In the above letter of concern, the Shenzhen Stock Exchange focuses on the TPI film carbonization technology transformation project of Danbang Technology, the second largest shareholder reduction of shares, 2017 financial report and other related content.
It is noteworthy that Danbang's performance in recent years has not been satisfactory, and its profitability has shown a downward trend. Among them, the scale of revenue has shrunk from 500 million yuan in 2014 to 320 million yuan in 2017. In terms of net profit, it also In 2014, 90.93 million yuan fell to 24.59 million yuan in 2016. Although it increased slightly in 2017, the net profit after deducting non-recurring gains and losses was only 100,400 yuan, down 99.54% year-on-year.
In addition, in 2014~2017, Danbang Technology's net profit margins were 18.11%, 15.96%, 9.08% and 8%, respectively, showing a continuous decline.
For the above situation, the reporter of China Business News recently sent a letter to Danbang Technology, and as of press time, no relevant response was received.
Technical achievements
On July 24th, Danbang Technology disclosed that it received the letter of concern from the Shenzhen Stock Exchange again. The reason for this concern was mainly the announcement of the successful trial production of the TPI film carbonization technology transformation project issued by Danbang Technology on July 16. In addition, Danbang Technology's stock on July 17, July 18, the closing price of two consecutive trading days, the deviation of the cumulative value of the accumulated value of more than 20%, to achieve abnormal trading standards.
In this regard, the Shenzhen Stock Exchange requires Danbang Technology to combine the specific sources of the cited documents in the announcement, and provide relevant test results, indicating that the company judged the successful trial production of 'TPI Thin Film Carbonization Technology Transformation Project', which is the world's leading production technology. The basis and rationality of Danbang's various indicators reaching the world's leading level.
Regarding the specific source of the literature, Danbang Technology has not yet seen a similar report to the company's quantum carbon-based thin film material technology. In combination with the relevant test results and patents, Danbang Technology believes that the content is not exaggerated. Misleading statements and no violations of relevant regulations.
Danbang Technology mentioned that the two-dimensional quantum carbon-based film of the project is expected to be applied in the fields of microelectronic devices, chip cooling, flexible solar power, and power car batteries. Danbang Technology also pointed out that it takes a certain time for the project to operate normally. At present, the talents and capital reserves matching with the project have been raised. As the project is still in the trial production stage, the customer is in the certification stage and the products have not been sold.
This is not the first time that Danbang Technology received a letter of concern in 2018. On July 9th, less than a month ago, Danbang Technology responded with a letter of concern to the second largest shareholder, Tanjung Technology, to reduce its shareholding. Failure to fulfill the announcement obligations, violated the relevant provisions of the “Several Provisions” and the “Implementation Rules”, did not disclose and announce the reduction plan before the centralized bid reduction, and did not disclose the progress during the implementation of the reduction plan, not reducing It is reported that the implementation of the plan will be announced after the completion of the implementation. It is reported that Danshun Technology holds 6.82% of Danbang Technology shares before the reduction, and 6.18% after the reduction.
In addition, earlier, the management department of the SME Board of the Shenzhen Stock Exchange also sent a letter of concern to Danbang Technology's 2017 financial report and the government subsidy for the National 02 project.
Among them, Danbang Technology's government subsidy for the current profit and loss in 2017 was 26.16 million yuan, an increase of 735.29% over the same period of last year. It is understood that the national 02 special project passed the acceptance in 2017, the central financial subsidy totaled 50.35 million yuan, deducted The funds have been disbursed before, and the subsidy to be paid is 22.99 million yuan. Danbang Technology said that the government grants to be paid to meet the government subsidy confirmation conditions should be divided into government grants to be allocated according to the specific audit situation when the project acceptance is accepted in 2017. Government grants related to assets and related to income are treated separately.
Profitability continues to decline
Recently, Danbang Technology released a notice for the revision of the performance forecast. It is estimated that the net profit attributable to shareholders of listed companies will be 12.75.55 million yuan to 18.9571 million yuan, an increase of 10%~60% over the same period of the previous year. In the previous performance forecast, the change was -40%~10%. The reason for the correction is that the company's production and sales volume increases and some PI membranes are self-sufficient, and the cost is reduced.
The reporter combed the financial report and found that Danbang Technology's revenue growth has fluctuated greatly in recent years, the scale of revenue has narrowed, and profitability has continued to decline.
From 2014 to 2017, Danbon Technology's revenue was 500 million yuan, 420 million yuan, 270 million yuan and 320 million yuan, respectively, with growth rates of 75.09%, -16.54%, -35.39% and 17.14%, except for fluctuations. Larger, the scale of revenue has also shrunk from 500 million yuan to 320 million yuan.
In addition, from 2014 to 2016, Danbang Technology's net profit attributable to shareholders of listed companies was 90.93 million yuan, 68.686 million yuan, 24.59 million yuan, an increase of 73.49%, -26.46% and -63.23%, respectively. The decline is obvious.
In 2017, although Danbang Technology's net profit attributable to shareholders of listed companies was 25.37 million yuan, up 3.19% year-on-year, but net profit after deducting non-recurring gains and losses was only 100,400 yuan, a sharp drop of 99.54%.
Against the background of shrinking revenue scale and falling net profit, Danbang Technology's net profit margin in 2014~2017 was 18.11%, 15.96% and 9.08%, 8%, showing a continuous decline.
In this regard, Danbang Technology explained that the substantial increase in financial expenses is the main reason for the company's 2017 non-net profit decline.
In 2017, Danbang Technology's financial expenses amounted to 51.054 million yuan, a year-on-year increase of 7048.21%. As for the reasons, Danbang Technology said that the company's product sales are mainly exported, mainly in US dollars, so that the company's books at the end of each period are relatively Large foreign currency receivables, and in 2016, the US dollar exchange rate fluctuated greatly in 2017, causing the company's financial expenses exchange gains and losses to fluctuate greatly. In addition, the company increased its borrowing from financial institutions to increase industrial layout investment (TPI thin film carbonization technology transformation project) ), increasing the capital investment in equipment procurement, resulting in a significant increase in interest on bank loans in 2017.
The reporter noted that Danbang Technology has a number of short-term loans in 2017, totaling about 400 million yuan, the loan period is generally one year, and the single loan period is only six months. Moreover, at the end of 2017, Danbang Technology long-term loans The book balance was 267 million yuan, up 90.71% from the beginning of the period. In 2017, Danbang Technology and the two banks signed a fixed asset loan agreement with a loan amount of 200 million yuan and 150 million yuan. The loan period is 5 years. Construction of 'TPI film carbonization technology transformation project' (including equipment procurement).
Since product sales are mainly export-oriented, exchange gains are a major factor affecting Danbang's net profit. In 2017, Danbang Technology's exchange gains were -14.16 million yuan, down 165% year-on-year.
How to avoid the impact of large exchange rate fluctuations, this is also the focus of the Shenzhen Stock Exchange on Danbang Technology's 2017 financial report. Danbang Technology said that sales pricing should consider the risk of exchange rate losses in the future exchange rate changes as much as possible; During the account period, actively collect the purchase price, reduce the impact of exchange rate fluctuations on the business situation by reducing the foreign currency payment of the company's accounts receivable; In the future, it is proposed to transfer the exchange rate risk through long-term foreign exchange settlement with the bank.