应收账款竟高于销售额？ Accounts receivable was higher than the sales？

　　金证券记者 李砾

Gold securities LiLi reporters

　　突然冒出来的第一大代理商，所欠货款竟然多于代销金额。江苏东华测试技能股份有限公司就遇到了这样的稀奇事。

Out of nowhere to the first big agent，The QianHuoKuan unexpectedly more than the amount of sale on a commission basis。Jiangsu donghua test skills co., LTD. Is met such a strange thing。

　　公司招股书显示，截至2011年12月31日，东华测试对巨创科技账龄1年以内的应收账款余额为223.52万元，是2011年销售所产生的欠款。但公司当年对巨创科技的销售额仅为203.86万元。

The company prospectus shows，As of December 31, 2011，Donghua test of giant and technology ageing within 1 year of the receivable account balance is 2.2352 million yuan，Is 2011 years sales generated by the credit。But the company had huge and sales of science and technology to be 2.0386 million yuan only。

　　同一年度，同一代理商所欠货款，为何会高出销售额近20万元？是招股书忙中出错的“笔误”，还是公司销售数据猫腻的冰山一角？

The same year，The same agent have QianHuoKuan，Why sales more than nearly 200000 yuan？Is the prospectus erroneously“A slip of the pen”，Or the company sales data something fishy going on the tip of the iceberg？

　

　应收账款诡异“超标” Accounts receivable strange“overweight”

　　“应收账款是专门为销售业务所设置的账户，只包含客户欠下的货款一项内容。”南京师范大学商学院一位财务专家向《金证券》记者指出，“所以，应收账款绝对不会多于公司向客户的销售额。”

“Accounts receivable are designed for sales business had set up account，Contains only customer debt payment a content。”Nanjing normal university business school to a financial experts《Gold securities》Reporter pointed out that，“so，Accounts receivable absolutely not more than the company's sales to customers。”

　　不过，东华测试的财务却“不走寻常路”。

but，Donghua test financial but“Don't walk unusual way”。

　　招股书显示，截至2011年12月31日，东华测试对巨创科技的应收账款余额为223.52万元，账龄为1年以内。但2011年全年东华测试对巨创科技的销售额仅为203.86万元。多出来的近20万元欠款是怎么回事？

Prospectus shows，As of December 31, 2011，Donghua test of giant and technology accounts receivable balance is 2.2352 million yuan，Ageing is within 1 year。But in 2011 annual donghua test of giant and sales of science and technology to be 2.0386 million yuan only。Extra nearly 200000 yuan credit is how to return a responsibility？

　　《金证券》发现，厦门巨创科技有限公司此前并未被东华测试提及。但在2011年，该公司突然以203.86万元跻身东华测试第一大代理商的位置。

《Gold securities》found，Xiamen giant and technology co., LTD. Has not been previously mentioned donghua test。But in 2011，The company suddenly with 2.0386 million yuan among donghua test first big agent position。

　　据悉，厦门巨创科技是一家从事工业自动化控制设备和检测设备的研制与开发的公司，与德国西门子、深圳科姆龙，以及国内多家科研院校都有业务合作。而东华测试主营业务为从事测试设备的研制、开发、生产、销售以及技术咨询转让等服务。作为同行的巨创科技为何要给东华测试做代理商？

It is reported，Xiamen giant and technology is engaged in the industrial automation control equipment and testing equipment research and development of the company，With Germany Siemens、Shenzhen comair dragon，And many of China's scientific research colleges and universities have business cooperation。And donghua test main business is engaged in the development of the test equipment、development、production、Sales and technical consultation transfer etc。As a colleague's giant and why the science and technology to donghua test do agent？

　　东华测试董秘办工作人员婉拒了《金证券》的采访：“董秘办专员苏小姐不在，董秘也出差了，你发个采访提纲过来吧，后面会跟您联系的。”但截至发稿前，《金证券》记者并未收到公司回复。

Donghua test dong secret do workers declined《Gold securities》interview：“Dong secret do not SuXiaoJie commissioner，Dong also on business secret，You send a interview outline come here，There will be in touch with you of。”But before at the time，《Gold securities》Reporters have not received reply。

　

　客户兼职“开发商” Customer part-time“developers”

　　东华测试不仅对巨创科技的销售存在蹊跷，对其他大客户的销售同样涉嫌“虚报”。

Donghua test not only to the giant and technology sales exist a catch in it，For other big customer sales also suspected“false”。

　　由于公司所处的结构力学性能测试仪器生产行业，国内的研发能力一直较弱，所以这一领域超过70%的市场长期被进口产品所占领。特别是一些资金充裕的科研机构、重点实验室、大型汽车制造企业等，往往选择国外品牌。

Due to the company's structural mechanics performance test instrument industry，The domestic research and development ability has been weak，So this area more than 70% of the market long-term be imported products have occupied。Especially some money plenty of research institutions、Key laboratory、Large automobile manufacture enterprise, etc，Often choose foreign brands。

　　即便是号称行业领先的东华测试，目前所持4项专利也均为授权专利，只有一项发明专利--手持式多功能动态信号测试分析记录仪。

Even if is known industry leading donghua test，At present the four patents are authorized and patent，Only a patent of invention - handheld multifunctional dynamic signal testing analysis recorder。

　　研发能力不足的东华测试，于是选择委托开发。有意思的是，公司委托开发单位不仅“点多面广”，涵盖高校、研究所、设计院等，而且不少委托开发单位同时为东华测试的客户。

Research and development ability insufficient donghua test，So choose commissioned development。Interesting is，The company commissioned development unit not only“Point polyhedral wide”，Covers the、institute、Design institute, etc，And a lot of commissioned development units at the same time for donghua test customers。

　　《金证券》了解到，在2011年东华测试的前十大客户名单里，公司对北京航天测控技术有限公司的销售额为180万元。而北航测控也是东华测试当年最大的技术委托开发商，从东华测试拿到技术开发费用180万元。两个180万元，难道是巧合吗？

《Gold securities》To understand，In 2011 the first ten donghua test big customer list，Company for Beijing aerospace measurement and control technology co., LTD sales for 1.8 million yuan。And beihang measurement and control is also the largest technology in donghua test by developers，From donghua test to the technical development cost is 1.8 million yuan。Two 1.8 million yuan，Is it coincidence？

　　东华测试另一委托开发单位--上海交通大学，也是东华测试高校客户群中的主力之一。而上海交大机械与动力工程学院的教授饶柱石，还兼任东华测试的独立董事。

Donghua test a commissioned development unit -- Shanghai jiaotong university，Donghua university is one of the main customer base test。And Shanghai jiaotong university mechanical and dynamic engineering college professor rao pillar，Also concurrently donghua test of independent directors。

　　《金证券》获悉，2009年－2011年，东华测试的委托开发费用分别为64.3万元、280.12万元、472.2万元，其增长速度远远超过营业收入增幅。将“委托开发”进一步开发成销售手段，看来，东华测试将上述手法运用的相当娴熟。

《Gold securities》Learned that，In 2009-2011，Donghua test commissioned development cost is 643000 yuan respectively、2.8012 million yuan、4.722 million yuan，Its growth rate is far more than revenue growth。will“Commissioned development”Further development into sales approach，It seems，Donghua tests will be the use of the above technique is quite skilled。

　

　十大客户竟多是新面孔 Ten big customer unexpectedly is new faces

　　《金证券》注意到，不管是同行的巨创科技，还是那些客户兼技术开发商的高校、规模企业，东华测试连续三年的前十大客户中，多数都是只出现一次的新面孔，客户源非常不稳定。

《Gold securities》Pay attention to，Whether colleague's giant and science and technology，Or the customer and technology developers of university、Scale enterprise，Donghua test three years in a row in the first ten big clients，Most are only appeared a new faces，Customer source is very unstable。

　　公司解释说，由于仪器专业性、操作的复杂性，使用者主要集中在国防军工、高等院校、科研院所及规模企业的研发机构中，用户群体因此受限。

The company explained that，Because professional instrument、The complexity of operation，Users are mainly concentrated in national defense、Institutions of higher learning、Scientific research institutes and scale of the enterprise research and development institutions，User groups so limited。

　　或许正是因为“一锤子买卖”的关系，使得东华测试在开发新客户时用尽心思，不惜以“赊销”方式扩大销售，甚至闹出应收账款大于销售额的“笑话”。

Perhaps it is just because“A hammer business”relationship，Make donghua test in the development of new customers used in mind，at“credit”Way to expand sales，Even make a accounts receivable is greater than the sales“joke”。

　　财务数据显示，东华测试2009年-2011年应收账款分别为1380.65万元、2558.97万元和4153.54万元，占营业收入比例分别达到31.76%、35.46%、43.6%，逐年攀升。现金流方面，公司2011年经营活动产生的现金流仅658万元，较2010年的1689万元大幅缩水。

Financial data display，Donghua test in 2009-2011, accounts receivable is 13.8065 million yuan respectively、25.5897 million yuan and 41.5354 million yuan，Business income accounted for 31.76% and respectively、35.46%、43.6%，Rising year by year。Cash flow in，In 2011, the company operating activities generated cash flow only 6.58 million yuan，A 2010 yuan shrunk dramatically。