The first company that may be * ST appeared on the science and innovation board.
On the late night of January 21, Niutech Environment Technology Corporation(688309) (688309. SH) released the performance forecast. It is expected to achieve an operating revenue of 83 million yuan to 85 million yuan in 2021, a net profit loss attributable to the parent of 8.6 million yuan to 10.3 million yuan, and a net profit loss attributable to the parent of 20.5 million yuan to 22.5 million yuan after deduction.
According to the rules, if the audited net profit attributable to the shareholders of the listed company in Niutech Environment Technology Corporation(688309) 2021 is negative and the operating income is less than 100 million yuan, the financial delisting Portfolio Index of “operating income + net profit” will be touched, and the company’s shares will be subject to delisting risk warning after the disclosure of the 2021 annual report (preceded by * ST in the company’s stock abbreviation).
From the overall situation of the science and innovation board, at present, the performance forecast shares have increased by more than 90%, and Niutech Environment Technology Corporation(688309) “with stars” is still a case. According to the analysis of insiders, the development differentiation of listed companies on the science and innovation board is in line with the objective law of the capital market, and the fluctuation of operating performance of enterprises in the growth period is also a normal phenomenon.
the first company of science and Innovation Board may be * ST
Niutech Environment Technology Corporation(688309) landed on the science and Innovation Board on July 14, 2020. In 2020, the company’s revenue was 175 million yuan, the net profit attributable to the parent was 45.972 million yuan, and the net profit attributable to the parent after deduction was 41.6224 million yuan.
As for the main reason for the performance loss in 2021, Niutech Environment Technology Corporation(688309) said that the business characteristics of the company at this stage are easy to form short-term performance fluctuations; The amount of newly signed orders in 2020 is small, which directly affects the revenue recognition amount in 2021; Affected by the epidemic situation, new orders are delayed or failed to sign; The impact of credit impairment loss and contract asset impairment loss on net profit.
Niutech Environment Technology Corporation(688309) it mainly produces continuous cracking equipment, which is mainly used for the treatment of solid wastes such as waste tires, waste plastics and dirty oil sludge.
In terms of orders, Niutech Environment Technology Corporation(688309) said that some expected orders could not be signed as scheduled in 2020 due to changes in the situation of potential customers. 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%. Since the signing time of the above projects is later than expected, according to the company’s revenue recognition policy, the revenue of the above new orders in December can be recognized less than 10000 yuan in 2021.
In addition, Niutech Environment Technology Corporation(688309) accrued the credit impairment loss of accounts receivable and notes receivable of about 2012 million yuan according to the accounting policy because the early arrears of some projects were not recovered in time; As some projects have not been settled and large contract assets have been formed, the company has accrued about 9.64 million yuan of impairment loss of contract assets according to accounting policies. The total of the two is about 29.76 million yuan.
“The company’s core competitiveness and sustainable operation ability have not undergone significant adverse changes.” Niutech Environment Technology Corporation(688309) said that as of December 31, 2021, the amount of the company’s on-hand orders that have not yet recognized revenue is about 209 million yuan (including tax). According to the contract agreement of the current on-hand orders and the implementation plan of the customer’s latest extended orders, it is expected that about 60% of the on-hand orders will be able to recognize revenue in 2022. At the same time, at present, the company has good reserves of customers outside China. It is expected that new orders will be signed in 2022 and revenue will be generated.
It is worth noting that the sharp decline in the performance of Niutech Environment Technology Corporation(688309) has also been closely concerned and inquired by Shanghai Stock Exchange (hereinafter referred to as “Shanghai Stock Exchange”). According to the official website of Shanghai Stock Exchange, after the disclosure of the company’s semi annual report and third quarterly report in 2021, Shanghai Stock Exchange issued regulatory inquiry letters at the first time, requiring the company to fully disclose the changes and reasons of the company’s operating performance, and requiring intermediaries to express verification opinions.
According to the analysis of people in the environmental protection industry, waste pyrolysis treatment changes the original incineration, landfill and other treatment methods, which is conducive to the harmless treatment or resource utilization of solid waste, reduce resource loss and promote recycling, which is consistent with the national strategic direction of developing green industry and circular economy. However, since the application of cracking treatment in many fields is in its infancy, the unbalanced characteristics of the early stage of the industry restrict the company’s business to maintain sustainable growth. In particular, the sewage sludge solid waste treatment business is greatly affected by the implementation of relevant environmental protection policies around the country. At present, the whole industry is still in the stage of market development.
“performance differentiation is normal”
As of January 21, the official website of Shanghai Stock Exchange shows that 64 companies on the science and innovation board have issued performance forecasts or performance letters. Among them, more than 90% is expected to increase, and the Niutech Environment Technology Corporation(688309) forecast may “bring stars” is still an exception.
There are 58 listed companies whose performance is expected to increase in advance, of which 30 companies are expected to increase their net profit by more than 100% year-on-year in 2021, Beijing Hotgen Biotech Co.Ltd(688068) and Dongxin technology are expected to increase by 1684.65% and 1051.89% respectively. In addition, Guizhou Zhenhua E-Chem Inc(688707) and Sunshine Guojian Pharmaceutical(Shanghai) Co.Ltd(688336) turned losses.
The three companies expect that the net profit of 2021 will decrease year-on-year, among which, Hangzhou Hopechart Iot Technology Co.Ltd(688288) is expected to decrease by 67.16%, Dbappsecurity Co.Ltd(688023) is expected to decrease by 88.82% ~ 92.54%, and canqin technology is expected to decrease by 66.77% ~ 67.90%.
“The development differentiation of listed companies is in line with the objective law of the capital market. The rapid growth of performance is one of the most distinctive labels of science and Innovation Board companies. However, the business risks associated with high growth can not be ignored.” According to the above insiders, on the one hand, from the perspective of enterprise life cycle, most companies on the science and innovation board have not been established for a long time, the overall scale is relatively small, most of them are in the stage of rapid growth, and the performance growth is in line with the law of enterprise development. On the other hand, the development of enterprises is inseparable from the external environment. The complex and changeable macro environment superimposes the covid-19 epidemic and other uncertain factors. The anti risk ability of small and medium-sized enterprises is weak, which is more prominent than the survival pressure and development problems faced by mature enterprises.
Some experts also said that the company is in the critical stage of climbing the slope as a whole, with small scale and fluctuating performance, which is the normal operation; It is also an inherent feature that some companies have relatively single business and customer structure and high dependence on the industrial chain. Therefore, we need to give more patience to the science and Innovation Board enterprises in the growth stage, accompany and help them grow better.
It is worth noting that the guidance of early and strict supervision in the continuous supervision of the science and innovation board is relatively clear, and the authenticity of financial performance has been repeatedly emphasized by regulators.
In November 2021, the Shanghai Stock Exchange issued the self regulatory guidelines for listed companies on the science and Innovation Board No. 9 – Financial delisting indicators: deduction of operating income, further unblocked the “export pass” of the science and innovation board, accelerated the liquidation of enterprises whose main business has lost operating capacity, and focused on cracking down on the illegal manipulation of performance “shell”.
According to the requirements of the rules, for the company whose audited net profit attributable to the owner of the parent company in the latest fiscal year (whichever is lower before and after deducting non recurring profits and losses), it is required to deduct relevant operating income in accordance with the listing rules, and it is not allowed to evade the delisting provisions by adjusting income or non recurring profits and losses.
