important. The future availability of stable subsidies for companies is critical to achieving a stable level of profitability。
5. Risk of continued losses affecting the viability of listed companies
Despite the fact that the trees are on their backs, the fact that third-party operations are not going well, coupled with the payment of salaries and shares to executives, makes it impossible for companies to make up for the loss of the trees. In 2019-2021, the roots were in deficit of $339 million, $294 million and $711 million, respectively, and the losses continued to grow。
If third-party customers fail to develop as expected, how far does the triple-labourer have to be blood transfusions in order to be able to feed each other? Can companies get past the dark before the dawn of the industrial internet and avoid marrying others? What kind of internal information would the company then disclose to provide feedback on the review challenge
May i have your attention, please
Note: this does not constitute any investment recommendation. Stock markets are risky and need to be cautious. No trade, no harm。
