Yangtze River Business Daily reporter Xu Jia
Langjin Technology(300594. SZ) failed to timely disclose the announcement of the revision of the performance forecast, and received the regulatory letter.
A few days ago, the official website of the Shenzhen Stock Exchange announced that the Shenzhen Stock Exchange issued a regulatory letter to Langjin Technology due to the large difference between the estimated net profit disclosed in the "2023 Annual Performance Forecast" of Langjin Technology and the audited net profit in 2023 and the change in the nature of profit and loss, but failed to disclose the amendment announcement in a timely manner.
The Yangtze River Business Daily reporter noted that the annual report shows that in 2023, Langjin Technology will achieve operating income of 902 million yuan, a year-on-year increase of 17.06%, net profit attributable to shareholders of listed companies (hereinafter referred to as net profit) -3.1713 million yuan, a year-on-year increase of 94.53%, and net profit after deducting non-recurring profit and loss (deducting non-net profit, the same below) -5.4767 million yuan, a year-on-year increase of 91.61% , which is quite different from the net profit pre-profit of 10 million to 15 million yuan disclosed at the end of January, and is the company's performance loss for two consecutive years.
When revising the performance forecast, Langjin Technology said that it was mainly due to the increase in the provision of asset and credit impairment losses, as well as the increase in some costs and expenses in combination with the adjustment of the business situation at the end of the period, resulting in the change in net profit exceeding the range of the previous performance forecast.
It is worth noting that Langjin Technology has always had the problem of high accounts receivable, which is affected by macroeconomic and industry environmental factors, and the slow collection of accounts receivable, resulting in an increase in impairment provisions, which is an important factor dragging down the performance of Langjin Technology. In 2023, the company's various impairment losses totaled 36.5859 million yuan, of which the credit impairment loss reached 34.7654 million yuan.
As of the end of March this year, the book value of accounts receivable of Langjin Technology was 1.042 billion yuan, accounting for 55.3% and 66.67% of the company's total assets and current assets at the end of the period.
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The final disclosed results differed significantly from the projections
On January 29, Langjin Technology disclosed the 2023 annual performance forecast, which is expected to make the company's net profit in 2023 of 10 million to 15 million yuan, a year-on-year increase of 117.24% to 125.87%, and deduct non-net profit of 8 million to 12 million yuan, a year-on-year increase of 112.26% to 118.39%.
At that time, Langjin Technology said that the company's performance growth was mainly due to the steady development of rail transit business on the basis of actively exploring new business areas, increasing product research and development and market layout in the fields of heat pump drying, new energy vehicles, energy storage, and data centers, and the product revenue of the new business segment increased significantly, realizing the continuous growth of the company's operating income. At the same time, the company optimized the management mechanism, improved the company's internal operational efficiency, continued to optimize product design, strengthened the optimization of the supply chain system, reduced costs and controlled costs, and the comprehensive gross profit margin of the company's product sales increased significantly compared with the same period.
However, on April 22, Langjin Technology suddenly revised its performance forecast downward, expecting a net profit of 3 million to 4 million yuan in 2023, a year-on-year increase of 93.1% to 94.83%, and a loss of 5.3 million to 6.3 million yuan after deducting non-net profit, a year-on-year increase of 90.35% to 91.88%.
At the same time, Langjin Technology said that due to the increase in the provision of asset and credit impairment losses, as well as the increase in some costs and expenses in combination with the adjustment of the business situation at the end of the period, the net profit change exceeded the range of the previous performance forecast, and the company revised the 2023 annual performance forecast.
A few days later, Langjin Technology released the audited annual report, in 2023, the company achieved operating income of 902 million yuan, a year-on-year increase of 17.06%, net profit of -3.1713 million yuan, a year-on-year increase of 94.53%, and non-net profit of -5.4767 million yuan, a year-on-year increase of 91.61%.
Due to the large difference between the final disclosed performance and the previously expected situation, Langjin Technology received a regulatory fine.
Last week, the Shenzhen Stock Exchange issued a regulatory letter to Langjin Technology, pointing out that the estimated net profit disclosed in the company's "2023 Annual Results Forecast" is significantly different from the audited net profit in 2023 and the nature of profit and loss has changed, but it failed to disclose the amendment announcement in a timely manner.
The Shenzhen Stock Exchange believes that the above-mentioned behavior of Langjin Technology violates the relevant regulations, and the Shenzhen Stock Exchange requires the company's board of directors to pay full attention to the above problems, learn lessons, rectify them in a timely manner, and prevent the recurrence of the above problems.
Accounts receivable still account for more than 55% of total assets
This is not the first time that Langjin Technology has suffered a performance loss.
According to the data, the main business of Langjin Technology is the research and development, production, sales and after-sales maintenance services of rail transit vehicle air conditioners, new energy vehicle air conditioners and intelligent thermal management products, air energy heat pump drying equipment, digital energy intelligent environmental control products and their control systems. In June 2019, Langjin Technology was listed on the GEM through an IPO.
The Yangtze River Business Daily reporter noticed that in the second year of listing, the performance of Langjin Technology reached its peak. In 2019 and 2020, the company achieved operating income of 526 million yuan and 584 million yuan respectively, a year-on-year increase of 10.99% and 11.05%, and net profit of 81.7438 million yuan and 86.8818 million yuan, a year-on-year increase of 7.15% and 6.29%.
In 2021, Langjin Technology's profits fell sharply. In the current period, the company achieved operating income of 676 million yuan, a year-on-year increase of 15.76%, and net profit and non-net profit were 5.5208 million yuan and 1.6564 million yuan respectively, a year-on-year decrease of 93.65% and 97.94%. In addition to the impact of the international environment, the company's products require copper, aluminum, stainless steel and other bulk materials and chips, power devices and other electronic components to increase the price of the product, resulting in an increase in product costs, Langjin Technology's implementation of the core employee equity incentive plan generated by the share payment expenses, as well as new business and new products in research and development and market layout increased investment, all of which have become the main reasons for the company's performance fluctuations.
In 2022, Langjin Technology will fall into the first loss after listing. In the current period, the company achieved operating income of 771 million yuan, a year-on-year increase of 14.05%, net profit and non-net profit were -57.9921 million yuan and -65.2658 million yuan respectively, a year-on-year decrease of 1150.43% and 4040.2%, mainly due to the increase in investment in technology and product research and development in new business areas, the increase in credit impairment losses of accounts receivable, the increase in product prices and the decline in gross profit margin.
Although compared with 2022, the performance loss of Langjin Technology in 2023 has decreased, in the first quarter of this year, the company's operating income continued to grow to 126 million yuan, and the net profit and non-net profit were -21.7892 million yuan and -22.0313 million yuan respectively, an increase of 12.29% and 10.34% year-on-year.
It is worth noting that Langjin Technology has always had the problem of high accounts receivable, and affected by macroeconomic and industry environmental factors, the collection of accounts receivable is slow, resulting in an increase in impairment provisions, which has become an important factor dragging down the performance of Langjin Technology, which is also the main reason for the company's previous downward revision of the performance forecast.
According to the disclosure of Langjin Technology, in 2023, the company's various impairment losses will total 36.5859 million yuan, and the company's total consolidated statement profit for the current period will be reduced by 36.5859 million yuan. Among them, the credit impairment loss including notes receivable, accounts receivable, and other receivables totaled 34.7654 million yuan, and the inventory decline loss was 1.8206 million yuan.
As of the end of March this year, the total assets of Langjin Technology were 1.884 billion yuan, and the asset-liability ratio was 52.09%. The book value of the company's accounts receivable was 1.042 billion yuan, accounting for 55.3% and 66.67% of the company's total assets and current assets at the end of the period, respectively.
Langjin Technology has repeatedly reminded that even if the company has strengthened the management of accounts receivable and has fully withdrawn the bad debt provision policy in accordance with the bad debt provision policy, if there is a turnover problem with customer funds, or the company cannot effectively expand financing channels, the company will be under greater working capital pressure. In addition, if the company cannot effectively control or manage the accounts receivable, and the accounts receivable are lost, the company will still face the risk that the accounts receivable cannot be collected and the company's interests will be damaged.
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