Has three restructuring failures, but also set a record of 10 trading days trading, the former monster stocks to increase the layout of photovoltaic.
Following the completion of the consolidation of Jingying Optoelectronics in June this year, Fengfan shares reappeared this month.
On November 14, Fengfan announced that in order to enhance the company's ", according to the agreement, the total investment of the new energy industry chain base project is about 1.2 billion yuan, of which 700 million yuan will be invested in the local distributed photovoltaic power generation project of about 200 MW. The remaining 500 million will be divided into two phases to build a total of 2G W photovoltaic module intelligent manufacturing industry project.
% of the high value-added acquisition 78
. Jingying Optoelectronics is mainly engaged in the R & D, production and sales of monocrystalline silicon rods, polycrystalline silicon ingots, monocrystalline silicon wafers and polycrystalline silicon wafers . At the same time, the company also provides a small number of cells and photovoltaic modules to customers through outsourcing production. Before being acquired by Fengfan shares, Jingying Optoelectronics had a weak sense of existence in the industry. Although the company was founded in 2009 and has gone through many cycles, its business has been tepid before.
According to Fengfan, from the end of 2020 to the first half of 2022, The asset-liability ratio of Jingying Optoelectronics is about 76.3%, 75.77% and 78 respectively, and the company will not turn losses into profits
until 2021. Fengfan shares suddenly announced that they would take over this highly indebted enterprise. As soon as the news came out, it immediately aroused regulatory attention. On August 5, after the company announced that it was planning a major asset reorganization, the Shanghai Stock Exchange issued an inquiry letter requesting the company to explain the high debt ratio and related party transactions of the target company.
: Announcement
of the Company: However, the reorganization has been pushed forward for only 5 months." In December of that year, Fengfan shares announced a change in the acquisition plan. The original plan was to change the 100% equity acquisition of Jingying Optoelectronics to 60% , and to change the asset reorganization to 9.
In the announcement, Fengfan shares were identified and evaluated by the income method. At that time, the value of 100% equity of Jingying Optoelectronics in the draught was 1.6 billion on the signing date, and the appreciation rate of up to 270% also aroused doubts from the outside world.
Source: The company's announcement
is noteworthy that as of September 30 last year, the balance of book currency funds of Fengfan shares was only 7. At the same time, the company's revenue performance in the first three quarters was not optimistic, with operating income of about 1.918 billion yuan, down 14.71% from the same period last year; The net profit attributable to the parent company was 33.28 million yuan, down 57 from the same period last year.
The behavior of high premium acquisition in financial distress has once again aroused regulatory vigilance. The Shanghai Stock Exchange requires Fengfan shares to combine the current financial situation, the scale of available funds, financing channels and capabilities after excluding the funds needed for daily operation. Explain the feasibility of changing to large cash payment. Fluctuating
performance, three cross-border growth
data show that Fengfan shares were founded in 1993 and listed on the main board of Shanghai in 2011. The company is mainly engaged in the R & D, production and sales of various EHV transmission line angle towers below 1000 kV, steel pipes below 220 kV and various steel structures. It is one of the few domestic enterprises that can produce the highest voltage level 1000 kV transmission line towers, and is in the leading position in the EHV and UHV transmission line towers.
Before the acquisition of Jingying Optoelectronics, the company's performance has not been satisfactory. Since the disclosure of its performance, except in 2021, the company's revenue has been below 3 billion for many years, and the net profit attributable to the parent company has not broken through. 2.
In order to seek new growth points, the company has been cross-border since 2014.
Source: Network
July 2014, Fengfan shares were transferred to Menglan Xinghe Energy Co., Ltd. (hereinafter referred to as "Menglan Xinghe") at a total price of 733 million yuan.
The investment of more than 990
million yuan has not brought equal benefits to Fengfan shares, but has continuously increased the amount of the company's liabilities from 2013 to 2020. The amount of short-term loans on the books of Fengfan shares is 0.7 billion yuan, 470 million yuan, 630 million yuan, 800 million yuan, 1.12 billion yuan, 1.061 billion yuan, 1.149 billion yuan and 16.
It has not actually carried out business . This has also become one of the foothold for the Shanghai Stock Exchange and investors to question its interest transmission .
In 2019, Provision for impairment of long-term equity investment in Menglan Xinghe 4.
Aofengyuan was also not optimistic. The company's accounts receivable and notes receivable accounted for 79% of the company's current assets at the end of 2020.
Fengfan shares have repeatedly stumbled in cross-border expansion of new business, not only failed to bring positive returns to listed companies, but also provoked a "coquettish". In July
2022, the company began to cross the border for the third time, and this time Fengfan shares stepped on the draught to enter the photovoltaic industry .
Loaded Cross-border Photovoltaic Opportunity Lost? The net profit attributable to the parent company was 39.972 million yuan, an increase of 20.1% over the same period last year, achieving a double-digit increase; Net interest rate also improved, reaching 9. Specifically, in the third quarter, the company's third quarter revenue was 1.063 billion, an increase of 58.
In the third quarter report, Fengfan shares said that the above growth mainly came from the power sector and the third quarter revenue of Suzhou Jingying Photoelectric Technology Co., Ltd.
As a result, Jingying Optoelectronics has made it possible for Fengfan to seek new business growth points for many years, but with the current ", according to the latest data from the Silicon Branch this week, The average transaction price of domestic N-type monocrystalline silicon wafers (182 mm/130 μm) dropped to 2.4 yuan/piece, and the week-on-week ratio was further reduced. 3. In terms of components, the price of components continued to decline this week, and the quotation of first-line manufacturers has reached 1.03-1. According to the data of industry institutions, price reduction is still the mainstream trend at present.
Under the downward trend of excess superimposed prices, whether Fengfan shares can break out of the tight encirclement and help the company's performance maintain a high growth rate, digital new energy DataBM.
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