The withdrawal of recommendation institutions and the lawsuit of illegal guarantee have been entangled. Recently, five delisting risk warning announcements have been issued in a row. However, in the attention letter replied to the exchange on February 12, Dea General Aviation Holding Co.Ltd(002260) , the company “angrily contacted” the sponsor Federal Reserve securities, saying that it still had the conditions to resume listing, which attracted strong attention from the market.
In this regard, the reporter of Securities Daily found that in addition to the withdrawal of recommendation institutions and litigation disputes of the company, which may lead to Dea General Aviation Holding Co.Ltd(002260) delisting, the ability of the company to continue to operate remains to be considered.
the company emphasizes that it still has the conditions to resume listing
Previously, the Federal Reserve securities considered that Dea General Aviation Holding Co.Ltd(002260) did not meet the conditions for resumption of listing in view of the great uncertainty of Dea General Aviation Holding Co.Ltd(002260) performance loss and sustainable operation ability, the high amount of litigation disputes between the company and Guangzhou rural commercial bank, and the signs of discord between the company’s reorganization investors and the largest shareholder, so it cancelled the relevant recommendation agreement.
In the reply to this Dea General Aviation Holding Co.Ltd(002260) concern letter, the company responded to the three risk factors of fed securities one by one. In terms of litigation disputes with Guangzhou rural commercial bank, the company said that at present, the case is still in the first instance stage, the judgment has not yet taken effect, and the lawsuit has not had a significant impact on the normal production and operation of the company; In terms of corporate governance where there are contradictions between investors and the largest shareholder, the company said that shareholders are negotiating and handling differences, which has not had a significant impact on the corporate governance structure.
In terms of whether the company still has the ability of sustainable operation, Dea General Aviation Holding Co.Ltd(002260) especially emphasizes that after the bankruptcy and reorganization of the company, the company has relatively abundant operating funds, and the company has gradually optimized and adjusted its product structure and improved its business structure; There is no objective basis for the Fed securities to say that the company’s “going concern ability is uncertain and does not meet the conditions for resumption of listing”.
At the end of January, Dea General Aviation Holding Co.Ltd(002260) said in the performance forecast of 2021 that the company is expected to have a net profit loss of 60 million yuan to 90 million yuan in 2021, deducting a non net profit loss of 70.66 million yuan to 100.66 million yuan, turning from profit to loss year-on-year.
For the reasons for the pre loss of performance, Dea General Aviation Holding Co.Ltd(002260) said that first, in the same period of 2020, the recognized income from the disposal of land property rights of its wholly-owned subsidiary de’ao helicopter Co., Ltd. was about 38 million yuan, and there was no relevant business in the current period; Second, the US dollar exchange rate remained low and the price of raw materials increased significantly, resulting in a significant decline in the company’s gross profit margin; Third, in May 2021, the main shipping port Shenzhen Yan Tian Port Holdings Co.Ltd(000088) continued to be unable to ship normally due to the impact of the epidemic, and the shortage of shipping containers, as well as the control of the epidemic in Foshan City in the next month, resulting in a significant delay in sales and shipping; Fourth, due to the energy consumption control policy and staggered peak power consumption in summer, the operating benefits of enterprises are affected.
In this regard, many investors have said that the company has repeatedly attributed the performance losses to external objective factors, but it does not reflect the improvement of the company’s operating ability.
The reporter combed the operating performance of Dea General Aviation Holding Co.Ltd(002260) in recent two years and found that its famous subsidiary’s revenue has increased sharply in recent years, but its gross profit is meager. Investors should pay attention to it.
there is a huge contrast between the revenue and gross profit of the industrial and trade subsidiary
Previously, Dea General Aviation Holding Co.Ltd(002260) was named yilipu when it was listed in 2008. It was once China’s largest household appliances and commercial equipment enterprise with large-scale strength and development potential. In 2013, due to the company’s entry into the field of navigation and the implementation of the dual main business model of “navigation + household appliances”, it was renamed as the current German Austrian navigation. Since then, due to the company’s poor management, the audited net assets in 2017 and 2018 were negative for two consecutive years, and the Shenzhen Stock Exchange decided to suspend the listing of the company’s shares from May 10, 2019.
After the Dea General Aviation Holding Co.Ltd(002260) reorganization in 2020 and the introduction of investors, the company’s operating performance mainly depends on the equipment business of household appliances and commercial appliances and the steel trade and rubber trade business of its holding subsidiary Yunnan yilipu industry and Trade Co., Ltd. (hereinafter referred to as “Yunnan yilipu”).
According to the data, Yunnan yilipu was established on August 28, 2019. Its main products include steel and rubber. Its main target customers are related product processing manufacturers in Southwest China. The company contributed about 52 million yuan of revenue to Dea General Aviation Holding Co.Ltd(002260) in the year of establishment.
In 2020, the revenue of Yunnan yilipu increased by four times year-on-year, and the sales revenue was about 207 million yuan, accounting for 41.08% of the revenue of Dea General Aviation Holding Co.Ltd(002260) that year. Now, in the disclosed 2021 semi annual report, the revenue of Yunnan yilipu has reached 237 million yuan, accounting for 62.73% of the Dea General Aviation Holding Co.Ltd(002260) revenue in the same period. As the main business of Dea General Aviation Holding Co.Ltd(002260) , the revenue of electrical equipment accounts for only 37.27%.
From the profit side, the gross profit margin of Yunnan yilipu industry and trade business in 2019 was 8.68%, and the net profit was 3.0429 million yuan; In 2020, the gross profit margin will directly decline to 1.17%, and the net profit will be 1.9892 million yuan; By the first half of 2021, the gross profit margin of industry and trade business was only 0.79%, and the net profit even lost 255100 yuan.
For the huge contrast between the fast-growing revenue of the industry and trade business and the meager gross profit margin, Dea General Aviation Holding Co.Ltd(002260) has never made a reasonable explanation for the specific growth reasons and profit model of the business in the annual report. How much profit the business can bring to the company in the future remains to be considered.
“Now the company’s main revenue business has changed, and its industry and trade business is difficult to bring core competitiveness to the company in the future. The ability of sustainable operation is weak, and the company still has the risk of delisting.” Qin Ruohan, general manager of Jinhua fund, told reporters.
\u3000\u3000 “From the perspective of the industry, the price of iron ore, the raw material of steel, was relatively stable in 2019. Since 2020, the price of iron ore has increased sharply due to the influence of global capacity supply and demand and Sino Australian trade relations. At the same time, the price of steel has also increased significantly. With the resumption of work and production after covid-19 epidemic, the demand for steel and rubber products has increased. Therefore, in the past two years, the company’s iron and steel The rubber trade business shows a growth trend, which is reasonable. ” Another brokerage analyst said.
It is worth noting that previously Dea General Aviation Holding Co.Ltd(002260) in order to “protect the shell”, xuntu investment signed the asset donation agreement with Yunnan yilipu in December 2019, giving Yunnan yilipu 10 million yuan in cash and 173 million yuan worth of real estate free of charge, which greatly increased the amount of Dea General Aviation Holding Co.Ltd(002260) net assets and helped it avoid the delisting risk.
