The "loss king" of A-shares was hit hard again, and profits plummeted by 520.18% in the first quarter! After winning 500 million large orders, the stock price rose and fell, and the chairman was still under residential surveillance

China Times

2024-05-09 08:18Published on the official account of Beijing China Times

The "loss king" of A-shares was hit hard again, and profits plummeted by 520.18% in the first quarter! After winning 500 million large orders, the stock price rose and fell, and the chairman was still under residential surveillance

Recently, Guosheng Technology, a well-known A-share listed company, announced two major events.

First, the chairman of the company was released from detention for about half a year and placed under residential surveillance by the public security organs; Second, the company's secondary holding subsidiary successfully won the bid for CGNPC's module procurement order, with an amount of not less than 500 million yuan.

The reporter paid attention to the company's shares on the first trading day after the holiday, and on May 6, Guosheng Technology's share price climbed to 3.50 yuan / share, an increase of 10.06%. However, on May 7, the company's shares opened high and low, opening at 3.73 yuan / share, and finally closed at 3.48 yuan / share.

Zhang Xuefeng, a financial commentator, told the China Times, "From the perspective of stock price performance, the company's shares have a strong limit, which indicates that investors have a positive reaction to the good news that the company won the bid, and I believe that this good news is expected to bring performance growth to the company." However, the stock price then fluctuated, opening higher and lower, and closing slightly lower. This may be due to investors' concerns about the regulatory measures for the release of the company's chairman from lien, as well as uncertainty about the company's future development prospects. Investors' confidence in the company has suffered, causing stock prices to fluctuate. ”

The matters involved by the chairman of the board of directors have nothing to do with the company

On January 29, 2024, Guosheng Technology disclosed the "Announcement on the Retention of the Chairman of the Company", at that time, the chairman of the company had been detained for nearly 3 months but "kept it secret", which also caused a huge sensation in the market. The company's stock price quickly changed from the previous day's daily limit to the lower limit on the same day. But then on the afternoon of January 30, the stock price rose in a straight line until the limit was closed, and the market reacted that the stock price was as thrilling as a roller coaster.

For the company's concealment of violations, on April 30, the Shanghai Stock Exchange issued a regulatory warning to Li Ping, the then secretary of the board of directors of Guosheng Shian Technology Co., Ltd.

The Shanghai Stock Exchange clearly pointed out that after investigation, Wu Jun, the actual controller and chairman of the company, was taken into custody on November 2, 2023 for cooperating with the Huai'an Municipal Supervision Commission to assist in the investigation, and the office of the company's board of directors was aware of the above situation on November 4, 2023, but did not disclose the above matters until January 29, 2024. In addition, on December 1, 2023, Wu Jun, chairman of the company, did not attend and preside over the eighth extraordinary general meeting of shareholders in 2023, and the company disclosed that the chairman did not attend the meeting for official reasons. In summary, the company failed to timely disclose the material matters of the actual controller and chairman of the board of directors of the company being lined on by the competent authorities, and the relevant information disclosure was not timely and accurate, and the risk warning was insufficient, which may affect investors' expectations. His actions violated the relevant regulations. Li Ping, the then secretary of the board of directors of the company, as the specific person in charge of information disclosure, failed to be diligent and responsible for the above-mentioned violations, and his behavior violated the relevant regulations and the commitments made in the Declaration and Undertaking of Directors (Supervisors and Senior Management).

Now, almost half a year has passed, and the detention of the chairman of Guosheng Technology has finally ushered in new progress.

On the evening of May 5, Guosheng Technology announced that "recently, the company received a notice from the controlling shareholder Guosheng Energy Co., Ltd. and Mr. Wu Jun's family that the Huai'an District Supervision Committee of Huai'an City lifted the retention measures against Mr. Wu Jun; At the same time, Mr. Wu Jun was placed under residential surveillance by the public security organs, and the matters involved had nothing to do with the company. ”

Guosheng Technology also said, "At present, the company's daily operation is normal, and the company's board of directors and management will ensure that the company and various business activities are carried out normally." ”

Zhang Xuefeng told the China Times, "The release of the company's chairman from liuzhi and residential surveillance means that the public security authorities believe that his behavior no longer constitutes a condition for arrest, but he still needs to be supervised." This is undoubtedly a major impact on the company's operation and image, which may affect the company's stability and investor confidence. ”

Q1 profit plummeted 520.18%

When it comes to the predecessor of "Dry Landscape Garden" Guosheng Technology, many people are no strangers to it, which is mainly engaged in garden engineering construction and landscape design. In December 2022, Guosheng Technology completed the acquisition of subsidiaries in the photovoltaic industry, forming a dual main business development pattern of "garden + photovoltaic".

Judging from the company's performance, Guosheng Technology's performance has continued to be sluggish in recent years and has fallen into a quagmire of losses. From 2017 to 2019, the company's performance began to decline, among which, the revenue decreased from 549 million yuan to 356 million yuan, and the net profit attributable to the parent company also shrank significantly, from 89.66 million yuan to 16.78 million yuan. What's more severe is that from 2020 to 2022, the company has lost money for four consecutive years, with revenue hovering around 200 million yuan, and the net profit attributable to the parent company is -80.45 million yuan, -211 million yuan, and -162 million yuan respectively.

In the 2023 annual report released by the company on April 27, Guosheng Technology seems to see a glimmer of vitality, and the company has achieved an operating income of 988 million yuan, a year-on-year increase of 399.35%; Although the net profit attributable to the parent company was still negative, reaching -68.88 million yuan, the loss amount narrowed.

However, the good times did not last long, and on April 30, the company's first quarter report for 2024 showed that the company's losses expanded again. According to the announcement, the company's operating income was 110 million yuan, a year-on-year decrease of 35.43%; The net profit attributable to the parent company was -48.78 million yuan, a year-on-year decrease of 520.18%. Guosheng Technology said, "It is mainly due to the decline in the photovoltaic sector market and the decline in sales unit price during the reporting period." ”

Lin Boqiang, dean of the China Energy Policy Research Institute of Xiamen University, told the China Times, "The company's losses in the past two years are mainly due to the photovoltaic cycle, and cross-border is not necessarily wrong, it can only be said that it is unlucky." At present, this production capacity is still very small for the future demand, as long as it can survive, the price of photovoltaic products will still rise. ”

In addition, the reporter noted that the company recently won a large order of no less than 500 million yuan from CGN.

According to the company's "Announcement on Winning the Bid for Major Projects", Anhui Guosheng New Energy, a secondary holding subsidiary of Guosheng Technology, participated in the bidding for the "Photovoltaic Module Procurement Project of CGN Yantai Zhaoyuan 400MW Offshore Photovoltaic Project (HG30) Project" of PowerChina Northwest Survey, Design and Research Institute Co., Ltd. in April 2024. Recently, Anhui Guosheng New Energy received the "Notice of Winning the Bid" and was determined to be the winning bidder of the project, with a winning bid amount of not less than 500 million yuan.

Regarding the impact of winning the bid for the project on the company, Guosheng Technology believes that "if the photovoltaic module procurement project of CGN Yantai Zhaoyuan 400MW offshore photovoltaic project (HG30) project finally signs a formal contract and can be successfully implemented, it will help lay a good foundation for the company's subsequent heterojunction module market development and project undertaking, and enhance the company's market influence in the photovoltaic field; It is expected to have a positive impact on the company's operating results in 2024 and subsequent years, which is conducive to improving the company's overall profitability. ”

However, the company also pointed out the current wind: "At present, the formal contract of this project has not been signed, and there is still uncertainty, and the specific implementation content and amount of the project are subject to the final signed formal contract." ”

The reporter observed that as of the end of the first quarter of 2024, the company's monetary funds were 66.946 million yuan, fixed assets were 1.003 billion yuan, total assets were 3.168 billion yuan, and total liabilities were 1.869 billion yuan, with an asset-liability ratio of nearly 60%.

So, if the company wins the bid for a procurement project of not less than 500 million yuan in CGNPC, is the company's funds sufficient? What is the reason for the company's continuous losses? Are there any measures and strategies in place? In order to fully understand the company's situation, the reporter tried to call Guosheng Technology many times on the afternoon of May 7, but the phone could not be connected. Subsequently, the reporter sent an interview letter to the company's mailbox, but as of press time, the company did not give any reply.

Editor-in-charge: Li Future Editor-in-chief: Zhang Yuning

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