In recent years, many listed companies are trying to explore cross-border beyond their main business. The photovoltaic industry with high prosperity is undoubtedly favored by multiple factors.
In the army of cross-border "chasing light", Xiamen Sanwu Interconnection Technology Co., Ltd. (Hereinafter referred to as "Sanwu Interconnection, 300051. SZ") is undoubtedly fierce. However, if we track the company's earlier operating data in detail, we can see that the book situation of the 35 Interconnection itself is hard to say optimistic, and ST has been wearing a hat earlier because of continuous losses. At this time, what kind of story will the 35 interconnection tell to the capital? For
five consecutive years, huge performance losses are hard to see the way out
. Three-Five Interconnection was established in 2004 and listed on the GEM of Shenzhen Stock Exchange in February 2010. The products provided by the company include enterprise Internet access solutions, enterprise communication solutions, enterprise marketing solutions, mobile office solutions and enterprise management solutions, involving industries such as software and technical services, games, mobile communication resale, etc.
On January 30, the Three-Five Interconnection released the 2022 annual performance forecast, which shows that the annual operating income in 2022 is expected to be 161 million yuan to 197 million yuan; the net profit loss attributable to shareholders of listed companies is 28 million yuan to 55 million yuan; The net profit loss after deducting non-recurring gains and losses is 34.93 million yuan to 61.93 million yuan.
As for the reasons for the performance changes during the reporting period, the 35 Interconnection said that it was mainly due to the decline in the performance of the wholly-owned subsidiary Daoxi Science and Technology during the reporting period, as well as the company's expected impairment of the goodwill of Daoxi Science and Technology, and the final amount of impairment will be determined with reference to the evaluation conclusions of the evaluation agencies.
In addition, the performance forecast also disclosed that during the reporting period, the impact of non-recurring gains and losses on the company's net profit is expected to be about 6.93 million yuan, mainly due to the company's receipt of government subsidies and the recognition of investment income from the disposal of associates during the reporting period.
This is not the first time that 35 interconnections have increased income without increasing profits. From the long time line, we can see that since 2018, the company's net profit has been negative for four consecutive years, and now it has been five years. According to the data of
Oriental Wealth Network, from 2018 to 2021, the revenue of 35 interconnection was 235 million yuan, 288 million yuan, 222 million yuan and 184 million yuan respectively; In the same period, the net return to the parent company was-346 million yuan,-257 million yuan,-68.8 million yuan and-24.64 million yuan, respectively. In the first three quarters of
2022, the Three-Five Interconnection realized revenue of 139 million yuan, a year-on-year decline of 2.09%; realized net profit attributable to parent company of -20.6669 million yuan, a year-on-year decline of 191.93%; net profit attributable to parent company after deduction of non-profits of -25.815 million yuan, a year-on-year decline of -127.68%. In the first half of
2022, the operating revenue of the Three-Five Interconnection was RMB90.062 million, representing a year-on-year decrease of 8.52%; the net profit loss attributable to the shareholders of the listed company was approximately RMB13.7911 million; and the basic earnings per share loss was RMB0.04.
According to the relevant regulations of the Company Law, the securities administration department of the State Council shall decide to terminate the listing of a listed company that has suffered losses for the last three consecutive years and has not been eliminated within the time limit. On April 22,
2021, Sanwu Interconnection disclosed that the net profit of the company before and after deducting non-recurring gains and losses in the last three accounting periods was negative, and the type of the company's 2020 annual audit report was an unqualified audit report with "significant uncertainties related to going-concern". The company's stock trading will be subject to other risk warnings, and the stock abbreviation will be changed from "Three-Five Interconnection" to "ST35".
Until May 19, 2022, the announcement issued by the Three-Five Interconnection showed that the company's stock would resume trading on May 20 (Friday), and other risk warnings would be cancelled, and the stock abbreviation would be changed from "ST35" to "Three-Five Interconnection".
On the day of the disclosure of the performance forecast, the 35 Interconnection also issued another announcement entitled Prompt Announcement on Signing the Capital Increase Intention Agreement and Planning for Major Asset Restructuring.
The announcement shows that Tianjin Sanwu Interconnection Mobile Communications Co., Ltd. (Hereinafter referred to as Tianjin Communications), a subsidiary of Sanwu Interconnection Holdings, intends to increase its capital and expand its shares by 660 million yuan before the transaction, and agrees to increase its capital by 200 million yuan (23.26% of Tianjin Communications) in monetary terms. "Tianjin Communications intends to introduce strategic investors by increasing capital and expanding shares, and this transaction will further accelerate the layout of the photovoltaic industry, which is in line with the company's overall development plan," the company said
in the announcement.
As early as December 25 last year, the 35th Interconnection issued an announcement to enhance the core competitiveness of the company. The board of directors agreed that Tianjin Sanwu Interconnection Mobile Communication Co., Ltd. (Hereinafter referred to as "Tianjin Communication"), a holding subsidiary, and the People's Government of Danling County, Meishan City, signed the project of investing in the construction of "5G Intelligent Factory for 5GW Ultra-High Efficiency Heterojunction (HJT) Batteries". The project, with a total investment of 2.5 billion yuan, will be completed and put into operation by December 2024.
Three-Five Interconnection said that on the basis of fully analyzing the current situation of the vigorous development of the photovoltaic industry, industrial policies, future market space and the company's existing technology, the company intends to develop the heterojunction (HJT) battery project, seek new profit growth points and enhance the company's profitability, which has a positive impact on the company's business strategy development. In line with the company's development needs and long-term planning, but also in line with the national "carbon peak, carbon neutral" strategic requirements.
However, two days after the announcement, on December 27, the Shenzhen Stock Exchange issued a letter of concern requesting the 35th Interconnection to verify and explain the future development plan and feasibility of the photovoltaic new energy business to be entered, whether there is a situation of catering to hot speculation in stock prices, and whether the decision is prudent and reasonable.
In addition to the high attention paid by regulators to its cross-border trajectory, the market also has reservations about the pressure of the 35 interconnection transformation. "In recent years, many listed companies have sought transformation through cross-border acquisitions, intending to form a dual-industry model and open up new profit growth points.". However, this development model especially tests the management ability of management, whether the integration is successful is very important, so the effect is unknown. Song Qinghui, a famous economist, said. According to a research report released by
Open Source Securities recently, the capacity of new heterojunction batteries under construction and planning in China will reach 114.2G W in 2022. With the continuous improvement of HJT economy, the planned capacity is expected to accelerate to the ground. Subsequent HJT shipments are expected to grow rapidly: domestic HJT battery shipments are expected to reach 15GW in 2023, with a year-on-year growth of 275%.
The market may be good, but when it comes to the enterprise level, whether it can take the lead in the competitive market, the core test is its own ability.
According to incomplete statistics, in 2022, more than 30 listed companies have planned to invest in the photovoltaic industry across the border. At this time, if they want to divide up the market share, the 35 interconnection is facing fierce market competition.
In addition, according to the previously disclosed financial report, the cash flow situation of the 35 interconnection is not optimistic. As of the first nine months of 2022, the monetary capital of the Three-Five Interconnection is 36.3762 million yuan, down 13.93% year-on-year; the total assets are 592 million yuan, down 4.54% year-on-year; the total liabilities are 398 million yuan, up 2.27% year-on-year.
When the main business is not clear, it is not rational to cross the border rashly. If the photovoltaic business fails to turn the company into a profit in the future, there may still be a certain risk of delisting.
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