Since the "Hengda Thunderstorm" incident occurred in 2021, it has caused an uproar in the real estate and surrounding industries, and many companies have been seriously affected.
01
Building decoration company
As of December 31, 2021, Golden Mantis held Evergrande and its member companies' notes receivable, accounts receivable and other receivable claims totaling 7.730 billion yuan. According to its recently released financial report, the net profit attributable to shareholders of listed companies in 2021 is expected to be a loss of 4 billion to 5 billion yuan.
As of June 30, 2021, the balance of overdue commercial bills held by Evergrande held by Quanzhu Holdings was nearly 1.1 billion yuan, and the provision for bad debts was as high as 213 million yuan. According to its recently released financial report, the net profit attributable to shareholders of listed companies is expected to be a loss of 1.2 billion to 800 million yuan in 2021.
As of December 31, 2021, the overdue amount of commercial acceptance bills held by Grandland Group from its largest customer Evergrande was 3.247 billion yuan. According to its recently released financial report, the net profit attributable to shareholders of listed companies is expected to be a loss of 4 billion to 5 billion yuan in 2021.
02
Home building materials company
Since June 2021, Piano has stopped business cooperation with Evergrande. The remaining cooperation is basically in the form of cash. At the same time, it has reached a plan with Evergrande of about 350 million yuan in commercial tickets to purchase houses. According to its recently released financial report, the net profit attributable to shareholders of listed companies is expected to be a loss of 710 million to 955 million yuan in 2021.
As of August 31, 2021, the overdue amount of commercial acceptance bills issued by China Evergrande and its subsidiaries held by 3TREES reached 336 million yuan, part of which was offset by real estate worth 219 million yuan. According to its recently released financial report, the net profit attributable to shareholders of listed companies is expected to be a loss of 320 million yuan to 470 million yuan in 2021.
As of December 31, 2021, Holike holds 394 million yuan in notes receivable from Evergrande Group, of which 144 million yuan is overdue and unpaid. According to its recently released financial report, it is expected that the net profit attributable to shareholders of listed companies in 2021 will decrease by 55.2276 million yuan to 166 million yuan compared with last year, a year-on-year decrease of 20% to 60%.
As of the first half of 2021, the total size of Jiangshan Oppein's bills receivable is 699 million yuan, of which the total amount of bills from Evergrande reaches 678 million yuan, and the amount of commercial acceptance bills that have expired and not been paid is 146 million yuan.According to its recently released financial report, the net profit attributable to shareholders of listed companies is expected to be 212 million yuan to 276 million yuan in 2021, a year-on-year decrease of 35.15% to 50.11%.
As of December 31, 2021, Wole Home's receivables from Evergrande and its member companies were 403 million yuan. According to its recently released financial report, the net profit attributable to shareholders of listed companies is expected to be a loss of 150 million to 120 million yuan in 2021.
As of the third quarter of 2021, Sophia has transferred 40% of the equity of Evergrande's companies with the commercial acceptance bills of 160 million yuan held by Evergrande and its member companies. The enterprise's commercial acceptance bill was 352 million yuan to purchase the equivalent value of Evergrande's assets. According to its recently released financial report, the net profit attributable to shareholders of listed companies is expected to be 100 to 150 million yuan in 2021, a year-on-year decrease of 91.61% to 87.42%.
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With the disclosure of the 2021 performance forecasts of many companies, the Evergrande incident has been mentioned again, and ceramic companies are inevitably trapped in this vortex. A few days ago, several listed companies in the ceramic industry have successively released performance forecasts for 2021. According to incomplete statistics, the performance of ceramic companies that have major business dealings with Evergrande has declined to varying degrees.
01
Many ceramic companies predict profit decline
On January 28, Diou Home Furnishing released its performance forecast for 2021, predicting net profit attributable to the parent company to be 272 million yuan to 369 million yuan, a year-on-year decrease of 34.87% to 51.99%.
On January 29, Dongpeng Holdings released its 2021 performance forecast, which is expected to achieve a net profit attributable to the parent company of approximately 34 million yuan to 51 million yuan, a year-on-year decrease of 94.0% to 96.0%.
On January 29, Tianan New Materials released its annual performance forecast for 2021. The net profit attributable to the parent company is expected to be a loss of 45 million yuan to 65 million yuan. The net profit attributable to the parent company in the same period last year was 38.2866 million yuan.
As for the reasons for the decline in profits, the above ceramic companies have made explanations in their respective performance forecasts. Diou Home Furnishing stated that the profit decline was mainly affected by the continued rise in raw material and energy prices and rising production costs; Dongpeng Holdings stated that in addition to factors such as the sharp rise in raw material, energy and other prices leading to an increase in product comprehensive costs, there are also the company's response to customers in the real estate industry. Impairment provisions have been made for acquisition projects; Tianan New Materials stated that it was due to the provision for credit impairment losses related to Evergrande and its member companies in 2021, which directly led to the decline in profits.
Zhongtaojun learned that as of 202As of December 31, 2021, the balance of accounts receivable between Dongpeng Holdings and customers in the real estate industry was 445 million yuan; as of December 31, 2021, Tianan New Materials and its holding subsidiaries Shiwan Yingpai and Yingpai Trading The total receivables held by Evergrande Group and its member companies are 286 million yuan.
It can be seen that the main reasons for the substantial reduction in corporate profits are accounts receivable and overdue bills generated from large business transactions with customers in the real estate industry, as well as impairment provisions made by companies worried about bad debts. Diou Home Furnishing also mentioned in its 2021 performance forecast that based on the principle of prudence, it plans to make individual impairment provisions for the receivables of some real estate developers.
02
The impact on performance has actually been foreshadowed
In fact, as early as when the third quarter financial report of 2021 was released, Dongpeng Holdings' "report card" had already begun to be significantly affected. At that time, Dongpeng Holdings made provision for bad debts on accounts receivable, notes receivable and other receivables. Preparations have reached 228 million yuan. At that time, it was known in the industry that there were numerous ceramic companies whose performance was affected by customer accounts in the real estate industry. According to the third quarter report of Diou Home Furnishing in 2021, its notes receivable and accounts receivable were 3.907 billion yuan as of September 30.
Dongpeng Holdings previously disclosed in an announcement that as of the end of the third quarter of 2021, the total accounts receivable, notes receivable and other receivables from Evergrande were 792 million yuan, of which 284 million yuan was receivable. The payment has been overdue, and 144 million yuan of overdue commercial bills has been settled.
Coincidentally, as of the end of the third quarter of 2021, the balance of accounts receivable between Diou Home Furnishings and Evergrande and its member companies was 74 million yuan, and the balance of notes receivable was about 40 million yuan, with overdue notes receivable The balance is about 41 million yuan, of which 39.5 million yuan has been settled.
In the past year, although Evergrande has used methods such as "paying debts with shares", "paying debts with assets", and "paying debts with houses" to solve the debt problem, this is still a difficult problem for ceramic enterprises. thirsty. For this reason, ceramic companies have been forced to take measures to ensure cash flow. This is like encountering strong waves while sailing on the sea. Whether it is a small ship or a large ship, it will choose to turn to get out of the danger zone as soon as possible.
On February 8, Tianan New Materials announced that its holding subsidiary Shiwan Eagle BrandThe lawsuit was filed against Shenzhen Evergrande Materials Equipment Co., Ltd. and Shenzhen Evergrande Materials Logistics Group. It has applied to the court for online filing. The case requested an order to terminate the "Strategic Cooperation Framework Agreement" and the "Strategic Cooperation Framework Agreement Supplementary Agreement-I" signed between Shiwan Yingpai and Shenzhen Hengda Materials Equipment Co., Ltd., and requested an order to order Shenzhen Hengda Materials Equipment Co., Ltd. to return The supply guarantee deposit of Shiwan Eagle Brand is RMB 130 million.
03
While maintaining revenue, we must also reduce risks
Why is the whirlpool of Evergrande getting bigger and bigger, and the company is getting deeper and deeper? Some people in the industry believe that this is related to the direction of society and the development trend of the industry. As the proportion of home furnishings and finely decorated houses is increasing day by day, companies must follow the trend and focus on developing relevant customers. This is reflected in the large B-end project customer income of various ceramic companies. It is not difficult to see from the proportion. Take Dongpeng Holdings as an example. In its 2021 performance forecast, last year's estimated revenue was 7.516-8.590 billion yuan, a year-on-year increase of 5%-20%.
The phenomenon of ceramic enterprises' revenue growth but profit decline is actually traceable. First of all, after expanding their B-end engineering channels, it is difficult for ceramic companies to control the growth of accounts receivable and notes receivable, and the risk factor has also increased. Secondly, when rising raw material prices cause costs to soar, profits to be further compressed, and "thunders" in bulk business are lurking on all sides, it will be difficult for ceramic companies to maintain a balance between increasing revenue and increasing profits.
On February 5, Diou Home held a board meeting and reviewed and approved the "Proposal on Carrying out Factoring Business of Accounts Receivable". Diou Home Furnishing and its subsidiaries and subsidiaries within the scope of consolidation plan to carry out accounts receivable factoring business with domestic commercial banks, commercial factoring companies and other institutions with relevant business qualifications. The total factoring financing amount shall not exceed RMB 1 billion. In fact, the main purpose of enterprises to carry out accounts receivable factoring business is to accelerate capital turnover, improve capital utilization efficiency, reduce the management cost of accounts receivable, and improve the asset-liability structure and operating cash flow status.
Unlisted ceramic companies hope to increase their size through bulk business to impact listing, while listed ceramic companies are reluctant to give up bulk business in order to ensure revenue growth. However, while maintaining revenue, it is also necessary to reduce risks. At a time when the Matthew Effect is becoming more prominent and industry concentration continues to rise, the eight words "stability" amid "risk" and "growth" amid "stability" are already supporting ceramic companies to "laugh in the end"o;'s principle of non-duality.
(Author: Hong Xiaochun)
