On April 29, the Shenzhen Stock Exchange launched an inquiry into the annual report issued by Innova Laser Technology Co., Ltd., hoping that the latter would reply before May 10:
Seeing that the deadline is approaching, Innova Laser chose to "postpone" the answer to the Shenzhen Stock Exchange's questions, saying that it will reply before May 17.
Coincidentally, in response to a series of sharp questions asked by investors on the online platform, Innova seems to be a little difficult to deal with:
Through investors' questions and Innova Laser's answers, the reasons for the delay can be seen.
Why buybacks are slow
According to the interactive news, the repurchase progress of Innova Laser is one of the focuses of investors.
Previously, on February 19, Innova Laser said that the company planned to use its own funds to repurchase the company's shares through centralized bidding transactions. The repurchase plan intends to use 10 million to 20 million yuan for repurchase, and the number of repurchased shares shall not be less than 330,900 shares and not more than 661,800 shares.
However, the three-month buyback deadline is approaching day by day, and Innova Laser's buyback plan seems to be only lip service.
According to public information, as of May 8, 2024, due to comprehensive consideration of factors such as secondary market dynamics, the company's repurchase plan and related work arrangements, the company's special securities account for repurchase has not yet implemented operations related to this share repurchase.
At this point, there are only 10 days left before the buyback deadline. If the promised repurchase plan cannot be fulfilled after expiration, it will be severely punished by the Shenzhen Stock Exchange.
The reduction of the holdings of some shareholders is also questionable. In the reply to the investor's information, Innova Laser said that according to its understanding, shareholders are reducing their holdings out of their own capital needs, so they respect their rights and equally respect the rights of every investor.
In addition, according to public information, the total salary of directors, supervisors and executives of Innova Laser is about 7.62 million yuan, which is higher than the loss of 4.4992 million yuan in 2023. With a small number of executives and two years of losses, investors have also raised some questions about this compensation figure.
Why fourth-quarter growth is "abnormal"
The question about the suspected "abnormal" growth of revenue in the fourth quarter mainly came from the Shenzhen Stock Exchange.
According to public information, Innova Laser's recent profit has suffered a decline for two consecutive years. In the fourth quarter of the 2023 reporting period, revenue and net profit both increased significantly year-on-year:
According to the company's own disclosure, the reasons for the decline in performance are: "R&D expenses and sales expenses have increased year-on-year, and the gross profit margin of the laser module business has declined due to the fierce competition in the consumer electronics industry and the temporary lack of scale effect in new businesses such as photovoltaics." ”
Accordingly, the Shenzhen Stock Exchange stated in the inquiry letter:
· It is hoped that Innova Laser will list the details of the main business types and major customers involved in revenue recognition in the fourth quarter of 2022 and 2023
· Combined with the situation of comparable companies in the same industry, the reasons and reasonableness of the significant increase in revenue and profit in the fourth quarter of the reporting period are explained
· and whether there is a year-end surprise recognition of revenue
The implication of the Shenzhen Stock Exchange is very clear: since Innova Laser claims that the loss is due to long-term reasons such as "cost growth", "fierce competition in the industry" and "lack of scale effect", from a common sense point of view, it should not cause such a large performance fluctuation in the fourth quarter.
Therefore, the Shenzhen Stock Exchange launched an inquiry into whether there is "surprise income" for Innova Laser. Of course, the fluctuation of corporate revenue may also depend on the time of customer payment and other reasons, and Innova Laser's reply to this is also worth further observation.
What is the progress of the initial fundraising
In 2023, Innova Laser said that the company's TOPCon laser SE direct doping equipment has been recognized by many important customers in many key indicators such as efficiency improvement, production capacity, fragmentation rate, etc., and has signed a total of nearly 20GW.
Therefore, in order to meet the capacity needs of new businesses such as photovoltaics, Innova Laser plans to carry out the first fundraising:
Among them, the construction project of the production base of solid-state lasers and laser application modules, and the construction project of the marketing and technical service network center will reach the scheduled usable state on July 6, 2024.
However, as of the end of 2023, the investment progress is 40.81% and 42.80% respectively, which can be said to be far behind.
Accordingly, the Shenzhen Stock Exchange stated:
· It is hoped that Innova Laser will explain the construction progress of the project as of the date of the reply letter, and explain whether the progress is not as expected in combination with the completed and to be completed content of the project
· It is hoped that Innova Laser will explain whether the project approval and feasibility analysis report of the early fundraising project are prudent and whether there are related risks
Combined with the above news, two years of losses and heavy pressure, Innova Laser is inevitably suspected of "lack of money on the account". We hope that Innova Laser will be able to achieve "long-term vision" as it has said, and the company's performance will improve as the contribution of new business gradually increases.
From: ofweek
Welcome everyone to participate in the activities held by the Yangtze River Delta G60 Laser Alliance:
Application of laser intelligent manufacturing in new energy vehicles:
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