Liard: Accounts receivable re-warning the risk of bad debt losses
[Source: "High-tech LED - Research and Review" October issue reporter / Tang Zikai]
Just five months after the listing, the semi-annual report released by Liard (300296.SZ) shows that the company's revenue increased by RMB 28 million compared with the same period of last year. Accounts receivable increased by RMB 141 million year-on-year, a year-on-year increase of 147.09%. The proportion of operating income increased from 42.66% to 93.67%.
Three months later, the three quarterly report released by Liard once again made people stunned. Data show that in the third quarter, the company's revenue increased by 0.44 billion yuan, and accounts receivable increased by 150 million yuan. Previously, the company’s prospectus suggested that the “risk of bad debts due to accounts receivable†was upgraded again, and the company’s continued profitability was worrying.
“The expansion of sales and orders increase†is the only reason for the small increase in net profit given by Liard’s first half and third quarter earnings. Then, behind the increase in orders, the current domestic LED display industry is increasingly competitive. Whether it is direct sales or channel mode, price competition is inevitable. Under the national macroeconomic uncertainties, the slowdown of downstream customer demand and the multiple attacks of competitors, LED display companies have to expand their sales by relaxing the customer account period.
"This is tantamount to giving the entire domestic LED display industry a financial warning." A financial accountant who did not want to be named said that according to the general situation, the half-year account period is normal for enterprises, but the current domestic LED display In the screen industry, orders with a book period of more than one year account for a considerable portion.
“The longer term period increases the revenue scale, but it increases the long-term capital chain risk of the company.†Hua Huan Group Marketing Manager Li Huanqiang said that if the company does not have good financing channels, it is easy to collapse instantly. In the past year, the collapse of many billion-dollar display companies, including Duo Duoli, Bolent, and Vision, is the best proof.
Under the influence of various uncertainties in the market, Liard may need to adjust his business strategy to avoid falling into bad debts.
Accumulated accounts receivable of 248 million yuan
Recently, Liard released the first half of 2012 financial report. The financial report showed that the total operating income during the period was 253 million yuan, a year-on-year increase of 12.62%, and the net profit was 27.34 million yuan.
At the same time, the company's accounts receivable amounted to 248 million yuan, accounting for 30.54% of the company's total assets, almost the same as the same period. Among them, the potential financial risk has attracted close attention from the capital market.
In this regard, Liard's explanation is that it is affected by the national financial tightening policy, the customer payment is delayed, and the company's first half of the completion acceptance project is concentrated, and the acceptance payment is not collected in time.
In fact, in recent years, the net amount of Liard's accounts receivable has been increasing year by year with the increase in the scale of the main business income. At the end of 2009, the end of 2010 and the end of 2011, the net amount of accounts receivable of the Company was 52.48 million yuan, 95.6 million, and 112 million yuan, accounting for 18.00%, 20.48% and 23.33% of the total assets, respectively. The proportions were 21.27%, 25.80% and 23.47% respectively.
According to the company's financial report, the asset impairment loss during the reporting period increased by 107.58% compared with the same period of the previous year, which was mainly due to the large increase in accounts receivable, which resulted in an increase in bad debt provision for accounts receivable based on the age of accounts.
"From the financial report, Liard's bad debt reserve is not high." The above accountant questioned that the turnover rate of accounts receivable turnover decreased, and the income growth nearly doubled, but the provision for bad debts of accounts receivable was accrued. Not increased accordingly. According to the data, Liard’s accounts receivable at the end of 2011 were 126 million yuan, and bad debts were prepared at 7.94 million yuan, accounting for 6.3% of accounts receivable. In the first half of 2012, the company's bad debt provision was 11.52 million yuan, accounting for only 4.65% of accounts receivable.
The company's top five accounts receivable customers are Yicheng Technology Co., Ltd., Shenzhen Xinghe Real Estate Development, Beijing Longhua Film and Television Engineering Co., Ltd., Nanjing 28th, and Beijing Convention Center. The amount of accounts receivable of the five customers was 50.49 million yuan, accounting for 2.36% of the total accounts receivable. Among them, Yi Cheng and Longhua have an account period of 1-3 years, and several others are within one year.
From the point of view of aging, according to the company's accounts receivable bad debts, 1 to 2 years, the bad debt provision is 2.58 million yuan, accounting for 10.57% of the book balance. The provision for bad debts within 1 year was 5.63 million yuan, accounting for 86.44%.
In fact, Liard’s accounts receivable accounted for a relatively high proportion of total assets in several listed companies.
As of the end of the third quarter of 2012, Zhouming Technology, which is mainly channel-oriented, accounted for only 9.09% of the total assets receivable. In the case of Lianjian Optoelectronics, which is mainly direct sales, its accounts receivable accounted for 26.61% of the total assets, and only Villad slightly was 2.55 percentage points lower.
Table 1: List of accounts receivable for the first three quarters of LED display listed companies
Source of data: Public financial statements of listed companies (Lehman Optoelectronics, Alto Electronics are not included in the statistics)
Just five months after the listing, the semi-annual report released by Liard (300296.SZ) shows that the company's revenue increased by RMB 28 million compared with the same period of last year. Accounts receivable increased by RMB 141 million year-on-year, a year-on-year increase of 147.09%. The proportion of operating income increased from 42.66% to 93.67%.
Three months later, the three quarterly report released by Liard once again made people stunned. Data show that in the third quarter, the company's revenue increased by 0.44 billion yuan, and accounts receivable increased by 150 million yuan. Previously, the company’s prospectus suggested that the “risk of bad debts due to accounts receivable†was upgraded again, and the company’s continued profitability was worrying.
“The expansion of sales and orders increase†is the only reason for the small increase in net profit given by Liard’s first half and third quarter earnings. Then, behind the increase in orders, the current domestic LED display industry is increasingly competitive. Whether it is direct sales or channel mode, price competition is inevitable. Under the national macroeconomic uncertainties, the slowdown of downstream customer demand and the multiple attacks of competitors, LED display companies have to expand their sales by relaxing the customer account period.
"This is tantamount to giving the entire domestic LED display industry a financial warning." A financial accountant who did not want to be named said that according to the general situation, the half-year account period is normal for enterprises, but the current domestic LED display In the screen industry, orders with a book period of more than one year account for a considerable portion.
“The longer term period increases the revenue scale, but it increases the long-term capital chain risk of the company.†Hua Huan Group Marketing Manager Li Huanqiang said that if the company does not have good financing channels, it is easy to collapse instantly. In the past year, the collapse of many billion-dollar display companies, including Duo Duoli, Bolent, and Vision, is the best proof.
Under the influence of various uncertainties in the market, Liard may need to adjust his business strategy to avoid falling into bad debts.
Accumulated accounts receivable of 248 million yuan
Recently, Liard released the first half of 2012 financial report. The financial report showed that the total operating income during the period was 253 million yuan, a year-on-year increase of 12.62%, and the net profit was 27.34 million yuan.
At the same time, the company's accounts receivable amounted to 248 million yuan, accounting for 30.54% of the company's total assets, almost the same as the same period. Among them, the potential financial risk has attracted close attention from the capital market.
In this regard, Liard's explanation is that it is affected by the national financial tightening policy, the customer payment is delayed, and the company's first half of the completion acceptance project is concentrated, and the acceptance payment is not collected in time.
In fact, in recent years, the net amount of Liard's accounts receivable has been increasing year by year with the increase in the scale of the main business income. At the end of 2009, the end of 2010 and the end of 2011, the net amount of accounts receivable of the Company was 52.48 million yuan, 95.6 million, and 112 million yuan, accounting for 18.00%, 20.48% and 23.33% of the total assets, respectively. The proportions were 21.27%, 25.80% and 23.47% respectively.
According to the company's financial report, the asset impairment loss during the reporting period increased by 107.58% compared with the same period of the previous year, which was mainly due to the large increase in accounts receivable, which resulted in an increase in bad debt provision for accounts receivable based on the age of accounts.
"From the financial report, Liard's bad debt reserve is not high." The above accountant questioned that the turnover rate of accounts receivable turnover decreased, and the income growth nearly doubled, but the provision for bad debts of accounts receivable was accrued. Not increased accordingly. According to the data, Liard’s accounts receivable at the end of 2011 were 126 million yuan, and bad debts were prepared at 7.94 million yuan, accounting for 6.3% of accounts receivable. In the first half of 2012, the company's bad debt provision was 11.52 million yuan, accounting for only 4.65% of accounts receivable.
The company's top five accounts receivable customers are Yicheng Technology Co., Ltd., Shenzhen Xinghe Real Estate Development, Beijing Longhua Film and Television Engineering Co., Ltd., Nanjing 28th, and Beijing Convention Center. The amount of accounts receivable of the five customers was 50.49 million yuan, accounting for 2.36% of the total accounts receivable. Among them, Yi Cheng and Longhua have an account period of 1-3 years, and several others are within one year.
From the point of view of aging, according to the company's accounts receivable bad debts, 1 to 2 years, the bad debt provision is 2.58 million yuan, accounting for 10.57% of the book balance. The provision for bad debts within 1 year was 5.63 million yuan, accounting for 86.44%.
In fact, Liard’s accounts receivable accounted for a relatively high proportion of total assets in several listed companies.
As of the end of the third quarter of 2012, Zhouming Technology, which is mainly channel-oriented, accounted for only 9.09% of the total assets receivable. In the case of Lianjian Optoelectronics, which is mainly direct sales, its accounts receivable accounted for 26.61% of the total assets, and only Villad slightly was 2.55 percentage points lower.
Table 1: List of accounts receivable for the first three quarters of LED display listed companies
Source of data: Public financial statements of listed companies (Lehman Optoelectronics, Alto Electronics are not included in the statistics)
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