"Investor Network" Xie Yingjie
Hongli Zhihui Group Co., Ltd. (hereinafter referred to as "Hongli Zhihui", 300219.sz) has still not come out of the quagmire of declining revenue this year, and even its inventory turnover rate and accounts receivable turnover rate continue to decline along the historical trajectory. But in its announcement, it is a scene of short supply -
On June 17 and December 9 and 17, the company announced production expansions, and Hongli Zhihui estimated that the total new output value would reach 5.8 billion yuan, and the highest revenue since its listing in 2011 was only 4 billion yuan.
The Shenzhen Stock Exchange then issued an inquiry letter, pointing out that the company's revenue continued to decline, with a net profit loss of 876 million yuan in 2019, questioning the necessity of the project, the source of funds, etc., and asking whether it exaggerated the statement.
Hongli Zhihui has a good word about this: "If you do not expand production as soon as possible, there is a possibility of losing customers. ”
The expansion plan deviates from the status quo
It seems that mini-led has entered an outbreak period. LED packaging company Hongli Zhihui has recently continuously thrown out expansion plans.
On December 17, the company disclosed that its subsidiary Hongli Display intends to invest in the construction of the second phase of the LED new backlight display project, with an investment scale of about 2 billion yuan, an estimated construction period of 18 months, and an annual output value of about 4 billion yuan after full production.
A week ago, the company just announced that the subsidiary intends to set up a new project company, invest in the construction of LED projects and related supporting facilities, the project investment of about 1.2 billion yuan in the first phase of the output value of about 800 million yuan; on June 17, Hongli Zhihui signed an agreement with Huadu District of Guangzhou City to invest in the construction of Hongli photoelectric LED new backlight display project. The first phase of investment is 150 million yuan, and the annual output value after production is about 600 million yuan.
According to the estimated output value of Hongli Zhihui, it will have a new output value of up to 5.8 billion yuan.
From 2011 to 2019, the compound growth rate of Hongli Zhihui's revenue was 26.4%, and the highest revenue was just 4 billion yuan in the year; the net profit attributable to the mother increased from 0.73 billion yuan to 209 million yuan in 2018, and the loss in 2019 was 876 million yuan.
In the first three quarters of this year, the company's operating income was 2.1 billion yuan, down 21.6% year-on-year, ranking 30th among 89 listed companies in semiconductor products; net profit attributable to the mother was 63.2461 million yuan, an increase of 108.7% year-on-year, ranking 49th.
In the past, investments have been folded
But will the situation be so optimistic? Time back to 7 months ago, the Shenzhen Stock Exchange is still worried about the decline in Hongli Zhihui's performance, inventory is difficult to digest and other issues.
"From 2017 to 2019, the company's accounts receivable turnover ratio was 5.38, 4.14 and 3.55, and the inventory turnover rate was 8.18, 7.26 and 7.01, respectively, which continued to decline. The company's inventory in 2019 was 456 million yuan, of which 158 million yuan of goods were issued, accounting for a relatively large proportion. Explain the reasons and reasonableness of the above situation. ”
In addition, the Shenzhen Stock Exchange also inquired about 14 issues such as the company's goodwill impairment provision of 848 million yuan in 2019.
At that time, the net profit of Hongli Zhihui was a huge loss of 876 million yuan, of which the Internet marketing subsidiary QuickEase Network "contributed" 718 million yuan. At the end of 2016, Hongli Zhihui spent 900 million yuan to acquire the company and cut into the automotive after-sales service market, which finally ended with "the scale of online credit shrinking due to the tightening of financial supervision".
A similar situation has also collided with the Internet financial business. Due to the poor performance of Cayman NetLi, a p2p company, the company confirmed an investment loss of 69 million yuan in 2019.
Investments related to the main business are also not completely smooth.
As early as February 9, 2018, Hongli Zhihui signed a strategic cooperation agreement with the industry fund to increase the number of automotive LED lighting and lay out the LED lighting industry. Now that there is no follow-up to this cooperation, the Shenzhen Stock Exchange asked about the progress in its latest inquiry letter. The Company stated that on July 19, 2018, it signed the Termination Agreement of the Share Transfer Agreement with the relevant capital.
Many previous investments have ended in failure, so how can we guarantee that we will not repeat the same mistakes this time?
On the evening of December 21, the Shenzhen Stock Exchange issued a letter of concern, questioning the necessity of the above-mentioned projects, the source of funds, etc., and asking whether to exaggerate the statement; combined with the asset scale, financing capacity, and investment fund sources displayed by Hongli, it explained the feasibility of its future investment of 2 billion yuan.
As of the first three quarters of 2020, the monetary funds on The account of Hongli Zhihui were only 252 million yuan, which could not cover the short-term borrowings of 273 million yuan; the current ratio and the quick ratio were 1.26 times and 0.92 times, respectively, which was lower than the normal index of 2 and 1.
However, Hongli Zhihui does not attach importance to this problem: "As of the end of November 2020, the balance of the company's monetary capital stock was 272 million yuan, the company's bank credit line was 1.8 billion yuan, the company's interest-bearing liabilities were 302 million yuan, the interest-bearing liability ratio was 16%, and the company's overall asset-liability ratio was 47.5%. At the same time, the company's profitability will also increase the source of funds in the future. ”
"No overcapacity"?
Long before the expansion, the company was planning ahead in terms of building buildings and adding equipment. As of the end of the first half of this year, the company had 22 projects under construction, most of which were plant or R&D buildings.
Contrary to the shortage of supply and demand created by the announcement, Hongli Zhihui's revenue has declined for six consecutive quarters, ranging from the second quarter of 2019 to the third quarter of 2020, with a decline of between 7% and 38%.
Not only that, in the first three quarters of this year, the company's inventory turnover rate and accounts receivable turnover rate further decreased compared with the same period last year, 3.66 times and 2.35 times respectively.
The executives' reduction of holdings also seems to reflect the real situation from the side. Wind statistics, this year's company executives Liu Xinhua, Ma Defu, Li Jundong, Ma Chengzhang reduced their holdings by a total of 1.35 million shares, about a market value of 13.24 million yuan.
The latest inquiry letter requires that the feasibility and necessity of the second phase of the project be explained in combination with the utilization of existing capacity, other capacity under construction or planned capacity, orders in hand or intention orders, and customer demand growth; whether there is a risk of overcapacity and insufficient investment funds, whether it will lead to greater liquidity risk and financial risk for the company.
In addition, whether there is a big difference between the specific content of the cooperation, the purpose of cooperation, the current specific progress, the economic benefits or cooperation results that have been achieved, etc., and whether the project progress and benefits are quite different from the original plan.
Hongli Zhihui replied: "In November 2020, the capacity utilization rate of the subsidiary Smart and Guangzhou Branch was close to full production, the existing production capacity could not meet the customer's order demand, the order also hit a record high, and the delivery time was delayed on average to more than half a month to More than January. The first phase of mini has been successfully put into production. If the expansion is not carried out as soon as possible, there is a possibility of losing customers, and it is imperative to expand production, and there is no problem of overcapacity. ”
Liquidity risk is not only due to expansion.
According to the data of Tianyancha, Hongli Zhihui has 48 pieces of external guarantee information this year, and the related guarantee has reached 191 million yuan, accounting for about 10% of the net assets.
In addition, the company's investment in Xinyi Optoelectronics was announced by the Supreme People's Court this year as untrustworthy, and was restricted from high consumption, and Zhuhang School Bus was also listed as a dishonest company last year. So does the company provide guarantees to these companies? Investor.com recently called and emailed Hongli Zhihui on related issues, waiting for a week and still not receiving a reply.
It is worth mentioning that in the second transaction disclosed in the investment plan, Hongli Zhihui rose by 14.61%. It has been fluctuating ever since
The Shenzhen Stock Exchange asked whether there was any use of insider information for trading; whether there was a plan to reduce the holdings of shareholders holding more than 5% of the shares and directors, supervisors and senior personnel in the coming month, and whether the company deliberately disclosed favorable information to cooperate with relevant personnel to reduce their holdings.
Hongli Zhihui stated that there is no illegal reduction of senior executives, and there is no plan to reduce their holdings in the next month. (Produced by Thinking Finance)■