Recently, Guangchu leader Sungrow Power Supply Co.Ltd(300274) ( Sungrow Power Supply Co.Ltd(300274) . SZ) has been in constant turmoil. First, the performance in 2021 and the first quarter of 2022 was lower than expected, the stock price fell to the limit, and some securities companies also lowered the target price and profit expectation; Now another director has lost contact.
On April 22, Sungrow Power Supply Co.Ltd(300274) announced that Liu Zhen, an external director, was currently in a state of loss of contact due to personal reasons. Since Liu Zhen does not participate in the daily production and operation management and does not hold any position other than director, his loss of contact will not affect the production and operation of the company.
On April 22, Sungrow Power Supply Co.Ltd(300274) also disclosed the record form of investor relations activities. On the evening of April 19, the company accepted a telephone survey of specific investors and explained that the performance in 2021 was lower than expected. It said that the epidemic situation and chip were underestimated in 2021, the internal management was not refined enough, and the exchange loss and personnel expenses increased significantly.
directors lost contact for personal reasons
Sungrow Power Supply Co.Ltd(300274) said it would not affect production and operation
On April 22, Sungrow Power Supply Co.Ltd(300274) issued the suggestive announcement on the loss of contact with the company’s external directors, saying that when contacting the external director Liu Zhen, he could not contact himself after further confirmation with Liu Zhen’s spouse, Liu Zhen is currently lost due to his personal reasons. As of the disclosure date of this announcement, Liu Zhen did not hold shares of the company
Liu Zhen is an external director of Sungrow Power Supply Co.Ltd(300274) the Fourth Board of directors. He does not hold any position in the company other than director and does not participate in the daily production, operation and management of the company Sungrow Power Supply Co.Ltd(300274) said that as of the announcement date, the remaining seven directors of the board of directors of the company performed their duties normally, including three independent directors, meeting the minimum quorum. Liu Zhen’s loss of contact will not affect the normal work of the company’s board of directors and the company’s daily production and operation.
Red Star capital Bureau noted that on April 19 this year, Sungrow Power Supply Co.Ltd(300274) held the annual report board of directors. Liu Zhen did not attend and did not entrust representatives to vote. The reason shown was “personal reasons”, and the company issued the notice of the board of directors on April 9, 2022.
industry insiders pointed out to the Red Star capital bureau that directors should bear the obligations of diligence and loyalty to the company. If they violate, they will constitute a breach of contract to the company. At this time, the board of shareholders of the company has legitimate reasons to remove directors, and the removed directors have no right to compensation
Sungrow Power Supply Co.Ltd(300274) said that if Liu Zhen has been in a state of loss of contact for two consecutive times and does not attend in person or appoint a representative to attend the board of directors, the company can replace the director according to law.
According to public data, Liu Zhen was born in 1976. In his early years, he successively performed his duties in Guofeng Group, Guotong management industry (now known as ” Sinomach General Machinery Science & Technology Co.Ltd(600444) “) under Hefei SASAC and Xinhua Group, a large private enterprise in Anhui. He is currently the chairman and general manager of Anhui Anyuan Investment Fund Management Co., Ltd. (hereinafter referred to as “Anyuan investment”). Anyuan investment is subordinate to Guoyuan financial holding group, and the actual controller is Anhui SASAC.
In July 2016, Anyuan investment subscribed 3 Chongqing Sansheng Industrial Co.Ltd(002742) 5108700 non-public shares with RMB 550 million, becoming the third largest shareholder of the latter, with a shareholding ratio of 3.21%; In December of the same year, Liu Zhen, who was then the chairman of Anyuan investment, was elected as a Sungrow Power Supply Co.Ltd(300274) director, and his term of office has exceeded 5 years as of the loss of contact. At present, Anyuan investment has withdrawn from the list of Sungrow Power Supply Co.Ltd(300274) top ten shareholders.
performance is lower than expected
share price limit up hot search
Sungrow Power Supply Co.Ltd(300274) ‘s main business is photovoltaic inverter, power station investment and development and energy storage business. It is the company with the largest shipment of photovoltaic inverter in the world.
On April 19, Sungrow Power Supply Co.Ltd(300274) released the annual report of 2021 and the first quarterly report of 2022. The operating revenue of company in 2021 was 24.137 billion yuan, a year-on-year increase of 25.15%; The net profit attributable to the parent company was 1.583 billion yuan, a year-on-year decrease of 19.01%; The non net profit attributable to the parent deduction was 1.335 billion yuan, a year-on-year decrease of 27.72%. The amount of asset impairment loss and credit impairment loss was 274 million yuan and 208 million yuan respectively, with a year-on-year increase of 856.64% and 336.66% respectively
The operating revenue in the first quarter was 4.568 billion yuan, a year-on-year increase of 36.48%; The net profit attributable to the parent company was 411 million yuan, a year-on-year increase of 6.26%; The non net profit attributable to the parent company was 371 million yuan, a year-on-year decrease of 1.96%.
in 2021, when photovoltaic is hot, Sungrow Power Supply Co.Ltd(300274) has the situation of increasing income without increasing profit because the performance did not meet the market expectation, on April 20, Sungrow Power Supply Co.Ltd(300274) fell to the limit and boarded the hot search. On April 22, the daily closed at 65.15 yuan / share, down 56.85% from the highest point of 151 yuan in the year and 63.6% from 179 yuan on October 27, 2021. The market value fell below 100 billion yuan, to 96.762 billion yuan.
As the performance was lower than expected, some securities companies lowered the target price and profit expectation of Sungrow Power Supply Co.Ltd(300274) . Huachuang Securities believes that the profitability of the company’s inverter and energy storage products is under pressure, and lowered the performance expectation of RMB 4.28/5.68 billion in 22 / 23 to RMB 3.058/4.057 billion Soochow Securities Co.Ltd(601555) said that due to the obvious increase in expenses caused by the company’s channel layout and product R & D, the performance expectation for 22 / 23 years was lowered from RMB 4.088/5.542 billion to RMB 3.13/4.53 billion. Citigroup lowered its target price by 23% to 123 yuan; CICC lowered its target price by 45% to 105 yuan.
According to the announcement, the management of Sungrow Power Supply Co.Ltd(300274) said that the core reasons for the decline in performance in 2021 were: first, there were problems in the power station business and the delivery of Vietnam projects was delayed due to the epidemic; Second, the Myanmar project was cancelled due to the local coup; Third, the epidemic affected the delivery of the company’s overseas energy storage on schedule. The company strictly fulfilled the contract and accepted fines, resulting in increased income without increasing profits.
Sungrow Power Supply Co.Ltd(300274) chairman Cao Renxian said at the performance exchange meeting that the overall performance of the above reasons has been reduced by about 1 billion. He said bluntly, “in 2021, the company made a little big strides, underestimated the chip and epidemic situation, the internal management was not fine enough, there were hundreds of millions of yuan of exchange losses, and the increase of personnel and R & D led to an increase in the cost level.”
