On February 25, 2014, it was learned at the 2013 Furuit Assembly Annual Shareholders Meeting that Furrut installed revenue of 2.05 billion yuan in 2013, a year-on-year increase of 64.8%; net profit attributable to shareholders of listed companies was 230 million yuan, 105.5% increase. At the same time, the three major development strategies of Freescale in 2014 are overseas, mergers and acquisitions, and the Internet of Things. The Internet of Things has already begun its preliminary work, including discussions with IBM. It is worth noting that the rapid growth of Furui equipment is behind the surge in receivables and inventories, while the turnover of accounts receivable fell year-on-year. Radical sales strategies are obviously the driving force for rapid development, but hidden financial risks can not be ignored. Plan to hand in IBM The annual shareholder meeting of a listed company has always been the focus of investors' attention. In particular, institutional investors often visit the company’s shareholder meeting at the scene and face the company’s senior management to investigate the business situation. The reporter learned at the conference site that Furui equipment was working on the Internet of Things, including the negotiation with IBM. “The business model of the Internet of Things is mainly the collection of big data. The Internet of Things installed by Furuite is mainly oriented towards e-commerce. The ultimate goal is to obtain e-commerce settlement licenses from the Ministry of Commerce and the Ministry of Industry and Information Technology,†said Rui Pinfang at the meeting. The Furui equipment has already begun to build the basic work of the Internet of Things, including contact with IBM, but the specific content has not been disclosed. IBM recently announced a global alliance agreement with AT&T on the "Internet of Things" project for smart cities. A fund manager in Shanghai bluntly stated that based on IBM's mature experience in the Internet of Things, it does not rule out Furui equipment. In the future, it will cooperate with the Internet of Things in the LNG (liquefied natural gas) industry chain. A brokerage researcher who has been tracking Furui equipment for a long time told reporters that the growth of Furui equipment's performance in recent years has mainly benefited from the growth of the LNG equipment market and the release of its own production capacity. “In 2013, the entire LNG equipment industry showed a rapid growth, and the demand for LNG equipment rapidly expanded. Although the second half of the year was negatively impacted by the short-lived price increase of natural gas, the company’s overall orders for gas cylinders grew steadily.†In his view, making a gas supply system for an LNG vehicle is only the first step for Furui equipment. “The model for the development of the LNG industry is bigger and stronger, and the business model and solution for the implementation of 'oil to gas' throughout the country is Furit. The future focus of the equipment, if it can join hands with IBM to establish a system of Internet of Things technology, to achieve intelligent services, will further achieve cost control and revenue expansion." To ensure that the realization of this Internet of things is based on Furui equipment can open up the entire industry chain of LNG, so Pin Pingfang bluntly at this shareholders meeting, mergers and acquisitions will be another major strategy for the company's future development, "Future plan to acquire LNG industry The upper reaches of the chain include coalbed methane and coke oven gas, and downstream companies will acquire overseas companies that have technology, market, and service to carry out refined operations." The above fund manager told reporters that institutional investors are concerned about whether or not Furui equipment can be integrated in the upstream of the LNG industry chain, as well as the loading and unloading of mid-stream vessels, terminal station construction, and even downstream gas station energy stations. The industrial chain, "There are also overseas market expansions are the focus of institutional investors." Hidden financial risks Behind a promising development prospect of Furui equipment is the hidden risk brought about by its aggressive sales strategy. According to the 2013 annual report of Wellnet, its current assets were 2.369 billion yuan at the end of the year, an increase of 41.17% year-on-year, of which, the balance of accounts receivable at the end of the period was 647 million yuan, an increase of 66.39% compared to the end of 2012 of 389 million yuan; the ending balance of inventory was 955 million yuan, an increase of 35.37% over the same period last year, 705 million yuan. The largest increase was in bills receivable. Its 2013 balance at the end of the year was 263 million yuan, an increase of 231.59% compared with the RMB 79 million at the end of 2012. Meng Weihua, Chief Financial Officer of Furtel mounted this explanation at the general meeting of shareholders. The surge in receivables was mainly due to the tightened monetary policy of banks at the end of 2013, “making many customers use bank acceptance bills to pay the purchase price. The growth of accounts receivables and business revenues were similar, mainly due to the fact that the company increased its efforts in market development and the production and sales volume increased significantly. In addition, it also extended the settlement period for some high-quality customers.†As for the growth of inventory, Meng Weihua explained that due to the expansion of the company's production and operation scale, sales orders increased, and inventory increased accordingly, “there is no backlog of inventory.†The reporter learned from the shareholders' meeting that the order of Furuiite equipment is currently about RMB 1.8 billion, and the annual orders will reach RMB 4 billion. It is expected that this year will reach RMB 3 billion in operating income. It is worth noting that the turnover of accounts receivables of Furrut equipment was down year-on-year. With the year-on-year increase in operating income and profits, the decline in the turnover rate of accounts receivable means that the speed of corporate repayments is worrying. The 2013 turnover rate of Fast Reuters's accounts receivable was 3.96 times/year, which was 0.42 times slower than the 4.38 times/year in 2012. Meng Weihua said at the shareholders meeting that the company will focus on strengthening the assessment and control of inventory and accounts receivable this year. In fact, the direct effect of this surge in receivables is the "net cash flow from operating activities" of Furui equipment. The 2013 data is -1.36 billion yuan, which represents a year-on-year decrease from the RMB 155 million in 2012. 187.36%. In the opinion of the brokerage researcher mentioned above, Furui installed clear marketing strategies in 2013. “Including their own recognition of the extension of the settlement period of some customers, I personally believe that the pursuit of scale expansion must be based on economy, if The expansion of the scale of the enterprise will not bring economic benefits. This expansion will inevitably result in the accumulation of capital and poor circulation." Oxide Ceramics Powder,Pure Aluminum Oxide Powder,Chromium Oxide Ceramics Powder,Yttria Stabilized Zirconia Powder Luoyang Golden Egret Geotools Co., Ltd , https://www.xtcalloypowder.com