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Source: Changjiang Business Daily
Huang Cong, reporter of Changjiang Business Daily.
With the continuous growth of operating income, Guang Yunda (300227)Kingbillycasinonodepositbonuscodes.SZ) but encounteredKingbillycasinonodepositbonuscodesIt is difficult to increase profits.
A reporter from the Yangtze River Business Daily found that from 2021 to 2023, the net profits of Guangyunda were 91.5447 million yuan, 80.0681 million yuan and 56.8158 million yuan respectively.
Among them, in 2023, the four major businesses, such as optical Yunda application services, intelligent equipment, aviation parts and lasers, were collectively depressed, all of which were hit to varying degrees.
In this regard, on May 20, the Shenzhen Stock Exchange issued an inquiry letter to Guangyunda, requiring the company to explain in the light of the changes in market capacity, customer demand, upstream and downstream bargaining power, competition pattern, and so on.
Among them, in 2023, the final book balance of accounts receivable was 647 million yuan, accounting for 64.07% of operating income, an increase of 16.27% over the beginning of the period, and the turnover rate of accounts receivable declined for many years in a row.
Moreover, in recent years, among the enterprises acquired by Guangyunda, Tongyu Airlines changed its performance after the gambling period, Haifu Photon has not yet got rid of the state of loss, and the company still has 310 million yuan of goodwill hanging from the ceiling.
Revenue growth net profit continues to decline
Optical Yunda is a full laser industry chain layout of intelligent manufacturing solutions and service providers, using the company's years of accumulation of laser intelligent manufacturing technology for electronic information, aviation and other national strategic emerging industries to provide innovative laser manufacturing services and intelligent manufacturing solutions.
Data show that from 2017 to 2020, Guangyunda's operating income was 513 million yuan, 580 million yuan, 790 million yuan and 887 million yuan respectively, an increase of 64.32%, 13.04%, 36.20% and 12.25% respectively over the same period last year. Net profits were 61.3792 million yuan, 68.2329 million yuan, 72.0874 million yuan and 130 million yuan respectively, up 279.22%, 11.17%, 5.65% and 80.04% respectively over the same period last year.
From 2021 to 2023, the operating income of Guangyunda was 930 million yuan, 1.03 billion yuan and 1.073 billion yuan respectively, an increase of 4.85%, 10.71% and 4.17% respectively over the same period last year.
However, in the same period, the net profit of Guangyunda was 91.5447 million yuan, 80.0681 million yuan and 56.8158 million yuan respectively, down 29.47%, 12.54% and 29.04% respectively from the same period last year. With the continuous growth of operating income, the company's net profit has declined for three consecutive years.
Guangyunda's main business includes application services, intelligent equipment, aviation components and lasers, which are collectively in the doldrums in 2023.
Guang Yunda explained that the consumer electronics industry remained in the doldrums in recent years, which had a certain impact on the company's laser application service business. Among them, the operation of SMT business is stable, and its performance is still stable; PCB-related FPC molding and HDI drilling business is greatly impacted by the industry, resulting in a serious decline in performance and losses, affecting the company's short-term performance.
In 2023, the gross profit margin of Guangyunda electronics manufacturing industry was 29.01%, declining for many years in a row, of which the gross profit margins of application services and smart equipment were 34.8% and 21.78% respectively, down 6.99 percentage points and 5.34 percentage points from the same period last year.
At the same time, the intelligent equipment business has been highly competitive in recent years. Guangyunda said that with market-oriented and technology as the core, the company has developed a number of new customers in 3C, photovoltaic energy storage, education and other industries. Orders increased in 2023, but the gross profit margin declined, and because individual customers did not pay the goods strictly in accordance with the terms of the contract, the company failed to confirm sales revenue and operating performance was lower than expected.
Revenue from Guangyunda's aviation parts business remained stable, but net profit declined slightly due to falling sales prices and rising costs of some products.
In 2023, the gross profit margin of Guangyunda aviation manufacturing industry was 43.73%, which has been declining since 2021, and the operating income is volatile.
In addition, Optical Yunda said that the laser business due to the company's initiative to optimize the product structure, and customized products did not meet expectations, performance dropped significantly year-on-year, losses increased.
In this regard, on May 20, the Shenzhen Stock Exchange issued an inquiry letter to Guangyunda, requiring the company to take into account the changes in market capacity, customer demand, upstream and downstream bargaining power, competition pattern, etc., to explain the specific content, main uses, application areas, customer types, pricing basis, unit price, cost, sales volume and gross profit of the product.
245 staff reduction, 11.97% reduction in R & D personnel
Under the continuous decline in net profit, the main operating data of Guangyunda are not good-looking.
In 2023, the final book balance of accounts receivable of Guangyunda was 647 million yuan, accounting for 64.07% of operating income, an increase of 16.27% over the beginning of the period, and the turnover rate of accounts receivable declined for many years. Among them, the balance of accounts receivable according to the age combination is 618 million yuan, and the accounts receivable with the age of 1-2 years has increased significantly.
However, Guang Yunda only provides for the full impairment of accounts receivable with an age of more than five years, and the proportion of bad debts of accounts receivable with an age of less than three years is up to 30%.
In addition, for the first time this year, Guangyunda set aside impairment provisions for accounts receivable on a single basis to Henan Junyi Intelligent Technology Co., Ltd., with a book balance of 16 million yuan and a 30 per cent proportion of bad debts.
In recent years, among the companies acquired by Guangyunda, one has changed its performance after the gambling period, and the other has not yet got rid of the state of loss.
In 2019 and 2020, Guangyunda spent a total of 424 million yuan to acquire Tongyu Airlines in "two steps". As of February 29, 2020, the evaluation value of the underlying assets is 500.928 million yuan, and the value-added rate is 566.68%.
After completing the performance bet, Tongyu Airlines achieved a net profit of 58.2448 million yuan in 2023, down about 6.6 per cent from a year earlier.
In December 2021, Guangyunda announced that the company signed an agreement with Haifu Photon and its shareholders that the company intends to increase capital to the target company with its own capital of 55 million yuan and transfer some shares of shareholder Shi Wei at a price of 5 million yuan, totaling 60 million yuan. After the completion of this capital increase and share transfer, the company will hold 34.7824 million shares of the target company, with a shareholding ratio of 34%, and bring it into the scope of the consolidated statement of the listed company.
Haifu Photon is mainly engaged in fiber laser business, but it is in a state of loss all the year round, and although the value-added rate of this acquisition is as high as 210.36%, the two sides have not signed a performance bet agreement.
According to the Guangyunda Annual report, from February 2022 to the end of the reporting period, Haifu Photon lost 987500 yuan in net profit.
In 2023, Haifu Photonics achieved operating income of 14.3644 million yuan, a year-on-year decrease of 59.21%, and net profit was-16.4045 million yuan, a year-on-year decrease of 464.79%. During the same period, the company also provided for goodwill impairment of 3.3021 million yuan.
The 2023 annual report shows that Guangyunda's goodwill is 310 million yuan, mainly due to the company's acquisition of 100.00% equity of Jin Dongtang and the goodwill of 115 million yuan. The company's acquisition of 100% equity of Tongyu Airlines formed a goodwill of 160 million yuan. The company's acquisition of 34% of Haifu Photonics formed a goodwill of 31.0669 million yuan.
In this regard, the Shenzhen Stock Exchange required Guangyunda to list the details of the current orders on hand by the three subsidiaries by business or product type, and explain accordingly whether the goodwill impairment provision is sufficient and timely.
In addition, Guangyunda is still significantly reducing staff. The company's employee count at the end of 2023 was 1642, a decrease of approximately 13% from the same period last year, and a net decrease of 245, of which R & D personnel dropped by 11.97%.