The hottest stock market of Beijing Express plumme

2022-09-23
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The stock market of Beijing Express plummeted, with the loss of 1billion yuan of orders, and the company's atmosphere was uneasy

on June 5, the shock of the Shenzhen and Shanghai stock markets after the crash was tentatively scheduled, while investors of Beijing Express, a domestic photovoltaic equipment supplier, ushered in the most disturbing day

on the same day, Beijing Express, which issued a cash dividend of 3 yuan (including tax) for every 10 shares @6, pressed the electromechanical start button after being ready, and a profit distribution plan of 10 for 10, rose slightly by 1.14% to close at 19.49 yuan. Since its listing on September 8 last year, the company's share price has fallen by 60.29% in 174 trading days

however, at the same time, the equipment procurement contract signed by the company and its major customer, photovoltaic giant Jiangxi Savi LDK Solar Energy Technology Co., Ltd. (hereinafter referred to as Jiangxi Savi), with a residual amount of up to 1.159 billion yuan, was terminated for some reason

the share price performance on that day showed that the announcement of the implementation of the above dividend plan did not cause a positive response from the market. It was also found that under the feast of generous dividends, another layer of disturbing hidden information was brewing behind the equipment contract orders worth more than 1billion yuan

weird high transfer

"we can't affect the stock price, but this kind of low-temperature device is very easy to damage and impractical. What the company can do is to bring returns to shareholders as much as possible." A staff member of the Securities Affairs Department of Beijing Express explained to the reason for the introduction of high transfer

in fact, the reason why the announcement of the implementation of the high transfer dividend scheme is not surprising in the market is not only that this good information has been digested long ago, but also that there has been an adverse change in the fundamentals of the company when the scheme was launched

Beijing Express achieved a revenue of 1.775 billion yuan last year, an increase of 55.9% year on year; The net profit was 454million, with a year-on-year increase of 34.5%. However, affected by the weakness of the photovoltaic industry, the prices of silicon materials and silicon chips fell sharply, and the silicon chip business suffered a loss in the second half of the year. The gross profit margin of the company's silicon chip business fell sharply to 2.62%, a year-on-year decrease of more than 20%

at the end of the first quarter of this year, the revenue and net profit of Beijing Express decreased by 82.63% and 90.74% year-on-year respectively. In the first quarter report, the company predicted that the photovoltaic industry would continue to be depressed due to the impact of the international macro environment, and the net profit of the company would decline by more than 50% year-on-year in this month

high dividend transfer is often used by companies with high performance and high growth. Its logic is that the company's performance is growing rapidly, and the earnings per share will not be significantly diluted by equity expansion. However, Beijing Express implemented the above dividend plan against the background of a sharp decline in performance expectations

in this regard, a person from the Securities Department of Beijing Express explained that "the company's leaders should consider the introduction of the dividend scheme of converting the provident fund into 10 shares per 10 shares", but for what consideration, he did not give a specific statement

in addition, it was also found that as of September 18 this year, 43.76 million restricted shares of Beijing Express will be released from circulation upon expiration. Is the company's generous dividend plan related to this

secret of loss of more than 1billion orders

the huge equipment purchase order between Beijing express and Jiangxi Savi was signed on July 22, 2008. The contract agreed that Jiangxi Savi would purchase 580 jyt660 polysilicon ingot furnaces in total before December 31, 2010, including 80 in 2008, 200 in 2009 and 300 in 2010

however, due to the outbreak of the financial crisis, the construction progress of Jiangxi Saiwei photovoltaic project was forced to be postponed, and the goods were not picked up in accordance with the contract. After picking up 18 units in 2008 and 101 units in 2009, 461 units remained. Before the listing of Beijing Express, the two sides negotiated to postpone the implementation period to April 2011. However, there has been no progress in the performance of the remaining contracts between the two parties since January 1, 2012

finally, "based on the recent continuous downturn in the global photovoltaic industry, the 2011 financial situation publicly disclosed by Jiangxi Savi and the recent media reports on it", Beijing Express issued a notice of termination of performance to Jiangxi Savi on June 1 this year for the sake of safeguarding the legitimate rights and interests of the company and investors, and clearly reserved the right to investigate its breach of contract

a senior person close to Jiangxi Saiwei said, "the termination of the contract on the basis of Jiangxi Saiwei's financial situation and media reports is only a unilateral statement made by Jingyun to find and solve problems." The above-mentioned person pointed out that Jiangxi Saiwei delayed the ingot furnace of Beijing Express, and the delay in the project investment progress is only one of the reasons. The focus is on the reliability and stability of the quality of the localized equipment of the ingot furnace, which is far behind that of similar international products. In the downturn of the industry, Jiangxi Saiwei has wavered in the purchase and use of localized equipment based on product cost and quality control

the staff of Beijing Express firmly denied the doubts of the outside world about its product quality. A researcher in the photovoltaic industry of a securities firm in Beijing said that the downstream industry of ingot furnace manufacturing enterprises such as Beijing Yuntong is silicon chip processing enterprises. Under the high recession of the entire photovoltaic industry, silicon chip companies are being squeezed by polysilicon materials and photovoltaic module enterprises. At present, companies in the silicon chip industry have no desire to expand, and purchase orders for polysilicon ingot furnace equipment will not increase, There may even be a large-scale breach of the order contract

in the researcher's view, the termination of Jiangxi Saiwei order may not be the only order of Beijing Express, and other customers may also postpone or even cancel the implementation of the contract agreement in the future

"up to now, there is no problem with the contract orders of other customers of the company. Once there is an abnormal situation, the company will make a timely announcement." Beijing Express Securities Department responded to this

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