The closing price of Dongguan Shunde development group (hereinafter referred to as SZ) Co., Ltd. (hereinafter referred to as sz.0029) and Dongguan Shunde development group (hereinafter referred to as SZ) Co., Ltd. (hereinafter referred to as SZ) Co., Ltd. (hereinafter referred to as sz.0029) was announced on the afternoon of yesterday, The total transaction price is about 408 million yuan.
For this transaction, Jiangsu Zhongli Group Co.Ltd(002309) said it was to adjust the business model of some optical cables and cable sectors and concentrate financial resources on the development of photovoltaic sectors. The reporter of the daily economic news noticed that just a few days ago Jiangsu Zhongli Group Co.Ltd(002309) also transferred 49% equity of the joint-stock company Jiangsu Changfei Zhongli optical fiber and cable Co., Ltd. (hereinafter referred to as Changfei Zhongli) at a price of 183 million yuan. In the previously disclosed performance forecast for 2021, Jiangsu Zhongli Group Co.Ltd(002309) is expected to suffer a huge loss of 4 billion yuan due to the “stepping on thunder” private network communication scam and other reasons, which continues to expand compared with the same period of last year.
return of funds from the sale of cable business
On February 9, Jiangsu Zhongli Group Co.Ltd(002309) announced the transfer of 2% equity of Guangdong Zhongde to Dongguan Hongshun at a transfer price of 13.18 million yuan; Transfer 60% equity of Guangdong Zhongde to Chuangyuan group at a transfer price of 395 million yuan.
After the completion of the transaction, Jiangsu Zhongli Group Co.Ltd(002309) will hold 38% of the equity of Guangdong Zhongde, which will change from a wholly-owned subsidiary to a joint-stock company.
The reporter of the daily economic news noted that on February 8, Jiangsu Zhongli Group Co.Ltd(002309) also transferred its 49% equity of Changfei Zhongli to Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) , and the equity transfer price was 183 million yuan. After the completion of the transaction, the company no longer holds the equity of Changfei Zhongli.
In 1994, Jiangsu Zhongli Group Co.Ltd(002309) pioneered domestic flame-retardant flexible cable, and continuously expanded the market as a breakthrough; In 2010, Jiangsu Zhongli Group Co.Ltd(002309) aimed at the photovoltaic track, created Tenghui technology and focused on the development of photovoltaic industry. At present, Jiangsu Zhongli Group Co.Ltd(002309) ‘s main business covers two sectors: photovoltaic new energy and special cables, while Guangdong Zhongde and Changfei Zhongli belong to the business of special cables.
In the investor relations activity on January 7, Jiangsu Zhongli Group Co.Ltd(002309) said that in 2022, it is planned to optimize the business of the special cable sector by subtraction and continue to withdraw funds through the transfer or joint venture of some special cable sector assets, so as to lay a solid foundation for the company to focus on the photovoltaic business.
In the last two equity transfer transactions, Jiangsu Zhongli Group Co.Ltd(002309) also said that the transaction will bring considerable cash inflow to the company, which is conducive to promoting the company to further integrate resources, optimize asset structure, improve resource use efficiency, and focus on the development of the core business of the company’s photovoltaic sector.
According to Jiangsu Zhongli Group Co.Ltd(002309) preliminary calculation, the impact of the investment income formed by the transfer of 49% equity of Changfei Zhongli on the current period is about 43.37 million yuan (the specific amount needs to be confirmed by the audit institution); The transfer of 62% equity of Guangdong Zhongde is estimated to add about 797 million yuan to the net cash flow generated from current investment activities according to the merger criteria of listed companies, and the impact of the formed investment income on the current period is about 288 million yuan (the specific amount needs to be confirmed by the audit institution).
It is worth noting that the shareholders behind Chuangyuan group, one of the transferee of Guangdong Sino German equity, are Suzhou SASAC and Jiangsu Provincial Department of finance. Jiangsu Zhongli Group Co.Ltd(002309) said that the introduction of state-owned shareholder holding to Guangdong China and Germany can form a strong alliance with the shareholders of listed companies, further enhance the ability of Guangdong China and Germany to explore the market, undertake orders and financing, and enhance the comprehensive competitive strength of Guangdong China and Germany.
pre loss of performance in 2021 exceeds 3 billion
Jiangsu Zhongli Group Co.Ltd(002309) it seems that the reason for successively selling the equity of cable companies is not just to focus on the photovoltaic business. On January 18, Jiangsu Zhongli Group Co.Ltd(002309) announced the announcement of advance loss. It is estimated that the company will have a net loss of 3.2 billion yuan to 4 billion yuan in 2021, which will continue to expand compared with the net loss of 2.92 billion yuan in the same period last year.
2021 is a year of sustainable development of the photovoltaic industry. The installed capacity of photovoltaic power generation has increased, the new installed capacity has increased, the photovoltaic power generation has increased year by year, and the number of enterprise registrations and patent applications have increased. According to the data, as of February 9, 2022, 41 of the 71 photovoltaic concept stocks in A-Shares have disclosed the performance forecast of 2021, of which 31 enterprises have made profits and 10 enterprises have made losses. Most of the 10 loss making enterprises have a loss of no more than 200 million yuan. Only Jiangsu Zhongli Group Co.Ltd(002309) has become the current “loss king” with a huge loss of 3.2 billion to 4 billion yuan.
For the performance change, Jiangsu Zhongli Group Co.Ltd(002309) said in the announcement that it was due to the “thunder explosion” of the private network communication business scam in the first half of 2021, and the impairment of relevant accounts receivable, prepayments and inventory; For the guarantee provided by the subsidiary Zhongli electronic financing, the estimated liabilities are accrued; Losses are accrued for the long-term equity investment of the subsidiary Zhongli electronics. The provision for the above three items is expected to be about 2.2 billion yuan. In addition, due to the sharp rise in the main raw materials and sea freight of photovoltaic manufacturing, the production capacity can not be fully released, and the photovoltaic business is expected to suffer a total loss of about 1.1 billion yuan.
For the loss of 4 billion yuan in advance, some investors believe that Jiangsu Zhongli Group Co.Ltd(002309) stripping the cable business and focusing on the main photovoltaic industry is only superficial. In fact, it is a shy “sell your son to continue your life” and recover the funds through the transfer of equity.
