The content of the del home prospectus was questioned



On Monday (September 19th), Del International Furniture Co., Ltd. (hereinafter referred to as Del Home), which was only one working day before the pre-disclosure time, successfully passed the lightning meeting. As a listed company in the flooring industry, Del Home presents low product prices and higher gross margin than companies in the same industry.

It is worth noting that the procurement data disclosed in the Del Home Prospectus is in doubt. The value is larger with the company's raw material supplier Daya Technology (000910, closing price of 6.44 yuan) and Zhongfu Industrial (000592, closing price of 8.30 yuan). The gap, the highest item difference reached about 30 million yuan.

Industry down del home up

In the context of real estate regulation, the flooring industry is also facing certain impacts.

In the 2010 annual report and the 2011 mid-year report, the listed companies in the flooring industry, Daya Technology, Shengda Forestry (002259, closing price of 9.70 yuan), and Keji Wood Industry (002354, closing price of 15.70 yuan), etc., have appeared. Different degrees of decline.

However, compared to the industry's listed pioneers, Del Home has recorded continuous growth in performance.

According to the Del Home Prospectus, the company's net profit for the first half of 2008 to 2011 was 47.426 million yuan, 84,793,200 yuan, 97.795 million yuan, and 5,481,800 yuan. The growth momentum was rapid.

"Daily Economic News" reporter found that compared to other flooring listed companies, Del Home's gross margin is also the highest.

The data shows that the main products of Del Home are laminate flooring and parquet. In 2010, the gross profit margins of the two products were 35.72% and 19.97%, respectively.

According to the comparison of Del Home in the prospectus, in 2010, the gross profit margin of the wood flooring business of Shengda Forestry and Kelan Wood was 32.77% and 16.21%, respectively, and the gross profit margin of Del Home was 33.26%.

For the case that the gross profit margin is higher than other companies in the same industry, the most easily conceivable is that the company's products are relatively high-end and the price is higher.

However, the fact is that more than 80% of Del's home income comes from laminate flooring, which is a low-end product in the wood flooring industry. Compared with the price of 100 yuan on solid wood composite flooring, the price of laminate flooring in 2010 is only 52.36 yuan / square meter. Based on this calculation, the cost of Del home laminate flooring is only 33.66 yuan / square meter.

Raw material storage short board gross profit is higher

Although the cost control seems to be strong, the peers say it is difficult to understand.

Yesterday, the reporter of "Daily Economic News" called Shengda Forestry. A staff member of the company's securities department said that the price of Shengda forestry laminate flooring was above 60 yuan/square meter.

According to the data of the Dell Home Prospectus, the gross profit rate of Shengda Forestry Laminate Flooring is 32.77%, calculated at the price of 60 yuan / square meter, and its cost is 40.338 yuan / square meter. In other words, the production cost of Del Home is 16.6% lower than that of Shengda Forestry.

Shengda Forestry staff told reporters that in general, the cost of raw materials such as forestry, such as forestry, will certainly be lower, and the cost control of Shengda Forestry belongs to the middle and upper reaches of the industry.

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