Under the intensification of the energy crisis and the acceleration of the transformation of the energy structure, the concept of air energy is popular, and the sunrise orient (603366. SH) benefits from it.
In the secondary market, from September 26 to 28, Sunrise Oriental harvested three consecutive up and down boards.
This is the second wave of gains that Sunrise Oriental has started in the past two months, during which its stock price has doubled.
On the evening of September 28, Sunrise Oriental issued an indicative announcement on stock trading risks, saying that in 2021, the company's air energy products achieved sales revenue of about 606 million yuan, accounting for a low proportion. The next day, its share price fell 6.19%.
Sunrise Oriental was originally engaged in solar water heater business and was once the industry leader. The company strives to diversify the industry, acquires the kitchen appliance brand Shuaikang Electric, and invests in Tibet Oumeijia sanitary ware. At present, the diversification of the industry has not contributed much to its operating performance.
In 2011, the year before the listing, Sunrise Oriental achieved a net profit attributable to the shareholders of the listed company (hereinafter referred to as "net profit") of 370 million yuan, compared with 213 million yuan in 2021, 10 years later, the net profit not only did not grow, but fell by about 42%, while the operating income increased by about 36% during the period.
In the first half of this year, affected by the impact of the epidemic and the amortization of share payment expenses, Sunrise Orient lost 0.23 billion yuan.
Where is the breakthrough path at sunrise in the East?
The share price doubled and two executives cashed out 5.36 million
Riding on the air energy concept, Sunrise Oriental actively performs in the secondary market.
The K-line chart shows that Sunrise Oriental's stock price started on July 19 this year, and in the past two years, the stock price has been declining, and it has fallen from about 5 yuan / share. On April 27 this year, its stock price fell to a stage low of 3.50 yuan / share, and then recovered, on July 18, the lowest was 4.35 yuan / share.
On July 19, Sunrise Oriental's stock price rose strongly, and in the next few trading days, the stock price was in a slight fluctuation, starting on the 27th, with continuous up and down, and by August 1, four trading days closed out four up and down boards. From August 9 to 11, there were three more up and downs, and the stock price reached 10.23 yuan / share.
On the evening of August 1, Sunrise Oriental issued an announcement on abnormal fluctuations in stock trading, saying that there had been no major changes in the company's fundamentals, and there was no other material information related to production and operation that should be disclosed but not disclosed, and there was no need to correct or supplement the information disclosed in the previous period.
The announcement said that recently, the company has paid attention to the relevant discussions of the media on the company's photovoltaic business and air source heat pump business. The actual operation of the company's two businesses is: in the first half of this year, the photovoltaic business achieved sales revenue of about 5.72 million yuan, accounting for about 0.33% of the company's total sales revenue, accounting for a relatively low proportion. In 2021, the company's air energy products achieved sales revenue of about 606 million yuan, accounting for about 14.4% of the total sales revenue, accounting for a low proportion. Affected by the repeated epidemics and the turbulent international situation, there is a certain uncertainty in the growth of the air energy business.
On August 16, Sunrise Oriental's stock price reached a maximum of 11.10 yuan / share, and then began to adjust. The three-stop limit that opened on September 26 is the second wave of rise. On September 28, its stock price was 11.30 yuan per share.
In summary, since July 19, Sunrise Oriental's share price has risen the most by about 1.6 times.
On the evening of September 28, Sunrise East once again issued a risk warning, saying that there was some uncertainty in the growth of the air energy business. As for the sales of the company's air energy products since this year, Sunrise Oriental has not disclosed.
Market rumors that recently, domestic warm products are selling well in the European market. Data from the General Administration of Customs shows that in July this year alone, the EU27 imported 1.29 million Chinese electric blankets.
On September 29, affected by market fluctuations or affected by the company's clarification again, Sunrise Oriental's stock price fell sharply, closing at 10.60 yuan per share, a decline of 6.19%.
It is worth mentioning that after the stock price soared, the executives of Sunrise Oriental cashed out through the secondary market reduction.
On May 10 this year, Sunrise Oriental disclosed the company's two deputy general managers, Jiao Qingtai and Zhang Yaming, who plan to reduce their holdings in the company through centralized bidding from June 1 to November 30, with a total reduction of no more than 508,800 shares.
On the evening of August 22, the company disclosed that the above two executives had completed the reduction, Jiao Qingtai's reduction price range was 10.16 yuan - 10.90 yuan, and Zhang Yaming's average price was 10.60 yuan / share. The two reduced their holdings by a total of 508,700 shares, basically a top reduction, with a total of 5.36 million yuan.
Where is the new breakthrough?
Although the stock price has more than doubled in the past two months, the fundamentals of Sunrise East have not improved, and the breakthrough has encountered severe challenges.
Sunrise Oriental was originally a leading domestic solar water heater, and at present, the solar water heater business is still its core business.
In the past, many urban residents installed solar water heater equipment on the roof of their homes, but as urban buildings become taller and taller, affected by a variety of factors, the phenomenon of erecting solar heat absorption panels on the roof is becoming less and less. As a result, solar water heaters have no choice but to turn to the rural market, and with the continuous advancement of China's urbanization market, the solar water heater market has a shrinking trend.
This trend has affected the operating results of Sunrise East. According to the data, from 2009 to 2011, before the listing, the operating income achieved by Sunrise Oriental was 1.538 billion yuan, 2.499 billion yuan and 3.095 billion yuan, respectively, increasing year by year, and doubling in 2011 compared with 2009; The corresponding net profit was 172 million yuan, 126 million yuan and 370 million yuan, and the net profit fell in 2010 due to investment losses, and in 2011, it increased significantly. During the same period, the company's non-net profit was 160 million yuan, 255 million yuan and 361 million yuan, respectively, increasing year by year.
In 2012, Sunrise Oriental landed on the A-share market, and in that year, the company achieved operating income of 3.365 billion yuan and net profit of 427 million yuan. Since then, the company's performance has fluctuated. From 2013 to 2016, its operating income fell for four consecutive years, reaching 2.352 billion yuan in 2016, a decrease of about 1 billion yuan from 2012. Net profit was also volatile, reaching $244 million in 2016, down about $183 million from 2012.
2017 is a turning point, from 2017 to 2021, the company's operating income continued to grow, reaching 4.206 billion yuan by 2021, an increase of nearly 1.9 billion yuan over 2016 and an increase of more than 1.1 billion yuan over 2011 before the listing. However, the net profit fluctuated sharply, reaching 0.55 billion yuan in 2017, down 77.54% year-on-year, and a loss of 492 million yuan in 2018, which was the first annual loss of Sunrise Oriental.
From 2019 to 2021, Sunrise Oriental's net profit continued to grow at a high speed, with a year-on-year increase of 116.80%, 106% and 24.92% respectively, with a year-on-year increase of 116.80%, 106% and 24.92%.
Despite this, the company's net profit remains at a relatively low level. Compared with 2011, operating income in 2021 increased by more than 1.1 billion yuan, an increase of about 36%, and net profit decreased by 157 million yuan, a decrease of about 42%.
In the face of the shrinking solar water heater market, Sunrise Oriental has also actively responded and stepped out of the road of industrial diversification. Unfortunately, the road has been difficult and has not worked.
In 2017, Sunrise Oriental invested 735 million yuan to acquire 75% of the equity of Shuaikang Electric, officially crossing over to the field of kitchen appliances. At that time, Shuaikang Electric was in the first camp of the kitchen appliance industry.
It was a high-premium acquisition that generated goodwill of $498 million. In 2018, Sunrise Oriental suffered a loss because the operating performance of Shuaikang Electric did not meet expectations, and the goodwill impairment of 243 million yuan in that year.
In addition, Sunrise East has other attempts. The main performance is to invest in Tibet Oumeijia Sanitary Ware, Shenzhen Pengsangpu, Shenzhen Free Life, Guotai Junan Shanghai Haojing Investment, Suning Bank and many other companies in order to find new performance growth points.
However, judging from the data, the contribution of these investments to the company's operating performance is limited.
In the first half of this year, Sunrise Orient lost money again. The company achieved operating income of 1.738 billion yuan, down 6.12% year-on-year, net profit, deduction of non-net profit of -0.23 billion yuan, -0.50 billion yuan, down 164.77%, 588.84% year-on-year.
The company said that due to the impact of the epidemic, the company's Lianyungang base stopped work and production for nearly a month. At the same time, due to the impact of the epidemic, logistics was seriously blocked, and the production and delivery of some products of the company were delayed, resulting in a year-on-year decrease in operating income of nearly 200 million yuan. In addition, in the second half of last year, the company implemented a restricted stock incentive plan, and in the first half of this year, the shares paid amortization expenses of about 15.12 million yuan.
Even if you do not consider the first half of this year, in 2021, the operating performance of Sunrise Oriental is not as good as that of 10 years ago, which is enough to show that the company has fallen into a bottleneck of development.
In front of the sunrise east is a breakthrough, the question is, where is the breakthrough? Once the first camp brand Shuaikang Electric sunset West Mountain, how to rise?
This article is from Changjiang Business Daily
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