Science And Technology Board 100% Technology 200 Million Should Receive "Thunder" Behind: 20 Power Battery Companies Quit In One Year

Last month, Ping An Bank issued a document on the risk investigation of four car industrial chain stock customers in the industry, causing widespread concern in the industry. Less than a month ago, one of the upstream suppliers of the vehicle industry chain was "accident".

In the evening of November 6th, the science and Technology Board of the listed company, Yung Bai technology, issued a risk warning announcement that the company had a risk of no more than 2.06 billion yuan in receivables, including overdue accounts and expired non acceptance bills.

Rong Bai technology is one of the first 25 companies to enter the science and technology board in July 22nd. Its main business is the research and sale of cathode materials for lithium batteries. Before the announcement, Rong Pai technology stopped trading for a day to avoid sharp fluctuations in stock prices, but it still failed to stop the second day share price crash. In November 7th, Yung Pak technology once fell below the issue price and ended at a 9.83% decline and 27.89 yuan / share price.

Behind the capital selling of Rong Bai technology is the Beek power in trouble. Beek power refers to Shenzhen Shenzhen Power Battery Co., Ltd. (hereinafter referred to as "Shenzhen Beek") and its wholly owned subsidiary, Zhengzhou Beek Battery Co., Ltd. (hereinafter referred to as "Zhengzhou Beek"). In August of this year, because of the delay in the payment of customers' Zhongtai motor vehicle, Shenzhen Beek filed a lawsuit against Zhongtai, with the object of litigation as high as 621 million yuan.

Beek is not a listed company in Shenzhen, and its financial situation is unknown. However, it was a star enterprise in the field of power battery, and gained the appreciation of many listed companies. It is easy to see from the public disclosure of information that the situation of Beek in Shenzhen began to take a sharp turn in 2018.

In fact, Beek power is not alone. Affected by the overall market downturn, subsidies and other factors, the rapid development of new energy vehicles in recent years has also slowed down the pace of growth, or even no longer growth, the power battery industry is also the first to bear the brunt. At present, difficulties such as hard to earn money, slow money recovery, and fierce competition have all hung over the power battery industry and a new round of shuffling or acceleration.

It needs to be pointed out that after the slowdown in the sales volume of new energy vehicles, the profitability of the power battery field is much lower than before. - Gan Jun photo

"Sudden" bad debts

What is the concept of 206 million yuan? In 2018, the net profit of Rong Bai technology was 212 million yuan, and the two were roughly the same. That is to say, if we can not recover this part of the accounts, the net profit of Yung Pak technology will probably decline sharply or even lose money this year.

Beek power is a client of Rong Bai technology. The cooperation between the two sides began in 2016. In the past three years, sales volume related to Beek power was 10 million 327 thousand and 800 yuan, 206 million 153 thousand and 100 yuan and 367 million 154 thousand and 600 yuan respectively, obviously one of the important customers of Rong Bai technology.

From this perspective, this bad debt appears somewhat "abrupt". However, Rong Bai technology announced in the announcement that due to the operating characteristics of the lithium battery industry, the company's accounts receivable balance is large, and Beek power is the largest accounts receivable customer at the end of 2018, and accounts receivable balance is larger. Rong Bai technology also said that the company listed early stage, on the relevant circumstances of the exchange and the SFC reply instructions.

However, in November 7th, some market participants questioned that it had deliberately covered some risks when answering the inquiry letter. At that time, in order to explain accounts receivable do not need to prepare bad debts preparation, Rong Bai technology said that Beek power through telegraphic transfer and notes can "return" 50%, which did not explain what the bill was, and the market would generally be interpreted as a bank acceptance bill, but from the current situation, it is actually a commercial acceptance bill, obviously, the risk of bad debts is not the same.

Rong Bai technology is more ambiguous than the risk assessment of Ke power. Before listing, Rong Bai technology said in its reply letter that Beek power's operating performance in 2018 was down compared with the same period last year, but it still maintained its profit and business condition. Therefore, after a single test, it did not prepare the bad accounts for the accounts receivable at the end of the term.

However, in a notice released in November 6th, Rong Bai technology also said that because of the larger balance of Beek's dynamic accounts receivable, in order to reduce the risk of internal control, the supply volume of contrast gram power began to control in 2019. Data show that sales volume involving Beek power is only 30 million 936 thousand and 500 yuan.

Can I withdraw my account?

Does Rong Bai technology really have no anticipation for the "thunder" buried in Beek power? In the announcement, the company said that the commercial acceptance bill was payable at maturity, and it was known that the other side was "temporarily difficult to pay" at the time of expiry. After that, the two sides began to negotiate the remedial scheme again.

In November 2nd, Beek issued a new payment agreement to Rong Bai technology, promising to pay all the payments from November 15, 2019 to June 15, 2020. The agreement shows that Zhengzhou Beek is the main payment side, and Shenzhen Shenzhen has only undertaken 14 million 551 thousand yuan repayment task, and the payment time is at the end.

In November 7th, in twenty-first Century, the economic report reporter consulted the related persons of Rong Bai technology as an investor. He said that Beek and Shenzhen Zhengzhou both had outstanding debts. The plan was issued by Beek, and was not strictly classified according to the actual ownership.

In addition, Rong Bai tech, Hubei Rong Bai, has signed 4 mortgage agreements with Beek, Zhengzhou. The types of collateral include ancillary works of equipment and property, with an original value of about 204 million yuan. However, when depreciation and subsequent liquidation occur, the value of collateral may be lower than the original value. The above said that Rong Bai technology has not yet assessed the current value of these mortgages, so it is not known how much debt can be covered.

CITIC Securities, a sustainable supervision agency of Rong Bai technology, said that it would interview Beek, who was responsible for the company's power, before November 15th, and to understand the operation and financial situation of Beek, and further verify the collateral provided by the power provided by the company. At the same time, it will conduct a special on-site inspection of Rong Bai technology at the end of 11 and the end of 12.

Power battery accelerated shuffle

Beek himself was caught in a bigger problem. Beek power told reporters on twenty-first Century economic report: "the failure to make payment to Yung hundred is mainly due to the fact that the company is facing some cash flow pressure, of which there is about $600 million in unpaid loans with Zhongtai."

Zhongtai automobile is an important customer of Beek. It is understood that Zhongtai began to withdraw money in the second half of 2018. Since the beginning of 2019, Beek and Zhongtai have repeatedly communicated the problem of arrears of payment, but there is no substantial progress.

Rong Bai technology is described as "profit and normal operation" of Beek power (the main body is Shenzhen Beek). How is the operation situation? In fact, we can get a glimpse of one or two from the shareholders' statements.

Shenzhen Beek has two major shareholders of listed companies, one is Changxin technology. In 2018, the annual report disclosed that it had 8.34% of Shenzhen's Beek shares, and the initial balance of long-term equity investment was 989 million yuan. In 2018, 262 million yuan was set for impairment. The other group was Zhongli group. In 2018, the annual report disclosed that it had 8.29% of Shenzhen Beek's shares, the long-term equity investment balance was 850 million yuan, and 2018's 255 million yuan was set for impairment.

Some analysts pointed out that along with the impact of new energy vehicle subsidies and industry downturn, long term accounts and difficult repayment will spread to the whole industry upstream and downstream, which is undoubtedly a huge challenge for small and medium-sized enterprises with insufficient financial strength.

The competition of power battery is increasingly fierce, and the concentration ratio of power industry is obviously improved. Data show that in 2018 1-9, there were 89 battery powered battery companies on new energy vehicles, but this year, the figure dropped to 69, indicating that about 20 power battery companies have left the market.

It needs to be pointed out that after the slowdown in the sales volume of new energy vehicles, the profitability of the power battery field is much lower than before. The three quarterly report revealed recently that whether the industry is leading the Ningde era or the small and medium enterprises in the industry, profits have declined over the same period. Taking the Ningde era as an example, the company's total revenue in the third quarter of 2019 was about 12 billion 600 million yuan, up 29% from the same period last year, but its net profit was about 1 billion 360 million yuan, down 7.2% from the same period last year.

In addition, after the abolition of the power battery white list, the entry of Japan and South Korea battery enterprises will also speed up the reshuffle of China's power battery enterprises. Tesla, which is to be put into operation in Shanghai this year, has been traced to a number of power battery companies that have not agreed on its agreement. The side shows that the industry is developing in a highly market-oriented way.