An announcement on January 7 caught Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) investors by surprise. The company announced that it would revise the performance of 2021, from the previous pre increase to pre decrease, which is less than five months from the company’s listing.
Since listing, the stock price has shown a trend of rising, falling and concussion. As of the closing on January 7, 2022, the share price was at 34.40 yuan / share, down 3.78%.
At present, the performance forecast of Listed Companies in 2021 has entered an intensive disclosure period. Investors should pay attention!
next revision performance forecast
On January 7, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) released the revised announcement of 2021 annual performance forecast. From August 2021, the company predicted in the listing report that the net profit attributable to the parent company in 2021 would be 156 million yuan – 181 million yuan, a year-on-year increase of 10.64% – 27.63%, and the downward revision would be a pre profit of 80 million yuan – 100 million yuan, a year-on-year decrease of 29.37% – 43.49%.
Source: company announcement
For this performance correction, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) said that it was mainly affected by two factors.
On the one hand, the company comprehensively upgraded the household appliance disassembly production line. 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 reduction of the subsidy standard of the home appliance dismantling fund, the subsidy income of the fund decreased by about 4 million yuan in 2021.
On the other hand, the annual hazard disposal business predicted by the previous performance is different from 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 is about 70 million yuan. In the future, the company will strengthen the construction of business team, improve business development ability and ensure the stable development of business.
However, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) also said that at present, the company’s household appliance disassembly production line has entered the normal production and operation state, reaching the expected technical transformation goal.
attention letter received less than one month after listing
According to public information, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) is a comprehensive environmental protection enterprise specializing in solid waste treatment and resource utilization. The company was listed on the gem on August 24, 2021. At present, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) mainly provides services for the disposal of industrial hazardous waste and medical waste and the disassembly of waste electrical and electronic products.
Less than a month after listing, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) once threw out an announcement to prepare for “doing big things”. On September 17, 2021, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) issued the recycling project of waste lithium batteries with an investment of 60000 tons / year and the recycling project of scrapped motorcycles / electric bicycles. The total investment capital of the two projects is 990 million yuan, which is self raised. At the same time, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) said that the above projects will not have a material impact on the company’s performance in the short term.
Source: company announcement
Once the announcement was issued, the company’s share price gained the “20cm” limit on September 17. The above matters have also attracted the attention of Shenzhen Stock Exchange. On September 17, Shenzhen Stock Exchange issued a letter of concern to Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) , requiring the company to explain in detail the feasibility of investing in and building the above projects in combination with the capital expenditure arrangement of the project, the company’s book monetary funds, the specific methods of self financing, and whether there is a risk of delay or cancellation of the above projects due to insufficient financing.
At the same time, since Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) in the initial fund-raising, 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, there is a large gap in the raised investment project, and the fund gap will be solved through the company’s self raised funds or bank loans. In this regard, in the letter of concern, Shenzhen stock exchange requires it to explain whether there is a risk of delay or cancellation of the raised investment project due to insufficient funds, the countermeasures to be taken by the company and its feasibility in combination with the company’s available bank credit line and the above large investment plan.
Subsequently, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) replied to the Shenzhen stock exchange 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: China Securities Journal)
