Receivables become super sun sun "Fashion cloth"

The rumor that “Ni Kailu ran off the road” stirred up a thousand layers of waves. Although Chaori Sun said that the chairman was busy collecting receivables abroad, it also opened up the last piece of “figure cloth” that the photovoltaic industry concealed the huge losses. Statistics show that in the first three quarters of 2012, the accounts receivable of 41 PV companies were as high as RMB 31.6 billion. Taking into account the industry downturn and tight funding in the industry chain, these funds are difficult to redeem.

In the past, the booming PV companies have gradually lost their sights. The performance of companies such as Yijing Optoelectronics, Hareon Solar, etc., is far from the promise of the reorganization party. In 2012 alone, the reorganization party may need to raise RMB 1.8 billion to pay for the “optimistic” promises of the past.

Accounts Receivable as "Fashion Cloth"

Accounts receivable is both the reason for Chaoyue Sun’s overseas stay for the chairman and one of the reasons for the company’s performance being questioned. In the third quarter of this year, Chaoyue Sun’s net profit reached 148 million yuan, a year-on-year increase of 39%, and it reversed the dilemma of losses in the first half of the year. Most of the receivables of Chaori Sun came from overseas partners and its affiliates, causing market participants to question their “whitewash” performance.

The Ultra Sun is by no means an exception. The photovoltaic industry, which is struggling, has been unable to maintain its original growth. The total net profit of 41 listed companies in the first three quarters of this year totaled 600 million yuan, a year-on-year drop of 89%. Photovoltaic industry companies are still able to maintain profitability, a large increase in accounts receivable "contribution." As of the end of September this year, the total amount of accounts receivable of these companies was as high as 31.6 billion yuan, an increase of 6.9 billion yuan over the same period of last year, an increase of nearly 30%.

The sharply rising account receivables are also the key to interpreting the growth of related companies. Data show that 9 photovoltaic companies with a year-on-year increase in net profit increased by 290 million yuan year-on-year, an increase of 23%; accounts receivable increased by 33% year-on-year. Billion yuan, an increase of up to 78%.

Ni Kailu went abroad to collect accounts receivable. On the one hand, he showed that PV companies are in a predicament that the capital chain is tense. On the other hand, it shows that boosting the performance through “expanding” accounts receivable is tantamount to quenching thirst. Although a large amount of accumulated accounts receivable can beautify financial statements in the short term, it will bring many problems to listed companies if it is difficult to redeem, the conversion of funds into claims will continue to deteriorate operational cash flow, and provision for accumulating large amount of bad debts will also become a long-term achievement. drag.

Performance promises are all empty

Photovoltaic companies' backdoors were once hot topics for the A-share market reorganization, and hundreds of millions of performance achievements promised a good development prospect. However, over time, the sharp decline in 2012 results or the huge loss caused the pressure on the reorganization party to double as the back door promised a net profit indicator. In 2012, huge compensation will be paid for this. According to the annualized calculation of the third-quarter results, the reorganization party expects that the total amount of compensation due to the performance commitment will be as high as 1.866 billion yuan.

In February of this year, Hairun Solar, which was listed on the back of ST Shenlong, said that from 2011 to 2013, the target assets achieved a net profit of 498 million yuan, 510 million yuan and 530 million yuan respectively. If the profit forecast is not reached, the original shareholders of Hairun PV will make up the difference in cash. In 2011, Hairun Solar realized a net profit of 401 million yuan, and the original shareholders made up the difference of nearly 100 million yuan. In the first three quarters of this year, the loss of Hairun Solar was as high as RMB 199 million, and the compensation amount was expected to exceed RMB 700 million. In order to avoid the loss of hundreds of millions of indemnities, from December 18 to 25, Hairun Photovoltaic issued four consecutive announcements, will receive a total of nearly 500 million government subsidies. Even so, there are still more than 200 million yuan in performance "hole" can not be made up.

At the same time, Optoelectronics, Zhongli Science and Technology and Yijing Optoelectronics also have performance promises to compensate for pressure. In September 2011, Zhongli Technology entered the photovoltaic industry with a purchase of 51% equity of Tenghui Solar for 482 million yuan. Tenghui PV promised net profit of 264 million yuan and 366 million yuan in 2012 and 2013. According to Zhongli Science and Technology Daily, Tenghui PV achieved a sales income of 965 million yuan in the first half of the year and a net profit of only 28.3908 million yuan.

Yijing Optoelectronics has played a "trimming ball" in performance compensation. In 2011, Yijing Optoelectronics realized a profit of 110 million yuan, and its profit forecast was 349 million yuan. The difference between the two was 238 million yuan, and the achievement rate was only 31.74%. However, the profits compensation agreement signed between the company’s shareholders and the company is based on cumulative net profit. In 2010, Yijing Optoelectronics achieved a profit of 750 million yuan, exceeding the forecast of 446 million yuan. However, the reorganization party may not be able to escape the fate of compensation this year. Yijing Optoelectronics lost 427 million yuan in the first three quarters of this year, and in 2012 it promised a net profit of 367 million yuan.

Market participants pointed out that the rumors of Chao Sun’s chairman’s “walking” are merely the tip of the iceberg of PV companies’ dilemmas. Under the influence of the US and Europe’s anti-reaction and sluggish demand, the performance of “washing” accounts receivables is difficult to sustain. . Once the industrial capital chain breaks, photovoltaic companies that have experienced a debt crisis will emerge one after another.