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On June 29, Lander Technology (002765. SZ) disclosed the announcement of the postponement of fundraising, and the board of directors and supervisors of the company unanimously passed the "Proposal on the Extension of Part of the Raised Funds Investment Project", adjusting the date for the "new energy vehicle high-precision transmission gear and motor shaft manufacturing project" to reach the scheduled usable state from June 30, 2024 to June 30, 2025.
The project was launched in June 2022 in the company's 600 million private placement, which is one of the two major new energy vehicle private placement projects of Lander Technology, due to the "soaring" era of new energy stocks, the share price of Lander Technology rose by 134.28% in the two months before and after, breaking through a 5-year high.
Now, the company's stock price has basically fallen back to before the launch, and its transformation from the annual report performance thunderstorm to the postponement of fundraising projects has gradually revealed a "tiger and snake tail" appearance. Although the sales volume of the downstream "new forces" has reached a new high, the company's power transmission sector only gained a net profit of 9.7829 million yuan last year, and the touch display business triggered a goodwill "mine" of 369 million yuan.
The new energy fundraising project has been postponed to 2025
The extension of the "new energy vehicle high-precision transmission gear and motor shaft manufacturing project" of Lander Technology in February 2023 to raise funds to increase capital, 4 months later, Lander Technology and Bishan High-tech Zone signed the "Industrial Project Investment Contract", the project was included in the "new energy auto parts and touch screen cover glass manufacturing project" one of the "new energy auto parts and touch screen cover glass manufacturing project", to use the raised funds of 373 million yuan, the total planned investment of the project is 2 billion yuan, and the completion and production period is 24 months.
Source: Lander Technology's announcement in June 2023
At the same time, "the new energy auto parts manufacturing project plans to rebuild and upgrade some of the existing plants, and at the same time purchase the equipment required for the project, and plans to build a production line with an annual output of 4 million sets/pieces of high-precision parts for new energy vehicles." ”
According to the 2023 annual report, the progress data of the project is 65%, and the progress of several projects involved in the "Industrial Project Investment Contract" has reached 95%, which has been partially put into operation and only needs to be expanded.
Source: Lander Technology Annual Report
This is the transformation of Lander Technology from traditional automotive transmission assemblies and parts to new energy reducers and new energy transmission system parts.
As early as November 2021, Chongqing Lander Transmission Machinery Co., Ltd., a wholly-owned subsidiary of Lander Technology, entered into a partnership with Cialis (601127. SH) subsidiary, Chongqing Jinkang Power New Energy, signed a strategic cooperation agreement to reach cooperation in the field of electric drive systems, reducer assemblies and parts, instrument screens and other products for new energy vehicles.
Source: Company announcement
By the end of last year, Lander Technology had cooperated with GAC, Nidec, Valeo Siemens, Grebo, BYD (002594. SZ), Geely Automobile (00175. HK), Hezhong Automobile, Schaeffler and other enterprises in the field of new energy have launched business cooperation.
Since the company itself does not make money in the transmission products of traditional automobiles, the profit margin is not high after switching to new energy. According to the 2023 annual report, the net profit of Lander Machinery, a subsidiary of Celis Cooperation, is 17.23 million yuan, and the net profit of Maanshan Lander Machinery, which is rumored to supply the Wenjie series, is only 5.72 million yuan.
Re-examine the transformation of the color
This is a partial portrayal of the current new energy ice and fire, the head car factory earns 100 million a day, and the suppliers who lack the right to speak are struggling. In addition, touch display, another major business acquired by Lander Technology, has also entered a cycle trough, with revenue falling 24.34% year-on-year, triggering a huge goodwill impairment.
In 2018, Lander Technology spent 715 million yuan to acquire Taiguan Technology, forming a dual main business pattern of "power transmission + touch display", and the net assets of Taiguan Technology at the time of the merger and acquisition were only 222 million yuan, so it brought 501 million yuan of goodwill to Lander Technology.
In 2023, the net profit attributable to the parent company of the company's touch display business will be -365 million yuan, of which the asset impairment loss provided for goodwill will be -369 million yuan.
For touch display, Lander Technology hopes that in the future, "the gradual release of new production capacity and the replacement cycle".
As mentioned above, the company's margins in the transmission business are low and the quality is not high, especially in the impairment losses year after year.
Source: Choice data
In the first quarter of this year, the gross profit margin of Lander Technology's sales has fallen to 10.98%, and in 2023, the gross profit margin of touch screen and touch display modules has fallen from 20% at the beginning of the merger and acquisition to 8.1%, and the gross profit margin of the power transmission assembly has also fallen to 11.42%.
In 2023, the impairment loss accrued by Lander Technology will be 9 times that of 2022, including the inventory decline of 73.36 million yuan, the impairment loss of fixed assets of 18.18 million yuan, and the huge goodwill of the aforementioned thunderstorm.
Source: Lander Technology's 2023 annual report
On the basis of the annual loss of 365 million yuan, the net operating cash of Lander Technology only flowed into 158 million yuan, which could not meet its capital expenditure, and the quality of earnings was not good, and the free cash flow of the enterprise was -851 million yuan.
Source: Choice data
"Hematopoiesis" is insufficient, and the transformation of Lander Technology mainly comes from debt financing. Last year, the company's long-term and short-term borrowings totaled 678 million yuan, of which short-term borrowings were 240 million yuan, long-term borrowings were 438 million yuan, and the unrestricted monetary funds on the account were 548 million yuan, which continued to be stretched.
It is worth mentioning that in the 9 years since its listing, Lander Technology has paid a total of 156 million yuan in dividends 5 times, and the total amount of funds raised has reached 1.744 billion yuan. (This article was first published on the Titanium Media APP, by |.) Huang Tian)