The storm of accounts receivable accrual continues, CICC reduces the target price of dangsheng Technology

category:Finance
 The storm of accounts receivable accrual continues, CICC reduces the target price of dangsheng Technology


According to the Research Report of CICC on December 4, CICC believes that the increase in this provision is mainly due to careful consideration under the influence of factors such as lower than expected repayment plan at the end of November and greater uncertainty in litigation progress. Considering the overall demand pressure and the impact of this years accrual, CICC lowered its 2019 / 20 net profit forecast by 48% / 23% to RMB 170 / 390 million. CICC lowered the target price by 22% to 24 yuan, with a 12.7% increase compared with the current share price, maintaining the rating of outperforming the industry.

Shenzhen BIC is one of the customers of dangsheng technology. In the past three years (2016-2018), the sales amount is 24325800 yuan, 223102100 yuan and 282185200 yuan respectively; from the beginning of 2019 to November 9, 2019, the sales amount of dangsheng technology to Shenzhen BIC is 22784300 yuan. Zhengzhou BIC is a subsidiary of Shenzhen BIC, and also one of the customers of dangsheng technology. The sales amount of the two parties from 2016 to 2018 is RMB 17.984 million, RMB 90.99m million and RMB 285.5086 million respectively; from the beginning of 2019 to November 9, 2019, the sales amount of dangsheng technology to Zhengzhou BIC is RMB 92.825 million. On the evening of November 18, affected by the power of bick, dangsheng technology received the supervision letter issued by Shenzhen Stock Exchange. According to the regulatory letter, dangsheng technology filed a lawsuit against Shenzhen BIC Power Battery Co., Ltd. and Zhengzhou BIC Battery Co., Ltd. on August 19 and September 18, 2019, asking them to repay the overdue payment and interest. The lawsuit involved a total amount of 407 million yuan, accounting for 12.33% of dangsheng technologys audited net assets in 2018. However, dangsheng technology did not disclose the above-mentioned major litigation matters in time, until November 13, 2019, it was supplemented in the announcement on major litigation and related progress. Source: Beijing News Author: Zhang Yanqi editor in charge: Wang Xiaowu, NF

Shenzhen BIC is one of the customers of dangsheng technology. In the past three years (2016-2018), the sales amount is 24325800 yuan, 223102100 yuan and 282185200 yuan respectively; from the beginning of 2019 to November 9, 2019, the sales amount of dangsheng technology to Shenzhen BIC is 22784300 yuan. Zhengzhou BIC is a subsidiary of Shenzhen BIC, and also one of the customers of dangsheng technology. The sales amount of the two parties from 2016 to 2018 is RMB 17.984 million, RMB 90.99m million and RMB 285.5086 million respectively; from the beginning of 2019 to November 9, 2019, the sales amount of dangsheng technology to Zhengzhou BIC is RMB 92.825 million.

On the evening of November 18, affected by the power of bick, dangsheng technology received the supervision letter issued by Shenzhen Stock Exchange.

According to the regulatory letter, dangsheng technology filed a lawsuit against Shenzhen BIC Power Battery Co., Ltd. and Zhengzhou BIC Battery Co., Ltd. on August 19 and September 18, 2019, asking them to repay the overdue payment and interest. The lawsuit involved a total amount of 407 million yuan, accounting for 12.33% of dangsheng technologys audited net assets in 2018. However, dangsheng technology did not disclose the above-mentioned major litigation matters in time, until November 13, 2019, it was supplemented in the announcement on major litigation and related progress.