On the evening of July 11, Qinshang Optoelectronics (002638, SZ) issued the "Reply Announcement on the Shenzhen Stock Exchange's 2015 Annual Report Inquiry Letter" (hereinafter referred to as the "Response Letter").
The primary concern of the Shenzhen Stock Exchange is the change in the ratio of investment impairment and inventory depreciation. From 2014 to 2015, the amount of impairment provision for Qinshang Optoelectronics' long-term equity investment experienced a change from scratch, and the inventory depreciation ratio increased from 3.89% to 11.16%.
In addition to the increase in the bad debt provision ratio, Qinshang Optoelectronics has increased its accounts receivable despite the decline in revenue, and accounts receivable aged over one year accounted for 40.48% of the total accounts receivable.
In an interview with the reporter of “Daily Economic Newsâ€, Hu Shao’an, the director of Qinshang Optoelectronics, said that the company’s domestic business is mainly based on engineering projects and EMC. The latter’s payment period is longer, usually five to seven years, so it is reflected in The ratio of accounts receivable on the financial statements is rising. “At present, the company is also considering transformation, and EMC is not doing in first-tier cities.â€
Investment impairment
In fact, Qinshang Optoelectronics' long-term equity investment in 2014 involved five companies, and the loss amounted to 10.4544 million yuan, but its financial statements for the year did not make provision for impairment. In response to the Shenzhen Stock Exchange's inquiry letter to its 2014 annual report, Qinshang Optoelectronics stated that “all joint ventures are in normal operation period, and there are certain advantages in the industry technology and products, and there is no significant impairment. risk".
In 2015, Qinshang Optoelectronics made a provision for impairment of long-term equity investment of RMB 17.5422 million, involving the entire balance of the two companies invested in the beginning of 2015; one of the remaining three companies was transferred by Qinshang Optoelectronics Co., Ltd. One is profitable and the other is still losing money.
In addition to the long-term equity investment, Qinshang Optoelectronics' provision for inventory depreciation in 2015 also increased to RMB 3,394,600, with an accrual ratio of 11.16%. This figure was 100.95 million yuan and 3.89% in 2014.
Qinshang Optoelectronics said that there are two reasons for the higher provision for inventory depreciation in 2015. The first is the market research and analysis in 2015. The existing products include lamps, wall washers, spotlights, downlights and other products. Compared with the price reduction rate of 40% in the year; the second is the replacement of the company's products, some of the original raw materials do not meet the needs of new products, and the market price of the raw materials is lower than its book cost.
"Daily Economic News" reporter noted that for the reasons for the increase in the bad debt provision ratio, Qinshang Optoelectronics repeatedly mentioned excessive competition in the industry: "In 2015, the entire LED lighting industry continued to be sluggish, the industry entry threshold was low, and the number of enterprises was numerous. "At present, LED lighting is in the period of replacement, and it is turning to the popularization period. The industry lacks innovation, and product homogeneity is serious, which causes vicious competition in price wars."
Zhang Xiaofei, director of the high-tech online LED industry research center, said that the LED industry has experienced a reshuffle period and is now in a positive development period. One trend is that good companies in the industry are getting better and better, and poor companies are coming. The worse.
“Product price reduction is a trend in the industry, but the price reduction of similar products in the industry in 2015 is between 10% and 20%,†Zhang Xiaofei said. “And the price cuts of low-end products and high-end products. Not the same, like high-end products, almost no price cuts."
Secretary secretly considers business transformation
For the reasons for the increase in the bad debt provision ratio, Qin Shangguang repeatedly mentioned excessive competition in the industry. In the context of “excessive competitionâ€, Qinshang Optoelectronics' revenue in 2015 fell by 6.20% year-on-year to 850 million yuan.
Accounts receivable and prepayments linked to revenues have risen. Its accounts receivable increased by 16.39% year-on-year to 679 million yuan, and prepayments increased by 20.33% year-on-year to 300.479 million yuan.
It is worth noting that in the accounts receivable, the net value of accounts receivable aged over one year is 275 million yuan, accounting for 40.48% of the total accounts receivable, which is the previous year's EMC and government engineering project receivables. . The "Reply Letter" stated that such customers have a large amount of money and a long return period, which led to an increase in accounts receivable in 2015. "The customers involved are mostly government departments and state-owned enterprises. Such customers have good credit and have Good ability to pay."
In an interview with the reporter of "Daily Economic News", Hu Shaoan said that the company's domestic business is mainly based on engineering projects and EMC, while the latter's return period is longer, usually five to seven years, so it should be reflected in the financial statements. The collection ratio is on the rise. “The company is currently considering transformation, and EMC is not doing in the first-tier cities.â€
According to the "Response Letter", the top five customers of Qinshang Optoelectronics accounted for more than one year are China Southern Power Grid Integrated Energy Co., Ltd., Guangzhou Third Construction Engineering Co., Ltd., Shandong Jinyuan Qinshang Optoelectronics Co., Ltd., Deyi (Fujian) Lighting Technology Co., Ltd., Longteng Lighting Group Co., Ltd.
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