On the 28th day of the intensive period of performance forecast disclosure, words such as "a major customer", "main customers (company) and their members" and "Evergrande" appeared very frequently. Dozens of listed companies said that due to the difficulties in capital turnover of (a) customers and their members, the company believed that the recoverability of relevant funds was abnormal and the signs of impairment were obvious, and the bad debt provision was withdrawn accordingly, which would affect the profits of the company in the previous year (the end of 2021).
Relevant analysis shows that after the "explosion" of Evergrande, the drag on upstream and downstream companies in its supply chain may be reflected in the financial report of 2021, and the subsequent impact will be gradually reduced. It is also worth paying attention to whether the operation of some enterprises will be affected after losing "key customers", and the industry reshuffle may be further accelerated.
several companies step on thunder
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One practitioner said, "Previously, the turnover speed of the real estate market was very fast, and the settlement of real estate companies with bills was a normal business model in the industry. However, the bill cashing time was generally long. Once the bill could not be cashed normally, the accumulated amount would be large, and many of them were due at the end of this year. Moreover, all larger building materials enterprises have business with Evergrande, and not only Evergrande, but also several others in the near future A similar situation has also occurred in real estate companies, which are basically involved this time. A few years ago, getting orders from key customers was the guarantee of income and profits. In addition, the growth rate of the real estate market slowed down in the past two years. Many companies began to vigorously carry out engineering business, but no one expected such a large risk exposure. Now everyone is relatively cautious. "
The above-mentioned practitioners further disclosed to reporters that after Evergrande's "explosion", most enterprises began to become more "conservative" in their cooperation with real estate developers. Since the first half of last year, many companies have stopped their credit business for Evergrande's projects. Later, the government led actions of "resumption of work" and "guaranteed recovery of buildings" have mostly entered the regulatory account, and this part should be recovered. Therefore, the drag on these upstream and downstream enterprises will basically be concentrated in the financial report of 2021, and the impact is expected to gradually weaken after that. But it's hard to say whether there will be similar situations in other countries in the future.
A board secretary, who declined to be named, told reporters that if he really can't get it back, from the perspective of listed companies, he must hope to withdraw it all at one time and release financial risks at one time. From a long-term perspective, after the risk of this business is released, other businesses gradually catch up. In fact, for the company, it is in a state of light operation, which is also good for investors. However, the specific operation needs to integrate the views of accountants.
An accountant told reporters, "Not all of them will be withdrawn. As far as I know, the current situation in the industry is still relatively complex. Some companies have preliminarily reached the house arrival agreement, and some companies have filed a lawsuit. Whether and how much to withdraw depends on the actual situation according to the accounting standards. However, if it is only part of the withdrawal, there is still the possibility that it will not be recovered in the future. There must be a possibility Risk determination. "
However, the reporter found that many companies had previously disclosed that the signed arrival terms did not mean "landing" for the company. There has been a situation in the market that the property compensation solution has been preliminarily reached, but it can not be implemented. In the performance notice, a company said that the company actively communicated with Evergrande group and its members about the solution. Although it initially reached a solution to purchase real estate compensation for some overdue commercial tickets, it could not be implemented. By the disclosure date of the performance notice, it had not signed a formal house purchase contract and could not handle online signing. Subsequent companies do not rule out taking judicial measures to safeguard the legitimate rights and interests of the company, but the judicial procedure takes a long time, and according to the current situation of Evergrande group, it is expected that the possibility of obtaining cash or other assets compensation through judicial procedures in the future is low.
Earlier, in response to the Evergrande incident, Yi Gang, governor of the central bank, said that the risk of individual real estate enterprises in the short term would not affect the normal financing function of the medium and long-term market. Evergrande's risk is a market event, which will be properly handled according to the principles of marketization and legalization, and the rights and interests of creditors and investors will be protected according to law.
industry reshuffle or further accelerate
A number of listed companies previously said that they would no longer add Evergrande business. However, it is worth noting that in Evergrande's supply system, Evergrande is a "major customer" of many architectural decoration and building materials companies for many years. Previously, the industry joked that some companies have "major customer dependence". Now, whether the business operation will be affected after losing major customers is also worthy of attention.
Shanghai Trendzone Holdings Group Co.Ltd(603030) said that at present, the company operates normally, but cash flow is tight. As for the transformation plan, the management is still considering it. If relevant information meets the standard of letter phi, the company will announce it in time.
A Suzhou Gold Mantis Construction Decoration Co.Ltd(002081) insider told reporters, "At present, the company's operation is normal, but the occurrence of large customers is bound to have a certain impact on the company's income in the short term. At present, the company has been adjusting its business structure and striving to increase public dress and government orders, hoping to make up for the problems encountered in real estate and residential projects. At the same time, the company will continue to undertake more secure residential projects, but generally speaking, the company will live The business at the home end is shrinking. "
Shenzhen Jianyi Decoration Group Co.Ltd(002789) said, "at present, the controlling party of the company has been converted to Zhengfang group under Zhuhai state owned assets, and the company may get more resources and support from the controlling shareholders." Shenzhen Wenke Landscape Co.Ltd(002775) also said, "at present, the company has cooperation with other real estate companies and some municipal projects. In addition, the company is planning to introduce strategic shareholders with state-owned assets background, which will support the subsequent business development of the company."
Some industry analysts believe that the general environment of the real estate industry last year, real estate enterprises and upstream and downstream supply chain enterprises with weak ability to resist risks, carried out market-oriented optimization and elimination. The subsequent bulk engineering business has high requirements for the scale, reaction speed and product quality of enterprises. In the future, the advantages of enterprises with capital and experience will be more prominent and enlarged, which is expected to further seize the market share.
