巨亏18.5亿！欧菲光业绩暴雷后，道歉有用吗？

华尔街见闻2021-06-05

4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。 2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》...

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Comments

meixue
2021-06-06
meixue
財報研究還是非常必要
Youn7276
2021-06-06
Youn7276
???
- Rache13:
  Wow
- Airlee:
  Nice
- slien23:
  [财迷]
- 向上学习:
  [微笑] [微笑]
爱是一道光绿到你发慌
2021-06-06
爱是一道光绿到你发慌
這就是我爲什麼離開A股，開始炒美股的原因。吃相太難看了！小散上哪掙錢去？散戶投機不讓，散戶買業績好的成長股跌跌不休。公認的龍頭中信證券，看看跌成什麼樣了？機構投機內幕交易罰款一點點就過去了。熬了好多年好不容易等來了牛市，還沒等熱呢，國家打壓，就是不讓漲，有啥辦法？大A，拿什麼愛你？
- 时代资本:
  离开A股，All in 美股可能不是最优的选择，美股就像一个过渡捕捞的鱼塘，A股可能有大鱼。
EwenTaw
2021-06-05
EwenTaw
真的是騷操作！
Sunnylr
2021-06-05
Sunnylr
哈
- Gnehnusee:
  ?
- Jerry6666:
  [呆住]

Leave a comment

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n巨亏18.5亿！欧菲光业绩暴雷后，道歉有用吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 11:02 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3632224>华尔街见闻</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》...\n\n<a href=\"https://wallstreetcn.com/articles/3632224\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"002456","symbol_name":"欧菲光","start_time":0,"source_url":"https://wallstreetcn.com/articles/3632224","article_id":"1134915248","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/03f3d0c168656a3e6eb4245c3c31ff40"],"rights":{"source":"highlight_wallstreetcn","url":"https://wallstreetcn.com/articles/3632224","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1134915248","pubTimestamp":1622862179,"columns":[],"sourceInfo":{"source_id":"highlight_wallstreetcn","name":"华尔街见闻"},"weMediaInfo":null,"summary":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"002456":"欧菲光"},"translate_title":"Huge loss of 1.85 billion! Is it useful to apologize after Ophelia's performance stormed?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/af4fd0b3bd4837ad3c88c0286c6ff428","symbols_score_info":{"002456":0.9},"content_text":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》。\n结果好景不长，一年一度的致歉又来了。对于业绩暴雷的原因，欧菲光是这么解释的：\n公司于2021年3月12日收到境外特定客户（以下简称“特定客户”）的通知，特定客户计划终止与公司及其子公司的采购关系，后续公司将不再从特定客户取得现有业务订单。\n因该突发情况，相关资产减值测试的假设发生重大变化，公司第一时间披露相关风险提示，紧急启动相关资产的评估工作，对相关资产进行全面清查，重新估计相关资产的可收回金额，进行减值测试。\n严格意义上来讲，欧菲光的操作都是合法合规，并非造假。但大家都心知肚明，公司被苹果剔除供应链。\n所以，面对欧菲光的历次致歉，深交所也只能谴责。\n那么问题来了，为什么被剔除供应链，就要巨亏呢？\n\n这不仅仅是欧菲光一家存在的问题，整个代工行业都有类似情况。\n从财务上看，是因为计提了巨额的资产减值准备，和电子配件业的特殊经营模式有关。一般来说，苹果这类消费电子巨头的配件都是定制的生产线，一旦停止合作，这些设备大部分都要淘汰掉，给公司带来较大的投资损失。\n电子配件业的资产负债结构特点\n韦尔股份是一家从事手机摄像头模块生产的企业，2020年年报显示，公司实现营业总收入 198.24 亿元，较 2019 年度营业总收入增加 45.43%。公司实现归属于上市公司股东的净利润 27.06 亿元，同比增长 481.17%。从数据看，2019 年度，公司完成了对北京豪威及思比科的收购，公司主营业务增加了在 CMOS 图像传感器领域的布局。2020年，公司整合新业务获得成功，持续盈利能力提到了显著提升。\n和普通行业相比，消费电子行业都有一个共同点：资产负债结构中，存货占比非常高。\n韦尔股份2020年的账面存货高达52.74亿，且存货周转天数增加了近一个月。这类消费电子配件企业，存货风险非常大，因为技术不断升级，一旦滞销，这些巨额存货将血本无归。\n回顾欧菲光的“骚操作”\n回到欧菲光被深交所谴责的操作，根源也是存货余额过高。\n欧菲光的2018年年报业绩突然大变脸，原来快报中说好的盈利18.39亿竟然变成了亏损5.19亿。同步发布的2019年一季报也显示，新的一年，公司继续大幅亏损。\n公司在业绩预告日未能充分识别存货存在减值的迹象，在估计存货可变现净值时出现严重偏差，未能足额计提资产减值损失。公司存货依赖的成本核算系统处于不断升级中，部分生产成本结转不准确。\n也就是说，公司的成本核算系统出现了问题导致未能及时发现存货减值迹象。\n这是匪夷所思的情况。\n什么是成本结转？这是一个表述起来比较吃力的财务概念。尝试用个简化案例说明：A公司购进了100元的产品，300元卖出去，假设忽略税金，且不发生任何其他成本，那么这款产品的成本就是100元，毛利200元。一般而言，公司都是在销售环节结转成本，所以购进的时候，这100元在存货，销售的时候结转成本，从存货变成了成本，这个过程，叫做结转成本。\n一个产品的时候，比较容易核算成本，如果产品成千上万，并且每个批次的成本不同的时候，成本结转就比较复杂了。\n会计上有先进先出法、移动加权平均法等成本计算的方式。随着财务信息系统、ERP等系统的普及，这个过程通常由系统自动计算。\n但是，无论任何信息系统，这个过程都是可以人为干预的，干预的后果是什么？如果从存货结转到成本的环节，少结转一部分存货，就会造成结转的成本虚低，由于利润=收入-成本，所以成本虚低的话，利润就虚高了。\n\n由于欧菲光当时的存货金额巨大，超过80亿，如果转成本环节出现一点纰漏，确实会导致对净利润影响过大的情况。\n比如转成本的时候，单价出10%的差错，就是8亿的误差，影响8亿的成本和利润。\n了解了这个财务原理，就不难推断欧菲光这么操作的原因：不管是否有意，都实质上阶段性的虚增了利润。\n资产减值准备的构成\n2006年财政部新发布了《会计准则第8号—资产减值》，从此资产减值准备成为上市公司重要的核算项目，从货币资金到应收账款到存货到长短期投资到固定资产，几乎每个重要的资产项目都对应减值准备科目。\n会计准则规定，企业应定期或至少每年年度终了检查各项资产，合理预计各项资产可能发生的损失。这些预计损失，计入相应的资产减值准备。\n以公认的苹果“滑铁卢”之年2018年为例，受到苹果手机销量下滑的影响，大量的A股苹果产业链公司出现了巨额的资产减值。蓝思科技计提了8.33亿的资产减值，其中6.72亿是存货跌价损失；欣旺达计提了1.92亿的资产减值，其中9041万是存货跌价损失；立讯精密计提了2.04亿的资产减值，其中6878万是存货跌价损失；歌尔股份计提了2.48亿的资产减值，其中存货跌价损失7465万；欧菲光更是创纪录的计提了18.4亿的资产减值，其中存货跌价损失15.6亿。\n这些存货跌价损失，直接影响了企业当年的净利润。不难发现，存货是消费电子行业的重要财务指标，很可能会在不经意之间暴雷。\n存货之殇：存货跌价准备\n一方面，企业为了推陈出新，会将旧款产品打折销售，从价格体系上给新品让路，尽快出清库存，有利于回笼资金；另一方面，随着规模不断扩大，数码产品的成本会不断降低，给降价提供了空间，比如苹果即便是骨折销售老款iPhone的时候，依然能保持毛利率35%左右，和新机基本不变。\n反过来，对于生产商来说，配件从进入仓库第一天，就开始贬值。\n为了提前发现存货是否贬值，或者规避财务造假，我们能不能要求欧菲光之流详细披露仓库里存放的零配件的型号、价格呢？\n事实上这是不可能的，因为涉及到商业机密，上市公司被证监会允许原则上不必披露存货特别详实的信息，尤其是成本单价信息。这样虽然保护了上市公司，但也在一定程度上，给了上市公司修饰财报的空间，也给了投资者不确定因素。\n投资者的应对之道\n存货是和利润息息相关的项目，尤其是在转成本环节，对于高存货企业来说，潜在的风险极高。\n和商誉暴雷类似，近年来存货暴雷越来越多的对A股造成冲击。\n面对随时可能暴的存货雷，投资者如何选择呢？\n答案并不复杂，笔者认为只要把握好从以下几点，就可以精准的避开存货暴雷。\n一是警惕存货总额过大的企业。\n如何判断存货总额是否过大呢？有个简单的计算公式：假设10%的存货可能发生跌价，如果存货的10%严重影响了公司利润，那么存货风险就比较大；\n二是对比存货周转天数。\n一般来说，存货周转天数逐年增加的企业，说明库存周转不佳，存在着较大的跌价损失风险；\n三是追溯公司往年存货跌价损失。\n公司近五年存货跌价损失的计提情况，可以大致推算出当年出现大额存货跌价损失的可能性。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":112784320,"gmtCreate":1622933645660,"gmtModify":1704193289742,"author":{"id":"3578631352234336","authorId":"3578631352234336","name":"meixue","avatar":"https://static.tigerbbs.com/e5cb41b446f1e766fd13d41f1a350c6c","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3578631352234336","idStr":"3578631352234336"},"htmlText":"財報研究還是非常必要","listText":"財報研究還是非常必要","text":"財報研究還是非常必要","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112784320","repostId":1134915248,"repostType":2,"repost":{"id":"1134915248","kind":"news","pubTimestamp":1622862179,"share":"https://ttm.financial/m/news/1134915248?lang=en_US&edition=fundamental","pubTime":"2021-06-05 11:02","market":"sh","language":"zh","title":"Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?","url":"https://stock-news.laohu8.com/highlight/detail?id=1134915248","media":"华尔街见闻","summary":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过","content":"On the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHuge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-06-05 11:02\n\n</h4>\n</header>\n<article>\nOn the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3632224\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03f3d0c168656a3e6eb4245c3c31ff40","relate_stocks":{"002456":"欧菲光"},"source_url":"https://wallstreetcn.com/articles/3632224","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1134915248","content_text":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》。\n结果好景不长，一年一度的致歉又来了。对于业绩暴雷的原因，欧菲光是这么解释的：\n公司于2021年3月12日收到境外特定客户（以下简称“特定客户”）的通知，特定客户计划终止与公司及其子公司的采购关系，后续公司将不再从特定客户取得现有业务订单。\n因该突发情况，相关资产减值测试的假设发生重大变化，公司第一时间披露相关风险提示，紧急启动相关资产的评估工作，对相关资产进行全面清查，重新估计相关资产的可收回金额，进行减值测试。\n严格意义上来讲，欧菲光的操作都是合法合规，并非造假。但大家都心知肚明，公司被苹果剔除供应链。\n所以，面对欧菲光的历次致歉，深交所也只能谴责。\n那么问题来了，为什么被剔除供应链，就要巨亏呢？\n\n这不仅仅是欧菲光一家存在的问题，整个代工行业都有类似情况。\n从财务上看，是因为计提了巨额的资产减值准备，和电子配件业的特殊经营模式有关。一般来说，苹果这类消费电子巨头的配件都是定制的生产线，一旦停止合作，这些设备大部分都要淘汰掉，给公司带来较大的投资损失。\n电子配件业的资产负债结构特点\n韦尔股份是一家从事手机摄像头模块生产的企业，2020年年报显示，公司实现营业总收入 198.24 亿元，较 2019 年度营业总收入增加 45.43%。公司实现归属于上市公司股东的净利润 27.06 亿元，同比增长 481.17%。从数据看，2019 年度，公司完成了对北京豪威及思比科的收购，公司主营业务增加了在 CMOS 图像传感器领域的布局。2020年，公司整合新业务获得成功，持续盈利能力提到了显著提升。\n和普通行业相比，消费电子行业都有一个共同点：资产负债结构中，存货占比非常高。\n韦尔股份2020年的账面存货高达52.74亿，且存货周转天数增加了近一个月。这类消费电子配件企业，存货风险非常大，因为技术不断升级，一旦滞销，这些巨额存货将血本无归。\n回顾欧菲光的“骚操作”\n回到欧菲光被深交所谴责的操作，根源也是存货余额过高。\n欧菲光的2018年年报业绩突然大变脸，原来快报中说好的盈利18.39亿竟然变成了亏损5.19亿。同步发布的2019年一季报也显示，新的一年，公司继续大幅亏损。\n公司在业绩预告日未能充分识别存货存在减值的迹象，在估计存货可变现净值时出现严重偏差，未能足额计提资产减值损失。公司存货依赖的成本核算系统处于不断升级中，部分生产成本结转不准确。\n也就是说，公司的成本核算系统出现了问题导致未能及时发现存货减值迹象。\n这是匪夷所思的情况。\n什么是成本结转？这是一个表述起来比较吃力的财务概念。尝试用个简化案例说明：A公司购进了100元的产品，300元卖出去，假设忽略税金，且不发生任何其他成本，那么这款产品的成本就是100元，毛利200元。一般而言，公司都是在销售环节结转成本，所以购进的时候，这100元在存货，销售的时候结转成本，从存货变成了成本，这个过程，叫做结转成本。\n一个产品的时候，比较容易核算成本，如果产品成千上万，并且每个批次的成本不同的时候，成本结转就比较复杂了。\n会计上有先进先出法、移动加权平均法等成本计算的方式。随着财务信息系统、ERP等系统的普及，这个过程通常由系统自动计算。\n但是，无论任何信息系统，这个过程都是可以人为干预的，干预的后果是什么？如果从存货结转到成本的环节，少结转一部分存货，就会造成结转的成本虚低，由于利润=收入-成本，所以成本虚低的话，利润就虚高了。\n\n由于欧菲光当时的存货金额巨大，超过80亿，如果转成本环节出现一点纰漏，确实会导致对净利润影响过大的情况。\n比如转成本的时候，单价出10%的差错，就是8亿的误差，影响8亿的成本和利润。\n了解了这个财务原理，就不难推断欧菲光这么操作的原因：不管是否有意，都实质上阶段性的虚增了利润。\n资产减值准备的构成\n2006年财政部新发布了《会计准则第8号—资产减值》，从此资产减值准备成为上市公司重要的核算项目，从货币资金到应收账款到存货到长短期投资到固定资产，几乎每个重要的资产项目都对应减值准备科目。\n会计准则规定，企业应定期或至少每年年度终了检查各项资产，合理预计各项资产可能发生的损失。这些预计损失，计入相应的资产减值准备。\n以公认的苹果“滑铁卢”之年2018年为例，受到苹果手机销量下滑的影响，大量的A股苹果产业链公司出现了巨额的资产减值。蓝思科技计提了8.33亿的资产减值，其中6.72亿是存货跌价损失；欣旺达计提了1.92亿的资产减值，其中9041万是存货跌价损失；立讯精密计提了2.04亿的资产减值，其中6878万是存货跌价损失；歌尔股份计提了2.48亿的资产减值，其中存货跌价损失7465万；欧菲光更是创纪录的计提了18.4亿的资产减值，其中存货跌价损失15.6亿。\n这些存货跌价损失，直接影响了企业当年的净利润。不难发现，存货是消费电子行业的重要财务指标，很可能会在不经意之间暴雷。\n存货之殇：存货跌价准备\n一方面，企业为了推陈出新，会将旧款产品打折销售，从价格体系上给新品让路，尽快出清库存，有利于回笼资金；另一方面，随着规模不断扩大，数码产品的成本会不断降低，给降价提供了空间，比如苹果即便是骨折销售老款iPhone的时候，依然能保持毛利率35%左右，和新机基本不变。\n反过来，对于生产商来说，配件从进入仓库第一天，就开始贬值。\n为了提前发现存货是否贬值，或者规避财务造假，我们能不能要求欧菲光之流详细披露仓库里存放的零配件的型号、价格呢？\n事实上这是不可能的，因为涉及到商业机密，上市公司被证监会允许原则上不必披露存货特别详实的信息，尤其是成本单价信息。这样虽然保护了上市公司，但也在一定程度上，给了上市公司修饰财报的空间，也给了投资者不确定因素。\n投资者的应对之道\n存货是和利润息息相关的项目，尤其是在转成本环节，对于高存货企业来说，潜在的风险极高。\n和商誉暴雷类似，近年来存货暴雷越来越多的对A股造成冲击。\n面对随时可能暴的存货雷，投资者如何选择呢？\n答案并不复杂，笔者认为只要把握好从以下几点，就可以精准的避开存货暴雷。\n一是警惕存货总额过大的企业。\n如何判断存货总额是否过大呢？有个简单的计算公式：假设10%的存货可能发生跌价，如果存货的10%严重影响了公司利润，那么存货风险就比较大；\n二是对比存货周转天数。\n一般来说，存货周转天数逐年增加的企业，说明库存周转不佳，存在着较大的跌价损失风险；\n三是追溯公司往年存货跌价损失。\n公司近五年存货跌价损失的计提情况，可以大致推算出当年出现大额存货跌价损失的可能性。","news_type":1,"symbols_score_info":{"002456":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":112713311,"gmtCreate":1622930380733,"gmtModify":1704193263764,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3577393549070429","idStr":"3577393549070429"},"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/112713311","repostId":1134915248,"repostType":4,"repost":{"id":"1134915248","kind":"news","pubTimestamp":1622862179,"share":"https://ttm.financial/m/news/1134915248?lang=en_US&edition=fundamental","pubTime":"2021-06-05 11:02","market":"sh","language":"zh","title":"Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?","url":"https://stock-news.laohu8.com/highlight/detail?id=1134915248","media":"华尔街见闻","summary":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过","content":"On the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHuge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-06-05 11:02\n\n</h4>\n</header>\n<article>\nOn the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3632224\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03f3d0c168656a3e6eb4245c3c31ff40","relate_stocks":{"002456":"欧菲光"},"source_url":"https://wallstreetcn.com/articles/3632224","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1134915248","content_text":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》。\n结果好景不长，一年一度的致歉又来了。对于业绩暴雷的原因，欧菲光是这么解释的：\n公司于2021年3月12日收到境外特定客户（以下简称“特定客户”）的通知，特定客户计划终止与公司及其子公司的采购关系，后续公司将不再从特定客户取得现有业务订单。\n因该突发情况，相关资产减值测试的假设发生重大变化，公司第一时间披露相关风险提示，紧急启动相关资产的评估工作，对相关资产进行全面清查，重新估计相关资产的可收回金额，进行减值测试。\n严格意义上来讲，欧菲光的操作都是合法合规，并非造假。但大家都心知肚明，公司被苹果剔除供应链。\n所以，面对欧菲光的历次致歉，深交所也只能谴责。\n那么问题来了，为什么被剔除供应链，就要巨亏呢？\n\n这不仅仅是欧菲光一家存在的问题，整个代工行业都有类似情况。\n从财务上看，是因为计提了巨额的资产减值准备，和电子配件业的特殊经营模式有关。一般来说，苹果这类消费电子巨头的配件都是定制的生产线，一旦停止合作，这些设备大部分都要淘汰掉，给公司带来较大的投资损失。\n电子配件业的资产负债结构特点\n韦尔股份是一家从事手机摄像头模块生产的企业，2020年年报显示，公司实现营业总收入 198.24 亿元，较 2019 年度营业总收入增加 45.43%。公司实现归属于上市公司股东的净利润 27.06 亿元，同比增长 481.17%。从数据看，2019 年度，公司完成了对北京豪威及思比科的收购，公司主营业务增加了在 CMOS 图像传感器领域的布局。2020年，公司整合新业务获得成功，持续盈利能力提到了显著提升。\n和普通行业相比，消费电子行业都有一个共同点：资产负债结构中，存货占比非常高。\n韦尔股份2020年的账面存货高达52.74亿，且存货周转天数增加了近一个月。这类消费电子配件企业，存货风险非常大，因为技术不断升级，一旦滞销，这些巨额存货将血本无归。\n回顾欧菲光的“骚操作”\n回到欧菲光被深交所谴责的操作，根源也是存货余额过高。\n欧菲光的2018年年报业绩突然大变脸，原来快报中说好的盈利18.39亿竟然变成了亏损5.19亿。同步发布的2019年一季报也显示，新的一年，公司继续大幅亏损。\n公司在业绩预告日未能充分识别存货存在减值的迹象，在估计存货可变现净值时出现严重偏差，未能足额计提资产减值损失。公司存货依赖的成本核算系统处于不断升级中，部分生产成本结转不准确。\n也就是说，公司的成本核算系统出现了问题导致未能及时发现存货减值迹象。\n这是匪夷所思的情况。\n什么是成本结转？这是一个表述起来比较吃力的财务概念。尝试用个简化案例说明：A公司购进了100元的产品，300元卖出去，假设忽略税金，且不发生任何其他成本，那么这款产品的成本就是100元，毛利200元。一般而言，公司都是在销售环节结转成本，所以购进的时候，这100元在存货，销售的时候结转成本，从存货变成了成本，这个过程，叫做结转成本。\n一个产品的时候，比较容易核算成本，如果产品成千上万，并且每个批次的成本不同的时候，成本结转就比较复杂了。\n会计上有先进先出法、移动加权平均法等成本计算的方式。随着财务信息系统、ERP等系统的普及，这个过程通常由系统自动计算。\n但是，无论任何信息系统，这个过程都是可以人为干预的，干预的后果是什么？如果从存货结转到成本的环节，少结转一部分存货，就会造成结转的成本虚低，由于利润=收入-成本，所以成本虚低的话，利润就虚高了。\n\n由于欧菲光当时的存货金额巨大，超过80亿，如果转成本环节出现一点纰漏，确实会导致对净利润影响过大的情况。\n比如转成本的时候，单价出10%的差错，就是8亿的误差，影响8亿的成本和利润。\n了解了这个财务原理，就不难推断欧菲光这么操作的原因：不管是否有意，都实质上阶段性的虚增了利润。\n资产减值准备的构成\n2006年财政部新发布了《会计准则第8号—资产减值》，从此资产减值准备成为上市公司重要的核算项目，从货币资金到应收账款到存货到长短期投资到固定资产，几乎每个重要的资产项目都对应减值准备科目。\n会计准则规定，企业应定期或至少每年年度终了检查各项资产，合理预计各项资产可能发生的损失。这些预计损失，计入相应的资产减值准备。\n以公认的苹果“滑铁卢”之年2018年为例，受到苹果手机销量下滑的影响，大量的A股苹果产业链公司出现了巨额的资产减值。蓝思科技计提了8.33亿的资产减值，其中6.72亿是存货跌价损失；欣旺达计提了1.92亿的资产减值，其中9041万是存货跌价损失；立讯精密计提了2.04亿的资产减值，其中6878万是存货跌价损失；歌尔股份计提了2.48亿的资产减值，其中存货跌价损失7465万；欧菲光更是创纪录的计提了18.4亿的资产减值，其中存货跌价损失15.6亿。\n这些存货跌价损失，直接影响了企业当年的净利润。不难发现，存货是消费电子行业的重要财务指标，很可能会在不经意之间暴雷。\n存货之殇：存货跌价准备\n一方面，企业为了推陈出新，会将旧款产品打折销售，从价格体系上给新品让路，尽快出清库存，有利于回笼资金；另一方面，随着规模不断扩大，数码产品的成本会不断降低，给降价提供了空间，比如苹果即便是骨折销售老款iPhone的时候，依然能保持毛利率35%左右，和新机基本不变。\n反过来，对于生产商来说，配件从进入仓库第一天，就开始贬值。\n为了提前发现存货是否贬值，或者规避财务造假，我们能不能要求欧菲光之流详细披露仓库里存放的零配件的型号、价格呢？\n事实上这是不可能的，因为涉及到商业机密，上市公司被证监会允许原则上不必披露存货特别详实的信息，尤其是成本单价信息。这样虽然保护了上市公司，但也在一定程度上，给了上市公司修饰财报的空间，也给了投资者不确定因素。\n投资者的应对之道\n存货是和利润息息相关的项目，尤其是在转成本环节，对于高存货企业来说，潜在的风险极高。\n和商誉暴雷类似，近年来存货暴雷越来越多的对A股造成冲击。\n面对随时可能暴的存货雷，投资者如何选择呢？\n答案并不复杂，笔者认为只要把握好从以下几点，就可以精准的避开存货暴雷。\n一是警惕存货总额过大的企业。\n如何判断存货总额是否过大呢？有个简单的计算公式：假设10%的存货可能发生跌价，如果存货的10%严重影响了公司利润，那么存货风险就比较大；\n二是对比存货周转天数。\n一般来说，存货周转天数逐年增加的企业，说明库存周转不佳，存在着较大的跌价损失风险；\n三是追溯公司往年存货跌价损失。\n公司近五年存货跌价损失的计提情况，可以大致推算出当年出现大额存货跌价损失的可能性。","news_type":1,"symbols_score_info":{"002456":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4596628,"gmtCreate":1622940489270,"gmtModify":1663228031747,"authorId":3573532802717234,"author":{"id":3573532802717234,"idStr":"3573532802717234","authorId":3573532802717234,"name":"Rache13","avatar":"https://static.tigerbbs.com/ccf273862879d166aad5128bba7a8589","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112713311,"type":1,"supId":0,"prevId":0,"content":"Wow","text":"Wow","html":"Wow"},{"id":4596762,"gmtCreate":1622941102811,"gmtModify":1663228031641,"authorId":3570514907188769,"author":{"id":3570514907188769,"idStr":"3570514907188769","authorId":3570514907188769,"name":"Airlee","avatar":"https://static.tigerbbs.com/f498172d13578b027d022139a285cc1c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112713311,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"},{"id":4595256,"gmtCreate":1622932197731,"gmtModify":1663228024441,"authorId":3554954039850565,"author":{"id":3554954039850565,"idStr":"3554954039850565","authorId":3554954039850565,"name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112713311,"type":1,"supId":0,"prevId":0,"content":"[财迷]","text":"[财迷]","html":"[财迷]"},{"id":4598114,"gmtCreate":1622945751575,"gmtModify":1635335440223,"authorId":3576884869412058,"author":{"id":3576884869412058,"idStr":"3576884869412058","authorId":3576884869412058,"name":"向上学习","avatar":"https://static.tigerbbs.com/a70af8809a95756364cc82fcfde2f404","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112713311,"type":1,"supId":0,"prevId":0,"content":"[微笑] [微笑]","text":"[微笑] [微笑]","html":"[微笑] [微笑]"}],"langContent":"EN"},{"id":112730045,"gmtCreate":1622923787887,"gmtModify":1704193248696,"author":{"id":"3572513689403855","authorId":"3572513689403855","name":"爱是一道光绿到你发慌","avatar":"https://community-static.tradeup.com/news/c0773359bbc854692873bdc991126d8a","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3572513689403855","idStr":"3572513689403855"},"htmlText":"這就是我爲什麼離開A股，開始炒美股的原因。吃相太難看了！小散上哪掙錢去？散戶投機不讓，散戶買業績好的成長股跌跌不休。公認的龍頭中信證券，看看跌成什麼樣了？機構投機內幕交易罰款一點點就過去了。熬了好多年好不容易等來了牛市，還沒等熱呢，國家打壓，就是不讓漲，有啥辦法？大A，拿什麼愛你？","listText":"這就是我爲什麼離開A股，開始炒美股的原因。吃相太難看了！小散上哪掙錢去？散戶投機不讓，散戶買業績好的成長股跌跌不休。公認的龍頭中信證券，看看跌成什麼樣了？機構投機內幕交易罰款一點點就過去了。熬了好多年好不容易等來了牛市，還沒等熱呢，國家打壓，就是不讓漲，有啥辦法？大A，拿什麼愛你？","text":"這就是我爲什麼離開A股，開始炒美股的原因。吃相太難看了！小散上哪掙錢去？散戶投機不讓，散戶買業績好的成長股跌跌不休。公認的龍頭中信證券，看看跌成什麼樣了？機構投機內幕交易罰款一點點就過去了。熬了好多年好不容易等來了牛市，還沒等熱呢，國家打壓，就是不讓漲，有啥辦法？大A，拿什麼愛你？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/112730045","repostId":1134915248,"repostType":4,"repost":{"id":"1134915248","kind":"news","pubTimestamp":1622862179,"share":"https://ttm.financial/m/news/1134915248?lang=en_US&edition=fundamental","pubTime":"2021-06-05 11:02","market":"sh","language":"zh","title":"Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?","url":"https://stock-news.laohu8.com/highlight/detail?id=1134915248","media":"华尔街见闻","summary":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过","content":"On the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHuge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-06-05 11:02\n\n</h4>\n</header>\n<article>\nOn the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3632224\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03f3d0c168656a3e6eb4245c3c31ff40","relate_stocks":{"002456":"欧菲光"},"source_url":"https://wallstreetcn.com/articles/3632224","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1134915248","content_text":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》。\n结果好景不长，一年一度的致歉又来了。对于业绩暴雷的原因，欧菲光是这么解释的：\n公司于2021年3月12日收到境外特定客户（以下简称“特定客户”）的通知，特定客户计划终止与公司及其子公司的采购关系，后续公司将不再从特定客户取得现有业务订单。\n因该突发情况，相关资产减值测试的假设发生重大变化，公司第一时间披露相关风险提示，紧急启动相关资产的评估工作，对相关资产进行全面清查，重新估计相关资产的可收回金额，进行减值测试。\n严格意义上来讲，欧菲光的操作都是合法合规，并非造假。但大家都心知肚明，公司被苹果剔除供应链。\n所以，面对欧菲光的历次致歉，深交所也只能谴责。\n那么问题来了，为什么被剔除供应链，就要巨亏呢？\n\n这不仅仅是欧菲光一家存在的问题，整个代工行业都有类似情况。\n从财务上看，是因为计提了巨额的资产减值准备，和电子配件业的特殊经营模式有关。一般来说，苹果这类消费电子巨头的配件都是定制的生产线，一旦停止合作，这些设备大部分都要淘汰掉，给公司带来较大的投资损失。\n电子配件业的资产负债结构特点\n韦尔股份是一家从事手机摄像头模块生产的企业，2020年年报显示，公司实现营业总收入 198.24 亿元，较 2019 年度营业总收入增加 45.43%。公司实现归属于上市公司股东的净利润 27.06 亿元，同比增长 481.17%。从数据看，2019 年度，公司完成了对北京豪威及思比科的收购，公司主营业务增加了在 CMOS 图像传感器领域的布局。2020年，公司整合新业务获得成功，持续盈利能力提到了显著提升。\n和普通行业相比，消费电子行业都有一个共同点：资产负债结构中，存货占比非常高。\n韦尔股份2020年的账面存货高达52.74亿，且存货周转天数增加了近一个月。这类消费电子配件企业，存货风险非常大，因为技术不断升级，一旦滞销，这些巨额存货将血本无归。\n回顾欧菲光的“骚操作”\n回到欧菲光被深交所谴责的操作，根源也是存货余额过高。\n欧菲光的2018年年报业绩突然大变脸，原来快报中说好的盈利18.39亿竟然变成了亏损5.19亿。同步发布的2019年一季报也显示，新的一年，公司继续大幅亏损。\n公司在业绩预告日未能充分识别存货存在减值的迹象，在估计存货可变现净值时出现严重偏差，未能足额计提资产减值损失。公司存货依赖的成本核算系统处于不断升级中，部分生产成本结转不准确。\n也就是说，公司的成本核算系统出现了问题导致未能及时发现存货减值迹象。\n这是匪夷所思的情况。\n什么是成本结转？这是一个表述起来比较吃力的财务概念。尝试用个简化案例说明：A公司购进了100元的产品，300元卖出去，假设忽略税金，且不发生任何其他成本，那么这款产品的成本就是100元，毛利200元。一般而言，公司都是在销售环节结转成本，所以购进的时候，这100元在存货，销售的时候结转成本，从存货变成了成本，这个过程，叫做结转成本。\n一个产品的时候，比较容易核算成本，如果产品成千上万，并且每个批次的成本不同的时候，成本结转就比较复杂了。\n会计上有先进先出法、移动加权平均法等成本计算的方式。随着财务信息系统、ERP等系统的普及，这个过程通常由系统自动计算。\n但是，无论任何信息系统，这个过程都是可以人为干预的，干预的后果是什么？如果从存货结转到成本的环节，少结转一部分存货，就会造成结转的成本虚低，由于利润=收入-成本，所以成本虚低的话，利润就虚高了。\n\n由于欧菲光当时的存货金额巨大，超过80亿，如果转成本环节出现一点纰漏，确实会导致对净利润影响过大的情况。\n比如转成本的时候，单价出10%的差错，就是8亿的误差，影响8亿的成本和利润。\n了解了这个财务原理，就不难推断欧菲光这么操作的原因：不管是否有意，都实质上阶段性的虚增了利润。\n资产减值准备的构成\n2006年财政部新发布了《会计准则第8号—资产减值》，从此资产减值准备成为上市公司重要的核算项目，从货币资金到应收账款到存货到长短期投资到固定资产，几乎每个重要的资产项目都对应减值准备科目。\n会计准则规定，企业应定期或至少每年年度终了检查各项资产，合理预计各项资产可能发生的损失。这些预计损失，计入相应的资产减值准备。\n以公认的苹果“滑铁卢”之年2018年为例，受到苹果手机销量下滑的影响，大量的A股苹果产业链公司出现了巨额的资产减值。蓝思科技计提了8.33亿的资产减值，其中6.72亿是存货跌价损失；欣旺达计提了1.92亿的资产减值，其中9041万是存货跌价损失；立讯精密计提了2.04亿的资产减值，其中6878万是存货跌价损失；歌尔股份计提了2.48亿的资产减值，其中存货跌价损失7465万；欧菲光更是创纪录的计提了18.4亿的资产减值，其中存货跌价损失15.6亿。\n这些存货跌价损失，直接影响了企业当年的净利润。不难发现，存货是消费电子行业的重要财务指标，很可能会在不经意之间暴雷。\n存货之殇：存货跌价准备\n一方面，企业为了推陈出新，会将旧款产品打折销售，从价格体系上给新品让路，尽快出清库存，有利于回笼资金；另一方面，随着规模不断扩大，数码产品的成本会不断降低，给降价提供了空间，比如苹果即便是骨折销售老款iPhone的时候，依然能保持毛利率35%左右，和新机基本不变。\n反过来，对于生产商来说，配件从进入仓库第一天，就开始贬值。\n为了提前发现存货是否贬值，或者规避财务造假，我们能不能要求欧菲光之流详细披露仓库里存放的零配件的型号、价格呢？\n事实上这是不可能的，因为涉及到商业机密，上市公司被证监会允许原则上不必披露存货特别详实的信息，尤其是成本单价信息。这样虽然保护了上市公司，但也在一定程度上，给了上市公司修饰财报的空间，也给了投资者不确定因素。\n投资者的应对之道\n存货是和利润息息相关的项目，尤其是在转成本环节，对于高存货企业来说，潜在的风险极高。\n和商誉暴雷类似，近年来存货暴雷越来越多的对A股造成冲击。\n面对随时可能暴的存货雷，投资者如何选择呢？\n答案并不复杂，笔者认为只要把握好从以下几点，就可以精准的避开存货暴雷。\n一是警惕存货总额过大的企业。\n如何判断存货总额是否过大呢？有个简单的计算公式：假设10%的存货可能发生跌价，如果存货的10%严重影响了公司利润，那么存货风险就比较大；\n二是对比存货周转天数。\n一般来说，存货周转天数逐年增加的企业，说明库存周转不佳，存在着较大的跌价损失风险；\n三是追溯公司往年存货跌价损失。\n公司近五年存货跌价损失的计提情况，可以大致推算出当年出现大额存货跌价损失的可能性。","news_type":1,"symbols_score_info":{"002456":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4602313,"gmtCreate":1622968099080,"gmtModify":1663228058535,"authorId":3576548477176963,"author":{"id":3576548477176963,"idStr":"3576548477176963","authorId":3576548477176963,"name":"时代资本","avatar":"https://static.tigerbbs.com/37f679dc4ac926ada57e36db18383f48","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112730045,"type":1,"supId":0,"prevId":0,"content":"离开A股，All in 美股可能不是最优的选择，美股就像一个过渡捕捞的鱼塘，A股可能有大鱼。","text":"离开A股，All in 美股可能不是最优的选择，美股就像一个过渡捕捞的鱼塘，A股可能有大鱼。","html":"离开A股，All in 美股可能不是最优的选择，美股就像一个过渡捕捞的鱼塘，A股可能有大鱼。"}],"langContent":"CN"},{"id":112504340,"gmtCreate":1622881221180,"gmtModify":1704192952450,"author":{"id":"3574848925414014","authorId":"3574848925414014","name":"EwenTaw","avatar":"https://static.tigerbbs.com/98f51d93b260422401094cf1065cfde4","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574848925414014","idStr":"3574848925414014"},"htmlText":"真的是騷操作！","listText":"真的是騷操作！","text":"真的是騷操作！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112504340","repostId":1134915248,"repostType":4,"repost":{"id":"1134915248","kind":"news","pubTimestamp":1622862179,"share":"https://ttm.financial/m/news/1134915248?lang=en_US&edition=fundamental","pubTime":"2021-06-05 11:02","market":"sh","language":"zh","title":"Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?","url":"https://stock-news.laohu8.com/highlight/detail?id=1134915248","media":"华尔街见闻","summary":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过","content":"On the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHuge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-06-05 11:02\n\n</h4>\n</header>\n<article>\nOn the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3632224\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03f3d0c168656a3e6eb4245c3c31ff40","relate_stocks":{"002456":"欧菲光"},"source_url":"https://wallstreetcn.com/articles/3632224","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1134915248","content_text":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》。\n结果好景不长，一年一度的致歉又来了。对于业绩暴雷的原因，欧菲光是这么解释的：\n公司于2021年3月12日收到境外特定客户（以下简称“特定客户”）的通知，特定客户计划终止与公司及其子公司的采购关系，后续公司将不再从特定客户取得现有业务订单。\n因该突发情况，相关资产减值测试的假设发生重大变化，公司第一时间披露相关风险提示，紧急启动相关资产的评估工作，对相关资产进行全面清查，重新估计相关资产的可收回金额，进行减值测试。\n严格意义上来讲，欧菲光的操作都是合法合规，并非造假。但大家都心知肚明，公司被苹果剔除供应链。\n所以，面对欧菲光的历次致歉，深交所也只能谴责。\n那么问题来了，为什么被剔除供应链，就要巨亏呢？\n\n这不仅仅是欧菲光一家存在的问题，整个代工行业都有类似情况。\n从财务上看，是因为计提了巨额的资产减值准备，和电子配件业的特殊经营模式有关。一般来说，苹果这类消费电子巨头的配件都是定制的生产线，一旦停止合作，这些设备大部分都要淘汰掉，给公司带来较大的投资损失。\n电子配件业的资产负债结构特点\n韦尔股份是一家从事手机摄像头模块生产的企业，2020年年报显示，公司实现营业总收入 198.24 亿元，较 2019 年度营业总收入增加 45.43%。公司实现归属于上市公司股东的净利润 27.06 亿元，同比增长 481.17%。从数据看，2019 年度，公司完成了对北京豪威及思比科的收购，公司主营业务增加了在 CMOS 图像传感器领域的布局。2020年，公司整合新业务获得成功，持续盈利能力提到了显著提升。\n和普通行业相比，消费电子行业都有一个共同点：资产负债结构中，存货占比非常高。\n韦尔股份2020年的账面存货高达52.74亿，且存货周转天数增加了近一个月。这类消费电子配件企业，存货风险非常大，因为技术不断升级，一旦滞销，这些巨额存货将血本无归。\n回顾欧菲光的“骚操作”\n回到欧菲光被深交所谴责的操作，根源也是存货余额过高。\n欧菲光的2018年年报业绩突然大变脸，原来快报中说好的盈利18.39亿竟然变成了亏损5.19亿。同步发布的2019年一季报也显示，新的一年，公司继续大幅亏损。\n公司在业绩预告日未能充分识别存货存在减值的迹象，在估计存货可变现净值时出现严重偏差，未能足额计提资产减值损失。公司存货依赖的成本核算系统处于不断升级中，部分生产成本结转不准确。\n也就是说，公司的成本核算系统出现了问题导致未能及时发现存货减值迹象。\n这是匪夷所思的情况。\n什么是成本结转？这是一个表述起来比较吃力的财务概念。尝试用个简化案例说明：A公司购进了100元的产品，300元卖出去，假设忽略税金，且不发生任何其他成本，那么这款产品的成本就是100元，毛利200元。一般而言，公司都是在销售环节结转成本，所以购进的时候，这100元在存货，销售的时候结转成本，从存货变成了成本，这个过程，叫做结转成本。\n一个产品的时候，比较容易核算成本，如果产品成千上万，并且每个批次的成本不同的时候，成本结转就比较复杂了。\n会计上有先进先出法、移动加权平均法等成本计算的方式。随着财务信息系统、ERP等系统的普及，这个过程通常由系统自动计算。\n但是，无论任何信息系统，这个过程都是可以人为干预的，干预的后果是什么？如果从存货结转到成本的环节，少结转一部分存货，就会造成结转的成本虚低，由于利润=收入-成本，所以成本虚低的话，利润就虚高了。\n\n由于欧菲光当时的存货金额巨大，超过80亿，如果转成本环节出现一点纰漏，确实会导致对净利润影响过大的情况。\n比如转成本的时候，单价出10%的差错，就是8亿的误差，影响8亿的成本和利润。\n了解了这个财务原理，就不难推断欧菲光这么操作的原因：不管是否有意，都实质上阶段性的虚增了利润。\n资产减值准备的构成\n2006年财政部新发布了《会计准则第8号—资产减值》，从此资产减值准备成为上市公司重要的核算项目，从货币资金到应收账款到存货到长短期投资到固定资产，几乎每个重要的资产项目都对应减值准备科目。\n会计准则规定，企业应定期或至少每年年度终了检查各项资产，合理预计各项资产可能发生的损失。这些预计损失，计入相应的资产减值准备。\n以公认的苹果“滑铁卢”之年2018年为例，受到苹果手机销量下滑的影响，大量的A股苹果产业链公司出现了巨额的资产减值。蓝思科技计提了8.33亿的资产减值，其中6.72亿是存货跌价损失；欣旺达计提了1.92亿的资产减值，其中9041万是存货跌价损失；立讯精密计提了2.04亿的资产减值，其中6878万是存货跌价损失；歌尔股份计提了2.48亿的资产减值，其中存货跌价损失7465万；欧菲光更是创纪录的计提了18.4亿的资产减值，其中存货跌价损失15.6亿。\n这些存货跌价损失，直接影响了企业当年的净利润。不难发现，存货是消费电子行业的重要财务指标，很可能会在不经意之间暴雷。\n存货之殇：存货跌价准备\n一方面，企业为了推陈出新，会将旧款产品打折销售，从价格体系上给新品让路，尽快出清库存，有利于回笼资金；另一方面，随着规模不断扩大，数码产品的成本会不断降低，给降价提供了空间，比如苹果即便是骨折销售老款iPhone的时候，依然能保持毛利率35%左右，和新机基本不变。\n反过来，对于生产商来说，配件从进入仓库第一天，就开始贬值。\n为了提前发现存货是否贬值，或者规避财务造假，我们能不能要求欧菲光之流详细披露仓库里存放的零配件的型号、价格呢？\n事实上这是不可能的，因为涉及到商业机密，上市公司被证监会允许原则上不必披露存货特别详实的信息，尤其是成本单价信息。这样虽然保护了上市公司，但也在一定程度上，给了上市公司修饰财报的空间，也给了投资者不确定因素。\n投资者的应对之道\n存货是和利润息息相关的项目，尤其是在转成本环节，对于高存货企业来说，潜在的风险极高。\n和商誉暴雷类似，近年来存货暴雷越来越多的对A股造成冲击。\n面对随时可能暴的存货雷，投资者如何选择呢？\n答案并不复杂，笔者认为只要把握好从以下几点，就可以精准的避开存货暴雷。\n一是警惕存货总额过大的企业。\n如何判断存货总额是否过大呢？有个简单的计算公式：假设10%的存货可能发生跌价，如果存货的10%严重影响了公司利润，那么存货风险就比较大；\n二是对比存货周转天数。\n一般来说，存货周转天数逐年增加的企业，说明库存周转不佳，存在着较大的跌价损失风险；\n三是追溯公司往年存货跌价损失。\n公司近五年存货跌价损失的计提情况，可以大致推算出当年出现大额存货跌价损失的可能性。","news_type":1,"symbols_score_info":{"002456":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":112876872,"gmtCreate":1622863187496,"gmtModify":1704192661166,"author":{"id":"3559518468531412","authorId":"3559518468531412","name":"Sunnylr","avatar":"https://static.tigerbbs.com/a250cc38b97995fbf03f36c63041af7f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3559518468531412","idStr":"3559518468531412"},"htmlText":"哈","listText":"哈","text":"哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/112876872","repostId":1134915248,"repostType":4,"repost":{"id":"1134915248","kind":"news","pubTimestamp":1622862179,"share":"https://ttm.financial/m/news/1134915248?lang=en_US&edition=fundamental","pubTime":"2021-06-05 11:02","market":"sh","language":"zh","title":"Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?","url":"https://stock-news.laohu8.com/highlight/detail?id=1134915248","media":"华尔街见闻","summary":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过","content":"On the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Huge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHuge loss of 1.85 billion! After OFILM's performance thunderstorm, is it useful to apologize?\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-06-05 11:02\n\n</h4>\n</header>\n<article>\nOn the evening of April 16, OFILM issued an announcement saying that it apologized for the performance forecast. The performance was revised from the original profit of 900 million to a loss of 1.85 billion.This is not the first time OFILM has apologized. Since 2018, the company has apologized at least four times for financial report problems.What impressed the author deeply was that in the 2018 annual report, OFILM made a mistake in transferring costs due to a financial software failure, thus reducing the cost of more than 2 billion.In December 2019, the Shenzhen Stock Exchange issued the \"Decision on Public Condemnation of OFILM Group Co., Ltd. and Related Parties\" to OFILM.As a result, the good times didn't last long, and the annual apology came again. As for the reason for the performance thunderstorm, OFILM explained this:The company received a notice from specific overseas customers (hereinafter referred to as \"specific customers\") on March 12, 2021. The specific customers plan to terminate the purchasing relationship with the company and its subsidiaries, and the company will no longer obtain existing business orders from specific customers in the future.Due to this unexpected situation, the assumptions of the impairment test of relevant assets have changed significantly. The company disclosed the relevant risk warning at the first time, urgently started the evaluation of relevant assets, conducted a comprehensive inventory of relevant assets, re-estimated the recoverable amount of relevant assets, and conducted impairment test.Strictly speaking, OFILM's operations are legal and compliant, not fraudulent. But everyone knows that the company was removed from the supply chain by Apple.Therefore, in the face of OFILM's previous apologies, the Shenzhen Stock Exchange can only condemn them.So the question is, why is it necessary to suffer a huge loss if you are removed from the supply chain?<img src=\"https://static.tigerbbs.com/421a9f257718f8ea9031346cef3bd9c8\" tg-width=\"1070\" tg-height=\"499\" referrerpolicy=\"no-referrer\">This is not only a problem for OFILM, but also a similar situation in the entire OEM industry.From a financial point of view, it is because of the huge provision for asset impairment, which is related to the special business model of the electronic accessories industry. Generally speaking, the accessories of consumer electronics giants such as Apple are customized production lines. Once cooperation is stopped, most of these devices will be eliminated, which will bring large investment losses to the company.Characteristics of Assets and Liabilities Structure of Electronic Accessories IndustryWeir Co., Ltd. is an enterprise engaged in the production of mobile phone camera modules. The 2020 annual report shows that the company achieved a total operating income of 19.824 billion yuan, an increase of 45.43% over the total operating income in 2019. The company achieved a net profit attributable to shareholders of listed companies of 2.706 billion yuan, a year-on-year increase of 481.17%. From the data point of view, in 2019, the company completed the acquisition of Beijing OmniVision and Spico, and the company's main business increased its layout in the field of CMOS image sensors. In 2020, the company successfully integrated new businesses, and its sustainable profitability was significantly improved.Compared with ordinary industries, the consumer electronics industry has one thing in common: inventory accounts for a very high proportion in the asset-liability structure.The book inventory of Weir shares in 2020 is as high as 5.274 billion, and the inventory turnover days have increased by nearly a month. For this kind of consumer electronics accessories enterprises, the inventory risk is very high, because the technology is constantly upgrading, and once it is unsalable, these huge inventories will be lost.Looking back at OFILM's \"Sao Operation\"Going back to OFILM's operation that was condemned by the Shenzhen Stock Exchange, the root cause is also the high inventory balance.OFILM's 2018 annual report performance suddenly changed its face. The original profit of 1.839 billion promised in the express turned into a loss of 519 million. The first quarterly report of 2019 released simultaneously also showed that in the new year, the company continued to suffer large losses.The company failed to fully identify signs of inventory impairment on the performance forecast date, and there was a serious deviation in estimating the net realizable value of inventory, and failed to fully accrue asset impairment losses. The cost accounting system on which the company's inventory depends is constantly upgrading, and some production costs are carried forward inaccurately.In other words, there is a problem with the company's cost accounting system, which leads to the failure to find signs of inventory impairment in time.This is an incredible situation.What is a Cost Carry-over? This is a financial concept that is difficult to express. Try to use a simplified case to illustrate: Company A purchased a product in 100 yuan and sold it in 300 yuan. Assuming that taxes are ignored and no other costs are incurred, then the cost of this product is 100 yuan and the gross profit is 200 yuan. Generally speaking, the company carries forward the cost in the sales process, so when purchasing, the 100 yuan carries forward the cost in inventory and sales, which changes from inventory to cost. This process is called carry-forward cost.When it comes to a product, it is easier to calculate the cost. If there are thousands of products and the cost of each batch is different, it is more complicated to carry forward the cost.In accounting, there are first-in, first-out method, moving weighted average method and other cost calculation methods. With the popularization of financial information system, ERP and other systems, this process is usually automatically calculated by the system.However, no matter any information system, this process can be interfered by human beings. What are the consequences of intervention? If a less part of the inventory is carried forward from the link of inventory to cost, the cost of the carry-over will be inflated. Since profit = income-cost, if the cost is inflated, the profit will be inflated.<img src=\"https://static.tigerbbs.com/5351ee6c176fc30a2b3d86157f7f36be\" tg-width=\"1080\" tg-height=\"397\" referrerpolicy=\"no-referrer\">Since OFILM's inventory at that time was huge, exceeding 8 billion, if there was a slight mistake in the cost transfer process, it would indeed lead to an excessive impact on net profit.For example, when the cost is transferred, a 10% error in the unit price is an error of 800 million, which affects the cost and profit of 800 million.Knowing this financial principle, it is not difficult to infer the reason for OFILM's operation: whether it is intentional or not, it has essentially inflated profits in stages.Composition of asset impairment provisionIn 2006, the Ministry of Finance newly issued Accounting Standards No.8-Asset Impairment. Since then, asset impairment reserve has become an important accounting item for listed companies. From monetary funds to accounts receivable to inventory to long-term and short-term investments to fixed assets, almost every important asset item corresponds to impairment reserve subjects.Accounting standards stipulate that enterprises should check all assets regularly or at least at the end of each year, and reasonably predict the possible losses of all assets. These estimated losses are included in the corresponding asset impairment provision.Take 2018, the recognized year of Apple's \"Waterloo\", as an example. Affected by the decline in Apple's mobile phone sales, a large number of A-share Apple industry chain companies experienced huge asset impairment. Lens Technology accrued 833 million asset impairment, of which 672 million was inventory depreciation loss; Sunwoda accrued 192 million asset impairment, of which 90.41 million was inventory depreciation loss; Luxshare Precision accrued 204 million asset impairment, of which 68.78 million was inventory depreciation loss; Goertek shares accrued 248 million asset impairment, of which 74.65 million was inventory depreciation loss; OFILM even made a record 1.84 billion asset impairment provision, including 1.56 billion inventory depreciation losses.These inventory depreciation losses directly affected the net profit of the enterprise that year. It is not difficult to find that inventory is an important financial indicator in the consumer electronics industry, and it is likely to thunderstorm inadvertently.Inventory disaster: inventory depreciation reserveOn the one hand, in order to bring forth the new, enterprises will sell old products at a discount, make way for new products from the price system, and clear the inventory as soon as possible, which is conducive to the withdrawal of funds; On the other hand, as the scale continues to expand, the cost of digital products will continue to decrease, providing room for price reduction. For example, even when Apple sells the old iPhone with a fracture, it can still maintain a gross profit margin of about 35%, which is basically the same as the new one. change.In turn, for producers, accessories start to depreciate from the first day they enter the warehouse.In order to find out in advance whether the inventory has depreciated or avoid financial fraud, can we ask OFILM and others to disclose in detail the models and prices of spare parts stored in the warehouse?In fact, this is impossible, because it involves trade secrets. In principle, listed companies are allowed by the CSRC not to disclose particularly detailed information on inventory, especially cost unit price information. Although this protects listed companies, to a certain extent, it also gives listed companies room to modify their financial reports, and also gives investors uncertainties.How investors should respondInventory is an item closely related to profit, especially in the process of cost transfer. For enterprises with high inventory, the potential risk is extremely high.Similar to goodwill thunderstorms, more and more inventory thunderstorms have impacted A shares in recent years.How do investors choose in the face of inventory thunderstorms that may explode at any time?The answer is not complicated. The author believes that as long as we grasp the following points, we can accurately avoid inventory thunderstorms.First, be wary of enterprises with excessive inventory.How to judge whether the total inventory is too large? There is a simple calculation formula: assuming that 10% of the inventory may fall in price, if 10% of the inventory seriously affects the company's profits, then the inventory risk is relatively large;The second is to compare inventory turnover days.Generally speaking, enterprises whose inventory turnover days are increasing year by year indicate that the inventory turnover is poor and there is a greater risk of price decline loss;The third is to trace the company's inventory depreciation losses in previous years.The company's provision of inventory depreciation losses in recent five years can roughly calculate the possibility of large inventory depreciation losses in that year.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3632224\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03f3d0c168656a3e6eb4245c3c31ff40","relate_stocks":{"002456":"欧菲光"},"source_url":"https://wallstreetcn.com/articles/3632224","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1134915248","content_text":"4月16日晚间，欧菲光发布公告，称对业绩预测致歉。业绩从原来的盈利9个亿，修改为亏损18.5亿。\n这并不是欧菲光第一次致歉。2018年以来，公司起码因为财报的问题致歉过4次了。\n让笔者印象深刻的，莫过于2018年的年报中，欧菲光因为财务软件故障导致转成本失误，从而少结转了20多亿成本的骚操作。\n2019年12月，深交所向欧菲光下达了《关于对欧菲光集团股份有限公司及相关当事人给予公开谴责处分的决定》。\n结果好景不长，一年一度的致歉又来了。对于业绩暴雷的原因，欧菲光是这么解释的：\n公司于2021年3月12日收到境外特定客户（以下简称“特定客户”）的通知，特定客户计划终止与公司及其子公司的采购关系，后续公司将不再从特定客户取得现有业务订单。\n因该突发情况，相关资产减值测试的假设发生重大变化，公司第一时间披露相关风险提示，紧急启动相关资产的评估工作，对相关资产进行全面清查，重新估计相关资产的可收回金额，进行减值测试。\n严格意义上来讲，欧菲光的操作都是合法合规，并非造假。但大家都心知肚明，公司被苹果剔除供应链。\n所以，面对欧菲光的历次致歉，深交所也只能谴责。\n那么问题来了，为什么被剔除供应链，就要巨亏呢？\n\n这不仅仅是欧菲光一家存在的问题，整个代工行业都有类似情况。\n从财务上看，是因为计提了巨额的资产减值准备，和电子配件业的特殊经营模式有关。一般来说，苹果这类消费电子巨头的配件都是定制的生产线，一旦停止合作，这些设备大部分都要淘汰掉，给公司带来较大的投资损失。\n电子配件业的资产负债结构特点\n韦尔股份是一家从事手机摄像头模块生产的企业，2020年年报显示，公司实现营业总收入 198.24 亿元，较 2019 年度营业总收入增加 45.43%。公司实现归属于上市公司股东的净利润 27.06 亿元，同比增长 481.17%。从数据看，2019 年度，公司完成了对北京豪威及思比科的收购，公司主营业务增加了在 CMOS 图像传感器领域的布局。2020年，公司整合新业务获得成功，持续盈利能力提到了显著提升。\n和普通行业相比，消费电子行业都有一个共同点：资产负债结构中，存货占比非常高。\n韦尔股份2020年的账面存货高达52.74亿，且存货周转天数增加了近一个月。这类消费电子配件企业，存货风险非常大，因为技术不断升级，一旦滞销，这些巨额存货将血本无归。\n回顾欧菲光的“骚操作”\n回到欧菲光被深交所谴责的操作，根源也是存货余额过高。\n欧菲光的2018年年报业绩突然大变脸，原来快报中说好的盈利18.39亿竟然变成了亏损5.19亿。同步发布的2019年一季报也显示，新的一年，公司继续大幅亏损。\n公司在业绩预告日未能充分识别存货存在减值的迹象，在估计存货可变现净值时出现严重偏差，未能足额计提资产减值损失。公司存货依赖的成本核算系统处于不断升级中，部分生产成本结转不准确。\n也就是说，公司的成本核算系统出现了问题导致未能及时发现存货减值迹象。\n这是匪夷所思的情况。\n什么是成本结转？这是一个表述起来比较吃力的财务概念。尝试用个简化案例说明：A公司购进了100元的产品，300元卖出去，假设忽略税金，且不发生任何其他成本，那么这款产品的成本就是100元，毛利200元。一般而言，公司都是在销售环节结转成本，所以购进的时候，这100元在存货，销售的时候结转成本，从存货变成了成本，这个过程，叫做结转成本。\n一个产品的时候，比较容易核算成本，如果产品成千上万，并且每个批次的成本不同的时候，成本结转就比较复杂了。\n会计上有先进先出法、移动加权平均法等成本计算的方式。随着财务信息系统、ERP等系统的普及，这个过程通常由系统自动计算。\n但是，无论任何信息系统，这个过程都是可以人为干预的，干预的后果是什么？如果从存货结转到成本的环节，少结转一部分存货，就会造成结转的成本虚低，由于利润=收入-成本，所以成本虚低的话，利润就虚高了。\n\n由于欧菲光当时的存货金额巨大，超过80亿，如果转成本环节出现一点纰漏，确实会导致对净利润影响过大的情况。\n比如转成本的时候，单价出10%的差错，就是8亿的误差，影响8亿的成本和利润。\n了解了这个财务原理，就不难推断欧菲光这么操作的原因：不管是否有意，都实质上阶段性的虚增了利润。\n资产减值准备的构成\n2006年财政部新发布了《会计准则第8号—资产减值》，从此资产减值准备成为上市公司重要的核算项目，从货币资金到应收账款到存货到长短期投资到固定资产，几乎每个重要的资产项目都对应减值准备科目。\n会计准则规定，企业应定期或至少每年年度终了检查各项资产，合理预计各项资产可能发生的损失。这些预计损失，计入相应的资产减值准备。\n以公认的苹果“滑铁卢”之年2018年为例，受到苹果手机销量下滑的影响，大量的A股苹果产业链公司出现了巨额的资产减值。蓝思科技计提了8.33亿的资产减值，其中6.72亿是存货跌价损失；欣旺达计提了1.92亿的资产减值，其中9041万是存货跌价损失；立讯精密计提了2.04亿的资产减值，其中6878万是存货跌价损失；歌尔股份计提了2.48亿的资产减值，其中存货跌价损失7465万；欧菲光更是创纪录的计提了18.4亿的资产减值，其中存货跌价损失15.6亿。\n这些存货跌价损失，直接影响了企业当年的净利润。不难发现，存货是消费电子行业的重要财务指标，很可能会在不经意之间暴雷。\n存货之殇：存货跌价准备\n一方面，企业为了推陈出新，会将旧款产品打折销售，从价格体系上给新品让路，尽快出清库存，有利于回笼资金；另一方面，随着规模不断扩大，数码产品的成本会不断降低，给降价提供了空间，比如苹果即便是骨折销售老款iPhone的时候，依然能保持毛利率35%左右，和新机基本不变。\n反过来，对于生产商来说，配件从进入仓库第一天，就开始贬值。\n为了提前发现存货是否贬值，或者规避财务造假，我们能不能要求欧菲光之流详细披露仓库里存放的零配件的型号、价格呢？\n事实上这是不可能的，因为涉及到商业机密，上市公司被证监会允许原则上不必披露存货特别详实的信息，尤其是成本单价信息。这样虽然保护了上市公司，但也在一定程度上，给了上市公司修饰财报的空间，也给了投资者不确定因素。\n投资者的应对之道\n存货是和利润息息相关的项目，尤其是在转成本环节，对于高存货企业来说，潜在的风险极高。\n和商誉暴雷类似，近年来存货暴雷越来越多的对A股造成冲击。\n面对随时可能暴的存货雷，投资者如何选择呢？\n答案并不复杂，笔者认为只要把握好从以下几点，就可以精准的避开存货暴雷。\n一是警惕存货总额过大的企业。\n如何判断存货总额是否过大呢？有个简单的计算公式：假设10%的存货可能发生跌价，如果存货的10%严重影响了公司利润，那么存货风险就比较大；\n二是对比存货周转天数。\n一般来说，存货周转天数逐年增加的企业，说明库存周转不佳，存在着较大的跌价损失风险；\n三是追溯公司往年存货跌价损失。\n公司近五年存货跌价损失的计提情况，可以大致推算出当年出现大额存货跌价损失的可能性。","news_type":1,"symbols_score_info":{"002456":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4594747,"gmtCreate":1622912575356,"gmtModify":1663228023030,"authorId":3572057606547842,"author":{"id":3572057606547842,"idStr":"3572057606547842","authorId":3572057606547842,"name":"Gnehnusee","avatar":"https://static.tigerbbs.com/2d7451bae30652109027611b94e0a24a","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112876872,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"},{"id":4594221,"gmtCreate":1622905602662,"gmtModify":1663228020525,"authorId":3582603564454110,"author":{"id":3582603564454110,"idStr":"3582603564454110","authorId":3582603564454110,"name":"Jerry6666","avatar":"https://static.tigerbbs.com/341ac0d8c7e78a01f49f688b745e56f4","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112876872,"type":1,"supId":0,"prevId":0,"content":"[呆住]","text":"[呆住]","html":"[呆住]"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":39,"commentSize":5,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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