Houpu Clean Energy Co.Ltd(300471) (300471. SZ) is a typical example of renewal by non recurring profits and losses.
The company’s performance forecast for 2021 released a few days ago shows that it is expected to make a profit of 10 million yuan to 14 million yuan in 2021 and turn around the loss, but deducting non net profit is a loss, with a loss of 4 million yuan to 8 million yuan. According to the company, the impact of non recurring profit and loss on net profit in 2021 is expected to be about 15 million yuan to 21 million yuan, mainly due to the government subsidies included in profit and loss and the reversal of some receivables subject to separate impairment test.
Houpu Clean Energy Co.Ltd(300471) the financial data in recent years have not improved. In 2018, the net profit was -479.3 million yuan, deducting the non net profit of -484 million yuan; 2019 net profit of 20.83 million yuan, deducting non net profit of – 17.27 million yuan; In 2020, the net profit is – 168 million yuan and the deduction of non net profit is – 174 million yuan. If 2021 is added, then Houpu Clean Energy Co.Ltd(300471) has recorded negative deduction of non net profit for four consecutive years.
From the operating revenue data, the business of Houpu Clean Energy Co.Ltd(300471) shows a shrinking trend. The operating revenue was RMB 1.301 billion in 2016, RMB 739 million in 2017, RMB 370 million in 2018 and RMB 543 million in 2019. However, it fell again to RMB 478 million in 2020 and RMB 574 million in the first three quarters of 2021.
The operating performance of Houpu Clean Energy Co.Ltd(300471) has long attracted the attention of regulators. For example, in April 2021, the management department of GEM companies of Shenzhen Stock Exchange issued an inquiry letter on the annual report, requiring the company to analyze in detail the specific reasons for the poor profitability of the company for many consecutive years and whether there is significant uncertainty about the sustainable operation ability of the company in combination with the industry cycle and industrial chain characteristics, products and business model, comparable companies in the same industry, etc.
Houpu Clean Energy Co.Ltd(300471) at that time, it was described that in 2018, on the one hand, affected by the adjustment factors of the natural gas industry, the market competition intensified, the product sales fell significantly, and the transaction prices of related products were difficult to maintain the original high level; On the other hand, after the company moved into the new plant in April 2017, fixed costs such as depreciation and amortization increased, resulting in the decline of the company’s profitability; In addition, HTC has made a large provision for asset impairment, resulting in a large amount of loss in 2018.
In 2019, although the company’s operating revenue and gross profit increased compared with the previous year, and the cost control effect was remarkable, due to the insufficient overall business scale, the company’s fixed cost expenditure was large, and the net profit after deduction was still negative.
In 2020, on the one hand, due to the continuous impact of covid-19 pneumonia epidemic, the main business income decreased compared with the previous period, coupled with the superposition of adverse factors such as economic downturn and intensified market competition, the company’s gross profit margin was also affected to a certain extent; On the other hand, the company has achieved certain results in new orders by strengthening customer development and adjusting marketing policies. In 2020, the new orders were 775 million yuan, an increase of 276 million yuan over the previous year, but it also led to an increase in the company’s sales and management expenses in the current period compared with the previous period; On the other hand, due to technical iteration, product upgrading and changes in market environment, some assets of the company are expected to realize lower economic benefits in the future than expected, so corresponding asset impairment reserves are accrued, which also has an adverse impact on the current performance.
At that time Houpu Clean Energy Co.Ltd(300471) also analyzed its sustainable operation ability, and believed that the industry policy and market demand trend were better, and it also had the support of technical advantages and working capital, as well as a set of measures to improve its profitability. However, from the latest 2021 performance forecast, the improvement is small, and the specific analysis depends on the subsequent disclosure of Houpu Clean Energy Co.Ltd(300471) .
In addition, the share price of Houpu Clean Energy Co.Ltd(300471) has been under selling pressure for some time. It was announced on August 27, 2021 that Tang Xinchao, a shareholder holding more than 5% of the company, plans to reduce his holdings by no more than 2.5%, that is, no more than 911.8 million shares, within 6 months after the 15th day of the announcement. According to the progress announcement on December 17, 2021, the shareholder has reduced its holdings by 1.255%.
Another shareholder Jiang Tao, in fact, the original actual controller, showed in the announcement on November 30, 2021 that he also reduced his holdings by more than 1% at that time, and the change time of equity was from October 30, 2021 to November 29, 2021. According to the original disclosure on July 21, 2021, Jiang Tao plans to reduce his holdings by no more than 2% within six months, that is, no more than 7294400 shares. Tang Xinchao and Jiang Tao still hold a lot of shares.
Let’s look at the announcement of directors, supervisors and senior executives on August 20, 2021. It is also planned that within six months, the company’s director and deputy general manager Zhong Xiao, deputy general manager Guo Zhicheng, deputy general manager and Secretary of the board of directors Hu Guanling, supervisor Wu Jun and supervisor Yu Xin plan to reduce their holdings of no more than 16406 shares, 32812 shares, 22968 shares, 7875 shares and 8181 shares respectively, The announcement on November 23, 2021 shows that several people have reduced their holdings by more than half.
The most familiar concept of Houpu Clean Energy Co.Ltd(300471) in the market is its hydrogen energy concept, but the company also received a clearance note on August 17, 2021, because the company’s share price rose better at that time. From July 5 to August 16, 2021, the share price rose by 195.51%. In fact, it can be seen from the letter sent by the regulators that in the first half of 2021, the main business income of the company still accounts for a relatively high proportion of natural gas filling equipment and parts business, and the operating income recognized by hydrogen energy business accounts for about 3% of the total operating income.
According to the response of Houpu Clean Energy Co.Ltd(300471) at that time, the company’s hydrogen energy business belongs to the initial stage. In the first half of 2021, the newly signed order of the company is only 13 million yuan, which is not enough to affect the income of the company and will not become the main business of the company for the time being. In the first half of the year, the revenue of the company’s hydrogen energy business accounts for only 2.74% of the total operating revenue of the current period. The impact of the future hydrogen energy business on the performance of the company is not clear.
On January 17, Houpu Clean Energy Co.Ltd(300471) disclosed the fixed increase plan. The issuing price of the listed company to issue shares to specific objects is 7.29 yuan / share, the number of shares issued is no more than 23336700 shares, and the total amount of funds raised is no more than 170 million yuan.
This time, Houpu Clean Energy Co.Ltd(300471) fixed additional shares will be subscribed in cash by Wang Jiwen, the actual controller of the listed company, and will be used to supplement working capital after deducting issuance expenses.
