Shandong Yabo Technology Co.Ltd(002323) ( Shandong Yabo Technology Co.Ltd(002323) . SZ), with a huge loss of nearly 1 billion yuan in 2021, depends on restructuring to eliminate the delisting risk.
On March 5, Shandong Yabo Technology Co.Ltd(002323) disclosed that in the annual report of 2021, the company realized an operating revenue of 115 million yuan and a net profit attributable to shareholders of listed companies of – 985 million yuan. It is worth noting that this is the fourth consecutive year of loss for the company.
Shandong Yabo Technology Co.Ltd(002323) mainly engaged in metal roof enclosure system, distributed photovoltaic power generation system, etc. it is the first A-share listed company of metal roof enclosure system. However, it is worth noting that more than 99% of the company’s revenue in 2021 is the construction of metal roof engineering projects, and photovoltaic related businesses have not yet contributed to the revenue.
According to the annual report, Shandong Yabo Technology Co.Ltd(002323) has six major unfinished projects, including four roof projects and two photovoltaic projects. However, the two photovoltaic projects were not started during the reporting periodP align = “center” figure: Shandong Yabo Technology Co.Ltd(002323) major unfinished projects
The construction period of Shandong Yabo Technology Co.Ltd(002323) is about three months, and the overall construction period is short. After the completion of the project, the company needs new projects to ensure normal operation.
Due to the small number of projects under construction and the high amount of a single project, Shandong Yabo Technology Co.Ltd(002323) faces the problem of high concentration of customers. According to the 2021 annual report, the company’s sales to the largest customers accounted for 49.38% of the annual sales, and the total sales to the top five customers accounted for 88.64% of the annual sales.
Although Shandong Yabo Technology Co.Ltd(002323) performance is not optimistic, the share price has risen one after another. The latest share price of the company is 3.87 yuan / share. As of March 3, eight trading limits have been recorded in 14 trading days, reaching a new high in recent three yearsP align = “center” figure: Shandong Yabo Technology Co.Ltd(002323) 2021 year to date stock price trend
The record high share price stems from the market’s expectation of Shandong Yabo Technology Co.Ltd(002323) reorganization. On February 17, the company announced that the reorganization manager of the company submitted the supervision report on the implementation of Shandong Yabo Technology Co.Ltd(002323) reorganization plan to the Shizhong District Court, reported the relevant situation of the manager supervising the company’s implementation of the reorganization plan, and determined that the reorganization plan had been implemented.
ST Boya said that the implementation of the restructuring plan will help to resolve the company’s debt risks, improve the company’s asset liability structure and improve the operating conditions. From the perspective of asset liability ratio, the asset liability ratio of the company in 2021 was 36.21%, which was nearly 60 percentage points lower than the asset liability ratio of 96.07% in 2020.
As ST Boya has restored its ability of continuous operation, the company has applied to Shenzhen Stock Exchange to revoke other risk warnings on the company’s stock trading.
Shandong Yabo Technology Co.Ltd(002323) is subject to risk warning for three reasons: first, the company’s main bank account is frozen; second, the delisting risk caused by restructuring; third, the risk that the net profit is negative for three consecutive years and the continuous operation ability is uncertain. However, the company believes that the above three risks have been eliminated.
On March 5, Shandong Yabo Technology Co.Ltd(002323) announced that the basic account of the company’s subsidiary Shandong yabaite Technology Co., Ltd. has been unsealed and is currently in an unfrozen state. Therefore, the company believes that the situation involving “the freezing of the company’s main bank account” has been eliminated. Meanwhile, although the net profit of the company has been negative for three consecutive years, the 2021 audit report does not show that there is uncertainty in the company’s sustainable operation ability.
Shandong Yabo Technology Co.Ltd(002323) believes that “the net profit before and after deducting non recurring profits and losses in the last three fiscal years, whichever is lower, is negative, and the audit report of the last year shows that there is uncertainty in the company’s ability to continue as a going concern”.
Upon deliberation by the board of directors, Shandong Yabo Technology Co.Ltd(002323) will apply to Shenzhen stock exchange for cancellation of other risk warnings. During the review period of Shenzhen Stock Exchange, the trading of the company’s shares was not suspended and still traded normally. If the matter is approved by Shenzhen Stock Exchange, the abbreviation of the company’s shares will be changed from ” Shandong Yabo Technology Co.Ltd(002323) ” to “Yabo shares”, and the daily limit of rise and fall will be changed from 5% to 10%.
It is worth mentioning that recently Shandong Yabo Technology Co.Ltd(002323) chips have been rapidly dispersed. According to icoice, as of February 28, 2022, the number of shareholders of the company was 21973, an increase of 3241 over the end of 2021, an increase of 17.30%.
