沽空機構CloudyThunder狙擊天能動力(00819.HK) 指其財務造假
沽空機構CloudyThunder Research發表報告,指天能動力(00819.HK)存在嚴重財務造假行為,其股票價值幾乎為零。
報告指,公司嚴重少計分銷商返利,從而誇大利潤,在公司去年度對分銷商的預提返利少計約6-7億元人民幣,少計約60%,其經銷商返利體系有著和龐氏騙局類似的特徵。當業務開始下降時(如去年度),返利體係可能會面臨崩潰。
報告又指,公司誇大產品單價和銷量,包括在2018年,在新車配套市場除去大電池的平均單價在109-111元人民幣之間,而公司報告的平均單價為117元人民幣。這將導致2018年收入和利潤虛報約2-3億元人民幣,以及在去年度誇大對雅迪電池銷量近50%,並謊報了新冠疫情對其業務的影響。
另外,報告又指,公司有流回的股息和洗掉假現金的企圖,懷疑天能電池企圖用向控股公司的極高股息洗掉其賬上虛假現金餘額,而控股公司的真實財務狀況又在科創板上市申請的審計範圍之外。公司同時亦有精心設計股權結構以隱瞞大量關聯交易,將集團僅有利潤為為科創板申請人天能電池輸血,和對集團再生鉛業務的嚴重虛假陳述。
報告又質疑,公司在有著強勁現金和利潤的情況下,借款在同期錄顯著增加,相信公司有偽造的預付款和其他財務警號,並需留意公司審計師在提交科創板上市申請前夕辭職,以及認為主席張天任的博士資格是來自未經認可的機構。
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