Experts interpret Weilai being shorted by the "Grizzlies": battery income confirmation method may be radical but not fake

Elephant reporter Chen Si

On June 28, after the "car falling" incident, Weilai met a bad thing again: Grizzly Research was reported to the hot search with a paper report. In the report, the Grizzlies believe that Weilai is likely to use an uncompromising related party to exaggerate his income and profitability, so that its revenue and net profit increased by about 10%and 95%, respectively.

The report of the report pointed to Weilai's battery rental business and Wuhan Weneng Battery Assets Co., Ltd. (hereinafter referred to as "Wei Neng"). Affected by this news, Weilai's stock price also plummeted. On the 29th, Weilai responded that the report was not basically based, and its information about Weilai contained many errors, unfounded speculations, and misleading conclusions and interpretations.

"Industry Rookie" Grizzlies have made many vacant stocks many times

In the storms of the stock market, most ordinary shareholders make money through stocks. However, there are some institutions to make money through the decline of stocks, which has to be mentioned as short.

The general operating process of short -term mechanisms is to borrow the stocks of a listed company and sell it from the securities firm in advance, and then use the core of the financial data of the listed company to fake the financial data, the affiliated transactions, the valuation of the valuation, and the executive behavior as the breakthrough. The short report, subsequently exposed the company's operating problem, thereby suppressing the stock price stock index. When the stock price of the target company has plummeted, the short -selling agency can buy stocks at a low price to return it to the broker. Through such a process, the short -term institution achieves profitability.

There are many overseas shorting institutions. We are generally familiar with muddy water research institutions, Xiangxiang research companies, and Soros team. Compared with them, it is obvious that Grizzlies' awareness is much lower.

However, according to the introduction of the Grizzlies' official website, the Grizzlies have an independent investigation team in China, and the short report released by the Grizzlies in the past has also involved many listed companies in China, including who learned from, 58, Dou, Dou Dou, Dou Dou, Dou, Dou, Fish and so on.

The battery income confirmation method may be radical but not fake

Analysts believe that one of the core issues that the Grizzlies are short -term reporting are that Weilai confirmed the 7 -year rented battery income to the current period through the affiliate to achieve "fraud" in revenue.

However, Guan Yuqing, the founder of the study of the three -party research institution, believes that Weilai's battery income "cannot be faked, but the model may be questioned, because after all, Wei Neng is a company that Weilai invested." The "one -time confirmation of N -year income" problem is okay in terms of income confirmation rules. "There are several key elements of income confirmation: 1. Whether the control of the transaction target is transferred; ","

Guan Yuqing further explained the relationship between Weilai and Wei's battery revenue through an example: "In fact, this model is a bit similar to car companies and their financial leasing companies. Car companies sell cars to consumers. The leasing company provides funds to consumers' loans. The car company sells the car and confirms the income at one time. The leasing company needs to gradually confirm the income based on the rhythm of the actual interest. This model. "

Zhang Shiqing, a senior investment banker, also said, "There are different ways to confirm the operating income. Just like the annual card of the club, the card service has not been fully provided. At this time, it can be included in the income at one time. Increase income. One -time calculation is a relatively radical method for boosting business, but it is absolutely not fraudulent. "

Experts: Weineng is significantly over -configured battery assets need to be explained reasonably

The Grizzlies mentioned that the Weilai BAAS service agreement provides services for 19,000 users, but Wei's inventory battery is 40053, and the Grizzlies don't think so much. What do teachers think of this?

Guan Yuqing believes that more purchasing batteries will not only increase the cost of depreciation, but also have impairment pressure, especially when power battery technology is constantly moving rapidly. When the new generation of products come out, the old -generation products will inevitably impair. Essence

"Therefore, in theory, Wei Neng has no reason to significantly exceed the amount of purchasing batteries. Of course, it is reasonable to be slightly more reasonable, because the number of backup batteries is high than the number of users involved; and consider, consider considering To the factors of business expansion, it also needs to be equipped with batteries higher than the number of users, but if too much is high, it is suspicious. "

Guan Yuqing believes: "Overall, the CSE has questioned the income confirmation and depreciation and transfer. These problems have no problems at the level of accounting compliance. , Wei Neng has a large configuration of battery assets that exceed reasonable needs. This is really suspicious, which requires a reasonable explanation of Weilai and Weineng. "

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