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China's Ninestar's Clone Toner Chip
Concept Now Being Questioned By The Industry?
Ninestar listed for 4 years deducted non-net profit loss of 968 million, chip revenue accounted for 4%, accused of concept.
Source: Changjiang Business Daily Publisher: By Xu Jia.
(Google Tanslated From Chinese To English)
Two years ago, a "snake swallow"-style merger made the printer chip maker Nashida into a camp of tens of billions of revenues, but it was also questioned by the market because of the huge amount of goodwill processing and the hot concept of the chip.
In November 2016, Ninestar acquired the US-based Lexmark, a company listed on the New York Stock Exchange with a total assets of about 7 times that of the listed company, with approximately RMB 27 billion. The revenue of Ninestar reached 5.805 billion, an increase of 183.33%, but the net profit was 6107.51. Ten thousand, down nearly 80% year-on-year.
Last year, Ninestar's revenue exceeded 20 billion to reach 21.124 billion, which was 12 times higher than that in 2014. The net profit was 949 million, which was more than doubled from 2014, but the non-net profit was a loss of 1.381 billion yuan.
It is interesting to note that after the separation of Lexmark's ES (software business) business last year, Ninestar directly reduced the goodwill by 256 million yuan under the US Accounting Standards' “downward accounting treatment”, but did not affect it. To the current performance.
At the same time, Ninestar has always emphasized the main business – chip business revenue ratio fell to 4.06% from 21.63% in 2015, making the market question its concept of "è¹" chip.
On the afternoon of July 13, Ninestar Deputy General Manager and Secretary of the Board of Directors Zhang Jianzhou responded to an interview with the Changjiang Business Daily. Lexmark is a US company and is still regulated by the US Securities Regulatory Commission. There are differences in accounting standards between China and the United States. There will be deviations in understanding. The chip business has always been the leading module of Ninestar, and the company's existing product line is an extension of the chip. Lexmark, which acquired the main printing business in 2016, has been offset by the fact that the overall size of the company's chip business has been reduced because the overall size of Lexmark is much larger than that of listed companies.
Four years of listing, non-net profit loss of 968 millionAccording to public information, Ninestar was formerly known as Apex Microelectronics Co., Ltd., and in 2014, the backdoor Malata was listed. Zhuhai Senna Printing Technology Co., Ltd. became the controlling shareholder of the listed company. The company's actual controller was also changed from Pang Jianghua to Wang Dongying and Li Dongfei. Zeng Yangyun. In May last year, Apex officially changed its name to Ninestar. Its current business is the research, development, production and sales of integrated circuit chips, general-purpose printing consumables and core components and recycled printing consumables.
Before Ninestar borrowed the shell, the net profit of the listed company has never exceeded 40 million. From 2014 to 2017, Ninestar's operating income was 1.679 billion, 2.049 billion, 5.805 billion, 21.324 billion, and the four-year revenue scale was 12 times. The net profit was 343 million, 281 million, 61.705 million, and 949 million. The net profit for the four years expanded more than 2 times; the non-net profit was 194 million, 179 million, 40.318 million, and -381.81 million. In other words, Ninestar landed in the capital market for four years and deducted a net loss of 968 million yuan.
For the sharp increase in performance last year, Ninestar explained that the tax reform bill passed by the US government in December 2017 had a positive impact on the US Lexmark Company. Lexmark significantly reduced the 2017 deferred income tax expense. The corresponding increase in net profit was caused.
At the same time, last year the company realized a total profit of -2.961 billion yuan, deducting a non-net profit loss of 1.381 billion. The company said that Lexmark consolidated the identifiable assets and liabilities at fair value, due to the large value-added, corresponding The land increased the depreciation, amortization, inventory reversal, etc. during the reporting period, making Lexmark's adjusted net profit a large loss.
In addition, the company financed loans to banks and controlling shareholders during the implementation of the controlling share of Lexmark in 2016, and incurred interest expenses during the reporting period; the company completed the sale of ES enterprise software business, confirming disposal gains; Large exchange losses.
In the first quarter of this year, Ninestar achieved operating income of 5.043 billion yuan, a decrease of 3.51% year-on-year; net profit of 85.175 million yuan, an increase of 109.92%; depreciation of net profit of -15,336,400, an increase of 98.25%.
On July 12, Ninestar released a semi-annual performance forecast. It is expected to turn losses into profit in the first half of this year. The net profit attributable to shareholders of listed companies is 300 million yuan to 380 million yuan. It also indicates that the company's operating performance continues to improve. Expectations; large exchange rate fluctuations have a greater positive impact on profits.
Goodwill directly reduced by $256 million without affecting performance
The rapid increase in the revenue scale of Ninestar in the past two years comes from a “snake swallow” merger.
In November 2016, it was a listed company of Apex, and acquired Lexmark International Inc., a NYSE-listed company with a total asset of about 7 times that of the listed company, for approximately RMB 27 billion. (US Lexmark Corporation, hereinafter referred to as "Lexmark").
After the merger of Lexmark in December of that year, Apex achieved rapid growth in performance. At the end of 2016, Apex’s goodwill reached 18.81 billion yuan, accounting for 35.7% of the total assets at the end of the period.
In July last year, Ninestar sold a 100% stake in Levi's affiliated software business company Kofax for a disposal price of 1.323 billion US dollars, and confirmed the investment income of RMB 1.479 billion in the annual report last year.
Subsequently, in the 2017 performance forecast, Ninestar adjusted the Lexmark's deferred income tax liabilities and goodwill for 2017. The amount of goodwill directly reduced is 282 million US dollars, and the goodwill formed by the acquisition of Lexmark is not An impairment occurs.
At the end of 2017, the goodwill on Ninestar's balance sheet was 12.279 billion, and the current results were not affected, all from the implementation of the “downward accounting method” allowed by US accounting standards.
Ninestar explained in the annual report that the value of the combined goodwill before the company's acquisition of Lexmark International's restatement at the end of 2017 was US$2.06 billion. Considering the November 2017, Lexmark International has confirmed the confirmed delivery date based on the above matters. Deferred income tax liabilities, the fair value of the previously recognized identifiable net assets increased by 256 million US dollars due to the decrease of liabilities, correspondingly reduced the combined goodwill of 256 million US dollars, and the company's acquisition of Lexmark International's combined goodwill at the end of 2017 after retrospective adjustment The value is US$ 1.804 billion (equivalent to RMB 11.787 billion). This adjustment will not affect the current profit and loss of 2016 and 2017.
Zhang Jianzhou also explained to the Changjiang Business Daily reporter that because Lexmark was listed on the NYSE and was later privatized and delisted by the company, Lexmark still has 340 million US dollars of bonds circulating in the US market, so Lexmark also Under the supervision of the US Securities Regulatory Commission, Ninestar has also been subject to double supervision. There are differences in accounting standards between the two places. If we use the concepts we usually familiar with A shares, it is easy to be biased. For the recognition of goodwill, the United States has very strict accounting rules, such as retrospective adjustment, which must follow the US accounting rules.
Last year's chip revenue accounted for only 4.06%
As a well-known printer chip manufacturer, the market has been very vocal about the name of Ninestar's "chip concept stock leader".
From 2015 to 2017, NyStar's chip business accounted for 21.63%, 15.52%, and 4.06% of the current revenue. Last year, the company's printing business and consumables accounted for 66% and 11.75% of the total revenue respectively, and the chip business revenue was 860 million, ranking third.
Zhang Jianzhou made a special statement that part of Nissida's chip business is sold to the company's own consumables business unit, which is part of internal sales. In this way, the total revenue of the company's chip business last year should be about 1.4 billion yuan, the gross profit of sales is about 987 million yuan, and the gross profit margin is about 70.02%.
He further introduced that the chip business has always been the company's leading module. In 2014, Ninestar's business module was only the chip business when it was listed on the backdoor. The company is also the first listed company invested after the establishment of the National Integrated Circuit Industry Investment Fund. Star is a chip company and there is no problem. Ninestar is divided into chips, consumables and three business modules of Lexmark's acquisition in 2016. From chip to consumables, printers, and print management services, the company's entire product line is an industry extension of the chip.
The annual report shows that the chip business accounted for a small proportion, mainly because Lexmark's revenue scale is much larger than that of Ninestar. After Lexmark, which is engaged in the printing business, the company's original chip business accounted for a relatively small proportion.
On the other hand, from 2014 to 2017, Ninestar's overall sales gross margin showed a downward trend, which was 61.09%, 40.31%, 35.66% and 26.59% respectively.
Zhang Jianzhou said that in 2015, the company completed the acquisition of US company SCC and Saina supplies assets, adding general printing consumables and recycled printing consumables business and other core consumable parts and components business. Since SCC was almost at a loss at the time, it also had an impact on the company's gross profit margin. However, the gross profit margin of the company's own chip module is rising. Last year, the gross profit margin of the chip business rose to 81.35%.
“In addition, the gross profit margin of the company's consumables was probably more than 40. Last year, the gross profit margin of the company's consumables business was 39.51%. That was because the company acquired three peer companies last year, and the profits were consolidated according to the equity ratio. I think this is a pull-down. The average gross profit margin of our supplies." Zhang Jianzhou said.
Zhang Jianzhou stressed that if you only look at the overall gross profit margin of the company, it will fall. After all, Lexmark is losing money in the same year (2016). Ninestar has listed on the backdoor in 2014, two restructurings in 2015, a major acquisition in 2016, and an ES business in 2017. The figures presented in these reports are not available in a simple single business. There are too many things in the company basket, and the time nodes of change are very complicated. It also involves the differences between Chinese and American accounting rules. Therefore, it is very difficult to compare the same caliber. The comparison data has no meaning.
The Changjiang Business Daily reporter found that last year, Ninestar raised a total of 1.4 billion yuan for the five projects of the consumables asset group, of which about 900 million yuan was invested in the US renewable consumables production base project and the US R&D center project. However, the annual report shows that the progress of the above two investment projects is zero.
Zhang Jianzhou said: "Because it is now in the Sino-US trade war, the company can't understand the US card now. If we invest in the US project according to the original plan, there are risks for shareholders. The company is currently considering We change the direction of fundraising, and we don't want investors to make uncertain losses."
However, Zhang Jianzhou further stated that from the current point of view, the Sino-US trade war has no special impact on the company. Compatible consumables are sold very cheaply, which is just needed, and the US does not do this business.
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