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Qumei Home is on the market for the first time

2019-3-7 15:09| 发布者: 左二爷| 查看: 1887| 评论: 0|来自: 成都耍耍论坛www.scshua114.com

摘要: In order to expand overseas market, Qumei Home can be described as "at all costs". After buying Norwegian Ekornes ASA, the investors'nerves are affected by every move.It was also thought that afte ...
In order to expand overseas market, Qumei Home can be described as "at all costs". After buying Norwegian Ekornes ASA, the investors'nerves are affected by every move.

It was also thought that after the acquisition of Ekornes ASA, Qumei Home may have a big rise. Often "ideal is very full, reality is very skeletal," Qumei Home has submitted a four-year listing "first loss" report card.

First Loss Report Card

Qumei Home landed on the Shanghai Stock Exchange on April 22, 2015. The company is mainly engaged in furniture design, production and sales.

After the listing, Qumei Home's performance has maintained high growth. From 2015 to 2017, the company's operating income was 1.255 billion yuan, 1.664 billion yuan and 2.097 billion yuan, respectively, up 14.78%, 32.52% and 26.05% year-on-year; net profits attributable to shareholders of listed companies were 117 million yuan, 185 million yuan and 246 million yuan, up 16.4%, 58.21% and 32.78% year-on-year.

By the time of the 2018 quarterly report, the company showed signs of decline. From January to September, Qumei Home's operating income was 1.69 billion yuan, an increase of 17.94% over the same period last year, and its net profit attributed to shareholders of listed companies was 9.0546 million yuan, a decrease of 45.4% over the same period last year.

A few days ago, Qumei Home issued a performance forecast, the company expects to achieve net profit attributable to shareholders of Listed Companies in 2018 between - 83 million yuan and - 56 million yuan, and the net profit attributable to shareholders of listed companies is between - 90 million yuan and - 60 million yuan unless regular profits and losses are deducted.



As for why there is a loss? Qumei Home said that the number of Direct stores in Beijing market increased by 7 in 2018 and reached 21 by the end of 2018, which led to the rapid growth of operating costs such as shop rent and staff salary. In addition, the company cooperated with Jingdong to build Qumei Jingdong Living Hall, which resulted in the closure of the flagship store in Beijing's North Five Rings for 135 days during the renovation period and a substantial reduction in revenue.

It's all caused by huge mergers and acquisitions.

In September 2018, Qumei Home completed the acquisition of 90.5% of Ekornes ASA Company, with a capital expenditure of 3.677 billion yuan. Many people in the industry regard Qumei Home's 4 billion overseas M&A as an important part of the "globalization" strategy, but its financial risks can not be ignored.

The biggest risk is that it has brought a huge goodwill to Qumei Home. Data show that as of September 30, 2018, the goodwill value of Qumei Home was 3.67 billion yuan, compared with 0 on June 30.

In this regard, Qumei Home said that the huge goodwill is mainly formed by the acquisition of subsidiary Ekornes. It is noteworthy that the net assets of Qumei Home at the end of the third quarter were 1.651 billion yuan. Based on this, Qumei Home's goodwill is 2.22 times more than its net assets, while Qumei Home's above goodwill impairment is more than half, the company may face the risk of insolvency.

In November 2018, the Securities Regulatory Commission issued "Accounting Supervision Risk Tip No. 8 - Goodwill Devaluation", which clarifies the accounting treatment, information disclosure, audit of impairment items and evaluation related to impairment items. Some insiders said that the purpose of this document issuance is to further tighten the supervision of goodwill. In this way, Qumei's home hangs the sword of "huge goodwill" on its head, which may fall at any time.

Meanwhile, the acquisition also brought huge debts to Qumei Home. By the end of September 2018, the total debt of Qumei Home was 4.99 billion yuan, with an asset-liability ratio of 71.98%. At the end of June, the debt of Qumei Home was only 500 million yuan, with an asset-liability ratio of 23.17%. Will these liabilities affect the company's future operations?



In addition, there are many consumers in the Baidu post bar, decoration complaints exposed Taiwan and many other communities Tucao Qu Mei home due to quality, after-sales service and other issues. Some consumers said that "Qumei Furniture Store is a big cheater", "pre-sale and post-sale performance is not the same" and others said that "the brand furniture has been placed for more than two years, the smell is still very strong".

By the close of March 6, Qumei Home was quoted at 824 yuan per share, with a total market value of 4.049 billion yuan, while the market value of Europeans Home in the same industry was 45.38 billion yuan, Gujia Home was 24.05 billion yuan, Sofia was 20.87 billion yuan, and Shangpin Home was 16.46 billion yuan, which was much higher than Qumei Home.

"What's the difference between success and failure?" But can the nearly 4 billion mergers and acquisitions make Qumeijia succeed or fail? It's hard to say just now, the only thing that can be sure is that Qumei's life in the coming year may not be very good.

Disclaimer: The content synthesized from the media comes from the media, and the copyright belongs to the original author. Please contact the original author and obtain permission to reproduce. The viewpoint of the article only represents the author himself, not Sina's position. If the content involves investment proposals, only for reference, not as a basis for investment. Investment is risky, so we need to be cautious when entering the market.

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