中通爆雷？被做空机构指在美财报造假、股价至少50%下行空间

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中通爆雷？被做空机构指在美财报造假、股价至少50%下行空间

华尔街见闻2023-03-03

做空机构Grizzly Research称，中通快递的利润率一度堪比苹果，在国家工商总局报告的利润率远低于在美报告水平，在美报低员工人数，压低人力成本，虚报资本支出，造成利润率超高假象，帮助其上市以来募资超30亿美元；中通还利用未披露关联方转移运营费用，将大笔贷款用于支持内部人房产投资。热门中概股持续反弹之际，中概物流龙头中通快递被曝财务造假。美东时间3月2日周四，美国卖空机构Grizzly ...

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A_Isopod
·2023-03-03
[吃瓜] [吃瓜] [吃瓜] [吃瓜] [吃瓜] [吃瓜]
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福綠壽星
·2023-03-03
[可爱] [可爱] [可爱]
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xiaochoochoo
·2023-03-03
😂
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uiv
·2023-03-03
👌🏻
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eeth
·2023-03-03
👍👍
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The short-selling institution refers to the fraud of the US financial report, and the stock price has at least 50% downside space","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/d963f5008f55e5c0221cffbdfcdcb1af","symbols_score_info":{"ZTO":0.9},"content_text":"做空机构Grizzly Research称，中通快递的利润率一度堪比苹果，在国家工商总局报告的利润率远低于在美报告水平，在美报低员工人数，压低人力成本，虚报资本支出，造成利润率超高假象，帮助其上市以来募资超30亿美元；中通还利用未披露关联方转移运营费用，将大笔贷款用于支持内部人房产投资。热门中概股持续反弹之际，中概物流龙头中通快递被曝财务造假。美东时间3月2日周四，美国卖空机构Grizzly Research发布报告，认为中通快递可能只是因为伪造财务报表数据，才有表面看来远高于同行的利润。考虑到中通人为夸大的利润率，并采用倍数估值调整估算，报告认为，中通目前的美股交易价远高于公允价值，至少有50%的下行空间。利润率是国内同行两倍多 一度堪比苹果上述Grizzly Research报告开篇称，在竞争激烈的中国物流市场中，中通快递是领头羊，虽然整个行业都已标准化，但中通的利润率却是国内同行――顺丰、圆通、韵达和申通平均水平的两倍多。报告称，数据显示，中通的盈利能力一度和苹果这种利润率较高的蓝筹公司相当。一家公司能有如此出色的成绩，要么拥有出色的管理团队，要么财务状况好得令人难以置信。而Grizzly Research通过尽职调查发现，中通欺骗了投资者。报告写道：我们认为，中通明显较高的利润率实际上只是可能伪造财务报表的结果。我们相信，为了编造这些出色的成绩，中通通讯低报了营业收入和成本。报低员工人数 压低人力成本 造成利润率超高假象Grizzly称，其报告突出了和超高利润率不符的确凿证据，包括持续的融资、财会数据不一致以及众多利益冲突。其中特别提到，中通在中国国家工商总局的报告数据和该司递交美国证监会（SEC）的数据截然不同。工商总局的备案文件显示，中通的利润率实际上与快递业的同行相当，2019年至2021年间，中通的净利润率在6.3%到10.6%，但该公司在递交SEC的财务报表中报告，净利润率为15.5%到25.7%。报告指出，中通在中国报告的员工人数庞大，在美国却低于这一水平。因为中通故意报低员工人数，就可以支持其报告的劳动力成本数据，证明超高的利润率合理。以保守的薪资估计，中通的真实员工人数和相关人工费用可能比该司向SEC报告的数字高出一倍以上。虚报资本支出 帮助上市以来募资超30亿美元报告认为，为了让财务欺诈看似合理，中通还在递交SEC的财报中虚报了资本支出，该司企图证明，其物业、厂房和设备（PP&E）以及土地使用权的增长速度超过收入是合理的。但从战略上看，中通没有理由囤积土地。Grizzly Research怀疑，中通利用其超高的利润率募集资金，因为虚假的资本支出数据可以解释为何利润高。迄今为止，中通的这种做法似乎很有效。2016年在纽交所上市以来，中通已经募资超过30亿美元，尽管公司支出没有显示有形的股东价值。虚假收购扩充内部人 利用未披露关联方转移运营费用 大笔贷款用于内部人房产投资报告称，中通利用2014年和2015年的一些收购扩大了内部人的数量，并且、或者让公司的账目平衡。公司文件显示，中通从关联方收购了被其称为网络合作伙伴的特许经营商，收购价远高于这些合作伙伴的启动成本。令人担忧的是，在中国的记录显示，交易后，所有权没有发生变化。这可能是因为这些实体已经作为中通子公司运营。Grizzly Research怀疑，中通是否白白花了股东的钱，没有取得任何回报。报告认为，中通已利用未披露的关联方网络将运营费用转出资产负债表。中通的几个交易对手由受雇于中通、或其管理团队的亲友个人所有和控制。报告称，Grizzly Research实地考察发现了更多潜在的未披露关联方，那些据称独立的实体彼此运营距离很近，还共享logo。就连中通已披露的关联交易也令人担忧。报告认为，因为中通的大笔贷款源于公司为内部人士的房产投资提供资金，公众股东不必要地承担了中国房地产行业风险。这些个人项目违约的风险落在了投资者身上，而不是贷款受益的关联方。","kind":null,"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},"commentList":[{"id":9940887878,"gmtCreate":1677812852194,"gmtModify":1677812856687,"author":{"id":"4090234319856510","authorId":"4090234319856510","name":"A_Isopod","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":5,"crmLevelSwitch":1,"idStr":"4090234319856510","authorIdStr":"4090234319856510"},"htmlText":"[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;","listText":"[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;[吃瓜]&nbsp;","text":"[吃瓜] [吃瓜] [吃瓜] [吃瓜] [吃瓜] [吃瓜]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940887878","repostId":2316419995,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940884798,"gmtCreate":1677812711914,"gmtModify":1677813469477,"author":{"id":"4127809978923482","authorId":"4127809978923482","name":"福綠壽星","avatar":"https://community-static.tradeup.com/news/0f1972f9c2d478705726cd03c4863339","vip":1,"crmLevel":1,"crmLevelSwitch":1,"idStr":"4127809978923482","authorIdStr":"4127809978923482"},"htmlText":"[可爱]&nbsp;[可爱]&nbsp;[可爱]&nbsp;","listText":"[可爱]&nbsp;[可爱]&nbsp;[可爱]&nbsp;","text":"[可爱] [可爱] 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