Before the listing in 2018, relying on big customers such as Lansi technology and BYD, the performance of Yujing shares (002943, SZ; the previous closing price of 21.39 yuan) continued to grow, but who expected to change face in 2019 - Yujing shares achieved revenue of about 302 million yuan in 2019, net profit of 13.7033 million yuan, and non net profit of 1.0902 million yuan, down 25.55%, 86.16% and 98.49% respectively year on year.
In fact, the serious dependence on Lansi technology has always been a major weakness of Yujing: in 2017, the proportion of Lansi technology procurement reached 46.76%; in 2018, it rose to 65.53%; in 2019, the amount of Lansi technology procurement decreased, and the performance of Yujing shares suffered Waterloo.
However, there are also customers who give full help at the critical moment. For example, Hunan Jingbo solar energy technology development Co., Ltd. (hereinafter referred to as Jingbo solar energy) purchased 32.5104 million yuan (accounting for 10.78%) in 2019, following Lansi technology and BYD to become the third largest customer of Yujing in the year.
In the name of purchasing equipment, the reporter of the daily economic news learned from the insiders who are familiar with the two enterprises that more than 30 million yuan of equipment is not really purchased. In fact, it is in the form of equipment leasing, the equipment payment is repaid in three years, and the equipment has been delivered as early as 2017 and 2018.
At the same time, from the perspective of industrial and commercial registration of equity, Jingbo solar energy has nothing to do with Yujing shares, but the reporter found that the relationship between Jingbo solar energy and Yujing shares is not general: both parties have cross secondment in terms of employee arrangement, leaving one party first and then going to the other party for employment; both parties have employees and executives disclosed that Jingbo solar energy is Yujing shares Investment enterprise: more than one person in the Management Committee of the park where Jingbo solar energy is located said that Jingbo solar energy belongs to Yujing Co., Ltd. and the owner of Yujing Co., Ltd. indirectly participates in the company.
What happened to face changing the year after the performance went public?
At the end of November 2018, Yujing shares was listed on the small and medium-sized board of Shenzhen Stock Exchange. It is the sixth listed company in Yiyang, Hunan Province. As a manufacturer of precision CNC machine tools and equipment, its main product was grinding and polishing machines. From 2015 to 2017, the operating revenue of such products accounted for more than 80% and even more than 90% in 2018.
According to the prospectus, Yujings grinding and polishing machine is mainly used for the grinding and polishing of the cover glass of smart phones. Its main customers are Lansi technology, ofI light, Sanhuan group, etc., all of which are major participants in the industry of smart phone protective glass and ceramic back plate.
Thanks to the continuous growth of the downstream mobile phone cover glass industry, the sales volume of grinding and polishing machines of Yujing Co., Ltd. increased significantly. From 2015 to 2017, 807, 1237 and 2628 sets were sold respectively, which significantly boosted the performance of Yujing Co., Ltd. In 2017, the growth rate of revenue and net profit of Yujing shares was 122.86% and 136.04% respectively. By 2018, the growth rates of the two data were still 14.82% and 26.64% respectively.
However, through careful observation, it can be found that both before and after the IPO, Yujing shares are heavily dependent on Lansi technology. From 2015 to 2017, Yujings sales to Lansi technology accounted for 42.47%, 32.93% and 46.76% respectively.
Although Yujing shares said in the prospectus that since 2015, new customers developed by the company, such as oufiguang, BYD and Sanhuan group, have successively generated sales revenue, becoming the top five customers of the company, making the proportion of the companys sales revenue to Lansi technology in the companys sales revenue less than 50%. However, in the year of listing, the dependence on Lansi technology did not improve. In 2018, Yujing shares realized sales revenue of 265 million yuan to Lansi technology, accounting for 65.53% of the total annual sales.
In 2019, Yujing shares began to show the disadvantage of relying too much on a single customer. The purchase amount of Lansi technology decreased from 265 million yuan in 2018 to 90 million 106 thousand and 400 yuan, accounting for only 29.87% of the operating income. In terms of segment products, the revenue generated by polishing and grinding machine decreased from 365 million yuan in 2018 to 192 million yuan, and the proportion of revenue decreased from 90.04% to 63.54%.
In this context, the overall operating revenue of Yujing shares has also decreased from 405 million yuan in 2018 to 302 million yuan in 2019, and the net profit has decreased from nearly 100 million yuan in 2018 to 13.7 million yuan in 2019. The performance of the next year after listing has changed.
Financial disclosure has income but no money, lease or sales?
However, the daily economic news reporter found that the transaction between Yujing and Jingbo solar is not simple, and there are many questions.
From the perspective of financial data and business logic, there are at least three doubts.
First of all, the sales volume of Yujing to Jingbo solar energy in 2019 is 32510400 yuan, but the ending balance of accounts receivable is 34756100 yuan, and the account age is within one year, that is to say, the sales occurred, but no money was received, and the balance of accounts receivable is more than 2 million yuan more than the sales volume.
According to the list of top five customers disclosed by Yujing, the purchase amount of Jingbo solar in 2019 is RMB 32510400, accounting for 10.78%. However, at the same time, Yujing shares disclosed that among the top five accounts receivable collected by debtors, the closing balance of Jingbo solar energy accounts receivable reached 34.7561 million yuan, and Yujing shares accrued bad debt reserves of 1.7378 million yuan. Yujing shares disclosed that the provision for bad debts is made according to the aging combination. The proportion of provision for bad debts for accounts receivable within one year is 5%, and the proportion of provision for accounts receivable within one to two years is 10%.
It can be seen from the calculation that the bad debt accrual proportion of the above-mentioned receivables of crystal solar is 5%, so it can be determined that the account age of the ending balance of the receivables of 34756100 yuan is within one year, and the amount of purchase of crystal solar (32510400 yuan) exceeds 2245700 yuan.
In other words, in 2019, Yujings sales of Jingbo solar energy did not generate any actual cash income, but all of it was transferred into accounts receivable after the revenue was recognized. In addition, it should be noted that in terms of data, receivables are higher than the actual sales volume. Unless there is a difference between tax included and tax excluded in the statistical caliber, they are also inconsistent with the conventional logic.
Secondly, according to the reporter, the sales revenue of crystal solar which can be recognized in 2019 is likely to come from the contract signed in early 2018.
According to the prospectus previously disclosed by Yujing, on February 8, 2018, Yujing and Jingbo solar signed a sales contract with the agreed sales amount of 23.8 million yuan, and the main product is multi wire cutting machine. However, it should be noted that among the important sales contracts disclosed in the prospectus, only the contract signed by Yujing and Jingbo Solar has no contract number.
At the same time, the two parties did not have too many transactions in 2018. According to the 2018 annual report of Yujing, the corresponding sales volume of the fifth largest customer among the top five customers in that year is only 3.068 million yuan, and Jingbo solar energy is not in the list of the top five customers, so the actual sales volume of Yujing to Jingbo solar energy in 2018 will not exceed 3.068 million yuan.
However, according to the half year report of 2019, Yujing has generated accounts receivable of about 34796600 yuan for Jingbo solar energy, and the top five accounts receivable customers of Yujing in 2018 also do not have Jingbo solar energy. Therefore, it can be determined that the accounts receivable recorded in the semi annual report of 2019 are mainly generated by the sales of crystal solar in the first half of 2019.
So, the contract signed at the beginning of 2018 is to recognize revenue in the first half of 2019.
During the interview, the reporter met the Yujing employees who are familiar with Jingbo solar energy. The person disclosed to the reporter that, generally speaking, the delivery time of Yujing equipment is about 3 months, specifically to the transaction with Jingbo solar energy, he provided another version of the information: in the way of financial leasing, lend the equipment to them, and agree on how much money to return each month, in three years Only when the equipment payment is paid off can they be invoiced. Now Jingbo sends us money every month.
This personage discloses, general client cannot do this kind of financing to lease sale form, crystal Bo is conditional. According to him, due to changes in industrial policies and problems in the site selection of Jingbo project, the equipment has been actually produced and delivered for a long time, with the latest batch delivered in the second half of 2018. According to this statement, in fact, in the year of signing the contract, the contract between Yujing shares and Jingbo solar energy has been fulfilled in the form of leasing. However, in the first half of 2019, Yujing shares recognized the financial leasing income which should be divided into three years as the income of the year at one time.
Ma Jinghao, a financial expert, introduced to the reporter that if the equipment is sold by means of financial leasing according to the standard financial operation, the lessor should not recognize the revenue in one time at the beginning, but should recognize the revenue according to the payment cycle agreed by the two parties in the contract. In the balance sheet, it should be placed in the long-term receivables or receivables. The lessee also pays in installments. You can calculate how much the current income will be reduced if it recognizes the income in installments. Ma added.
One step back, even if it is sales as the company said, what is the sales price of the multi wire cutting machine actually purchased from Yujing by Jingbo solar energy? Can it support more than 30 million purchases?
In May 2019, the official website of Yiyang Ecological Environment Bureau of Hunan Province publicized the completion environmental protection acceptance report of Jingbo solar energy project. According to the acceptance report, the project is designed to rent the first floor of 8 industrial standard plants, build 40 sets of equipment, a total production line, with an annual output of 200 million monocrystalline and polycrystalline silicon wafers. However, due to the lack of funds, only 15 cutting equipment and a production line with an annual output of 11 million monocrystalline and polycrystalline silicon wafers are built. At the same time, it is clear in the equipment list that the EIA construction content is 40 slicers of model yj827, and 15 are actually constructed. Reporters failed to obtain other EIA acceptance reports on the local government website.
On May 8, 2020, the reporter visited Jingbo solar energy in Henglong New District, Yiyang City, Hunan Province, and found that the workshop of Jingbo solar energy only has equipment on the first floor and is in production. Because the workshop is closed, the reporter could not enter.
At noon, some employees who went out to rest told reporters that the equipment in the workshop was about 20. This data has also been confirmed by the above-mentioned employees who are familiar with Yujing, and the person said that the product model used by Jingbo solar energy is yj827.
So, the number of multi wire cutting machines actually purchased by crystal solar from Yujing Co., Ltd. should be about 20, no more than 40 at most.
Yujings 2018 annual report and 2019 annual report disclose the main products of the companys multi wire cutting machine, including the yjxql827a special multi wire cutting machine for photovoltaic diamond wire, which should belong to the same series of products as the environmental assessment report yj827 slicer.
According to the prospectus, yjxql827a is a newly developed special diamond wire cutting machine for photovoltaic industry, which is the main product promoted by the company in 2018. The price of similar products in the market is more than 2 million yuan / set. Yujing shares sold 9 sets in the first half of 2018, with a unit price of 850200 yuan, forming a sales volume of 7.6522 million yuan.
Yu Jing said that at that time, yj827 was an early product, and the market price was indeed high. At that time, the equipment was relatively expensive, and the equipment (unit price) on the market was 1.8-2 million. If this is true, the purchase amount of RMB 32.5104 million for 20 sets of Jingbo solar energy equipment is also within a reasonable range. However, this will make the unit price of 850200 yuan disclosed in the prospectus of Yujing shares far lower than the actual price.
Finally, in 2019, there will be about one hundred and ten point one The other receivables of ten thousand yuan are lease fees, but according to the disclosed information, the housing lease is not enough to support such a large amount.
Is identity disclosure, employee secondment and financial supervision controlling the enterprise or closely related?
According to industrial and commercial data, Jingbo solar energy was founded in June 2016, with three natural person shareholders, Liu Songyan, Gong Xingsheng and Wang Jianping, with registered capital of 21.55 million yuan and paid in capital of 2.23 million yuan. From these information, crystal solar has nothing to do with Yujing.
However, a survey conducted by the reporter of the daily economic news found that from the following points, we can see that there are three natural person shareholders who have nothing to do with Yujing, or someone else.
First, according to the 2016 annual report disclosed by Jingbo solar energy in the industrial and commercial registration data, its business address is No. 37, hejiaqiao South Road, Changchun Economic Development Zone, Yiyang City, Hunan Province, and its business contact number is 0737-22 * * 99. This information is consistent with the 2014 and 2015 annual reports submitted by Hunan Valley CNC Machine Tool Co., Ltd. in the industrial and commercial registration.
According to the annual report and prospectus of Yujing, Hunan Valley CNC Machine Tool Co., Ltd. is a subsidiary of Yujing holding 55% of the shares. Since 2017, the company has no operating revenue and has been in a loss state for the past two years.
In April 2018, Jingbo solar applied to the court for public notice for bank acceptance bill. At that time, the entrusted agent of Jingbo solar was Mi Shilei. According to the civil judgment records, MI Shilei is an employee of Jingbo solar energy.
The reporter then visited Jingbo solar, and an employee confirmed to the reporter that what he knew about Mi Shilei was Mi Shilei of Yujing.
Hes not our man, hes Yujings, but hes not here now. Mr. Shi used to come over sometimes to look at the equipment and solve the problem, the person said.
The reporter once had a phone call with MI Shilei as an equipment purchaser. In the phone call, he confirmed to the reporter that he was once an employee of Jingbo solar energy Co., Ltd. and joined the company after its listing. However, he also mentioned that during the construction of Jingbo solar energy project, he was indeed an employee of Jingbo solar energy. After the listing of Yujing shares, the divisions were divided in detail. At that time, he said that he had been seconded to help run for a period of time. Who knows that he has been doing it now..
It is worth noting that when mentioning that MI Shilei is the sales of Yujing shares, the above-mentioned employees of Jingbo solar also asked the reporter: are you looking for the sales director of Yujing? Hes here now, as our equipment director.
According to the employee, the equipment supervisor is Zouping.
About Zouping, the reporter got confirmation from two Yujing stock people that Zouping is an employee of Yujing stock and works in Jingbo solar energy.
Its worth noting that this person also disclosed another important information to the reporter. He said that the Finance (personnel) of Jingbo solar is also held by the resigned personnel of Yujing, which is the reason why Jingbo solar can lease more than 30 million yuan of equipment. The finance of Jingbo solar is temporarily managed by our company; what process or what process they should be, but we need to have Certain supervision .
Jingbos finance is managed by Yujing?
(Finance) is controlled by Yujing? This is also a condition for equipment leasing?
So, is Yujing and Jingbo solar an investment relationship? The reporter contacted a person in charge of a key position of Yujing stock by telephone as an equipment purchaser, who made it clear to the reporter that Jingbo is invested by us.
In addition, on the basis of business cooperation and need to verify the shareholders information of Jingbo solar energy, the reporter asked the Management Committee of the park where Jingbo solar energy is located to verify the relationship between the two companies, and received a similar positive response.
On May 14, the reporter called Yujing Co., Ltd. and sent an interview letter, but no reply has been received as of the date of publication.
Source: editor in charge of daily economic news: Yang bin_nf4368