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On February 14, Dehao Runda released the 2017 annual performance report. The company realized operating income of RMB 4,203,130,800 in 2017, an increase of 3.79% over the same period of the previous year; the net profit attributable to listed shareholders was RMB 894,549,400, compared with the same period of the previous year. The decrease was 2926.29%, mainly due to the decrease in total profit of 1505.27% compared with the same period of the previous year.
For the huge losses, one of the explanations made by Dehao Runda: the company's asset impairment losses increased by approximately 153.53% year-on-year, and asset disposal losses increased by 100%.
Gaogong LED combed the 2017 annual performance forecast revision announcement issued by Dehao Runda on January 31, and found that Dehao Runda's estimated asset impairment in 2017 was about 590 million yuan, an increase of 3538.46% compared with the 2016 figure of 130 million. . In response to the significant increase in depreciation of assets of Dehao Runda, the management department of the small and medium-sized board company of Shenzhen Stock Exchange also made inquiries.
On the question of the management department of the small and medium-sized board company of Shenzhen Stock Exchange, Dehao Runda made the following reply on March 2:
The company conducted an inventory check on the book value of various assets as of December 31, 2017, and conducted impairment tests on assets with signs of impairment. At the same time, some assets were scrapped and sold, and further processed by the company's finance department. Accounting, the provision for impairment of assets was approximately RMB 321.38 million, and the loss of asset disposal was approximately RMB 234.44 million. The total of the two was approximately RMB 558.82 million.
Dehao Runda said that the fixed assets for impairment provision are mainly MOCVD machines and auxiliary equipment, some idle lighting and packaging equipment of Yangzhou base.
On the one hand, after the company's non-public offering of stock funds in 2017, the focus of LED chip business will gradually shift to the field of flip chip. With the advancement of equipment in recent years, the MOCVD machine and its auxiliary equipment of the current Yangzhou base are not in line with the economical principle for the production of flip chip products, and it will be uneconomical to continue to use it.
On the other hand, the chip equipment of the company's Wuhu production base has been improved, basically meeting the capacity matching of the front and back of the flip chip. Some MOCVD and its auxiliary equipment of the Yangzhou base will be idle, so the company decided not to continue using these. The economic MOCVD machine and its auxiliary equipment are depreciated.
In addition, in 2017, due to the adjustment of the lighting and packaging capacity of the company according to the order situation, some lighting and packaging equipments were not applicable. According to the relevant provisions of the accounting standards, the company made provision for impairment of this part of the lighting and packaging equipment. The amount of the accrual is about 2.32 million yuan.
Regarding the provision for inventory depreciation for some display products and chip products, about 73.57 million yuan, Dehao Runda explained:
First, due to the continuous upgrading of display product technology, further improvement of the technical parameters of display products, and fierce market competition, some of the company's inventory shows that the technology of the products has lagged behind the market level. The inventory depreciation reserve was approximately RMB 36.48 million.
Second, as the sales price of some chip products continued to fall in 2017, the cost of some chips in the company's inventory was higher than the market sales price. The company made provision for the price reduction of the difference between the book value and the recent market realized price. For the chip inventory with technical problems, the full amount of the price provision is made, and the total amount of the provision is about RMB 24.56 million.
Third, the company has made provision for inventory depreciation for some of the device products whose technology has fallen behind the current market level in accordance with the relevant provisions of the accounting standards, with an accrual amount of approximately RMB 12.53 million.
Regarding the provision for bad debts, Dehao Runda said that at the end of 2017, some of the company's customers returned less than expected, and the age of the account became longer. At the same time, by the end of 2017, the company sold the atomic company Zhuhai Kailei Motor Co., Ltd. 100% at the end of 2015. The shareholding transfer of the equity has not been recovered by RMB 452,678,400. In addition, some of the company's margins and current accounts have not been recovered at the end of 2017. The company's receivables for bad debts are approximately RMB 106.42 million.
Regarding the company's asset disposal losses, Dehao Runda said that it mainly stems from the disposal of lighting, display inventory products, and the disposal of fixed assets that are behind the current market level, and the loss of lighting products is about 7, 2.86 million yuan, showing that the disposal loss of the product was about 127.45 million yuan, and the loss of fixed assets disposal was about 34.13 million yuan.
First, the lighting products disposed are mainly engineering lighting products, which are mainly used for government-led engineering projects. In recent years, with the changes in relevant national policies, some engineering lighting projects have been frozen or even suspended, and engineering lighting products have experienced a certain degree of unsalable sales. Coupled with the tightening of local government financial funds, the recovery period of engineering lighting projects has reached 7-8 years, and the operating costs related to engineering lighting products will gradually increase. Therefore, the company's marketing strategy for the engineering lighting business was adjusted in 2017, and it is planned to disband the project management channels and invest the marketing resources in the development of intermediate channels and product production, quality assurance, and new product development.
Second, the technical standards of LED lighting products are changing rapidly. Especially in 2017, the technical standards are updated and the technical parameters are continuously improved. It is difficult to meet the current technical standards and market demand for this part of the lighting products. Considering the continued sales of these products in the market, the maintenance cost of quality problems will be higher in the future, and will have a negative impact on the company's brand image. In order to avoid the substitution effect and impact of these products to be phased out on the market entry of the company's new products, the company decided to scrap the inventory of this part of the lighting products.
Third, the display products disposed of by the company are expected to have smaller gross profit margins and higher maintenance costs. At the same time, the company's display business is transformed from the current low-end positioning to the mid-to-high-end positioning. If the low-end display products are sold, it will not help the company to establish a mid-to-high-end display brand image, and at the same time it will occupy the market share of new products. Decided to dispose of the product displayed in this section.
Fourth, dispose of some fixed assets. These fixed assets are mainly used for the production of lighting, chips, devices and small household appliances. Since the technical level of these equipments has lagged behind the current market level and the requirements for the production of the company's products, it will no longer be used in 2017. The production of the product, so the company has scrapped and sold the equipment.
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