Huichuan Technology accepted overdue of 30 million yuan. In the first half of the year, it made a lot of money in earning 2 billion yuan.

Wen | Ningwen

After earning 2 billion, Huichuan Technology planted his head on the acceptance bill.

On September 2, 2022, the Shanghai bill exchange information disclosure platform showed that Suzhou Huichuan Technology Co., Ltd. (referred to as "Huichuan Technology") cumulative acceptance of 30 million yuan, cumulative overdue amount of 30 million yuan, acceptable balance of acceptance balance 108 million yuan.

Picture source: Shanghai bill exchange bill information disclosure platform

On the morning of September 6, Huichuan Technology (300124.SZ) officially issued an announcement saying that this overdue bill is a commercial acceptance bill, which involves Suzhou Huichuan and Huichuan control (both of which are wholly -owned subsidiaries of Huichuan Technology)) One of the bills, "The overdue is caused by the poor information communication when the personnel of the relevant manager of Suzhou Huichuan are handed over."

But this did not let the investors feel at ease. On September 6, 2022, the stock price of Huichuan Technology closed at 58.14 yuan/share, with a single day of 1.37%. Considering that on August 23, Huichuan Technology surrendered the dazzling medium -term "answer sheet". The bill of exchange was overdue, which may also show that the performance of Huichuan technology was not as bright as surface.

Cash stream dropped 146.93%

Huichuan Technology will attribute the acceptance of the acceptance bill to the occasional "information communication", but the facts may not be so simple in combination with financial reports.

According to the financial report, in the first half of 2022, Huichuan's technical revenue was 10.397 billion yuan, an increase of 25.65%year -on -year; net profit attributable to shareholders of listed companies was 1.975 billion yuan, an increase of 26.36%year -on -year. On the contrary, the cash flow of Huichuan technology has a large retracement.

Picture source: Huichuan Technology

In the first half of 2022, the net cash flow generated by Huichuan's technical operation activities was -180 million yuan, a year-on-year decrease of 146.93%. In this regard, in the financial report, Huichuan Technology explained that it was mainly due to the three aspects of the supplier's payment of cash settlement, the increase in the amount of payment due to the payment of the settlement of the settlement, and the increase in employee's salary and benefits.

From the perspective of financial reports, in the first half of 2022, the "three fees" of Huichuan technology did have a certain growth trend, but in horizontal comparison, the growth of its financial expenses was extremely rapid. In the current period, the financial expenses of Huichuan Technology were 0.5 billion yuan, an increase of 292.35%year -on -year.

At the same time, assets with restricted ownership or use rights of Huichuan have been high. In the first half of 2022, the relevant assets of Huichuan Technology were 15.8 yuan, an increase of 29.19%year -on -year. The extra part of 447 million yuan in receivable financing is limited for "bank acceptance bill pledge".

The results of the diversified layout are good, but the gross profit margin falls

The tightening of the cash flow of Huichuan technology may be directly connected with its diversified layout. Although it started at the low -voltage inverter business, with a series of capital operations and endogenous innovative development, Huichuan Technology has become the "all -talented" of the fields of universal automation, elevator electrical facilities, and new energy vehicles.

For example, in April 2019, Huichuan Technology obtained 100%equity of Bedt at a price of 2.487 billion yuan. It is understood that Bedt is mainly engaged in elevator electrical components such as production door systems, cables, and wells electrical. After the acquisition is completed, Huichuan Technology has gradually formed a complete elevator electrical system product and technical system.

From the perspective of financial reports, Huichuan technology does have a relatively balanced business layout. In the first half of 2022, the revenue of Huichuan Technology GM automated products was 5.638 billion yuan, an increase of 26.24%year -on -year, accounting for 54.23%of the total revenue; elevator product revenue was 2.206 billion yuan, a year -on -year decrease of 8.62%, accounting for total total, accounting for total total, accounting for total total, accounting The proportion of revenue was 21.22%; the revenue of new energy vehicles & rail transit business was 2.192 billion yuan, an increase of 89.34%year -on -year, accounting for 21.08%of the total revenue.

Picture source: Huichuan Technology

Considering that new energy vehicles are increasingly becoming a new "racing point" in the technology industry, Huichuan Technology New Energy Vehicle & Rail Transit Business Revenue has steadily increased, which also means that the company has portrayed the strong "second second Bar curve.

However, synchronizing with business diversification is that the gross profit margin of Huichuan technology has experienced a relatively obvious decline. According to the financial report, in the first half of 2022, the comprehensive gross profit margin of Huichuan Technology was only 36.37%. In comparison, in 2017, this number reached 45.78%.

The gross profit margin of Huichuan has declined, partly because of the increase in sales of new energy vehicles & rail transit business, and the growth rate of cost is higher than the increase in revenue. Taking the first half of 2022 as an example, the revenue growth rate of new energy vehicles & rail transit business of Huichuan Technology was 89.34%, but the growth rate of operating costs reached 96.01%, resulting in a gross profit margin of the business fell by 2.69%.

On the one hand, Huichuan technology needs to rely on a diversified layout to tell the "new story". On the other hand, the emerging business does not have a high gross profit margin. This may be the main reason for the pressure of Huichuan's technology cash flow.

The valuation is significantly recovered significantly

The "new story" of Huichuan Technology has indeed attracted the attention of capital. In June 2021, Huichuan Technology plans to raise funds of not more than 2.13 billion yuan. As a result, the first -tier management of Gaozhu Capital, CITIC Securities, UBS AG, J.P.Morgan and other front -line management have raised it, of which Gaozhu Capital spent nearly 800 million to get about 40%. The share. This also made the secondary market look at Huichuan's technology. After the completion of the fixed increase, the stock price of Huichuan Technology rose from a low of about 15 yuan/share to about 85 yuan/share, an increase of 467%, and the market value broke through 200 billion yuan.

However, the stock price of Huichuan technology entered the downward range. As of the close of September 6, 2022, Huichuan Technology's stock price closed at 58.14 yuan/share, a 31.6%of the high point a year ago.

Picture source: Baidu

During this period, even the dazzling financial reports are difficult to restore investors' confidence. For example, on August 23, 2022, Huichuan Technology surrendered the dazzling medium-term "answer sheet". After the stock price closed on the same day, it entered the downward channel again. %.

This is likely to be because the technology of Huichuan technology is difficult to support higher valuations. In the past few years, the R & D cost rate of Huichuan technology has been maintained at about 10%. For example, in the first half of 2022, Huichuan Technology's research and development investment was 1.05 billion yuan, and the R & D cost rate was 9.66%.

In the financial report, Huichuan Technology stated that he focused on the core technology of "information layer, control layer, drive layer, execution layer, and sensor layer". As of the middle of 2022, it has obtained a total of 2546 patents and software copyrights. Invention patents and software rights account for only 29.07%.

In this regard, Huichuan Technology also frankly said that "Although the company has core technologies in some areas and has formed a leading advantage in some segmented industries, in general, the company still lags behind the international core technologies such as industrial software and control layers. Mainstream brand. "

This is evident through macro market data. According to Ruiye Industrial Data, in 2021, Huichuan's low -voltage inverter products accounted for 12.9%in the Chinese market, ranking third, lower than ABB and Siemens; the share of small PLC products in the Chinese market is 6.89%. It is fifth and lags behind foreign brands.

It is not difficult to see that in the face of foreign brands with the first advantage, Huichuan technology is still just a follower.

Only the self -cultivation Qi family can rule the country. In the future, if Huichuan Technology wants to surpass foreign brands, of course, it needs to further consolidate technology, but it cannot ignore the long -term planning of cash flow. The road of breaking the situation of Huichuan technology is far away.

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