Since the reorganization of the main business of Guangdong Ganhua, it has long been a company engaged in sugar cane and chemical industry. It has focused on transforming the LED business and has high hopes for the LED business.
However, nearly three years later, the "Daily Economic News" reporter visited the Guangdong Ganhua Annual Report and found that the main business of the company is still paper trade (70%), and the company's key transformation LED business only accounts for the proportion of operating income. 15%, while LED products have a backlog of inventory and a serious loss.
At the same time, Guangdong Ganhua proposed to transform into a big health in the 2013 annual report. Two years later, it has not been able to find a suitable big health project. “The company still has not found a suitable big health project, and is still researching it. From the current point of view, it is still difficult to turn losses by the main business,†said a manager of the Guangdong Ganhua Securities Department.
â— 3 years ago, seeking transformation into LED
On March 12, Guangdong Ganhua released its 2015 annual report. The company achieved operating income of 398 million yuan and net profit of 177 million yuan, a substantial increase of 1628.35% over the same period of last year. However, after deducting non-recurring gains and losses, the net profit was -79.38 million yuan. The decline was 209.6%, which disappointed investors.
"As an old shareholder who has adhered to Guangdong Ganhua for 4 years, I have to ask what you brought to Ganhua in the past three years... In the past three years, the main business has still suffered losses..." There are investors in Guangdong Gan The investor relations interactive platform complains.
The reporter found that Guangdong Ganhua was reorganized by Delixi Group Co., Ltd. (hereinafter referred to as Delixi), and its main business is the sugarcane comprehensive utilization industry, including the production of sugar, pulp and paper biochemical products, etc., but due to the supply of raw materials. The company's business has shrunk year by year due to factors such as insufficient constraints and the inability to invest in adequate capital development.
Since 2010, Guangdong Ganhua has become *ST Ganhua, and its business has continued to deteriorate. It cannot rely on existing funds to restore its sustainable profitability and seek restructuring and restructuring. On September 5, 2011, the controlling shareholder of the company was changed from Jiangmen Asset Management Bureau to Tracy.
On March 20, 2013, *ST Ganhua made a certain increase to Delixi and entered the LED field. After the increase, Delixi held 41.55% of the shares of *ST Ganhua and became the controlling shareholder.
According to the data, Delixi mainly produces high, medium and low voltage Electrical appliances and industrial automation control electrical, and is engaged in integrated logistics, transportation, PE investment and other industries.
After being controlled by Delixi, Guangdong Ganhua said that it will focus on LED and biochemical industries in the future. Among them, Guangdong Deli Optoelectronics Co., Ltd. (hereinafter referred to as Deli Optoelectronics Co., Ltd.), a wholly-owned subsidiary of Guangdong Ganhua, has begun construction of the LED epitaxial wafer production project.
At that time, Guangdong Ganhua gave high hopes to the LED industry, and believed that the development prospects of the LED industry are promising. The government of the company has formulated a policy to support the LED industry. The LED industry chain in the region is relatively perfect. The company has a good environment and foundation for the development of the LED industry. The LED industry's senior industrialization team and foreign advanced equipment have competitive advantages.
â— LED business inventory is high and falls into losses
However, Guangdong Ganhua's high-profile LED business has not brought about the expected results. The company has been unable to get rid of the situation of relying on non-recurring gains and losses in the past three years.
According to the financial report, the net profit of Guangdong Ganhua in 2013, 2014 and 2015 was 35.88 million yuan, 10.26 million yuan and 177 million yuan respectively. After deducting non-recurring gains and losses, the net profit was -5.84 million yuan and -25.64 million yuan respectively. -7938 million yuan.
This means that after three years of transformation, Guangdong Ganhua still has difficulty in relying on its main business to achieve turnaround. The LED industry sector still accounts for a small proportion of operating income, and its operations are still in a situation of high inventory and cost inversion.
According to the 2013 annual report, the first phase of Deli Optoelectronics LED epitaxial wafer and chip project, which was engaged in LED business in Guangdong Ganhua, entered the commissioning production stage smoothly, but it has not shaken off the loss since production.
According to the financial report, in 2013, 2014 and 2015, Deli Optoelectronics realized operating income of 0 yuan, 26.82 million yuan and 59.88 million yuan respectively, and net profit of 1.694 million yuan, 207.6 thousand yuan and -59.34 million yuan respectively.
According to the 2015 financial report, the operating income of LED products in 2015 was 59.87 million yuan, the operating cost was as high as 70.22 million yuan, the gross profit margin was -17.29%, the revenue cost was upside down, and the inventory was 78.28 million yuan, an increase of 37.09 million yuan from the beginning. The increase was 90.04%, mainly due to the increase in LED products, self-made semi-finished products and inventory goods.
"Because the latter, we entered the LED business is relatively late, and now the company is doing well, the scale has been very large, such as Sanan Optoelectronics, the competition is very fierce," a manager of the Guangdong Ganhua Securities Department on the "Daily Economic News" "The reporter said, "The loss of the subsidiary Deli Optoelectronics is quite powerful. Under such circumstances, we hope to be better and stronger, to make the market turn losses, and then to see further development."
At the same time, from the perspective of the product income structure of Guangdong Ganhua in 2015, the main income of the company is the traditional paper trade. The LED product revenue of the key transformation and development is only 60 million yuan, compared with other LED companies in billions of dollars. The scale is rather thin.
The 2015 annual report shows that the company achieved operating income of 398 million yuan, of which biochemical products operating income was 406 million yuan, LED products operating income was 0.6 billion yuan, and paper trading business income was 283 million yuan, accounting for 11.55% and 15.04% respectively. 71.01%.
â— Great health transformation is still on the road
What deserves investors' attention is that in 2011, the major shareholder Delixi made a commitment of 1.5 billion yuan in optoelectronic industry investment to the Jiangmen municipal government.
That is, Delixi promised to transfer the funds through the additional financing channels within five years after the transfer of shares, and the investment in the photovoltaic industry in Jiangmen City is not less than 1.5 billion yuan; if *ST Ganhua Investment is less than 1.5 billion yuan, Delixi promised to make up the investment of 1.5 billion yuan in Jiangmen with additional funds from its own funds. The commitment period is from September 5, 2011 to September 5, 2016.
However, looking at the Guangdong Ganhua Annual Report, the cumulative investment in the production of Deli Optoelectronics LED epitaxial wafers, a subsidiary of the Guangdong Ganhua Optoelectronics Plate, was only 600 million yuan, even though the total assets of Deli Optoelectronics was only 812 million yuan. Within a period of five years promised by Delixi Group, the investment in optoelectronics industry is not far below 1.5 billion yuan.
"I haven't invested enough investment amount yet, but there is still time from the commitment period. Major shareholders and the government may further conduct communication and consultation. If there is progress in this area, we will follow up the disclosure in a timely manner. "Guangdong Ganhua related person said.
In fact, Guangdong Ganhua sought transformation on the basis of the failure to achieve losses for many years. In addition to getting involved in the LED field, it also said that it should cut into the big health field, but the reporter found that Guangdong Ganhua is still on the road in the transformation of the big health field.
As early as in the 2013 annual report, Guangdong Ganhua said that in order to implement the strategic development intentions of the shareholders' meeting and the board of directors, the company has increased the leadership and promotion of industrial transformation and development, carried out a large number of industry analysis, project research and other work, and strive to LED The industry, biochemistry and the big health industry have achieved broader expansion space.
However, the "Daily Economic News" reporter (hereinafter referred to as NBD) read the 2015 financial report, still can not find the shadow of the big health industry sector. In response to the big health issues that investors are concerned about, Guangdong Ganhua has answered questions.
NBD: The company had previously indicated that it would enter the big health industry in 2013. What progress has it made?
Guangdong Ganhua related people: In this direction, we are still doing some research, looking for suitable targets, and preparing for intervention. The specific segmentation area has not yet been determined. However, this does not mean that you can quickly intervene if you want to get involved. It is necessary to find the right opportunity and the right project to meet the long-term development of the company.
NBD: Is the big health combination with the company's current biochemical industry?
Guangdong Ganhua related people: not necessarily, there may be a certain combination, it is also possible that the association is not particularly large, but we have the basis in this regard, there will be related considerations, but the final result is not necessarily.
NBD: Since the company's transformation in 2013, the transformation effect is not obvious enough. Is it ready to focus on the big health industry in the future?
Guangdong Ganhua related people: There are environmental reasons for fierce competition in this industry, and it is more difficult to intervene in an industry. It is indeed difficult. What we think is that we must follow this industry well and support the company's operations. At least 5 to 10 years of operation.
In the future, we have also studied a lot in the field of big health. In particular, there are still good development prospects in the field of segmentation. Our expectations are the same as those of investors. We all hope to drive the company to a healthy development track and not rely on non-recurring gains and losses. To maintain, this is also the main goal of our management team.
NBD: When can the company turn losses?
Guangdong Ganhua related people: We also know that in fact, the main focus of the company's management is on two aspects, one is that the existing industry is better and stronger, and the other is that the company is transforming its business and can cut into growth. Some (fields), such as the intervention of the big health industry, this is the main direction of the current management layer.
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