The hottest photovoltaic enterprise's 31.6 billion

  • Detail

The 31.6 billion yuan accounts receivable of photovoltaic enterprises are afraid to become "flowers in the mirror"

and the previously lively backdoor wave of photovoltaic enterprises has gradually lost its scenery. The performance of Yijing optoelectronics, Hairun photovoltaic and other enterprises is far from the commitment of the restructuring party. In 2012 alone, the restructuring party may need to spend 1.8 billion yuan to pay for the "optimistic" commitment in the past

accounts receivable became "fig leaf"

accounts receivable, which was not only the reason why Chaori sun issued for the chairman to stay overseas, but also one of the reasons why the company's performance was questioned. In the third quarter of this year, the net profit of Chaori sun reached 148 million yuan, an increase of 39% year-on-year, reversing the dilemma of loss in the first half of the year. Since most of the accounts receivable of Chaori sun come from overseas partners and their affiliated companies, market participants question its "whitewash" fatigue limit, which is expressed as performance. The treatment method for the problem of the simply supported beam impact tester is:

the super sun is by no means an example. The struggling photovoltaic industry has been difficult to maintain its original growth. The total net profit of 41 listed companies in the first three quarters of this year was 600million yuan, down 89% year-on-year. The reason why companies in the photovoltaic industry can still maintain profits is due to the large increase in accounts receivable. By the end of September this year, the total accounts receivable of these companies had reached 31.6 billion yuan, an increase of 6.9 billion yuan over the same period last year, an increase of nearly 30%

the sharp rise in accounts receivable is also the key to interpreting the performance growth of relevant companies. The data shows that the net profit of the nine photovoltaic enterprises with year-on-year performance growth increased by 290million yuan, an increase of 23%; Accounts receivable increased by 3.3 billion yuan year-on-year, an increase of 78%

Ni Kailu went abroad to collect accounts receivable, which shows that on the one hand, photovoltaic enterprises generally have the dilemma of tight capital chain, on the other hand, it shows that boosting performance by "inflating" accounts receivable is tantamount to drinking poison to quench thirst. Although the accumulation of a large number of accounts receivable can beautify the financial statements in the short term, if it is difficult to cash, it will bring many problems to listed companies. The conversion of funds into creditor's rights will continue to deteriorate the operating cash flow, and the provision for huge bad debts will also become a long-term drag on performance

performance commitments are all empty

backdoor PV enterprises used to be a hot topic in the restructuring of the A-share market. Hundreds of millions of performance commitments outline a bright development prospect. However, times have changed. The sharp decline in performance or huge losses in 2012 also doubled the pressure on the restructuring party, because the net profit target was promised when backdoor borrowing, and huge compensation will be paid in 2012. According to the annualized calculation of the third quarter performance, the total compensation made by the restructuring party due to the performance commitment is expected to be as high as 1.866 billion yuan

Hairun PV, which backdoor st Shenlong listed in February this year, said that from 2011 to 2013, the underlying assets achieved net profits of 498 million yuan, 510 million yuan and 530 million yuan respectively. If the profit forecast is not reached, its self-healing, self decomposition, self diagnosis and self-control functions will make full use of all resources, and the original shareholders of Hairun PV will make up the difference with cash. In 2011, Hairun PV achieved a net profit of 401 million yuan, and the original shareholders made up the difference of nearly 100 million yuan. In the first three quarters of this year, Hairun PV lost as much as 199million yuan, and the compensation amount is expected to exceed 700million yuan. In order to avoid paying hundreds of millions of compensation, Hairun PV issued four consecutive announcements from December 18 to 25, and will receive a cumulative government subsidy of nearly 500million yuan. Even so, there are still performance "holes" of more than 200million yuan that cannot be made up

at the same time, optoelectronics Co., Ltd., Zhongli technology, Yijing optoelectronics, etc. also have performance commitment compensation pressure. In September, 2011, Zhongli technology acquired 51% equity of Tenghui photovoltaic with 482million yuan to enter the photovoltaic industry. Tenghui PV promised a net profit of up to 264 million yuan and 366 million yuan in 2012 and 2013. According to Zhongli science and technology, Tenghui photovoltaic achieved a sales revenue of 965 million yuan in the first half of the year, with a net profit of only 28.3098 million yuan

Yijing optoelectronics has played a "marginal ball" in performance compensation. In 2011, Yijing optoelectronics achieved a profit of 110million yuan and a profit forecast of 349 million yuan, with a difference of 238 million yuan, and the performance realization rate was only 31.74%. However, the profit compensation agreement signed by the original shareholders of Yijing optoelectronics and the company took the cumulative net profit as the index. In 2010, Yijing optoelectronics' profit reached 750million yuan, 446million yuan higher than the forecast. However, the restructuring party is afraid that it will be unable to escape the fate of compensation this year. Yijing optoelectronics lost 427 million yuan in the first three quarters of this year, while it promised a net profit of 367 million yuan in 2012

market participants pointed out that the rumor that the chairman of Chaori sun was "running away" was just the tip of the iceberg of the plight of photovoltaic enterprises. Under the influence of the double reverse of the United States and Europe and the sluggish demand, it was difficult to "whitewash" the performance through accounts receivable. Once the industrial capital chain breaks, photovoltaic enterprises that break out of debt crisis will appear one after another

Copyright © 2011 JIN SHI