Securities code: 688309 securities abbreviation: Niutech Environment Technology Corporation(688309) Announcement No.: 2022-001 Niutech Environment Technology Corporation(688309)
Announcement of annual performance loss in 2021
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear legal responsibility for the authenticity, accuracy and integrity of its contents according to law.
Important content tips:
Niutech Environment Technology Corporation(688309) (hereinafter referred to as "the company") is expected to realize the net profit attributable to the owner of the parent company in 2021 from -8.6 million yuan to -10.3 million yuan, a decrease of about 54.572 million yuan to 56.272 million yuan compared with the same period of last year (statutory disclosure data).
The company expects that the net profit attributable to the owner of the parent company after deducting non recurring profits and losses in 2021 will be -20.5 million yuan to -22.5 million yuan, a decrease of about 62.1224 million yuan to 64.1224 million yuan compared with the same period of last year (statutory disclosure data).
The company expects to realize an operating revenue of 83 million yuan to 85 million yuan in 2021.
If the audited net profit before or after deducting non recurring profits and losses is negative and the operating income (deducting business income irrelevant to the main business and income without commercial substance) is less than 100 million yuan, according to paragraph 1 of article 12.4.2 of the Listing Rules of science and Innovation Board of Shanghai Stock Exchange, The company will be warned of delisting risk after the disclosure of the annual report in 2021. Please pay attention to the investment risk. 1、 Performance forecast of the current period
(I) performance forecast period
From January 1, 2021 to December 31, 2021.
(II) performance forecast
1. According to the preliminary calculation of the financial department, the net profit attributable to the owner of the parent company is expected to be -8.6 million yuan to -10.3 million yuan in 2021, with a decrease of about 54.572 million yuan to 56.272 million yuan compared with the same period of last year (legally disclosed data).
2. It is estimated that in 2021, the net profit attributable to the owner of the parent company after deducting non recurring profits and losses will be -20.5 million yuan to -22.5 million yuan, a decrease of about 62.1224 million yuan to 64.1224 million yuan compared with the same period of the previous year (statutory disclosure data).
3. The company expects to realize an operating revenue of 83 million yuan to 85 million yuan in 2021.
(III) the relevant financial data of this performance forecast are the preliminary calculation results of the company's financial department and have not been audited by the annual accounting firm.
2、 Performance in the same period of last year
Net profit attributable to the owner of the parent company in 2020: 45.972 million yuan.
In 2020, the net profit attributable to the owner of the parent company after deducting non recurring profits and losses: 41.6224 million yuan.
3、 Main reasons for performance loss in advance in the current period
The performance loss in advance in the current period is the periodic performance fluctuation experienced by the company in the development stage, and there is no significant adverse change in the company's core competitiveness and sustainable operation ability. (I) the business characteristics of the company at this stage are prone to short-term performance fluctuations
1. Sales characteristics of the company's products
The various industrial continuous cracking production lines provided by the company for customers are a large-scale system project with large single investment amount. Customers need to have certain capital strength and have the industry characteristics of small number of customers. As the company's customers focus on asset investment, which is different from the customers of ordinary enterprises, the customer's demand for the company's products is not continuous and stable every year. The customer needs to carry out subsequent equipment procurement according to its own organic waste treatment capacity, treatment needs and capital situation, The new orders of the remaining customers do not depend entirely on the quality of the products and the advanced technology of the company.
From 2017 to 2021, the company's top five customers totaled 15, and only 5 companies had annual overlap. Generally speaking, the company's customers do not have obvious stability. The company needs to constantly develop new customers, maintain old customers and undertake new business in order to ensure the sustained and stable growth of business performance. If it is unfavorable for the company to develop new customers and the business demand of existing customers decreases significantly, it may have a significant adverse impact on the company's performance.
2. The company has a long order formation cycle and many business links, and the project promotion is vulnerable to various factors
It takes a long time for the company to form orders. It takes a long time for the company to contact customers from online publicity, exhibitions and other channels to finally sign sales contracts with customers. During the cycle, there are many steps, such as technical and business exchanges between both parties, on-site investigation of customers, due diligence and handling project procedures. In case of adjustment of policy requirements or social emergencies (such as covid-19 epidemic), the project is prone to delay or obstacles to phased promotion, and then the company's business connection is not smooth, which will have an adverse impact on phased business performance.
3. Impact of the company's revenue recognition policy
The sales contract signed by the company has a long revenue cycle. The company's sales contract belongs to the performance obligation to be performed within a certain period of time. According to the provisions of the accounting standards for business enterprises, the performance progress is determined according to the input method, and the contract revenue is recognized within the contract execution cycle. Therefore, the stage of project implementation has an important impact on the amount of revenue recognition.
4. Industrial continuous cracking mode is in its infancy in many fields and has the characteristics of imbalance
At present, the company's main products are used in the field of organic waste treatment. As the field spans many industries and the application of cracking treatment methods in many fields is in its infancy, although the development trend of the industry is more and more conducive to safe, environmental protection, high efficiency and low consumption industrial continuous cracking technology and equipment, and its development space is becoming more and more obvious, it is an early stage of the industry, and there is a long process for customers to understand, verify and approve technology and equipment, Standardized and large-scale customer groups have not been formed, and the characteristics of unstable demand still exist. The company mainly serves the standardized and large-scale customers who have high requirements for safety, environmental protection, high efficiency and low consumption standards and need industrial continuous cracking technology and equipment. The unbalanced characteristics of the early stage of the industry restrict the sustainable growth of the company's business.
(II) main reasons for performance loss in advance in the current period
1. The amount of newly signed orders in 2020 is small, which directly affects the revenue recognition amount in 2021
In 2020, due to changes in the situation of potential customers, some expected orders were not signed as scheduled.
Expected order signing in 2020:
No. lead customer name amount not signed reason
1. The Chinese customer is RMB 35.2 million. According to the customer's capital planning, the signing time is postponed
2. The project fund of RMB 30 million of Chinese customers is not in place, and the contract has not been signed yet
3. The government approval formalities for the Chinese customer of RMB 30 million have not been completed, and the contract has not been signed yet
4. Chinese customers failed to sign the contract due to changes in customer demand of RMB 40 million
Total 105.2 million yuan
The customer of the project requested to increase the original planning of 20000 tons / year to US $15.5 million for 5 British customers to 60000 tons / year, and adjust the design scheme, financing scheme, approval procedures, etc
At the same time, relevant exhibitions and industry conferences around the world and some parts of China in 2020 were greatly affected by the epidemic control outside China, which affected the company's market development, technical exchange and product publicity, resulting in poor results of the company's new business in 2020.
The amount of newly signed orders in 2020 is small, which directly affects the revenue recognition amount in 2021.
Actual order signing in 2020:
No. signing time project name contract amount
1. On September 9, 2020, the project of Guangdong ship waste treatment and Utilization Center was RMB 21.76 million
order
2. On December 29, 2020, Shaanxi industrial continuous pyrolysis of coal tar residue was 7.9 million yuan
Production line project
Total 29.66 million yuan
2. In 2021, the implementation of individual projects was suspended or suspended due to government approval and other reasons, and affected by covid-19 epidemic and other factors, the implementation progress of some orders in hand of the company was less than expected
It is mainly reflected in the following items:
(1) Nanjiang project
The project was signed in October 2019 and revenue was recognized from November 2019. More than half of the production of the project has been accepted. However, in response to the new situation and requirements of "dual control" of energy consumption under the background of national "carbon peak and carbon neutralization", the project energy assessment, energy consumption indicators and relevant emission indicators are being submitted for approval, resulting in a certain delay in the progress of the project. In June 2021, the company suspended the equipment manufacturing of the project according to relevant internal control regulations and communication with customers, resulting in a decrease of about 20 million yuan in the income of the project in 2021 compared with the expected income.
(2) UK customer 2 project
The contract for the project was signed in February 2021. In the early stage of project design and implementation, due to the brexit event in the UK, the customer required that the product design standard be changed from EU CE standard to ukca standard (only applicable to the British standard after brexit) according to the requirements of the project location. In addition, the overseas epidemic reduced the communication efficiency of both parties, making the time for both parties to invest in the transformation of local standards and the adjustment of design work exceed expectations, The standard transformation of the project has been completed by the end of November 2021, and the confirmation letter from the customer has been received. Therefore, the company failed to enter the equipment manufacturing stage, resulting in a decrease of about 27 million yuan in the income of the project in 2021 compared with the expected income. However, the equipment of the project has been actively promoted, and the relevant income will be reflected in 2022.
3. New orders are expected to be delayed or not signed
(1) New contract order
In 2021, the company signed 10 new orders, with an order amount of 190.1 million yuan, including 89.8 million yuan in December, accounting for 47.24%.
The new orders signed by the company in December 2021 are as follows:
Unit: 10000 yuan
Sequence item name product contract amount contract signing time
Number type
1 Henan Medical waste cracking project medical waste 1500.00 December 3, 2021
2 Guangdong waste tire, waste plastic cracking project tire, 3880.00, December 6, 2021
3 Jiangxi industrial continuous waste tire cracking production tire 3600.00 December 8, 2021
Line item
Total 8980.00
Since the signing time of the above projects is later than expected, the revenue recognized in 2021 is less than 10000 yuan according to the company's revenue recognition policy. However, the above projects have been actively promoted, and the relevant income will be reflected in 2022.
(2) Non signed order
① Denmark phase II project
The project was originally expected to be signed in 2021 and realize an income of 99.45 million yuan, but it was not actually signed.
The project is a production expansion project of phase I project in Denmark. Due to epidemic control, the company was unable to go to the customer's phase I project site for on-site training and communication, which reduced the communication efficiency. Denmark phase I is a combined project. It is reported that due to the spread of the overseas epidemic, many overseas suppliers of the customer are unable to arrive at the site on time to provide timely and effective services for equipment commissioning, personnel training and fault resolution, which hinders the overall acceptance and industrial production of phase I Project. At the same time, the company learned that the customer had purchased the land for phase II project, and in the process of handling the operation license, the processing progress was also longer than expected at the beginning of the year.
② UK customer 1 project
The company and the customer signed a framework cooperation agreement in May 2021, which agreed that the customer would pay 3% of the agreed total contract amount, i.e. USD 522000. The company started the engineering and technical design work, and the above work has been completed. In November 2021, the customer proposed to further expand the processing capacity from 60000 T / A to 75000 T / a according to the local raw material Market Research and the approval of investors. Based on these changes, the two parties signed an amendment to the framework agreement, and made relevant changes on the agreed total amount of equipment and the estimated signing time of the sales contract. It is expected that
