Author丨Lei Chen.
Editor丨Zhu Yimin.
Figure source丨Figure worm.
St Zuojiang (300799.)SZ) shell pressure increases sharply.
On the evening of December 12, *ST Zuojiang (300799SZ) replied to the inquiry letter of the Shenzhen Stock Exchange on its third quarterly report, disclosed the sales of 400 DPUs in the announcement, and reminded the company that it would face the risk of being terminated from listing.
It is understood that since May 2022, the company's self-developed DPU has received widespread attention from the market.
In the secondary market, since May 2022, the company's share price has increased from about 38 yuan to a maximum of 2998 yuan shares, the stock price deviates from the fundamentals, and it is the most expensive ST share in A sharesThe phantom of the tour capital emerges.
In the above announcement, the company stated that the content of the company's third quarterly report performance exchange meeting circulated in the Xueqiu app recently was inaccurate.
In addition, according to the announcement, the sales of *ST Zuojiang's DPUs are less than expected, and most of the first batch of DPU chips sold by the company are being placed in the warehouses of end customers.
Coincidentally, the legal representative of this end-user has the same name as Chairman *ST Zuojiang.
At the same time, there is also a risk that some of the company's DPU products will not be delivered as planned.
At the same time as the DPU market promotion situation "saw the light die", the logic of *ST Zuojiang's previous stock price ** was gradually dissolved, and investors who got on the car at a high point were in a dilemma.
On December 13, *ST Zuojiang fell by 20%, and the total transaction amount was only 28.13 million yuan.
400 DPU sales are questionable
The concept of DPU is the main reason for the company's stock price to "take off". DPU is the key chip for the reconstruction of data centers for the computing power era, and is known as the "third main chip" of data centers after CPU and GPU.
At the end of last year, *ST Zuojiang Holding subsidiary Beizhong Netcore launched a DPU chip.
Based on the programmability and rich interfaces of the NE6000-DPU chip, the chip has a wide range of applications, including cloud computing, network security, artificial intelligence, 5G communication and other scenarios. Yu Hongtao, deputy general manager of *ST Zuojiang, once said that products based on the chip have been promoted and tried by customers.
However, is the company's DPU chip really as "powerful" as the company advertises?
On December 27, 2022, *ST Zuojiang and Beijing Haotian Xuhui Technology Co., Ltd. (hereinafter referred to as "Haotian CIFI") signed a contract to complete the delivery of 400 "NE6000" series DPU chips on January 3, 2023, and recognized the contract revenue of 12.61 million yuan in January 2023.
The commercial reasonableness of this income was questioned by the exchange.
The 21st Century Business Herald reporter noticed that most of the above-mentioned DPU chips that ST Zuojiang has sold are piling up in the warehouse. At the same time, the legal representative of Juxian Technology, the end user of the transaction, also has the same name as Chairman Zuojiang of *ST.
It is reported that *ST Zuojiang's counterparty Haotian Xuhui is the first businessman, which intends to become the company's leading DPU chip business, after obtaining customer demand information, from *ST Zuojiang to purchase 400 pieces of "NE6000" series DPU chips, and transfer them to Beijing Juxian Technology *** (hereinafter referred to as "Juxian Technology").
In other words, Haotian Xuhui's role is only the first distributor of this transaction, and Juxian Technology is the end user of the product.
Regarding the question that the delivery will be completed within 5 days of the signing of the contract, the announcement shows that the DPU chips sold by ST Zuojiang are the company's inventory, and the purchaser, as the first businessman, mainly conducts relevant measurement and inspection of the packaging, appearance and quantity of the chip after receiving the chip, so the receipt inspection process is short.
The 21st Century Business Herald reporter noticed that Haotian Xuhui is another listed company, Ronglian Technology (002642SZ).
On December 13, a person close to Ronglian Technology told the 21st Century Business Herald reporter: "The regulator has also learned about this matter before, and the transaction between us and Zuojiang is a normal transaction." ”
As for how much profit Haotian Xuhui made in the process of this distribution, the above-mentioned person said that he was not very clear about this part of the financial accounting.
The legal representative of the end user has the same name as the chairman of *ST Zuojiang.
Juxian Technology, the end user of this transaction, has many suspicious points.
According to the announcement, Juxian Technology was originally a series of chip manufacturers in the field of communications, mainly a certain brand of products, due to changes in the external environment, slow iteration of product technology, and declining revenue, Juxian Technology began business transformation at the beginning of 2022, transforming from a pure first-class business to a R&D manufacturer.
The 21st Century Business Herald reporter inquired about the industrial and commercial information of the enterprise and found that the scale of Juxian Science and Technology personnel is less than 50 people, and the number of insured people in 2022 is 0, and the national standard industry (generally refers to the industry category to which the enterprise belongs in the national economic industry classification) is the wholesale of textiles, knitwear and raw materials.
Coincidentally, the legal representative of Juxian Technology is named Zhang Jun, which has the same name as Chairman *ST Zuojiang.
However, *ST Zuojiang announced that after checking the industrial and commercial registration information of Juxian Technology, *ST Zuojiang's directors, supervisors and senior executives, actual controllers and persons acting in concert with them have no relationship with Juxian Technology.
The 21st Century Business Herald reporter contacted a former employee of Juxian Technology, and after she picked it up, she said in surprise: "It was all many years ago, probably a year, when I was only responsible for bookkeeping." For Zhang Jun, the legal representative of the company, she said that she had no impression.
In response to the above questions, a person from the *ST Zuojiang ** Department told reporters in an interview that there are many people with the same name and surname, and said that the announcement shall prevail, and the content in the announcement is true.
In addition, most of the chips purchased by Juxian Technology from *ST Zuojiang are backlogged in the warehouse.
The accountant learned from the on-site visit that among the 400 NE6000 chips purchased by Juxian Technology, as many as 370 chips have been stored in the warehouse so far, and have not yet been sold to the outside world.
In addition, Juxian Technology has received 20 chips that are being marketed by special personnel and have not yet been sold, and the remaining 10 chips are used for research and development, and the research and development work has not yet been completed.
In response to the company's 12.61 million yuan DPU chip sales contract confirmed in January 2023, the accountant said that whether the relevant sales can be finally confirmed in 2023 needs to be further judged.
To add insult to injury, the company disclosed in June 2023 that the 51 million yuan contract signed with CIFI Technology and Zhongyuan Space-time, after communicating with Zhongyuan Space-time, except for some test products, it will not be able to complete the delivery and acceptance of server network cards on the Qingyang project in 2023, and then the corresponding revenue will not be recognized in 2023.
Stock prices have deviated significantly from fundamentals
*The sales of ST Zuojiang's DPU are less than expected, and the logic of the previous stock price ** has been gradually deconstructed.
Since May 2022, *ST Zuojiang's share price has been rapid**, from about 38 yuan shares to 151 as of December 13**21 yuan shares, the highest touched 299$8 shares. The company's stock price trend deviates greatly from its fundamentals.
Financial data show that:Since its listing, the company's revenue has increased from 21.9 billion yuan, all the way down to 0. in 20225.9 billion yuan, and the net profit attributable to the parent company was 08.9 billion yuan, 09.4 billion yuan, 00.6 billion yuan, -14.7 billion yuan.
Due to the negative net profit in 2022 and the revenue of less than 100 million yuan, *ST Zuojiang** was put on delisting risk warning, and the abbreviation was changed to "*ST Zuojiang" from May 4 this year.
As for the main reasons for the change in performance in 2022, *ST Zuojiang said in the annual report that first, due to the macro environment, the overall operating income in the fourth quarter was much lower than expected. In addition, the company's new products and programmable network data processing chips are in the key development stage, and the entrusted research and development is also in the main research and development stage, and the research and development investment has increased a lot.
In terms of business lines, in 2022, the company's revenue from the information security industry will be 05.8 billion yuan, a year-on-year decrease of 4986%；Revenue from other businesses was 97340,000 yuan, a year-on-year decrease of 6376%。
Daxin Certified Public Accountants issued a non-standard audit opinion report on *ST Zuojiang's 2022 annual report, mainly mentioning accounts receivable and business sustainability.
The accounting firm said that some of the company's accounts receivable could not be interviewed on site, nor could it obtain a letter of reply, involving a book balance of accounts receivable of 20.1 billion yuan, accounting for 7108%。It is impossible to judge the worthiness of the book value of the above-mentioned receivables.
At the same time, the company's operating performance has continued to decline in the past two years, with a net loss of 17.4 billion yuan, net cash outflow from operating activities 18.2 billion yuan. These circumstances indicate that there are significant uncertainties that could give rise to significant doubts about the Company's ability to continue as a going concern.
In the first three quarters of this year, *ST Zuojiang's performance has not improved, and the company achieved revenue of 3372210,000 yuan, down 9 percent year-on-year54%；Net profit attributable to parent company - 9732730,000 yuan, down 2827%；Net profit attributable to the parent company after deducting non-profit -9747660,000 yuan;Net cash flow from operating activities - 16.9 billion yuan, down 9 percent year-on-year12%。
It is worth noting that on the eve of the disclosure of the third quarterly report, the company's share price once fell to about 200 yuan. After the release of the third quarterly report, the company gave a special reminder of the risk of delisting, but the stock price was bizarre, once reaching 246 yuan shares.
Since then, the company has still fallen below 200 yuan after the phenomenon of being pulled up by large orders.
Who's hyping *st Zuojiang?
A person close to the institution told the 21st Century Business Herald reporter that a lot of capital and well-known private equity in Beijing have gone to *ST Zuojiang Company for research many times and talked with the main person in charge of the company.
Looking through the company's third quarterly report, it can be seen that in the third quarter of this year, natural persons Peng Guohua, Yin Ying and private equity Hongdao Investment increased their positions in *ST Zuojiang, and natural person Tang Dayuan was a new shareholder.
Peng Guohua is a well-known Niu San, and entered the top ten shareholders of *ST Zuojiang in the fourth quarter of 2022, with a shareholding ratio of 266%。Yin Ying ranked among the top 10 shareholders of the company in the second quarter of 2023, and the shareholding ratio was 08%。
In addition, Niu San Guo Yanchao also increased his position in the second quarter of this year210,000 shares.
In terms of private equity, Hongdao Investment's shareholding in *ST Zuojiang is 088%, the institution was founded in March 2010, is a well-known private equity investment, founded by the former Huaxia veteran star manager Sun Jiandong, the company has successfully issued more than 60 private equity products such as Hongdao Global Selection, Innovation and Reform Series.
An industry insider told the 21st Century Business Herald reporter, "Zuojiang's DPU did not sell as well as expected, and there were some funds sitting in the bank, resulting in some funds not coming out." ”
After the speculation, investors who got on the bus at a high point were in a dilemma. On December 13, *ST Zuojiang fell by 20%, and the total transaction amount was only 28.13 million yuan.
It is worth noting that*ST Zuojiang still has a lot of shell pressure.
The announcement on December 12 reminded of three risks, one is that the audit report opinion type of the company's 2022 annual report is a qualified opinion. Second, there is uncertainty about the customer's product acceptance, if more products are not delivered as planned, the company will lose money in 2023 and the operating income will be less than 100 million yuan. Third, the 2022 annual audit report shows that there is uncertainty in the company's ability to continue operations.
According to the reporter's understanding, some institutional people have begun to worry about the way out.
sfc
Editor of this issue: Li Yutong, Xi, Song Jiayao.
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