Beek Battery "Serial Debt" Shock Wave

At the end of the year, the accounts should be cleared.

Shenzhen Beek Battery Co., Ltd., a new energy power battery manufacturer, is known as the world leader in high nickel battery. According to recent data from SPIR, in October this year, the company also entered the top ten of the domestic power battery industry with the installed capacity of 6.5MWh.

However, such a scale of a company can not escape the pain of debt collection, spread to the public company, in recent years, A shares are rare. It can be identified as 4 new lithium ion materials listed companies such as 300037.SZ, 2 Shareholders of listed companies, and 000980.SZ and Huatai.

"Part of the supplier announcement contrast accounts receivable matters were widely concerned by the media," Beek power issued a statement on November 12th night apologized, but also said that the payment of suppliers failed to pay as much as possible, mainly because the company is currently facing a certain cash flow pressure, the main audience of Thai car and Huatai Automobile unpaid loans.

Among them, Zhongtai motor accounts receivable accounts for about 600 million yuan, and Huatai auto accounts receivable is about 300 million yuan. At present, Beek power has initiated related lawsuits respectively.

What puzzles me is that although the sales of new energy vehicles are falling, the cash flow of Zhongtai car is tight. But as of the end of 9, the company still has 915 million yuan in cash and cash equivalents on its books. Why is it so late?

In response, Zhongtai automobile responded to reporters on the 13 th, "the company's capital payment is based on the overall business considerations. It is impossible to consider only one of them."

Vehicle enterprises are the source

In the first three quarters of the year, the number of motor vehicles sold by Beek, which owed most of the power to, was 135 thousand vehicles, down 32.4% from the same period last year, and net profit from 415 million yuan in the same period to -7.6 billion yuan in the same period.

Especially in the three quarter of this year, the operation of the company further deteriorated, and the single quarter income dropped to 361 million yuan, far below the 3 billion 969 million yuan and 1 billion 71 million yuan in the one or two quarter.

The decrease of external income makes the capital of listed companies tight. At the beginning of the year, the balance of cash and cash equivalents on Chung Tai motor's books was 2 billion 520 million yuan, which had dropped to 915 million yuan by the end of September.

At the end of October this year, Zhongtai automobile again reported the news that its brand was being stopped, and dealers were coming home to collect debts. At that time, the company had told the media that under the coordination of the government, the 3 billion yuan fund provided by the bank in August was in place, and will be used for production, operation and other related arrangements. The company is also actively coordinating other channels of financing.

Combined with the latest response, Zhongtai Auto's debt pressure is obviously not light. Even, there are rumors that 4 car companies such as Zhongtai automobile and Huatai Automobile will enter bankruptcy proceedings within the year.

However, the hearsay is not groundless.

On November 5th, Wanan Technology (002590.SZ) announcement, a wholly owned subsidiary of Zhejiang Zhuji Wanbao Machinery Co., Ltd. submitted a civil complaint to the people's Court of Zhuji, Zhejiang on 18 October 2019.

The defendant Tianjin Huatai body continued to purchase a variety of auto parts to Wanbao Zhuji, Zhuji Wanbao ordered delivery on time, and promptly fulfilled the contractual obligations. However, the Tianjin Huatai body had the behavior of arrears of payment, and did not pay the payment in time in accordance with the payment term stipulated in the contract.

This debt, plus principal and interest plus 13 million 170 thousand yuan, Huatai Automobile capital pressure is obvious. Dawning shares (600303.SH) issued a notice, the company's largest shareholder Huatai Automobile Holding 134 million shares of all shares of the company's unlimited sale of tradable shares (accounting for 19.77% of the total share capital) was frozen waiting for justice.

At the same time, the company also feedback that the overdue amount of Huatai Automobile direct liabilities totaled about 2 billion 892 million yuan, including the amount of litigation amounting to 2 billion 892 million yuan. Huatai Automobile is actively negotiating with the parties concerned to resolve disputes. "Huatai motor is making full use of the introduction of war investment and asset disposal to solve the company's liquidity."

Gradual transmission of debt chain

Beek's power has caught up with the two auto companies with debt crisis. As a result, the receipts owed by Beek to the downstream companies continued to be in arrears with the payment of the upstream material enterprises.

However, there are many listed companies in the upstream material enterprises, which will be ready for the end of the year until the end of the year.

First of all, it was unable to keep up with 100 technology. In the evening of November 5th, it first disclosed the news that Beek battery receivables could not be paid due. As of that day, the company's total accounts receivable and bills receivable totaled 208 million yuan, including the overdue accounts and the unpaid bills of exchange totaling 206 million yuan.

Owing to the risk that the notes receivable cannot be fully paid, the technology can only be converted into receivables, and the provision for bad debts should be accounted for at 10%.

Looking back at Rong Bai technology, net profit in the first three quarters of this year is still less than 159 million yuan. If you choose to make a full offer, the first year of the technology market will see a sharp drop in profits or losses.

Subsequently, hang Ke Technology (688006.SH), 300073.SZ and the new state were also added to the "debt collection" team. At this point, Beek power and its subsidiaries totaled 731 million yuan in arrears with the 4 listed companies.

It needs to be pointed out that the exposure of Beek's power debt crisis is not only affected by the influence of public debt, but also the negative impact of the downturn in industry demand.

"Directly affected by the vehicle business, followed by the power battery enterprises, although the upstream lithium price has been reduced, but the terminal demand is not strong, will impact the entire industrial chain, the power battery enterprise bargaining power is weaker." A lithium battery listed company introduced 13 days in the middle.

He pointed out that under the overall downturn of the industry, only the head enterprises with scale and market advantages have certain resistance. Other power battery enterprises are facing the risk of reshuffling due to their lower market share.

Even so, in the era of absolute leadership in Ningde (300750.SZ), the gross profit margin of power batteries dropped to 28.88% in the first half of the year, and 37.05% and 32.67% respectively in 2017 and 2018.

"In addition to actively coordinating and promoting the return of vehicle manufacturers, we have also actively communicated with shareholders, relevant government and debtors to jointly develop payment solutions and operational capital replenishment programs." Beek power said in a 12 day statement.

Up to now, the above companies have reached a debt repayment plan with Beek battery.

If the third week and the fourth week of this month, Shenzhen Beek and Zhengzhou Beek will repay 30 million yuan to the rising technology. After that, they will repay the remaining amount in 11 phases until the four quarter of 2020.