Reporter Yu Yimo.
Huge net profit losses, delisting risk warnings, industry overcapacity - multiple negative superimposed on the A-share listed company Jiayu shares (300117), so that its stock price is unable to support, yesterday's opening suffered a large single blockade, miserable "20cm" drop limit.
The market value of the "delisting risk warning" lost 20% in one day
The reporter of "Investment Express" noticed that on Friday evening, Jiayu shares announced that after preliminary calculations, the company's net assets at the end of 2023 are expected to be -14$7.4 billion to -117.4 billion yuan. In accordance with Article 10 of the Rules Governing the Listing of the Growth Enterprise Market of the Shenzhen Stock Exchange (Revised in August 2023).3.Article 1 (2) stipulates that if a listed company has a situation where "the audited net assets at the end of the most recent fiscal year are negative", its ** transaction will be subject to a delisting risk warning. Affected by this, the share price of Jiayu shares opened sharply lower in the call auction stage yesterday, and finally fell to the limit of **207 yuan open.
According to the 2023 annual performance forecast released by Jiayu shares, the main reason for the change in the company's performance is the provision for impairment provisions, project settlement losses, the reversal of deferred income tax assets and the new provision of non-operating expenses in litigation cases.
In addition, the announcement shows that from September 2020 to the date of the announcement, Jiayu Holding Co., Ltd. and its holding subsidiaries were involved in a total of 1,519 litigation cases as defendants, with a total amount of about 244.7 billion yuan. The types of litigation cases involved in the company are mainly bill recourse dispute cases and contract dispute cases. In view of the fact that there are still litigation cases pending and pending, there is great uncertainty about the impact of the above-mentioned litigation matters on the company.
At the same time as the release of the dismal performance forecast, the disclosure of Jiayu shares** trading will be implemented The announcement of delisting risk warning is more "fatal". According to the relevant regulations, if the net assets of the audited 2023 annual report disclosed by the company are negative, the company will disclose the announcement that the company's ** transactions will be subject to delisting risk warning at the same time as the disclosure of the 2023 annual report. According to public information, Jiayu plans to disclose its 2023 annual report on April 19.
The photovoltaic sector is generally falling, and the surplus of industry talent is a common "pain point".
In fact, yesterday's photovoltaic concept fell sharply in the intraday, in addition to Jiayu shares suffered a "20cm" drop limit, King Kong Photovoltaic fell more than 13%, Jinlang Technology, Dike shares fell more than 11%, Aixu shares, JA Technology, Yihua shares, Deye shares, Junda shares and other shares fell to the limit.
Overcapacity is a risk point that has attracted much attention in the photovoltaic industry recently. Industry insiders said that in the past one or two years, many enterprises have crossed the border into the photovoltaic industry chain, and the industry's production capacity has grown by leaps and bounds, while the established companies that are deeply involved in the industrial chain have continued to expand production to maintain competitive advantages, and the large increase in supply has had a huge impact on photovoltaic products.
The predicament encountered by Jiayu shares seems to be a microcosm of the entire industry. And the company seems to be full of desire to survive "broken arms".
Earlier, on December 12, 2023, Jiayu Co., Ltd. announced that Xuzhou Jiayu, a wholly-owned subsidiary of the company, intends to give its photovoltaic modules, frame production lines and auxiliary equipment to Changzhou Shengduo. As of November 30, 2023, the carrying value of the underlying assets was 3901750,000 yuan, while the transaction *** is 284250,000 yuan.
The production line with a book value of nearly 40 million yuan was finally sold at a "fracture price" of 2.84 million yuan, and this behavior of Jiayu shares was questioned by the capital market at that time. The explanation given by the company is to "clear the old production capacity", in order to improve asset liquidity and optimize the asset structure, in line with the company's business development needs.
Jiayu said that with the continuous and rapid development of the photovoltaic industry, photovoltaic cells have been fully developed in the direction of large size, and the assets of the first time are old production equipment that does not meet the needs of producing large-size module products, resulting in a certain difference between the transaction transaction and the book value. The company's board secretary office also said in an interview: "Xuzhou Jiayu production line was built in 2017, and now there is overcapacity, and there is no demand for these backward production capacity." In terms of performance, this year's modules are serious and the performance is not good.
Industry insiders pointed out that the Ministry of Industry and Information Technology proposed that the risk of low-end overcapacity needs to be paid close attention to, which makes photovoltaic companies vigilant. Overall, the photovoltaic industry is structurally overcapacity, and advanced capacity is insufficient. Through the survival of the fittest, excellent enterprises can win from market competition.