In August last year, Sheng Hui Technology (300423. SZ), recently, the fuel cell engine adaptation model produced by Factor Company has entered the recommended directory of the Ministry of Industry and Information Technology, which has attracted widespread attention. Shenghui Technology said that this matter will create favorable conditions for the company to promote the hydrogen fuel cell business, help drive the sales of Shenghui new energy fuel cell engines, and have a positive impact on the company's production and operation. However, the Shenzhen Stock Exchange questioned its catering to market hotspots to speculate on stock prices, and asked Sheng Hui Technology to explain whether the product was independently developed, and to explain the impact on the company's short-term performance in combination with product trial production and sales.
Less than half a year after the establishment of the product has been sold?
It is reported that the main business of Shenghui Technology is the research and development, design, production, sales, installation and after-sales service of electrical complete sets of equipment, LED lighting and lighting, and smart community (including smart security) products. Affected by the real estate industry policy, the company's performance in 2021 has declined significantly. In order to seek new performance growth points, Shenghui Technology chose to enter the new energy track that was hot last year.
On August 6, 2021, the company announced the establishment of Sheng hui new energy co., LTD. (hereinafter referred to as "Sheng Hui new energy"), aiming to expand the company's original electrical equipment business, investment and layout of hydrogen energy storage and other core industrial links.
On February 15, Sheng hui technology announcement shows that recently, Foshan Fei chi automobile technology co., LTD. (hereinafter referred to as "Fei Chi Automobile") a fuel cell dump car model into the Ministry of Industry and Information Technology "New Energy Vehicle Promotion and Application Recommended Model Catalog" (2022 batch 1), the dump car is equipped with the fuel cell engine launched by Sheng Hui New Energy.
The company said that this matter will create favorable conditions for the company to promote the hydrogen fuel cell business, help drive the sales of Shenghui new energy fuel cell engines, and have a positive impact on the company's production and operation.
The reporter noted that the Feichi Automobile Feichi brand fuel cell dump truck that entered the recommended directory is equipped with the model of SunflyNE110 equipped with the Shenghui new energy fuel cell engine.
Previously, on September 15, 2021, Shenghui Technology announced that the performance of the fuel cell engine has reached the requirements of national mandatory norms, and can be installed in new energy vehicles such as hydrogen fuel buses, logistics vehicles and heavy trucks, and is expected to start trial production and sales in 2021.
In this regard, the Shenzhen Stock Exchange issued an inquiry letter, requiring the company to fully remind the risks and uncertainties of business expansion in combination with the trial production, sales and production of relevant fuel cell engines by Shenghui New Energy. And compare and analyze the technical and value differences between the company's products and similar competitive products in the market; combined with the industry scale, competition pattern, orders in hand of Shenghui New Energy, estimated operating income and proportion, estimated net profit, etc., analyze whether the above events will have a greater impact on the company's short-term performance.
Shenghui Technology replied that although Shenghui new energy fuel cell engine has completed the trial production and sales of some models, it has not yet achieved mass production, and is currently mainly based on on-demand production. If the business expansion process slows down due to changes in customer demand, product adaptation models fail to obtain government and market recognition, and adverse changes in industrial policies. In addition, the development of the fuel cell automobile industry in mainland China is in the early stage of industrialization, and there is uncertainty in the company's business expansion.
The company expects that Shenghui New Energy's operating income in 2022 is expected to be 10 million yuan - 30 million yuan, and the net profit in 2022 is expected to be 0-2 million yuan. The matter will not have a significant impact on the Company's short-term results.
Frequent actions in the field of new energy
In August last year, a new energy company was established, and in September, the two types of fuel cells produced by the company have passed the mandatory inspection of the national quality inspection agency, and the progress of Shenghui Technology in the field of new energy can be described as very rapid.
Regarding the rationality of Shenghui New Energy to carry out fuel cell engine business within a relatively short period of time, the Shenzhen Stock Exchange also expressed concern in the inquiry letter. In addition, the Shenzhen Stock Exchange also asked for an explanation of the personnel, equipment, funds and other investments, relevant patents, technologies and sources of the company and Shenghui New Energy in the fuel cell engine business.
In this regard, Sheng hui technology said in its reply to the Shenzhen Stock Exchange that the fuel cell system control technology and the special DCDC design technology for fuel cells came from the company's independent research and development, with a total investment of about 4.7 million yuan in research and development funds; Components for fuel cell systems, including fuel cell stacks, air compressors, hydrogen circulation pumps, electronic control systems, etc., are purchased from other suppliers. At present, the outsourced part has not signed an exclusive agreement with the parts supplier.
In addition, the company actually started to carry out the fuel cell engine system business related working hours earlier, while Sheng Hui New Energy was established slightly later, and it is reasonable to carry out the fuel cell engine system business within a short period of time.
The reporter noted that since the announcement of entry, Shenghui Technology can be described as a frequent action in the field of new energy. Since the second half of last year, the company has successively participated in Guangdong Guohong Hydrogen Energy Technology Co., Ltd. (hereinafter referred to as "Guohong Hydrogen Energy") and Feichi Automobile, two hydrogen energy industry chain enterprises.
It is worth noting that less than a month after its establishment, Shenghui New Energy signed an investment agreement with Guohong Hydrogen Energy, which is a high-tech enterprise established in 2015 with the key technologies and products of hydrogen fuel cells as the core.
On August 31 last year, Sheng Hui Technology announced that its subsidiary Sheng Hui New Energy intends to invest 100 million yuan in Guohong Hydrogen Energy with its own funds, and this time intends to invest 50 million yuan in it in the form of capital increase, accounting for 1.1% of the registered capital after the capital increase, and holds an additional investment of 50 million yuan in Guohong Hydrogen Energy when it carries out the next round of financing.
It is reported that Guohong Hydrogen Energy produces fuel cell stacks and power system assemblies, has the leading domestic hydrogen fuel stack and system production line, and has successfully developed and mass-produced stacks and systems with independent intellectual property rights, and hydrogen fuel stacks have maintained a high domestic market share in the past four years.
According to the announcement, Shenghui New Energy will rely on the technical and experience advantages of Guohong Hydrogen Energy in hydrogen fuel cells, as well as the market resources accumulated in the application field, to carry out industrial cooperation in the transportation and hydrogen energy storage links downstream of hydrogen fuel cells.
Questioned to cater to hot speculation stock prices
In addition to the layout in the field of hydrogen fuel cells, Shenghui New Energy also extends to the downstream of the hydrogen energy industry chain. On October 25 last year, Sheng Hui Technology announced that Sheng Hui New Energy intends to use its own funds to invest 100 million yuan in Fei Chi Automobile, accounting for 9.09% of its registered capital after the capital increase. The model listed in the recommended list this time is the company's dump truck.
It is worth noting that In the first half of 2021, Feichi Automobile has just carried out product transformation, from buses to heavy trucks, dumps and other logistics commercial vehicles, this model was put into production for the first time, has not yet been mass-produced, and the wages and benefits of production workers, combustion costs are mostly fixed costs, and the production cost of bicycles is high.
This also led to a sharp decline in the net profit of Flying Spur Automobile in the first half of 2021. According to financial data, Feichi Automobile achieved revenue of 510 million yuan and net profit of 12.71 million yuan in 2020; in the first half of 2021, it achieved revenue of 106 million yuan and net profit of -28.5503 million yuan. Flying Spur Said that there is some uncertainty about whether the product can be smoothly transformed.
In terms of Sheng Hui Technology, affected by the slowdown in demand in the real estate industry, last year's performance is not optimistic. On January 25, the company released its 2021 annual performance forecast, showing that the net profit attributable to the mother was 190 million yuan - 238 million yuan, down 58.78% - 67.09% year-on-year.
As for the reason for the sharp decline in performance, the company said that it was due to the relatively high proportion of real estate customer revenue, the continuous regulation of the real estate industry during the reporting period, the further tightening of financing policies, and the slowdown in the demand of the company's real estate customers. In addition, during the reporting period, the company further prevented and controlled the risks of real estate customers, strengthened the management of the customer credit system, actively adjusted and optimized the customer structure, and did not have the default risk of real estate customers throughout the year. The adjustment and optimization of the above customers has had a greater impact on the company's profitability.
On the day of the release of the performance forecast, shenghui technology stock price fell slightly, closing at 11.66 yuan / share, down 6.27% from the previous day, and has been at a low level of about 11 yuan / share since then.
Regarding the fact that the adapted models of the subsidiary's products were included in the recommended catalogue of the Ministry of Industry and Information Technology, the Shenzhen Stock Exchange also asked Sheng Hui Technology to explain whether the matter met the relevant information disclosure standards and whether there was a situation of using voluntary information disclosure to cater to market hotspots to speculate on stock prices. It also verifies the trading of the company's shares in the past month by the controlling shareholder, the actual controller, the shareholder holding more than 5% of the shares, the directors, supervisors, senior management personnel and their immediate family members, and whether there is a plan to reduce the holding in the next 3 months.
In this regard, Sheng Hui Technology said that this matter did not meet the relevant information disclosure standards, which is a voluntary information disclosure of the company, "the company's development of hydrogen energy industry has certain cross-field business risks, based on the principle of prudence to disclose the progress information." ”
Shandong Business Daily And Su Leopard News Network reporter Sun Jie Li Di