After the intensive release of the performance forecast in 2021, many listed companies received the attention letters from the exchange. According to the statistics of the reporter of Securities Daily, as of February 14 this year, 39 listed companies have received attention letters, more than 70% of which are related to the performance forecast in 2021, and most of them are performance loss making enterprises.
Among them, 12 ST shares are involved in the above 39 enterprises, and most of them deduct non net profit as loss, mostly due to factors such as the provision of credit impairment loss and the decline of sales revenue.
In this regard, Kuang Yuqing, the founder of lens research, said in an interview with the Securities Daily that part of the reason is due to excessive financial packaging. For example, in order to make a good book performance, some companies may forcibly recognize the revenue in advance for some orders that do not meet the revenue recognition conditions, and even recognize the revenue for some false orders, In the later stage, the account will be leveled by withdrawing credit impairment losses.
the provision for asset impairment is too high
or involving financial packaging
Among them, Nanjing Red Sun Co.Ltd(000525) 2021 is expected to achieve a revenue of 4.5 billion yuan to 4.7 billion yuan, and the expected loss of net profit attributable to the parent is 3.4 billion yuan to 3.7 billion yuan, mainly due to the proposed provision for large credit impairment losses.
In this regard, the Shenzhen stock exchange requires the company to explain the adequacy of the provision for relevant estimated liabilities and the provision for relevant bad debts. On February 11, Nanjing Red Sun Co.Ltd(000525) issued an announcement of delayed reply to the concern letter. On that day, the company’s share price fell by the limit and closed at 7.78 yuan / share.
Yunnan Tourism Co.Ltd(002059) it is estimated that the net profit attributable to shareholders of listed companies will reach – 500 million yuan to – 250 million yuan in 2021, compared with 159 million yuan in the same period of last year, a year-on-year decrease of 256.90% to 413.81%
For the reasons for the loss during the reporting period, Yunnan Tourism Co.Ltd(002059) said that the equity dispute between the company and the original shareholders of Jiangnan Garden Co., Ltd. (hereinafter referred to as “Jiangnan garden”) affected the net profit attributable to the shareholders of the listed company, which is expected to be about 270 million yuan, of which about 230 million yuan of equity impairment loss is included in the regular profit and loss and about 40 million yuan is included in the non recurring profit and loss.
On February 8, Yunnan Tourism Co.Ltd(002059) received a letter of concern from the Shenzhen Stock Exchange, requesting it to verify and explain the matters related to the conversion of performance from profit to loss in 2021 caused by the equity dispute, and explain the rationality of the company’s provision of large estimated liabilities.
Shenzhen Sdg Information Co.Ltd(000070) it is estimated that the net profit attributable to the shareholders of the listed company in 2021 will be – 590 million yuan to – 690 million yuan, and the net profit after deducting non recurring profits and losses will be – 640 million yuan to – 750 million yuan. The company said that the main reason for the performance loss was that the operation of tefa Dongzhi, a wholly-owned subsidiary, was less than expected, the execution of some contracts in the early stage was abnormal, and a large impairment loss was accrued for relevant accounts receivable and inventories.
For Shenzhen Sdg Information Co.Ltd(000070) withdrawing large impairment losses, the attention letter requires the company to supplement the counterparty, transaction background and causes of the accounts receivable involved in the provision for impairment, explain the amount, basis and rationality of the provision for impairment of relevant accounts receivable and inventories in 2021, and supplement whether there is insufficient provision for impairment in 2020 and previous years Unreasonable situation.
It is not difficult to find that the reasons for the performance losses of other listed companies mainly involve: large provision for goodwill impairment, less than expected operating conditions and changes in the fair value of investment real estate.
Kuang Yuqing said that the provision for asset impairment was too high, many of which were due to excessive financial packaging before. After the strengthening of audit supervision, the water content of assets was squeezed out.
change of accounting firm
become the focus
With entering the disclosure period of the annual report, listed companies set off a tide of changing the employment of audit institutions in 2021. The temporary replacement of accounting firms near the disclosure node of the annual report will inevitably be questioned by the market whether the audit work is smooth, and enterprises with relevant conditions are also easy to be inquired by the exchange.
From the data, the change of accounting firms has also become the focus of regulators.
Tianjin Teda Co.Ltd(000652) because of two changes, the annual audit accountant received a letter of concern. Shenzhen stock exchange requires the company to explain whether there are purchase audit opinions, whether there is sufficient time to ensure the smooth implementation of annual audit projects and the full implementation of key audit procedures.
On February 11, Tianjin Teda Co.Ltd(000652) replied to Shenzhen Stock Exchange and replaced PwC because the company hired Daxin Certified Public Accountants (hereinafter referred to as “Daxin”) according to the results of public bidding in accordance with the requirements of state-owned assets management; The reason for replacing Daxin was that due to the impact of epidemic prevention and isolation policies, Daxin was unable to enter the site to carry out on-site audit in Tianjin, unable to coordinate sufficient internal audit resources, and unable to complete the company’s 2021 audit on schedule.
In addition, on February 10, Shenzhen Danbond Technology Co.Ltd(002618) received the attention letter from Shenzhen Stock Exchange, which expressed concern that Shenzhen Danbond Technology Co.Ltd(002618) has not signed a business contract with the annual audit accounting office so far.
Shenzhen Soling Industrial Co.Ltd(002766) the estimated net profit is – 450 million yuan to – 675 million yuan, and the net profit after deduction is – 1.25 billion yuan to – 1.475 billion yuan.
While announcing the huge loss of performance, Shenzhen Soling Industrial Co.Ltd(002766) also announced the replacement of accounting firms. In this regard, the company said that due to the impact of the epidemic, Shanghui accounting firm (hereinafter referred to as “Shanghui”) had heavy audit tasks and personnel transfer. After careful inspection of personnel and time arrangement, in order to ensure audit quality, the two sides agreed to terminate the service agreement after full communication and consultation with Shanghui. At the same time, the company plans to re employ Unitech Zhenqing as the company’s audit institution in 2021.
For investors, companies that receive attention letters should pay special attention.
“The change of accounting firms by listed companies is a relatively sensitive issue, which is generally caused by differences with accounting firms. The reasons for differences may involve the company’s financial fraud, financial treatment and the authenticity of financial statements. It is natural to receive a letter of concern.” Bai Wenxi, chief economist of IPG China, said in an interview with Securities Daily.
