Less than half a year after listing, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) staged a “performance change”, which surprised nearly 19000 shareholders.
Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) according to the latest performance forecast revision announcement, the company adjusted the net profit attributable to the parent company in 2021 to 80 million yuan to 100 million yuan, a year-on-year decrease of 43.49% to 29.37%. Previously, the company disclosed in the prospectus disclosed in August 2021 that the net profit attributable to the parent company is expected to be about 157 million yuan to 181 million yuan in 2021, with a year-on-year increase of 10.64% to 27.63%
source: Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) announcement
On the evening of January 9, the Shenzhen Stock Exchange issued a letter of concern, pointing directly at the difference between the two performance estimates of Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) , asking the company to explain whether there is any situation of increasing performance estimates to affect the issue pricing and misleading investors.
On January 10, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) shares jumped short and opened low, once falling more than 15%, a new low since listing. As of the close of the day, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) decline narrowed to 9.04% to 31.29 yuan.
twice revised performance forecast
According to the data, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) mainly provides services for the disposal of industrial hazardous waste and medical waste, as well as the disassembly of waste electrical and electronic products. The main products are some industrial hazardous waste resource utilization products and waste electrical and electronic products disassembly products.
For the reasons for the revision of the performance forecast for 2021, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) explained that, on the one hand, the adjustment of the customer’s internal approval process led to the termination of the original implementation process, the decline of disposal prices due to market competition, and the failure to realize some emergency disposal businesses, resulting in the lower than expected real estate revenue of the hazardous waste department, with a total impact on the revenue of about 70 million yuan.
On the other hand, due to the comprehensive upgrading and transformation of the household appliance disassembly production line, the business income was affected by about 12 million yuan. At the same time, factors such as the decline of subsidy income from household appliance dismantling fund, the rise of commodity prices and the change of supply-demand relationship also have an impact on the company’s performance.
Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) the revision of the performance forecast for 2021 attracted the attention of investors. The reporter saw on the interactive platform that many investors raised questions about the revised content of the company’s 2021 annual performance forecast
source: interactive platform
It is reported that this is not Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) the first time to revise the performance forecast. In October 2021, Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) issued an announcement to adjust the profit forecast for the third quarter to 70.3235 million yuan to 90.4159 million yuan, a year-on-year decrease of 30% to 10%. The reasons for the decrease are similar to the above reasons. At that time, the implementation process was affected due to the delayed progress of the customer’s internal approval process, so that the expected revenue could not be realized in the third quarter, affecting the revenue of Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) hazardous waste disposal business by about 26 million yuan
source: Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) previous announcement
In the letter of concern, Shenzhen Stock Exchange asked Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) to supplement the contract details adjusted due to customers, including customer name, contract signing time, contract amount, performance progress, etc., and asked Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) whether the company learned the specific time of contract adjustment and timely fulfilled its obligation of information disclosure.
In addition, the Shenzhen Stock Exchange also asked Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) whether the basis and applicable key parameters for predicting the annual performance in the issuance documents are reasonable and prudent, the reasons for failing to consider or accurately evaluate the impact of the above factors on the company’s performance, and whether the performance estimates disclosed in the issuance documents are objective and prudent.
a number of power companies have made significant losses in advance
In addition to Anhui Chaoyue Environmental Protection Technology Co.Ltd(301049) such downward revision of performance, with the intensive disclosure of recent performance forecast, a number of companies with large losses in 2021 are expected to emerge one after another. According to the reporter of Shanghai Securities News, the enterprises with significant pre loss performance are mainly concentrated in the power industry.
On January 7, Shanghai Electric Power Co.Ltd(600021) announced that the net profit attributable to shareholders of Listed Companies in 2021 is expected to be – 1.985 billion yuan to – 1.785 billion yuan, a decrease of 2.674 billion yuan to 2.874 billion yuan compared with the same period of last year (statutory disclosure data). In the first three quarters of 2021, Shanghai Electric Power Co.Ltd(600021) still has a profit of about 389 million yuan.
Shanghai Electric Power Co.Ltd(600021) said that the performance loss was mainly affected by the sharp rise in coal prices, which increased the company’s fuel cost by about 5.3 billion yuan throughout the year. In addition, based on the principle of prudence, the company made provision for asset impairment of about 770 million yuan.
Also eroded by the rise in coal prices are Shenyang Jinshan Energy Co.Ltd(600396) , Zhejiang Zheneng Electric Power Co.Ltd(600023) . Zhejiang Zheneng Electric Power Co.Ltd(600023) it is estimated that the net profit attributable to the shareholders of the listed company in 2021 will be – 760 million yuan to – 1.14 billion yuan. The company’s net profit attributable to shareholders of Listed Companies in 2020 was RMB 6.086 billion.
For the sharp decline in performance, Zhejiang Zheneng Electric Power Co.Ltd(600023) said that under the severe situation of rapid growth in social energy demand, continuous tight balance of bulk commodities and rising prices in 2021, the company bravely assumed the social responsibility of state-owned enterprises, resolutely shouldered the political and social responsibility of power supply, achieved full and stable power generation, and greatly alleviated the tense situation of power supply. However, due to the sharp rise of coal price, the fuel cost of the company increased significantly, and the net profit attributable to the parent decreased significantly year-on-year, resulting in a loss in 2021.
Shenyang Jinshan Energy Co.Ltd(600396) announced on the evening of January 5 that the net profit attributable to shareholders of Listed Companies in 2021 is expected to be – 1.800 billion yuan to – 2.038 billion yuan, which will decrease by about 1.882 billion yuan to 2.12 billion yuan compared with the same period of last year (statutory disclosure data).
However, China International Capital Corporation Limited(601995) believes that the losses recorded by thermal power enterprises under high coal prices are in line with expectations, and it is expected that thermal power enterprises will continue to issue advance loss announcements by the end of January this year, affecting short-term investment enthusiasm. However, it is still optimistic that thermal power will usher in the bottom recovery of performance in 2022, as well as the stable enhancement of profit and valuation repair under the “rise and fall” market-oriented mechanism.
(source: Shanghai Securities News)
