On January 26th, Shanghaichengdiconstructioncorporationltd(603887) (603887. SH) released the announcement of 2021 annual performance loss in advance.
The announcement shows that the company expects the net profit attributable to the shareholders of the listed company to be – 450 million yuan to – 650 million yuan in 2021; It is estimated that the company’s net profit after deducting non recurring profits and losses attributable to shareholders of Listed Companies in 2021 will be – 420 million yuan to – 620 million yuan. In 2020, the company’s net profit attributable to shareholders of listed companies was 392 million yuan, and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 367 million yuan.
Shanghaichengdiconstructioncorporationltd(603887) said in the announcement that the main reason for the performance loss in advance in this period is the business part of foundation and foundation engineering construction. During the reporting period, affected by the liquidity risk of Evergrande group, the commercial bills of Evergrande group received by the company were in breach of contract, and some due project receivables were not recovered in time.
Based on the principle of prudence, it is estimated that the impairment provision of 53.7344 million yuan is accrued at the proportion of 70% for the full amount of project accounts and commercial bills receivable of Evergrande group and its member enterprises.
In addition, during the reporting period, affected by Tahoe Group Co.Ltd(000732) liquidity risk, the total amount of Engineering receivables of relevant projects was 33.2463 million yuan, which may be unrecoverable.
So far, affected by the commercial bill default of Evergrande group and Tahoe Group Co.Ltd(000732) project payment, Shanghaichengdiconstructioncorporationltd(603887) has accrued a total impairment of 86.98 million yuan.
The specific reason is that the capital chain of Tahoe Group Co.Ltd(000732) subordinate project company is broken, the project is shut down for a long time, and the risk of uncompleted tail is high. As a professional subcontractor of the project, Shanghaichengdiconstructioncorporationltd(603887) has won the judgment against its general contractor (Zhongcheng Construction Co., Ltd.) and has entered the judicial execution stage, but considering that it may have no assets available for execution, For the above-mentioned project funds, the company expects to withdraw the impairment provision at the proportion of 100%.
According to official data, Shanghaichengdiconstructioncorporationltd(603887) business mainly includes cloud infrastructure and underground infrastructure engineering. The company has the national grade I qualification for foundation and foundation construction and general contracting qualification for civil engineering, grade a qualification for geotechnical engineering design and grade B qualification for survey. Its business in the field of underground foundation engineering involves foundation pit enclosure and pile foundation engineering in underground spaces such as real estate, industry, municipal administration and public buildings, and in high difficulty, large foundation pit and ultra deep foundation pit projects.
As of the closing on January 26, Shanghaichengdiconstructioncorporationltd(603887) was reported at 10.2 yuan / share, down 6.25%.
