China-Singapore Jingwei, April 29, Haili Wind Power received an inquiry letter for its annual report on the 29th.
According to the inquiry letter, the Shenzhen Stock Exchange paid attention to the following situations in the post-event review of the company's 2023 annual report:
In 2023, the company achieved operating income of 1.685 billion yuan, a year-on-year increase of 3.22%, new jacket business income of 129 million yuan during the reporting period, and net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses (hereinafter referred to as "net profit after deducting non-recurring profits") -117 million yuan, a year-on-year decrease of 340.14%. The gross profit margin of the company's wind power tower and pile foundation was 3.52% and 10.32% respectively, down 7.11 and 3.26 percentage points year-on-year, respectively. The company's net cash flow from operating activities was 9.8581 million yuan, a year-on-year increase of 107.62%. In the first quarter of 2024, the company achieved operating income of 124 million yuan, a year-on-year decrease of 75.22%, and realized a net profit attributable to shareholders of listed companies (hereinafter referred to as "net profit") of 73.6554 million yuan, a year-on-year decrease of 10.28%. The Shenzhen Stock Exchange requires companies to:
(1) List the main customers and gross profit margin of the jacket business during the reporting period, explain the reasons for the new jacket business during the reporting period, the relevance of the relevant business to the company's main business, and explain whether the business activities are sustainable and whether the relevant income needs to be deducted in combination with the business model and customer development ability of the relevant business.
(2) Combined with the changes in operating income in the past three years and each quarter of the first period, the development situation of the industry in which the company is located, the changes in the gross profit margin of products, relevant industry policies and the situation of comparable companies in the same industry, etc., the specific reasons for the slight year-on-year increase in the company's operating income in 2023 but the sharp year-on-year decline in net profit after deducting non-profits, as well as the reasons for the year-on-year decline in operating income and net profit in the first quarter of 2024, and whether the relevant trend will continue.
(3) Combined with the company's industry characteristics, business model, credit policy, and the situation of comparable companies in the same industry, etc., supplement the specific reasons for the substantial increase in the company's net cash flow generated by operating activities, and whether it matches the trend of the company's operating income and net profit.
(4) Combined with the sales price of the company's wind power towers and pile foundations, changes in raw material prices, changes in demand, comparable business of listed companies in the same industry, etc., supplement the reasons for the sharp decline in the gross profit margin of the company's main businesses and the low absolute value during the reporting period, whether the relevant trends will continue, and whether it will have a material adverse impact on the company's profitability.
(5) Explain whether the risk of a sharp decline in performance and adverse changes in the gross profit margin of the main products is fully disclosed in the documents at the issuance review stage such as the prospectus and the reply to the review inquiry, whether the information disclosure of relevant matters is sufficient and complete, and whether it can be reasonably expected that the performance will have an adverse change trend during the review period.
The annual report shows that at the end of 2023, the company's accounts receivable book balance was 1.368 billion yuan, bad debt provision was 262 million yuan, and the new bad debt provision was 72.7438 million yuan during the reporting period, of which 17.1874 million yuan was newly added to the accounts receivable according to the individual provision for bad debts, and the proportion of bad debt provision according to the aging portfolio was 18.15% , an increase of 6.21 percentage points year-on-year, the book balance of contract assets was 692 million yuan, the provision for bad debts was 207 million yuan, and the new bad debt provision was 99.2627 million yuan during the reporting period, of which 13.3438 million yuan was newly added according to the individual provision for bad debts, and the proportion of bad debt provision according to the aging portfolio was 28.52%, an increase of 13 percentage points year-on-year. The Shenzhen Stock Exchange requires companies to:
(1) Supplementary explanation of the formation time, background and reasons of the accounts receivable and contract assets for which bad debt provisions are made separately, whether the debtor is related to the company and the company's controlling shareholders, directors, supervisors and senior executives, and the specific measures and plans to be taken by the company to recover the corresponding amounts.
(2) Supplement the accounts receivable and contract assets that are provided for bad debts according to the aging portfolio, the accounts receivable aged for more than one year, the name of the top 10 customers with the balance of contract assets, the credit status, the specific ageing, the balance of accounts receivable, the reasons for the failure to settle, and whether the debtor is related to the company and the company's controlling shareholders, directors, supervisors and senior executives.
(3) Combined with the company's business development, credit policies and changes, comparable companies in the same industry, the proportion and changes in the provision of bad debts in the aging portfolio, etc., supplement the reasons for the significant increase in the amount of bad debt provision for the company's accounts receivable and contract assets year-on-year, whether the provision for bad debts is sufficient and reasonable, whether the relevant revenue recognition in the previous period is prudent, and whether there is an improper relaxation of credit policies to expand the scale of sales.
According to the annual report, the company's inventory book balance at the end of the period was 888 million yuan, with a total of 20.5991 million yuan of inventory decline provision or contract performance cost impairment provision, and the standard for the provision for inventory decline according to the combination was 2.32%, a year-on-year increase of 0.7 percentage points, of which the book balance of inventory commodities was 223 million yuan, a year-on-year increase of 253.97%. The Shenzhen Stock Exchange requires companies to:
(1) Explain the product composition, use, quantity, amount and inventory age of the inventory goods, whether they correspond to the orders in hand, etc., explain the reasonableness of the substantial increase in inventory goods during the reporting period, whether it matches the change trend of the company's operating income, and the adequacy of the provision for inventory price decline.
(2) Explain the accuracy and reasonableness of the company's provision for inventory decline in the past three years, and whether there is any use of inventory decline provision for profit adjustment, based on the market demand, price change trend, sales situation, method and testing process of the provision for inventory price decline, net realizable value, and the situation of comparable companies in the same industry.
According to the annual report, the total sales amount of the company to the top five customers during the reporting period was 1.145 billion yuan, accounting for 67.97% of the total annual sales, of which the sales amount to the first largest customer was 400 million yuan, accounting for 23.75% of the total annual sales. The Shenzhen Stock Exchange requires companies to:
(1) Supplementary information on the name, sales products, sales amount, balance of accounts receivable at the end of the period and payment collection after the period of the top five customers in the past three years, whether the company, the actual controller of the company and the directors, supervisors and senior executives are related to the above-mentioned customers, the background of transactions with the new customers in the top five customers during the reporting period, and whether the relevant customers have transactions with the company in the early stage.
(2) Combined with the specific sales content, credit policy, closing balance of accounts receivable and post-period collection between the company and the largest customer, and combined with the company's business model, specific contracts and business development, upstream and downstream competition, etc., supplement the reasons and reasonableness of the high transaction amount and proportion between the company and the largest customer, and whether there is a significant dependence on it, if so, the Shenzhen Stock Exchange requires timely disclosure of relevant information and full warning of risks.
According to the company's official website, Haili Wind Power was established in August 2009, and its main products are wind power towers, pile foundations, jackets and booster stations, especially offshore wind power equipment parts and components, and the current products cover ordinary specifications of 8MW and below and high-power products above 10MW.
In the secondary market, the wind power sector rose in early trading, and Haili Wind Power rose, closing up 12.62% to 49.52 yuan as of the 29th, with a total market value of 10.77 billion yuan. (Sino-Singapore Jingwei APP)