Wen Ruiyan Capital edited by ZL
* Blue Chip Corporate Reviews.
On January 27, 2024, Tunghsu Blue Sky New Energy Co., Ltd. *** hereinafter referred to as "Tunghsu Blue Sky", 000040SZ) released the "2023 Annual Performance Forecast", and it is expected that the company will achieve operating income of 1.5 billion yuan to 1.8 billion yuan in 2023; The net profit attributable to the parent company was 1300 million to 2300 million yuan, with a loss of 30.9 billion yuan; Deduct non-net profit loss of 1600 million to 2600 million yuan, with a loss of 5 in the same period in 2022$2.1 billion.
Tunghsu Blue Sky said that the company's operating performance has improved compared with the same period in 2022, and the loss margin has further narrowed, mainly due to the reduction of interest expenses in accordance with the debt resolution agreement.
Overdue debts Accounts receivable are high in bad debts
However, even after the debt restructuring, Tunghsu Blue Sky is still facing greater debt pressure.
According to the data, the company's short-term borrowings have continued to increase since 2015, peaking at 27100 million yuan. As of the end of the 2023 semi-annual report, the book balance of financial interest-bearing liabilities listed in the company's liabilities is as high as 82$9.4 billion.
After reducing the debt interest, the interest that Tunghsu Blue Sky needs to pay still seriously erodes its net profit. In the same period, the company's interest expense was about 75.44 million yuan, which was three times the net profit in the same period.
And after paying so much interest, Tunghsu Blue Sky still has overdue debts. At the end of the 2023 semi-annual report, the company failed to repay the principal and interest of debts as scheduled, totaling 373.5 billion yuan.
In addition, the company's operating income for the full year of 2023 has declined, mainly due to the adjustment and contraction of business scope according to the market environment and business development.
Judging from the third quarterly report, from January to September 2023, Tunghsu Blue Sky achieved an operating income of 152.6 billion yuan, down 44 percent year-on-year24%。
This is due to the company's focus on the main business and the initiative to shrink the ** chain business, and the ** chain business revenue decreased compared with the same period last year, Dongxu Blue Sky said in the financial report.
At the same time, the accounts receivable of Tunghsu Blue Sky is becoming less and less optimistic.
The financial report shows that in the first three quarters of 2023, the company's credit impairment loss was 42.95 million yuan, an increase of 278 yuan year-on-year12%, mainly due to an increase in the provision of bad debts in accounts receivable.
At present, Tunghsu Bluesky's accounts receivable are still at a high level, with accounts receivable of 29 from 2019 to 2022 and from January to September 2023, respectively8.6 billion yuan, 290.4 billion yuan, 328.3 billion yuan, 351.9 billion yuan, 332.3 billion yuan.
Data**: Straight Flush ifind
Against the backdrop of a high bad debt rate, Tunghsu Blue Sky has not disclosed to investors whether it can solve this problem.
The company's cash flow problems have also been caused by rising bad debt rates, which have seen three consecutive quarters of declining operating cash flow since 2023.
Straight flush data shows that as of 2023.
At the end of the first, second and third quarters, the net operating cash flow of Tunghsu Blue Sky was about -42.47 million yuan and 10.2 billion yuan, 2$7.5 billion; They were down year-on-year. 52%。
Data**: Straight Flush ifind
Behind the "violation" of promises by fundraising projects
Dongxu Blue Sky, which has suffered continuous losses in performance, is unpredictable but it is still doing "public welfare".
According to the financial report, in the first half of 2023, the company's poverty alleviation donations, public welfare donations, and late fees amounted to about 7.52 million yuan, accounting for 20% of the total profit in the current period73%；By the third quarter, this figure had grown to about $9.43 million.
Under normal circumstances, enterprises that actively participate in poverty alleviation will be given certain preferential policies, such as tax reductions and exemptions, financial subsidies, etc., which can reduce the operating costs of enterprises and improve the economic benefits of enterprises.
In the first three quarters, Tunghsu Blue Sky obtained more subsidies than public welfare expenses. According to the financial report, from January to September 2023, the ** subsidy of Dongxu Blue Sky included in the current profit and loss is about 11.52 million yuan.
However, the poverty alleviation project that the company raised and invested in many years ago is still not complete.
Flush data shows that on July 31, 2019, the company raised funds to build a 30MW centralized photovoltaic poverty alleviation power station in Wangqing County, and the amount of funds to be raised was 21.1 billion yuan. But the flush data shows that this investment is still only 12.7 billion yuan.
Data**: Straight Flush ifind
On the other hand, many of Tunghsu Bluesky's many fundraising projects have not been fully invested, so they are questioned about "making money" through fundraising.
According to the company's disclosure, in 2016, the company has raised 9.5 billion yuan through non-public issuance, of which it is planned to invest in 23 photovoltaic power generation projects.
Data**: Straight Flush ifind
At the same time, in 2018, Tunghsu Blue Sky further raised nearly 2 billion funds for the construction of the following six projects.
Data**: Straight Flush ifind
By 2020, the company issued an announcement to terminate some of the projects.
According to the announcement, Dongxu Blue Sky intends to conduct a non-public offering of the first fund-raising project Jinzhai 200MW project in 2016 and the Guangshui 20MW project, Hengdong 40MW project, Xinjiang 60MW project, Gaomi 3MW project, Taizhou 20MW project, and China Grain Storage 180 in the 2018 non-public offering64MW of the project will be closed or terminated.
But so far, many of the company's fundraising projects are still far from what was advertised at the time of fundraising.
Flush data shows that Dongxu Blue Sky's 30MW photovoltaic power station construction project of Dongxu New Energy Technology in Changwu County, Shaanxi Province is committed to using raised funds 2300 million yuan, but only 13480,000 yuan.
At the same time, the company's 20MW agricultural-photovoltaic complementary photovoltaic power station project in Shangzhangsiao Bay, Xianju, Zhejiang, promised to use the raised funds 17.2 billion yuan, but only 11.1 billion yuan.
In addition, there are "Anhui Jinzhai Xinhuangming Energy Technology *** 200MW Photovoltaic Power Station Project" and "Henan Weihui Shengtong New Energy Technology *** 20MW Photovoltaic Power Station Project" and other projects have a large gap with the commitment. The details are shown in the figure below.
Data**: Straight Flush ifind
Tunghsu Blue Sky, which has overdue debts and insufficient investment in fund-raising projects, still has a lot of funds on its books. In the third quarter of 2023, the amount of monetary funds for this company was 31900 million yuan.
As for why Tunghsu Blue Sky would rather have a large amount of cash and default on its debts, and many fundraising projects have not been completed as promised, we will continue to pay attention.
Disclaimer: This article is based on the company's statutory disclosure content and public information, and the article does not constitute investment advice and is for reference only.
Produced by Ruilan Financial News.
The article is for informational purposes only The market is risky and investment needs to be cautious.
* Blue Chip Corporate Reviews.