On January 7, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) (301049), which has been listed for less than five months, disclosed the revised announcement of 2021 annual performance forecast.
In the listing report last August, the company predicted that the net profit attributable to the parent company would reach 156 million yuan to 181 million yuan in 2021, with a year-on-year increase of 10.64% to 27.63%. At present, the repair pre profit is 80 million yuan to 100 million yuan, a decrease of 29.37% – 43.49% over the same period of last year, which undoubtedly becomes the latest case of performance change after listing.
Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) said there were two main reasons for the change. Firstly, affected by the commissioning process of the production line, the dismantling business income is about 12 million yuan. Secondly, there is a difference between the annual hazard disposal business predicted by the previous performance and the actual operation, affecting the total amount of relevant income of about 70 million yuan.
From the secondary market, on August 24 last year, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) was listed on the gem. At that time, the issue price was 19.34 yuan per share. On the day of listing, the company’s share price hit 49 yuan. Since then, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) share price has fluctuated all the way and hit a historical low of 29.7 yuan in early November. In the past two months, the share price has rebounded and recently closed at 34.4 yuan per share.
performance changed in less than 5 months after listing
On January 7, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) issued an announcement on the revision of the performance forecast for 2021. After the revision, the forecast profit was 80-100 million yuan, a decrease of 29.37% – 43.49% over the same period of the previous year.
it is worth noting that Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) has been listed on the gem for less than five months, and the release of the amendment announcement also means that the company’s performance is about to change.
Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) disclosed in the listing announcement in August last year that it is expected to realize an operating revenue of 370 million yuan to 420 million yuan from January to December 2021, with a year-on-year increase of 21.12% to 38.82%; The net profit attributable to the parent company was 156 million yuan to 180 million yuan, with a year-on-year increase of 10.64% to 27.63%; The deduction of non net profit ranged from 142 million yuan to 163 million yuan, with a year-on-year increase of 7.61% to 23.71%.
Talking about the reasons for this performance correction, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) summarizes two aspects. First, the household appliance disassembly production line was comprehensively upgraded this year. Affected by the commissioning process of the production line, the operation of the disassembly production line was delayed, which affected the disassembly business income by about 12 million yuan. At the same time, affected by the rise of commodity prices in the fourth quarter, the supply and price of e-waste in the market were greatly affected, and the disassembly volume did not meet the expectation. Up to now, the household appliance disassembly production line has entered the normal production and operation state and reached the expected technical transformation goal.
Second, there are differences between the annual hazard disposal business predicted by the previous performance and the actual operation. First, the original implementation process was terminated due to the temporary adjustment of the customer’s internal approval process; Secondly, affected by market competition, the disposal price of hazardous waste business decreased slightly. At the same time, some emergency disposal businesses failed to be realized, resulting in that the hazardous waste disposal business was less than expected. The total impact of the above factors on the income of hazardous waste disposal business was about 70 million yuan.
In fact, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) may have shown signs of revising down its performance forecast for the whole year of 2021. On October 25 last year, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) released the third quarter report of 2021. The announcement showed that in the first three quarters, the company achieved an operating revenue of 168 million yuan, a year-on-year decrease of 21.68%, and the net profit attributable to the parent company was 71.13 million yuan, a year-on-year decrease of 29.2%. The operating performance decreased significantly.
actions frequently attract regulatory attention
Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) was listed on the gem of Shenzhen Stock Exchange on August 24, 2021. At present, the main services provided by the company are industrial hazardous waste and medical waste disposal services and waste electrical and electronic products disassembly services. The main products produced are some industrial hazardous waste resource utilization products and waste electrical and electronic products disassembly products.
Less than a month after listing, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) has thrown out plans to invest in two major recycling projects with nearly 1 billion yuan of self raised funds.
On September 16 last year, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) announced that the company plans to invest in the 60000 T / a waste lithium battery recycling project in Shahe Town Industrial Park, Nanqiao District, Chuzhou City, Anhui Province. The total investment of the project is expected to be 400 million yuan. The project is planned to start in September 2021. It is planned to complete phase I in July 2023 and phase II in August 2024. After the completion of the project, the annual operating revenue is expected to be about 1.087 billion yuan and the net profit is 114 million yuan.
Secondly, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) plans to invest in the project of annual recovery, disassembly and comprehensive utilization of 88000 end-of-life motor vehicles, 12000 end-of-life electric vehicles and 200000 end-of-life motorcycles / electric bicycles in Shahe Town Industrial Park, Nanqiao District, Chuzhou City, Anhui Province. The project is planned to start at the end of 2021. It is planned to be completed in phase I in June 2023 and phase II in 2024. After the completion of the project, the annual operating revenue is expected to be about 751 million yuan and the net profit is expected to be 140 million yuan.
However, in the announcement at that time, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) said frankly that the project would not have a substantial impact on the company’s performance in the short term. The total investment of the above two projects was RMB 990 million, and the construction will be started in 2021, and the construction funds will be self raised.
This matter has also aroused great concern of the regulatory authorities. Shenzhen stock exchange sent a letter on September 17 asking whether there is a risk of delay or cancellation of the above project construction due to insufficient fund-raising, in combination with the capital expenditure arrangement of the project, the company’s book monetary funds, the specific way of self financing, etc.
On the other hand, according to the initial fund-raising of Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) , the total amount of funds required for the raised investment project is 986 million yuan, and the actual net amount of funds raised is 386 million yuan. The capital gap will be solved through the company’s self raised funds or bank loans.
in this regard, Shenzhen stock exchange requires that, in combination with the company’s available bank credit line and the above large investment plan, explain whether the raised investment project has the risk of delay or cancellation due to insufficient funds, and the countermeasures to be taken by the company and its feasibility.
Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) later replied that the total investment scale of the company’s existing projects is large, which is much higher than the current book capital level of the company. If the company adopts indirect financing methods such as loans from banks or non bank financial institutions, there is a risk that it will not be able to integrate into the funds required for the project on schedule; If the company adopts direct financing methods such as issuing shares and convertible corporate bonds, there may be a risk of failure in issuance or insufficient funds raised, which may lead to the failure of the funds required for project investment on schedule, resulting in the delay of the investment and construction of raised investment projects.
(source: e company)
