Securities code: Shenzhen Laibao High-Tech Co.Ltd(002106) securities abbreviation: Shenzhen Laibao High-Tech Co.Ltd(002106) Announcement No.: 2022016 Shenzhen Laibao High-Tech Co.Ltd(002106)
Announcement on the reply of Shenzhen Stock Exchange to the inquiry letter of the company's 2021 Annual Report
The company and the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Shenzhen Laibao High-Tech Co.Ltd(002106) (hereinafter referred to as "the company") the board of directors received the inquiry letter on Shenzhen Laibao High-Tech Co.Ltd(002106) 2021 annual report (annual report inquiry letter [2022] No. 38) from the management department of listed companies of Shenzhen Stock Exchange on April 2, 2022. According to the requirements, after careful examination and consulting the verification opinions of relevant audit institutions and asset evaluation institutions, the board of directors of the company has replied in accordance with the relevant requirements of Shenzhen Stock Exchange. Now the reply to this inquiry letter is announced as follows:
1. In 2019, 2020 and 2021, the net profit attributable to the shareholders of the listed company (hereinafter referred to as "net profit") was 282 million yuan, 438 million yuan and 491 million yuan respectively, the net cash flow from operating activities was 616 million yuan, 241 million yuan and 639 million yuan respectively, and the cash received by sellers of goods and services accounted for 98.60%, 89.80% and 104.87% of operating income respectively. Please your company:
(1) Explain the reasons for the continuous large difference between net profit and net cash flow from operating activities in recent three years. (2) Combined with the industry situation, explain the reasons and rationality of the changes in sales collection in recent three years.
[reply]
(1) The company's net profit and net cash flow from operating activities in recent three years continue to differ greatly. Reasons
The main factors affecting the continuous large difference between the company's net profit and net cash flow from operating activities in recent three years are shown in the table below:
Project 20192020 2021
Net profit attributable to shareholders of listed company 281856043809744911284
Depreciation of fixed assets 161179315806631569563
Inventory (increase expressed with "-") - 181453 -1388419 -2224032
Decrease in operating receivables (increase expressed with "-")
Increase in operating payables (decrease expressed with "-" in 26254245045557627501)
Others 454917654154297273
Net cash flow from operating activities 616166424119016389285
It can be seen from the above table that the main influencing factors with large differences are inventory, operating accounts receivable and operating accounts payable. The analysis of the changes of each main influencing factor between years is as follows:
1) Description of changes in inventory balance
With the continuous expansion of the company's product sales scale, the company's inventory balance at the end of recent three years has been increasing, and the inventory change in 2019 is small, which belongs to the normal change range; In 2020, the inventory increased by 1388419 million yuan, mainly due to the significant growth of the company's sales scale and the corresponding increase of the company's turnover inventory; In 2021, the inventory increased by 2224032 million yuan, mainly due to the impact of delayed delivery of goods and increased delivery of goods by some customers.
2) Description of changes in operating receivables
Changes in operating receivables are mainly affected by changes in the balance of accounts receivable
The balance of accounts receivable from 2018 to 2021 is:
Monetary unit: RMB 10000
End of 2018 end of 2019 end of 2020 end of 2021
Balance of accounts receivable 12680789139484502144867520291369
Increase or decrease over the previous year 12676617500225 - 1157306
It can be seen from the above table that the increase or decrease of the company at the end of 2019 and 2021 is little compared with that at the end of the previous year, and is consistent with the change of annual sales; At the end of 2020, the balance of accounts receivable increased by 750225 million yuan compared with the end of the previous year, mainly due to the impact of covid-19 epidemic, the increased demand for home office and distance online education, the company's large and medium-sized capacitive touch screen full fit products increased significantly in 2020, and the sales revenue in 2020 increased by 1949358 million yuan or 40.59% compared with that in 2019. Therefore, The substantial increase in the balance of accounts receivable in 2021 is in line with the actual sales situation of the company.
The above sales revenue growth and accounts receivable balance growth are mainly due to the sales of large and medium-sized integrated touch screen full fit products to PC customers of well-known brands with the highest global shipments, and the sales collection is good.
3) Description of changes in operating payables
Changes in operating payables are mainly affected by changes in the balance of accounts payable: operating payables increased in 2019, mainly
If the company's purchase of tft-lcm for full fit products has increased significantly since the fourth quarter of 2019, the payable at the end of 2019
Tft-lcm increased by 156449800 yuan over the end of 2018; At the end of 2020, the material accounts payable increased significantly, mainly due to
The substantial growth of the company's sales scale has a corresponding impact on the production turnover inventory; In 2021, the company's sales scale increased,
However, the growth rate has decreased significantly. Therefore, the increase of accounts payable at the end of 2021 is small.
Therefore, the company's inter year payables
The change of account balance conforms to the actual production and operation of the company.
To sum up, the company's net profit and net cash flow from operating activities in recent three years continue to differ greatly, which is consistent with the reality
International production and operation.
(2) Explain the reasons and rationality of the changes in sales collection in recent three years in combination with the industry situation
After inquiry, the related sales revenue of manufacturers in the same industry with similar business to the company's industry from January to September 2019 to 2021
And operating cash inflows are as follows:
2019 sales, 2020 sales, 2021 sales, 2020 sales, 2021 sales, company stock code sales, cash received from labor services, cash received from labor services
Cash
Shenzhen Laibao High-Tech Co.Ltd(002106) Shenzhen Laibao High-Tech Co.Ltd(002106) 48.02 47.35 67.52 60.63 76.82 80.57
Sales in 2019, goods sold in 2020, goods sold in 2021 from January to September in 2019, goods sold by 2020 sellers in 2021, sales revenue received by the company's stock code sales revenue service Cash received from sales of labor services from January to September
Wuhu Token Sciences Co.Ltd(300088) Wuhu Token Sciences Co.Ltd(300088) 60.24 51.46 68.44 50.23 50.82 35.56
Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) Suzhou Dongshan Precision Manufacturing Co.Ltd(002384) 235.53 238.74 280.93 268.74 218.07 203.36
Guangdong Goworld Co.Ltd(000823) Guangdong Goworld Co.Ltd(000823) 48.42 39.52 51.69 37.53 49.89 35.55
Lianchuang Electronic Technology Co.Ltd(002036) Lianchuang Electronic Technology Co.Ltd(002036) 60.82 57.78 75.32 73.46 71.21 75.92
Total specimens 405.01 387.50 476.38 429.96 389.99 350.39
As can be seen from the above table:
1) The growth of the company's sales revenue from 2019 to 2021 is consistent with that of manufacturers in the same industry from 2019 to January September 2021
The growth of sales revenue is consistent;
2) In 2020, the cash received by the company from selling goods and providing labor services was lower than that of the same industry
The manufacturer is consistent;
3) The cash received by the company from selling goods and providing labor services in 2021 (higher than the sales revenue of the current year) is better than that of manufacturers in the same industry from January to September 2021 (lower than the sales revenue of the current year), and the performance is inconsistent. The company's production and operation situation and operating cash situation are better than those of manufacturers in the same industry.
In view of the fact that the cash received by the company from selling goods and providing labor services in 2021 is better than that of manufacturers in the same industry, the actual operation of the company is described as follows:
The company's main customers and product structure have not changed greatly in recent three years, and the sales collection period of main sales customers has not changed. Since the payment recovery period of the company is mainly 60-90 days, theoretically, the annual sales collection amount of the company is basically:
Sales revenue in the fourth quarter of last year + sales revenue of the company in the first to third quarters of the current year
Therefore, by comparing the quarterly sales data of the company with the "cash received from selling goods and providing labor services" in the cash flow statement of the current year, the rationality of sales collection from 2019 to 2021 is analyzed as follows:
Monetary unit: RMB 10000
Project 20192020 2021
In the fourth quarter of last year, the sales revenue was 126070701370399921304230
The sales revenue in the first to third quarters of the year was 34317715, 46211064 and 56431463
Total 469247855991506377735694
In the current year, 47351 Ningbo Orient Wires & Cables Co.Ltd(603606) 2639080566456 yuan was received for selling goods and providing labor services
Cash received
It can be seen from the above table that there is little difference between 2019 and 2020. The actual sales collection in 2021 is more than the theoretical calculation, mainly because among the top five customers of the company, the sales amount of customers with shorter payment recovery period increases and the sales amount of customers with longer payment recovery period decreases, which has a favorable impact on the sales collection in 2021.
To sum up, the sales receipts of the company in recent three years are basically consistent with the theoretical accounts receivable calculated quarterly. Therefore, the sales receipts of the company in recent three years are reasonable, and the operating cash flow of the company in 2021 is good, which is consistent with the actual operation of the company.
2. During the reporting period, your company achieved an operating revenue of 7.682 billion yuan, with a year-on-year increase of 13.79%, of which all products were sold
