First, too excellent "white horse stocks"
Kang Dexin's last annual report when the mine exploded was 20 18. See how good it is compared with other peers:
Operating income of optical films:
Kangdexin 7.797 billion, foreign investment 3.263 billion, gross profit margin 465.438+0.96%;
Jizhi Technology is 879 million yuan, 226 million yuan from abroad, with a gross profit margin of 25.43%;
The revenue of Shuangxing new material plastic film is 3.858 billion, of which there is no relevant data on the specific amount of optical film revenue, which is 720 million abroad, with a gross profit margin of 16.6 1%.
Suspiciously, Kangdexin optical films are mainly sold to downstream panel companies such as BOE and TCL, while the downstream is in a relatively strong position. The gross profit margin of Kangdexin optical film should be gradually reduced, but strangely, it has been maintained at around 40%. Look at Xu Dong Optoelectronics, which provides glass substrates for BOE. With the continuous expansion of production capacity, the gross profit margin is declining year by year.
At that time, the problem was 1: excellent, and the gross profit margin far exceeded that of other domestic companies in the same industry and remained stable.
Second, save more and lend more.
2065438+June 5, 2009, 65438+2009 10, because the principal and interest of short-term financing bonds could not be paid in full, dominoes fell one by one.
At the end of 20 18, Kangdexin's interest-bearing liabilities reached 108 billion, but at that time, the monetary funds in the statement disclosure account reached tens of billions. Holding "huge cash" but unable to fully pay the principal and interest of 654.38 billion yuan short-term financing bonds.
Problem point 2 at that time: big savings and big loans.
Follow-up: After investigation, the balance of1000 billion yuan shown in the account at the end of 20 18 is not the real bank deposit balance.
If a company (non-financial enterprise) shows high gross profit margin, it will make money, with good cash flow and a lot of monetary funds in its account, but it needs to borrow a lot of money.
Third, the inquiry letter.
Kang Dexin first received the inquiry letter on 2017; After the report of 20 18 Kangdexin 20 17 came out, the Exchange raised questions about the above problems: the problem of large deposits and large loans.
Fourth, mine.
According to the penalty book:
The inflated profits in 20 15 totaled 2,386,543.8 million yuan, accounting for 144.65% of the total profits disclosed in the annual report.
The inflated profits in 20 16 totaled 3.089 billion yuan, accounting for 134. 19% of the total profits disclosed in the annual report.
The inflated profits in 20 17 totaled 3.974 billion yuan, accounting for 136.47% of the total profits disclosed in the annual report.
The inflated profits in 20 18 totaled 2,386,543.8 million yuan, accounting for 722.6438+06% of the total profits disclosed in the annual report.
5. Those funds with heavy positions in Kangdexin.
At the end of 20 17, except for a few index ETF funds, the top 15 funds of Kangdexin are not allowed to be passively allocated. These actively managed funds can be described as touching.