On August 18, Han's Laser released a report. In this report, the relevant content of the European R & D center is undoubtedly the focus.
On August 1, when a CCTV reporter interviewed Gao Yunfeng, the chairman of Han's Laser, on why the European R & D Center had not been completed for eight years, he issued "What role do you have? What qualifications do you have to question me? Do you care about me?" How much? "The soul asked three times, angry at CCTV reporters.
The matter was full of excitement, and after fermentation, the focus of public opinion shifted to Han's laser. Its stock price once fell to a low of 23.61 yuan during the year.
Why are major projects questioned?
Han's Laser, a wholly-owned subsidiary of Han's Laser, and Eberli Generalunternehmung AG signed a "European R & D and Operation Center Construction Project General Contract" on July 8, 2016, with a total contract value of 154.5 million Swiss francs, equivalent to approximately RMB 1.055 billion. yuan.
Han's Europe has started its own European R & D and operation center project since 2011, with an initial budget of 50 million yuan. In 2011, engineering investment accounted for 12.37% of the budget. In 2013, the project budget increased to $ 30 million. By the end of 2015, the progress of the project has reached 80%.
Due to problems such as inadequacy of the European R & D operation center, Han's Laser received the “Decision to Order Corrective Measures” issued by the Shenzhen Securities Regulatory Bureau on August 1.
The Shenzhen Securities Regulatory Bureau stated that a special inspection of Han's Laser's related information disclosure matters was conducted in July and found that Han's Laser had problems such as failure to perform relevant review procedures for major property purchases, inaccurate and untimely disclosure of major property purchase information.
Faced with the inquiries of the Shenzhen Stock Exchange, Han's Laser finally confessed that the R & D center was actually a hotel renovation, and some of it was still used for hotel accommodation after the transformation.
For the inaccuracy and timeliness of the letter, Han's Laser attributed it to "work omissions" and apologized to investors with a long overdue major contract supplementary announcement.
In the announcement, Han's Laser stated that due to work omissions, the self-built European R & D operation center had inaccurate and untimely project information disclosure. The company now supplements the relevant situation and progress and apologizes to investors.
As of the end of last year, Han's Laser had invested 670 million yuan in the project, but the project progress was only 64%.
Han's Laser said that since the European R & D operation center started to be built in 2011, it has been affected by many objective factors for eight years. The company's strategy of promoting internationalization through mergers and acquisitions in Europe did not meet expectations, and many factors have greatly affected the original positioning of the European R & D and operation center project.
Before the project is put into use, the company will fully demonstrate its business, technology, efficiency and other aspects, and decide how to use the European R & D and operation center, including but not limited to medical lasers and other projects or external transfer or sale under the premise of protecting shareholders' interests. Timely and fully disclose the future progress of the European R & D operation center project.
Although Han's Laser has denied an affiliation with Eberli Generalunternehmung AG, historical equity still intersects. According to the announcement, in November 2012, Han's Laser, a wholly-owned subsidiary of Han's Laser, acquired 28% of Swiss Eberli Sarnen AG for 9 million Swiss francs, and Eberli Sarnen AG held 100% of Eberli Generalunternehmung AG's equity. In March 2018, Eberli Sarnen AG repurchased the above equity at a repurchase price of 9 million Swiss francs.
At the same time, some experts said that if the project is converted from a construction in progress in 2020, the company may increase the risk of greater depreciation.
It is worth noting that the registered capital of Eberli Generalunternehmung AG is only 100,000 Swiss francs. For a company of this size, Han's Europe AG dared to sign a contract worth hundreds of millions of Swiss francs, which is doubtful.
The company did not make a specific response to the financial doubts that the budget was repeatedly increased and the completion progress was changed during the construction period, and the budget has increased to 1.5 billion in 8 years, saying that it will hire an accounting firm to conduct a special audit of the European R & D and operation center project. .
Significant decline in performance
Released at the same time as the important report is Han's Laser's semi-annual report for the first half of 2019. As of the end of the reporting period, Han's Laser had total assets of 18.176 billion yuan and liabilities of 9.411 billion yuan. 84 9.8 billion yuan, with an asset-liability ratio of 51.78%.
Since 2018, Han's Laser has experienced a decline in performance. In 2018, Han's Laser achieved revenue of 11.029 billion yuan, a decrease of 4.59% year-on-year; the net profit attributable to shareholders of listed companies was 1.719 billion yuan, an increase of 3.22% year-on-year. Such a transcript is difficult for other domestic laser companies to reach, but compared with itself, the performance growth rate has dropped significantly. In 2017, it realized operating income of 11.6 billion yuan, an increase of 66.12% year-on-year; the net profit attributable to shareholders of listed companies was 1.67 billion yuan, an increase of 120.75% year-on-year.
Regarding the reasons for the decline in performance, the relevant person in charge of Han's Laser responded that the decline in profits was mainly due to the downturn in the macroeconomic environment, economic friction, and the decline in the consumer electronics cycle. Big. Han's Laser New Energy business grew by more than 100%, but its gross profit margin was low due to fierce competition; due to intensified market competition, the gross profit margin of high-power business decreased by about 3 percentage points from the same period last year. Among them, the laser and automation equipment sector was affected by the cyclical decline. During the reporting period, revenue reached approximately 876 million yuan, a year-on-year decrease of approximately 17.67%. Except for the consumer electronics business, other low-power laser businesses increased by approximately 7.80% year-on-year. Among them, the display panel industry realized revenue of approximately 316 million yuan, an increase of approximately 7.50% year-on-year, and some major customer equipment delivery was concentrated in the second half of the year.
From another perspective, the cash flow of Han's Laser continued to flow out in the first half of this year. The net increase in cash and cash equivalents was -1.406 billion yuan, a year-on-year decrease of 1162.89%.
Some financial analysts have pointed out that another important reason for the significant decline in Han's laser performance is the change in the competition pattern of the laser industry, which has led to increased competition in the laser equipment industry, which will still be difficult to alleviate in the future.
Strangely, before the disclosure of the semi-annual report, Han's Laser's stock price rose steadily, from a minimum of 23.61 yuan on August 6 to 32.46 yuan at the close on August 19. Some insiders pointed out that the rebound of Han's laser stock price does not mean that the problems have been solved.
What details of Han's Laser will disclose the European R & D operation center in the future? We will continue to pay attention!