Kitchen electric faucet Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) . SZ) had only 101 yuan in income last year?
On April 19, Hangzhou Robam Appliances Co.Ltd(002508) ( Hangzhou Robam Appliances Co.Ltd(002508) . SZ) released the financial report, which showed that the company achieved an operating revenue of 101.48 yuan in 2021, a year-on-year increase of 24.84%.
△ figure source: Enterprise Financial Report
For such a low operating income, on April 20, the reporter of times weekly called Hangzhou Robam Appliances Co.Ltd(002508) secretary office to inquire, and the other party said it could not answer. On the same day, some media reported that Hangzhou Robam Appliances Co.Ltd(002508) responded that it was a clerical error. According to the comparison of previous financial report data, the revenue of Hangzhou Robam Appliances Co.Ltd(002508) in 2021 should be 10.148 billion yuan, which is the first time that its revenue exceeded 10 billion yuan.
The reporter of times weekly found more than one mistake after reading the annual report of Hangzhou Robam Appliances Co.Ltd(002508) 2021. For example, according to the operating cost component, the manufacturing cost of household appliances, kitchens and bathrooms increased by 14384322306%, the cost of raw materials increased by 112773317940% and the labor cost increased by 27007104% year-on-year. According to the annual report data, the data of these three places should be 62.09%, 36.23% and 0.12%.
Errors also include “the retail sales of range hoods and gas stoves decreased by – 0.05% and – 1.9% respectively compared with the same period last year”. According to incomplete statistics by the reporter of times weekly, there are no less than 18 data errors in the annual report of Hangzhou Robam Appliances Co.Ltd(002508) 2021.
△ figure source: Enterprise Financial Report
Previously, there were many cases of mistakes in the financial statements of A-share companies Guangdong Faith Long Crystal Technology Co.Ltd(300460) 2020 annual report once made the mistake of “the chairman received 2.78 billion yuan of pre tax remuneration from the company and the Secretary received 2.45 billion yuan of remuneration”, and Beijing Sanfo Outdoor Products Co.Ltd(002780) 2018 annual report once made the mistake of “the chairman received 5.89 billion yuan of pre tax remuneration from the company and the Secretary received 3.96 billion yuan of remuneration”. However, it is rare for Hangzhou Robam Appliances Co.Ltd(002508) this annual report to have more than 18 errors.
In the annual report, Hangzhou Robam Appliances Co.Ltd(002508) claims to be the enterprise with the longest development history, the highest market share and the largest production scale in China’s kitchen appliance industry, and has achieved the best sales of range hood in China for 24 years and the first global sales for 7 consecutive years. In 2021, the income from household appliance kitchen and bathroom industry accounted for 97.35% of Hangzhou Robam Appliances Co.Ltd(002508) revenue.
However, in 2021, Hangzhou Robam Appliances Co.Ltd(002508) net profit was 1.332 billion yuan, a year-on-year decrease of 19.81%, and the net profit in the fourth quarter was a loss of 10.749 million yuan.
Hangzhou Robam Appliances Co.Ltd(002508) explained in the annual report that in 2021, the tightening of national macro policies on real estate, the rise of raw materials and labor costs formed adverse factors, and the overall competition in the kitchen electricity industry was more intense.
Moreover, Hangzhou Robam Appliances Co.Ltd(002508) many main products suffered a decline in gross profit margin last year. In 2021, the gross profit margin of Hangzhou Robam Appliances Co.Ltd(002508) range hood and gas stove decreased by 5.94% and 2.14% respectively year-on-year. In terms of operating costs, the cost of raw materials for household appliances, kitchens and bathrooms rose the fastest in 2021, accounting for 87.69% of the operating costs.
In addition, Hangzhou Robam Appliances Co.Ltd(002508) also said in the 2021 performance express that it is planned to separately withdraw bad debt reserves for some fine decoration business customers with difficult financial conditions, and it is expected that the total amount withdrawn in 2021 will be about 710 million yuan.
In the first quarter of this year, Hangzhou Robam Appliances Co.Ltd(002508) profit improved, with a net profit of 368 million yuan, up 2.47% year-on-year. According to the Research Report of Anxin securities, affected by the epidemic and rising costs in the first quarter, Hangzhou Robam Appliances Co.Ltd(002508) performance growth slowed down, and a number of new products were launched in March, which is expected to improve profitability in the future.
