The first half of the science and technology board was different from ST companies: Hengyu Environmental Protection has doubled from the bottom of the valley to net profit, and the customer who runs the bill is returned?

China Times (chinatimes.net.cn) reporter Wang Yue Xu Yunqian Beijing report

As the first company that was specially handled by the "delisting risk warning" of the Science and Technology Board, Hengyu Environmental Protection (688309.SH) was not very flat in the first half of this year.

On April 26, 2022, the company's stock price was up to 97.50 yuan/share on the first day of listing, and fell all the way to the lowest price of 9.30 yuan/share in the first half of this year. In July, the company received two regulatory measures due to incomplete faith and irregular fundraising management.

On August 20,*ST Hengyu disclosed the first performance report after being ST. The report shows that the company's total operating income in the first half of this year was 73.939 million yuan, an increase of 98.90%year -on -year; the net profit attributable to shareholders of listed companies was 13.5816 million yuan, an increase of 32.6%year -on -year; The net profit was 11.3634 million yuan, an increase of 459.53%year -on -year; the income per share was 0.17 yuan.

Although the company's revenue in the first half of the year doubled, the stock price performance was not satisfactory. As of the close of August 23, the company's stock price was reported at 16.89 yuan/share, which was 97.50 yuan per share from the first day of listing, and it has fallen by 82.72%.

It is worth noting that the operating cost of*ST Hengyu in the first half of the year was 43.16 million yuan, an increase of 117.3%year -on -year, higher than the growth rate of 98.9%of operating income, and the gross profit margin decreased by 4.9%.

In response, the staff of the*ST Hengyu Securities Department said in an interview with the reporter of the Huaxia Times: "The growth of operating income in the first half of the year is affected by factors such as the growth of orders at the beginning of the order and the growth of new signing orders. The implementation of the project in this period increases. "

Is the customer back?

On April 28 this year, Hengyu Environmental Protection changed to*ST Hengyu due to the decline in performance. This is also the first company to implement the risk of delisting.

In the announcement of the risk warning,*ST Hengyu once said that the decline in performance was mainly affected by short -term factors. Due to the changes in domestic and foreign epidemics and potential customers themselves, the company's new signing amount in 2020 is less, which directly affects the amount of revenue confirmation in 2021; the 2021 individual projects have been suspended or suspended due to government approval and have been suspended and received at home and abroad. In the influence of factors, the company's part of the execution of the company's order is less than expected; the progress of some of the company's order signing in 2021 is delayed compared with expectations, making the revenue confirmation of the new signing order in 2021 less than expected.

So, what is the order in the hand of*ST Heng reputation?

In fact, affected by the growth of hand orders and new signing orders,*ST Hengyu's operating income in the first half of this year has reached 73.939 million yuan, which is almost close to 84.57 million operating income of last year.

"The sales contract that the company has signed has a long income cycle. According to the provisions of the enterprise accounting standards, the performance progress is determined in accordance with the input law, and the contract income is confirmed within the execution of the contract cycle. Confirmation of the amount of income during the reporting period. "The above -mentioned staff explained to reporters.

Specifically, in early 2021,*ST Hengyu's order amount was 13,60,300 yuan. In early 2022, the company's order amount was 208.687 million yuan, an increase of 53.43%over 2021.

"The company only signed the British plastic project in the first quarter of 2021, but the project did not confirm the revenue in the first quarter of 2021. In the first quarter of 2022, the company signed a new cracking production line sales contract with three domestic customers, with a total of 9065.00 in the contract amount. 10,000 yuan; and a newly signed waste plastic production line sales contract with a U.S. customer, the contract amount is US $ 60 million. In the first quarter of 2022, the company actively promoted the project progress in accordance with the contract on the premise that the customer had paid the prepaid. The progress is smooth, and the total revenue confirmed by the two new projects in China is 15.0871 million yuan. At the same time, due to the high requirements for performance time limit in the first quarter of 2022, the customer's repayment situation is good, and the project risk is small. Therefore, the company's project is promoted Fast and high income confirmation amounts. "The staff of the company introduced the company's new signing growth situation.

In addition, it is worth noting that from January to June 2022, the operating income of the top five customers of*ST Hengyu accounted for 84.90%of the current operating income, and the customer concentration was higher.

In this regard,*ST Hengyu believes that the continuous cracking production line provided by customers is a large system project with a large single investment amount. Customers need to have certain capital strength, so they have the characteristics of industry with a small number of customers. Since the company's customers are investing in assets, different from customers of ordinary enterprises, customers' demand for the company's products is not continuous and stable every year. Customers need to follow their own organic waste treatment capacity, processing needs, and funding conditions. For equipment procurement, the company needs to continuously develop new customers and maintain old customers, and undertake new businesses to ensure the company's operating performance sustainable and stable growth.

The cost of rising costs is obvious

Although the revenue and net profit of*ST Hengyu have achieved double growth, the rapid rise in its costs cannot be ignored. The growth rate of 117.3%of operating costs has exceeded the growth rate of 98.9%of operating income. In this regard,*ST Hengyu believes that the project execution amount is increased. In fact, Hengyu Environmental Protection's expenditure in sales costs, management costs and R & D expenses has shown an upward trend.

Specifically, the company's total sales cost in the first half of the year was 3.3725 million yuan, an increase of 50.94%year -on -year, accounting for 4.56%of the total revenue.

Regarding the rise of sales costs,*ST Hengyu believes that during the reporting period of the company, the market development efforts have been strengthened, the sales strategy of "active going out" has been strengthened, the market propaganda and cultivation efforts are continuously enhanced, and the brand awareness is launched.

The above -mentioned staff pointed out that with the implementation of the sales strategy of "taking the initiative to go out", the new business application field of*ST Hengyu has continued to expand.

It is understood that the product application field of*ST Hengyu has increased from 4 before 2020 to 8. Earlier, the company's products were mainly in the fields of dirt, waste tires, waste plastic and hazardous waste. In 2020,*ST Hengyu increased the field of target application in the scorch residue product; in 2021, three new product applications, including metal mineral thermal disintegration, oil -based rock crumbs, and medical waste cracking.

On the other hand, the research and development cost of*ST Hengyu was 5.1936 million yuan, an increase of 32.49%over the same period last year. In this regard,*ST Hengyu said that as the company's research projects were steadily promoted in accordance with the plan, there were many R & D projects entering the equipment trial production and verification phase in this issue. Because of the equipment trial production and results verification Dynamic costs have increased.

*ST Hengyu believes that technology research and development and innovation are the key to maintaining a competitive advantage in the field of organic waste cracking equipment. Through many years of research and development, the company has solved industries such as the focus of the cracking system, the difficulty of sealing and the agglomeration, and the aggregation of the output. In the industry, it has taken the lead in achieving the continuous industrialization of the long -term stable industrialization of cracking equipment and the premise of environmental protection.

Editor -in -chief: Xu Yunqian Editor: Gong Peijia

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