With the company's debts increasing and accounts receivable and bills continuing to be the right choice?And Taisheng Wind Energy chose to continue to invest heavily in investment and financial management!
According to the announcement issued by Taisheng Wind Energy on December 12, the company intends to use idle own funds to purchase low- and medium-risk wealth management products of banks and other financial institutions within the limit of no more than RMB 1.1 billion (or equivalent in foreign currency), with the aim of improving the efficiency of capital use and increasing the company's income. For many large groups, because of the large flow of funds, so they can do financial investment, but for Taisheng Wind Energy, the company's short-term borrowings and long-term borrowings have increased since the beginning of this year, and the notes payable and accounts payable at the end of the period have increased by 1 billion yuan compared with the same period last year. So, is it appropriate to still do financial management?
In particular, in June last year, Taisheng Wind Energy also carried out a private placement, and the amount of funds raised was as high as 108.1 billion yuan, these funds are used to supplement the company's liquidity, and now the supplementary funds will continue to be invested in financial management?
As one of the earliest companies in China to produce wind turbine towers, although it is in the leading position in the industry, the company's performance is very bad.
From 2021 to the end of the first three quarters of 2023, the company's non-net profit has been on a continuous downward trend, and last year's non-net profit was not as much as 7 years ago in 2016, and the company's performance has been declining.
Although it is said that the average company has too much money to invest, but now the company has debts that are not repaid, and it continues to increase, but the money is used for financial investment, are these situations really appropriate?
Especially in the announcement, Taisheng Wind Energy showed that the company's investment and financial management is to improve the efficiency of capital use, rationally use its own funds, and obtain better investment returns. Last year, the company also issued an announcement on investment and financial management, but the company has not disclosed the progress of financial management, and in this year's semi-annual report, it can be seen that the company's trading financial assets are 26.4 billion yuan, including about 2 wealth management products5.1 billion yuan. At the end of the third quarter, tradable financial assets were 53.2 billion yuan.
As a well-funded company, as of the end of the third quarter, the company had about 16About 5.2 billion, of which 92 billion yuan, 5 trading financial assets3.2 billion yuan, other current assets 26.8 billion yuan, and the time deposit is expected to be about 200 million yuan under this account. On the other hand, the company's debt is 1$9.1 billion with non-current liabilities due within one year 02.8 billion yuan, long-term borrowings 11.5 billion yuan, with a total of 33.4 billion yuan.
By comparison, the company is fully capable of clearing all these debts and then making investments, and since the beginning of this year, the company's short-term debt has increased by 06.5 billion yuan, of which the end of the third quarter increased by 08 billion yuan. At the beginning of the year, the company's long-term debt was still zero, and now it has grown to 11.5 billion yuan, the company's debt increased by 1 in the first three quarters8 billion yuan.
As of the end of the third quarter, the company's notes payable and accounts payable were 291.8 billion yuan, compared with 18Compared with 5.4 billion yuan, it soared by 106.4 billion yuan, an increase of 5739%。However, relatively speaking, the company's notes receivable and accounts receivable have decreased this year, totaling 213.4 billion yuan, compared to 21.1 in the same period last year3.9 billion yuan, a little less. It also gradually shows that the company's performance is not very good.
Since the company has sufficient funds, why not pay off the debt firstThe main reason is that the company's sufficient funds were raised, which was raised in June 20228.1 billion yuan, so that the company's funds are sufficient. On the other hand, it also shows that the company's performance is not good.
Judging from the third quarter financial report, the company's revenue in the first three quarters was 297.8 billion yuan, a year-on-year increase of 4029%, and the net profit attributable to shareholders of the listed company (hereinafter referred to as "net profit") was 23.6 billion yuan, a year-on-year increase of 4182%, however, the company's non-net profit was 21.1 billion yuan, a year-on-year decrease of 1013%。The revenue has increased, but the non-net profit has declined.
Especially on a quarterly basis, the company's non-net profit began to decline in the second quarter, but in terms of revenue, the three quarters were all quarter-on-quarter, and the net profit also declined in the second quarter, and again in the third quarter.
For a company that has been listed for more than 10 years, the company's performance has not been stable in recent years, especially in the second year of listing, the company's net profit has fallen by more than 50%, and then the company's performance began to pick up, and in 2016, the company's net profit reached 21.9 billion yuan, but the company's net profit continued to decline in the following years.
Since 2020, the company's non-net profit has been on a downward trend for three consecutive years. And after deducting the decline in non-net profit, the company's net profit margin is also declining, not even 10% in 2022 and this year, while companies in the same industry are more than 10%.
In recent years, the company's performance has fluctuated, with annual and downward increases and decreases sometimes high and sometimes low. For example, in 2019 and 2020, the company's net profit was 15.4 billion yuan, 34.9 billion yuan, a year-on-year increase. 02%。And in 2021 and 2022, the company's net profit was 25.9 billion yuan, 27.5 billion yuan, a year-on-year change. 33%。In the first three quarters of this year, the company's net profit began again.
Therefore, the performance is unstable, although the company's funds are sufficient under the fundraising, but why invest a huge amount of money in financial management?