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Nearly 60% of the quarterly report forecast performance is good.
China Evergrande's debt restructuring has made waves again
On the evening of September 24, China Evergrande issued an announcement on overseas debt restructuring, which related to the terms of the company's proposed overseas debt restructuring. According to the announcement, all new notes to be issued under the proposed restructuring must comply with the "Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises" issued by the China Securities Regulatory Commission and the "Administrative Measures for the Examination and Registration of Medium- and Long-term Foreign Debts of Enterprises" issued by the National Development and Reform Commission (NDRC), and the company must prove that it complies with the relevant regulations. Given that Evergrande Real Estate Group Co., Ltd. (the Company's principal subsidiary) is under investigation, the Group's current situation is not eligible for the issuance of new notes.
Just on September 22, China Evergrande announced that it had cancelled the relevant agreement arrangement meetings scheduled for September 25 and September 26 on the proposed restructuring due to less than expected sales.
In March this year, China Evergrande launched a debt restructuring plan, which includes the "Evergrande Agreement Arrangement", "Jingcheng Agreement Arrangement" and "Space-based Agreement Arrangement", of which the "Evergrande Agreement Arrangement" includes two groups of debt, Group A and Group C.
On the evening of September 8, China Evergrande announced that the approval hearings of the Jingcheng Agreement Arrangement, the Cayman Islands Evergrande Agreement Arrangement, Hong Kong Evergrande and the Space-based Agreement Arrangement were postponed to the evening of October 3, October 5, October 16 and 17 respectively.
At the same time, Evergrande Group issued a notice of adjournment of the hearing to creditors through the relevant website, saying that the recognition hearing of Evergrande Group's overseas debt restructuring, originally scheduled to be held in the bankruptcy court for the Southern District of New York on September 20, was postponed to 11 a.m. ET on October 25.
Evergrande is in an eventful time. It is reported that the "Shenzhen Nanshan Public Security" released news that recently, the public security organs have taken criminal compulsory measures against Evergrande Fortune Du and other suspected criminals in accordance with the law. On the evening of September 18, China Evergrande announced that the company clarified that Da Fortune was an indirect wholly-owned subsidiary of the company, and the relevant personnel of Evergrande Wealth were taken criminal compulsory measures in accordance with the law, which did not affect the company's operation and operation.
In addition, according to the China Enforcement Information Disclosure Network, recently, Evergrande Real Estate Group Co., Ltd. added 3 pieces of information on the debtor, with a total of more than 988 million yuan in enforcement targets, and the enforcement courts are Harbin Intermediate People's Court, Tangshan Lubei District People's Court, and Suqian Sucheng District People's Court. According to the Tianyancha APP, at present, Evergrande Real Estate Group Co., Ltd. has more than 590 pieces of information on the enforceees, with a total amount of more than 56 billion yuan, in addition to a number of consumption restriction orders, untrustworthy enforceees (Lao Lai) and final case information.
On August 27, China Evergrande released its 2023 half-year report. During the reporting period, Evergrande achieved revenue of 128.18 billion yuan, gross profit of 9.80 billion yuan, and a total net loss of 39.25 billion yuan; total liabilities decreased slightly to 2,388.2 billion yuan from the end of last year, and liabilities after excluding pre-received housing payments were 1,784.2 billion yuan. As of the end of 2022, its total liabilities were 2,437.4 billion yuan, and after excluding contract liabilities of 721 billion yuan, it was 1,716.4 billion yuan.
In terms of market capitalization, China Evergrande, which has been suspended for 17 months, resumed trading on the Hong Kong Stock Exchange on August 28, closing at HK$0.35 on the day, down 78.79% from the closing price of HK$1.65 in March 2022. As of the close of trading on September 22, China Evergrande's share price closed at HK$0.55, leaving a total market value of only HK$7.262 billion.
The third quarterly report was unveiled, and nearly 60% of the performance was expected
The scheduled disclosure time for the third quarterly report of listed companies on the Shanghai Stock Exchange was released, and we took the lead and will be the first to disclose it on October 10; Pingmei and Baichu Electronics will disclose on October 11, and Shenma and Sankeshu will disclose three quarterly reports on October 12 and October 13 respectively.
With the performance of the first three quarters of this year becoming clearer, some A-share listed companies have eagerly disclosed their performance forecasts. In addition to the IPOs listed this year, Enhua Pharmaceutical came out on top, being the first company to release a three-quarter performance forecast.
As of September 22, the third quarter report forecast of 59 listed companies made the first appearance, and nearly 60% of the net profit was expected (including pre-increase, slight increase, and continued profit), and some of them had excellent "report cards".
There are 10 companies with pre-increase in performance, of which the lower limit of net profit of Guannong Co., Ltd. is expected to increase by 127%, and Tailingwei, Qin'an Co., Ltd., Shuangliang Energy Conservation, Shanghai Yanpu, and Vertex Software have increased by more than 50% year-on-year. Guannong Co., Ltd. is expected to achieve a net profit of about 600 million yuan, a year-on-year increase of 127%, the main reasons for the change in performance are: first, the tomato industry market is good, and the gross profit has increased significantly compared with the same period of the previous year; Second, the lint market picked up, turned losses into profits, and profits increased sharply over the same period of the previous year.
Integrated circuit design company Tailing Micro landed on the Science and Technology Innovation Board on August 25, and the company's main products are wireless Internet of Things system-on-chips. It is expected that the net profit in the first three quarters will be 36 million yuan to 44 million yuan, a year-on-year increase of 65.57% to 102.36%; It is expected to deduct non-net profit of 26 million yuan to 34 million yuan, a year-on-year increase of 115.75% to 182.14%.
The performance of 20 companies is forecast to exceed 100 million yuan
Among the companies that disclosed the performance forecast for the first three quarters, 20 had a net profit of more than 100 million yuan, accounting for 50%. Among them, Luxshare Precision ranks first, followed by Small Commodity City, Sanqi Interactive Entertainment and Shuangliang Energy Saving all exceed 1 billion yuan, in addition to Enhua Pharmaceutical, Lin Yang Energy, Rongbai Technology, and Guannong shares exceed 500 million yuan.
Consumer electronics leader Luxshare Precision expects to achieve a net profit attributable to the parent of 7.040 billion yuan to 7.680 billion yuan in the first three quarters, a year-on-year increase of 10% to 20%. The company said that in the third quarter of this year, affected by European and American inflation, overseas demand and other factors, the electronics industry supply chain is expected to remain under pressure. In this context, the company relies on solid underlying R&D and precision manufacturing capabilities to further improve performance.
The performance of the small commodity city in the first three quarters was expected to increase, and the net profit was 2.268 billion yuan to 2.43 billion yuan, which will increase by 40% to 50% compared with the same period of the previous year. During the reporting period, the GMV of chinagoods (China Commodity City Network) platform will exceed 50 billion yuan, a year-on-year increase of 112%.
In addition, the software industry's first three-quarter report performance forecast was "released", and Vertex Software expects to achieve a net profit attributable to the parent of 114 million yuan to 124 million yuan in the first three quarters, a year-on-year increase of 55.21% to 68.14%. Based on this calculation, the company's third-quarter performance will increase by 31.41% to 55.34% month-on-month. In the view of analysts, due to the limited digital capabilities of most securities companies at present, outsourcing software will remain the main form of IT investment. As a platform-based digital service provider focusing on financial technology, Vertex Software still has some room for development in the future.
It is worth noting that Centec Communications-U turned a profit and reversed its performance. From 2020 to 2022, the revenue of Shengke Communications, a leading domestic Ethernet switching chip enterprise, showed an upward trend, but the net profit in the same period continued to lose and expanded. However, in the first half of this year, the operating situation has improved significantly, and the net profit attributable to the parent has reached 35.46 million yuan, and the lower limit of the performance forecast for the first three quarters is 38 million yuan.
Disclaimer: All information content of Datatreasure does not constitute investment advice, the stock market is risky, investment needs to be cautious.
Responsible editor: Lin Lifeng
Proofreader: Dynasty Quan
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