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Yangtze River Business Daily reporter Shen Yourong.
Two years after its listing, JEE Technology (688162SH) performance has changed dramatically.
According to the performance report, in 2023, JEE Technology's operating income will exceed 3.7 billion yuan, but the net profit attributable to shareholders of the listed company (hereinafter referred to as "net profit") will lose 20.5 billion yuan.
This is the company's first loss since going public in 2021 and the first loss since the company's operating performance data was made public in 2017.
Asset impairment is one of the important reasons for JEE Technology's losses. In the fourth quarter of 2023, the Company recognized asset impairment losses and credit impairment losses totaling approximately 1$2.8 billion.
JEE Technology mainly provides customers with overall solutions for intelligent equipment and core components of new energy vehicles, among which intelligent equipment is the core business and the main source of the company's revenue.
In response to the operating loss for the first time, JEE Technology explained that the gross profit margin was affected by factors such as the delivery of products in the new energy vehicle motor and electronic control parts business was less than expected, the increase in fixed costs, and the intelligent equipment business segment affected the gross profit margin level in the current period due to the delivery of some low-gross profit projects undertaken in the early stage and the lack of refined control of project costs.
As early as the IPO of JEE Technology, the market frequently questioned the company's high inventory.
At present, this situation persists. As of the end of September 2023, the book value of the company's inventory was close to 3.4 billion yuan, accounting for 48.8 percent of total assets95%。
Both businesses lost their first losses
Somewhat unexpectedly, JEE Technology suffered its first loss in nearly 7 years.
According to the performance report, in 2023, JEE Technology will achieve an operating income of 371.4 billion yuan, a year-on-year increase of 664%；Net profit was a loss of 20.5 billion yuan, a year-on-year decrease of 35.4 billion yuan, a decrease of 23805%；Net profit after deducting non-recurring gains and losses (hereinafter referred to as "deducting non-net profit") is about 24.2 billion yuan, a decrease of 34.4 billion yuan, a year-on-year decrease of 33639%。
The 2023 semi-annual report shows that in the first half of the year, the company achieved an operating income of 148.1 billion yuan, a year-on-year increase of 407%, net profit and non-net profit were 2049950,000 yuan, 852630,000 yuan, a year-on-year decrease. 61%。
In the first half of the year, although there was a significant decline, the net profit and non-net profit were in a profitable state, and in the second half of the year, they turned into losses across the board.
From the perspective of quarterly performance, in the third quarter, the company's operating income was 86.2 billion yuan, a year-on-year increase of 1610%, which is more normal, but the net profit loss exceeded 100 million yuan, a year-on-year loss.
According to the performance express report and the third quarter report data, in the fourth quarter of 2023, the company's operating income will be 137.1 billion yuan, compared with 13.1 billion yuan in the same period last yeara slight increase of $1.7 billion; Net profit and non-net profit were a loss of 09.7 billion yuan, 12.5 billion yuan, a year-on-year average profit turned into a loss.
The annual loss is relatively rare for JEE Technology.
In 2017, the company achieved a net profit of 18.7 billion yuan, and the operating income for the year was 122.5 billion yuan. From 2018 to 2022, the company's operating income was 126.1 billion yuan, 143.2 billion yuan, 149.4 billion yuan, 212.3 billion yuan, 348.3 billion yuan, an increase year by year.
Compared with the continuous growth of operating income, the net profit figure is somewhat inferior. From 2018 to 2022, the company's net profit was 1216910,000 yuan, 15.1 billion yuan, 12.8 billion yuan, 13.1 billion yuan, 14.9 billion yuan, a large fluctuation, the net profit in 2022 is less than in 2017. During the same period, the company's non-net profit was 11.6 billion yuan, 12 billion yuan, 08.9 billion yuan, 10.8 billion yuan, 10.2 billion yuan, which is also up and down, is lower than 1 in 20175.9 billion yuan.
It should be explained that there is a huge difference between the net profit and the non-net profit in 2018, mainly due to the equity incentive expenses generated by equity incentives1$1.9 billion impact.
In 2023, why did JEE Technology suddenly lose money?
The company explained that factors such as the delivery of new energy vehicle motor and electronic control parts business products were lower than expected, and the increase in fixed costs affected profits, and based on the expectation of delivery risks of individual projects, the company made an asset impairment provision. In the intelligent equipment business segment, due to the delivery of some low-gross profit projects undertaken in the early stage and the lack of refined control of project costs, the gross profit margin of the current period was affected.
This means that JEE Technology's two major businesses have failed.
The fundraising shrunk and the two projects were postponed
The profitability of JEE Technology is not strong, and the market has long expected it, but the sudden loss exceeded expectations.
As early as the IPO of JEE Technology, there were voices questioning JEE Technology's performance and enjoying policy dividends. From 2017 to the first half of 2020, the total tax incentives and subsidies enjoyed by JEE Technology were 9035840,000 yuan, 8823320,000 yuan, 7525630,000 yuan, 3161970,000 yuan, accounting for the total profit after deducting the impact of share-based payment in the current period. 98%。Overall, the sum of grants and tax incentives amounts to half of the total profit.
JEE Technology's IPO fundraising also failed to meet expectations. According to the prospectus, the company originally planned to raise 200.3 billion yuan, the actual amount of funds raised is 157.6 billion yuan, a decrease of 2132%。
To a certain extent, the shrinkage of fundraising also reflects investors' doubts about the development prospects of JEE Technology.
The fundraising did not meet expectations, and JEE Technology adjusted the fundraising and use plan, including 6 projects to supplement working capital, and reduced the amount of funds raised.
As of June 30, 2023, except for the completion of the supplementary working capital project, the remaining five projects have not been completed.
On August 31, 2023, JEE Technology issued an announcement on the postponement of some fundraising projects, and the company's technology center construction project and information system construction and upgrade project were postponed for 2 years to November 2025.
What has attracted much attention is that at the time of the IPO, JEE Technology's high inventory was questioned, and at present, this situation has not improved significantly.
At the end of 2022 and the end of September 2023, the carrying value of JEE Technology's inventory was 343.4 billion yuan, 339.3 billion yuan, accounting for the total assets of the same period. 95%。
Inventories are high, and accounting impairment is inevitable. In 2022, JEE Technology's inventory price loss was 69.6 million yuan. 2023th
In the third and fourth quarters, the total asset impairment loss and credit impairment loss recognized by the company were 7967090,000 yuan, 12.8 billion yuan, of which credit impairment losses such as inventory decline losses were 7644850,000 yuan, 10.9 billion yuan.
The data shows that inventories remain high, affecting net profits.
In the secondary market, JEE Technology's share price performance was also poor. The company's issue price is 46 yuan shares, and on December 1, 2021, the stock price reached a peak of 13355 yuan shares, by March 4 this year, the ** price was 2215 yuan shares, less than half of the issue price, compared with the peak of the stock price ** more than 80%.
JEE Technology's two main businesses, intelligent equipment and core components of new energy vehicles, both have a large market space, and it is worth thinking about how the company should strive to break through.
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