Jiangsu Daybright Intelligent Electric Co.Ltd(300670) (300670. SZ) intends to accelerate the transformation to new energy after the distribution network business is under pressure. The latest announcement shows that the company will undertake the financial leasing interests of two ships at a total price of 854 million yuan in cash. Through this transaction, Jiangsu Daybright Intelligent Electric Co.Ltd(300670) will enter the offshore wind power business for the first time.
The financial Associated Press reporter noted that the major asset restructuring has been planned for more than half a year, but there have been a number of major adjustments in the latest plan. The person from Jiangsu Daybright Intelligent Electric Co.Ltd(300670) company told the financial associated press that it will acquire the equity of Jiangsu Gulf Electric Technology Co., Ltd. (hereinafter referred to as “Gulf technology”) and replace it with financial leasing of its ships, which can also achieve the purpose of controlling the core assets of the other company.
However, according to the latest financial report, Jiangsu Daye New Energy Technology Co., Ltd. (hereinafter referred to as “Daye new energy”) which is the implementation subject of this transaction and the main undertaking platform of the new energy business of the listed company, has not received any income, and the profit decline of Jiangsu Daybright Intelligent Electric Co.Ltd(300670) is the largest since the listing. It remains to be seen whether the new energy business can help Jiangsu Daybright Intelligent Electric Co.Ltd(300670) get rid of the low performance.
great change of restructuring plan
Jiangsu Daybright Intelligent Electric Co.Ltd(300670) according to the latest announcement, it is planned to undertake the financial leasing interests of Huajing 01 (No. cmhi181-1, Hua Jing 01) and Huajing 02 (No. cmhi181-2, Hua Jing 02) from the original Charterers Huajing zero one company and Huajing zero two company respectively through the wholly-owned subsidiary Daye new energy or other entities designated by it, mainly in the form of cash payment, When the lease term expires, the listed company will obtain the ownership of Huajing 01 and Huajing 02 ships.
After negotiation, the total amount of this transaction is US $134 million (RMB 854 million). After deducting the financing lease cost of RMB 292 million (US $45.7989 million) paid by the original lessee Huajing zero one company and Huajing zero two company by the end of 2021, Daye new energy or other entities designated by it will subsequently pay the financing lease principal of US $81.0591 million (RMB 517 million), The interest payable on finance lease is USD 7.1276 million (RMB 45.4435 million).
The financial Associated Press reporter noted that compared with the reorganization plan announced in May 2021, the latest plan has made a number of major adjustments. The original plan was to acquire 64% equity of Gulf technology, and the evaluation value of 100% equity of Gulf technology was 1.25 billion yuan; The new scheme is changed to obtain the financial leasing interests of two ships under Gulf technology, and the transaction price is changed to 854 million yuan; In addition, the form of payment is changed from the combination of issuing shares and paying cash to cash payment; The performance commitment, compensation arrangement and periodic share lock arrangement in the trading scheme have been cancelled.
Why is there a large-scale adjustment of the trading scheme? The reporter of the financial Associated Press contacted the person of Jiangsu Daybright Intelligent Electric Co.Ltd(300670) company. He said that this is a plan made by the company after evaluation and deliberation, which not only meets the needs of listed companies, but also protects the interests of investors, and the transaction price has also decreased significantly than before. “What we like is the offshore wind power business of Gulf technology. The company’s core asset is the ship. Now, instead of acquiring equity, we can directly rent a ship from Gulf technology to control the company’s core assets.”
cash transaction under pressure
In fact, this is the first time that Jiangsu Daybright Intelligent Electric Co.Ltd(300670) mainly engaged in distribution network business has cut into the field of offshore wind power. The above company said that the new energy business of listed companies will be mainly undertaken by Daye new energy, including roof distributed photovoltaic in addition to offshore wind power. The company believes that the offshore wind power industry where offshore wind power installation is located has good prospects and broad space.
Like Jiangsu Daybright Intelligent Electric Co.Ltd(300670) , Daye new energy is registered in Jiangning District, Nanjing. According to the disclosed financial data, the net profit of the company in 2020 was -757000 yuan, and the net profit in the first three quarters of 2021 was -1659200 yuan, with an expanded range of losses; It is worth noting that the operating income in the past two years is blank. In this regard, the above company said, Jiangsu Daybright Intelligent Electric Co.Ltd(300670) did not generate revenue before the third quarter of 2021. “There may be a little revenue by the end of 2021, but the current financial report data can not be determined.”
Since Jiangsu Daybright Intelligent Electric Co.Ltd(300670) was listed on the gem in July 2017, in addition to the year-on-year growth in 2020, the profits in 2018, 2019 and the first three quarters of 2021 have declined. Among them, the company achieved a total operating revenue of 330 million in the first three quarters of 2021, a year-on-year decrease of 11.9%; The net profit attributable to the parent company was 18.369 million yuan, a year-on-year decrease of 52.1%, the largest decline since the listing; The gross profit margin dragged down the performance, with a year-on-year decrease of 5.22 percentage points to 27.85%.
In addition, Jiangsu Daybright Intelligent Electric Co.Ltd(300670) the operating cash flow in the first three quarters of 2021 decreased significantly by 79.69% to 12.0165 million yuan, and the monetary fund balance as of September 30, 2021 was 87.6971 million yuan. In this regard, a market analyst told the financial associated press that the customers of Jiangsu Daybright Intelligent Electric Co.Ltd(300670) are mainly power companies at all levels. Although they pay well, they usually have a long accounting period. In addition, there are a number of direct sales businesses for scattered users. These businesses have many batches and small scale. The above factors are not conducive to the cash return of Jiangsu Daybright Intelligent Electric Co.Ltd(300670) , so the transaction is completed purely in cash, The company still has to bear a lot of pressure.
The financial Associated Press reporter also noted that in order to ensure the transaction, Jiangsu Daybright Intelligent Electric Co.Ltd(300670) provided an irrevocable joint and several liability guarantee for Daye new energy, with a total guarantee amount of no more than 800 million yuan. After this guarantee, the guarantee amount provided by Jiangsu Daybright Intelligent Electric Co.Ltd(300670) to subsidiaries reached 1.32 billion yuan, accounting for 142.51% of the audited net assets in 2020. The guarantee risk is already high. In addition, in order to meet the demand for working capital, the company and its subsidiaries plan to apply to the bank for a comprehensive credit line of no more than 550 million yuan in 2022.
