[Text / Zhao Hui] In the eighth year after successfully landing in the A-share small and medium-sized board, the first listed company in the domestic electronic manufacturing service (EMS) industry, Shiyida (002137.SZ) seems to have encountered some troubles.
In the process of transition from the EMS single business to the “EMS business + self-owned brand†dual-industry, the original business has fallen sharply, and the initial development of new business has been exposed, and finally, in 2013, it is beneficial. The net profit attributable to shareholders of listed companies for the whole year was a huge loss of 189 million yuan, a year-on-year decline of -687.48%.
In response to this situation, Shida reached in the 2013 Annual Results Express that the company's existing EMS business is shrinking rapidly and the gross profit margin is low. According to the company's strategic development plan, the company will adjust its business focus as soon as possible and gradually put EMS. The business contraction was adjusted to a business unit of “small but beautiful†(small scale, healthy operation, and profitable), and the focus of the company's revenue and profit growth was shifted to independent brand business such as LED lighting.
The significant loss of the net profit of 2013 in addition to the original EMS business orders fell sharply, mainly due to the repeated deduction of long-term equity investment, goodwill, inventory, accounts receivable, fixed assets and other assets. Value preparation thus affects net profit.
According to the “Announcement on Provision for Impairment of Assets†announced by Shenda on February 20, 2014, the company carried out assets receivable, fixed assets and various types of inventories of the company and its subsidiaries at the end of 2013. On the basis of the inventory, based on the investigation, the possibility of collection of receivables, the net realizable value of various types of inventories and the recoverable amount of fixed assets were fully analyzed and evaluated, and it was considered that the company’s assets were receivable. Accounts, inventories, fixed assets, and other receivables showed signs of impairment in the fourth quarter of 2013. To this end, the company intends to make provision for impairment of these four assets based on the principle of prudence.
According to the calculation, in 2013, the company made a total of 79,995,400 yuan of impairment provision, accounting for 248.66% of the company's 2012 net profit, and rushed back to the various impairment provisions of 1,13,560 yuan and included in the 2013 annual financial statements. This will reduce the company's 2013 net profit to 79.624 million yuan, which alone accounted for 42% of the 2013 loss.
This sudden large-scale accrual, smashing performance, is really suspected of "bathing."
Some people who are responsible for the financial audit of listed companies said that when some listed companies have no hope of profitability in the current year, they will simply package some hidden expenses and losses into the current year, so that although the report was ugly, the company was detached. “Bao Bao†has laid the foundation for continued profitability in the coming years.
This situation is somewhat similar to the practice of "washing yellow cards" in football matches. A player has a yellow card in the first leg of the semi-final. If he wins a yellow card in the semi-final, he will not be able to play in the final. Players will "win" a yellow card in the first leg of the semi-final, so the suspension will be controlled in the semi-final round, without affecting the finals.
In fact, in October 2013, Shiyida had already incurred an impairment of assets. At that time, the long-term equity investment, goodwill and inventory were made for impairment of RMB 29,026,000. Weighed 10.45 million yuan for goodwill, 2.8 million yuan for long-term equity investment, and 15.75 million yuan for inventory, which together accounted for 90.15% of the company's net profit last year.
In the semi-annual report, the impairment loss of the company's assets was still -103.6 million yuan, a year-on-year decrease of 67.44%, both from bad debts. The Interim explained that it was mainly due to the decrease in provision for bad debts of accounts receivable that should be reversed this year as compared with the same period last year.
It is only a matter of three months to make a large amount of provision for impairment of the above assets, which will drag down the net profit and make people puzzled.
According to the data, the goodwill mentioned in the above-mentioned impairment refers to the formation of the company's subsidiary Shenzhen Huida Optoelectronics Technology Co., Ltd. Huida Optoelectronics' main business is the production of LED light-emitting diodes and sales of LED application products. The reason for the impairment is that Huida Optoelectronics continued to lose money in 2011, and the cash flow was negative. But what is embarrassing is why it is not until now that the impairment is made?
The long-term equity investment was impaired because the company received the notice of C2MICROSYSTEMS INC (hereinafter referred to as “C2 companyâ€), which was a shareholding company of the company’s controlling subsidiary, Hong Kong’s holding subsidiary, in July and August, due to operational problems and a broken capital chain, which caused the company to stop operating. Unable to recover.
Some analysts believe that the 29 million yuan depreciation in the third quarter is to make the report in the third quarter of next year better, because the beneficial to lift the ban on 37 million shares on August 20, 2014, just in the The third quarter of next year.
In the process of transition from the EMS single business to the “EMS business + self-owned brand†dual-industry, the original business has fallen sharply, and the initial development of new business has been exposed, and finally, in 2013, it is beneficial. The net profit attributable to shareholders of listed companies for the whole year was a huge loss of 189 million yuan, a year-on-year decline of -687.48%.
In response to this situation, Shida reached in the 2013 Annual Results Express that the company's existing EMS business is shrinking rapidly and the gross profit margin is low. According to the company's strategic development plan, the company will adjust its business focus as soon as possible and gradually put EMS. The business contraction was adjusted to a business unit of “small but beautiful†(small scale, healthy operation, and profitable), and the focus of the company's revenue and profit growth was shifted to independent brand business such as LED lighting.
The significant loss of the net profit of 2013 in addition to the original EMS business orders fell sharply, mainly due to the repeated deduction of long-term equity investment, goodwill, inventory, accounts receivable, fixed assets and other assets. Value preparation thus affects net profit.
According to the “Announcement on Provision for Impairment of Assets†announced by Shenda on February 20, 2014, the company carried out assets receivable, fixed assets and various types of inventories of the company and its subsidiaries at the end of 2013. On the basis of the inventory, based on the investigation, the possibility of collection of receivables, the net realizable value of various types of inventories and the recoverable amount of fixed assets were fully analyzed and evaluated, and it was considered that the company’s assets were receivable. Accounts, inventories, fixed assets, and other receivables showed signs of impairment in the fourth quarter of 2013. To this end, the company intends to make provision for impairment of these four assets based on the principle of prudence.
According to the calculation, in 2013, the company made a total of 79,995,400 yuan of impairment provision, accounting for 248.66% of the company's 2012 net profit, and rushed back to the various impairment provisions of 1,13,560 yuan and included in the 2013 annual financial statements. This will reduce the company's 2013 net profit to 79.624 million yuan, which alone accounted for 42% of the 2013 loss.
This sudden large-scale accrual, smashing performance, is really suspected of "bathing."
Some people who are responsible for the financial audit of listed companies said that when some listed companies have no hope of profitability in the current year, they will simply package some hidden expenses and losses into the current year, so that although the report was ugly, the company was detached. “Bao Bao†has laid the foundation for continued profitability in the coming years.
This situation is somewhat similar to the practice of "washing yellow cards" in football matches. A player has a yellow card in the first leg of the semi-final. If he wins a yellow card in the semi-final, he will not be able to play in the final. Players will "win" a yellow card in the first leg of the semi-final, so the suspension will be controlled in the semi-final round, without affecting the finals.
In fact, in October 2013, Shiyida had already incurred an impairment of assets. At that time, the long-term equity investment, goodwill and inventory were made for impairment of RMB 29,026,000. Weighed 10.45 million yuan for goodwill, 2.8 million yuan for long-term equity investment, and 15.75 million yuan for inventory, which together accounted for 90.15% of the company's net profit last year.
In the semi-annual report, the impairment loss of the company's assets was still -103.6 million yuan, a year-on-year decrease of 67.44%, both from bad debts. The Interim explained that it was mainly due to the decrease in provision for bad debts of accounts receivable that should be reversed this year as compared with the same period last year.
It is only a matter of three months to make a large amount of provision for impairment of the above assets, which will drag down the net profit and make people puzzled.
According to the data, the goodwill mentioned in the above-mentioned impairment refers to the formation of the company's subsidiary Shenzhen Huida Optoelectronics Technology Co., Ltd. Huida Optoelectronics' main business is the production of LED light-emitting diodes and sales of LED application products. The reason for the impairment is that Huida Optoelectronics continued to lose money in 2011, and the cash flow was negative. But what is embarrassing is why it is not until now that the impairment is made?
The long-term equity investment was impaired because the company received the notice of C2MICROSYSTEMS INC (hereinafter referred to as “C2 companyâ€), which was a shareholding company of the company’s controlling subsidiary, Hong Kong’s holding subsidiary, in July and August, due to operational problems and a broken capital chain, which caused the company to stop operating. Unable to recover.
Some analysts believe that the 29 million yuan depreciation in the third quarter is to make the report in the third quarter of next year better, because the beneficial to lift the ban on 37 million shares on August 20, 2014, just in the The third quarter of next year.
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