China-Singapore Jingwei client, April 27 (Gao Xiaoyong) The stock market is changing, investment risks are unpredictable, and listed companies can't escape being "cutting leeks." As the disclosure of the first-quarter performance announcement comes to an end, judging from the performance announcements disclosed by various companies, the main business of listed companies is generally affected by the new coronary pneumonia epidemic in varying degrees. It is worth noting that some companies attempted to benefit from stock trading but did not expect to encounter a "second blow", leading to further deterioration in performance.
Even last year's Yuyin shares, which made a profit of nearly 90 million yuan due to stock speculation, turned into a profit, but also caused a loss of nearly 50 million yuan in the first quarter of this year due to the stock overturn. According to statistics from China-Singapore Jingwei reporters, in the first quarter of this year, there were not a few listed companies that were “cutting leeks”.
Stock misunderstanding of dark horse and royal silver shares
Judging from the data that has been disclosed, among the many "share gods" of listed companies, Yuyin shares are undoubtedly the dark horse in the hands of stock speculators. Yuyin's net profit in the first quarter of 2019 increased by 8 times year-on-year, the net profit in the semi-annual report increased by 12 times, and the third quarter report increased by 22 times. Securities investment income has become the main reason for the surge in profits.
In the 2019 performance announcement released on January 8 this year, the amount of non-recurring profit and loss on the net profit is expected to be 80 million to 90 million yuan during the reporting period, mainly due to the company ’s investment income from securities, which will be attributed in 2019. The net profit of the shareholders of the listed company is between 47 million yuan and 70 million yuan, and the company realizes turning losses into profits.
According to the information disclosed in its semi-annual report for 2019, Yuyin shares bought "big bull stocks" in the first half of 2019, mainly buying Ping An, Guizhou Moutai, Wen's shares, etc. The cost of holding Ping An is 200 million yuan, Guizhou Moutai holds 18.6 million yuan, in addition the company also holds Wenshi shares of 24.64 million yuan, and Oriental wealth of 650,000 yuan. At the same time, the company also holds a number of company convertible bonds and some funds. With the fluctuations in the secondary market prices, in the first half of last year, in addition to the overall loss of convertible bonds, funds and stocks were floating. The largest profitable company is Ping An, with a closing book value of 232 million yuan and a floating profit of 30.463 million yuan.
However, by the first quarter of 2020, the performance forecast of the company's performance has encountered "Waterloo". The announcement shows that in the first quarter of this year, Yuyin shares lost 40 million yuan to 50 million yuan, mainly due to securities investment losses.
In fact, the securities investment risk of Yuyin shares has always existed, and the profitability is not sustainable. In 2018, when the market environment was poor, the company's securities investment was in a loss state. The loss of fair value changes of the stock was 29.931 million yuan, and the cumulative investment income was a loss of 23.9135 million yuan.
According to public information, as a domestic ATM manufacturer, Yuyin shares in the main business, since 2015, revenue and profits have begun to decline year by year, and the 2018 annual report has experienced its first loss in 10 years, amounting to nearly 100 million yuan.
In the past two years of 2017-2018, the deducted non-net profit of Yuyin shares has been negative, which also means that the company's performance has relied on "speculation" for two years. Although the turnaround in 2019 has made Yuyin shares free from the crisis of being "ST", the sustainability of the company's operation in the future remains to be tested.
30 listed companies were "cut leek"
According to the incomplete statistics of China-Singapore Jingwei reporters, as of April 26, there were a total of 461 companies that had announced their first loss in the first quarter of A-share listed companies. Among them, 30 companies suffered a "first-quarter loss" due to "stock speculation" losses.
A-share first-losing corporate watchmaking in the first quarter Gao Xiaochun
Among them, Huamao ’s first-quarter results were greatly affected by stocks. The company ’s estimated loss of 160 million to 180 million yuan was mainly due to the company ’s investment in stock-based financial assets, which resulted in a decrease of the company ’s fair value change income by as much as 168 million yuan; contact interaction The loss in the first quarter is expected to be 110 million to 160 million yuan, of which the company's equity in Hong Kong stock Razer, the fair value loss of 70 million yuan during the reporting period; April 15th, Zhidu shares quarterly performance forecast, saying that the company this year The loss for the quarter was 130 million yuan, and the profit for the same period last year was 170 million yuan. The company said it was because it invested in Guoguang. As of March 31, 2020, the company held a total of 53.85 million shares of Guoguang, accounting for approximately 11.5% of the latter's total share capital. Affected by the recent fluctuations in the capital market, the changes in the fair value of Guoguang Electric brought about a loss of about 200 million yuan, which led to the company's performance loss during the reporting period.
Regarding the “stock speculation fever” of listed companies, Hu Po, the manager of the private equity ranking fund Future Star Fund, said that listed companies participating in investment often do not have a clear development direction, and management lacks the motivation to expand. The funds raised in the company's account are relatively idle and need to invest in this cash. Some listed companies will subscribe to wealth management products, and some well-managed companies will repurchase company shares.
"The core value of a listed company is whether its main business has sufficient industry competitiveness and can bring sustained and stable returns to shareholders." Xia Fengguang, a fund manager of a private equity fund, said that a listed company is not a private equity fund. It is difficult to say how much investment value such a listed company has from the main business and regards stocks as a source of profit. For this type of listed company, institutional investors and even small and medium shareholders should also choose to vote with their feet and stay away from them.
Several companies announce securities investment plans
In fact, the stock trading of listed companies is not new. According to incomplete statistics from the China-Singapore Jingwei reporter, more than 20 listed companies have announced their investment and financial plans since this year, many of which have been generous, and some companies have received regulatory attention letters. .
On April 8, Sanquan Food announced that it would use 1 billion yuan of idle funds for securities investment, which attracted the exchange's attention letter. Subsequently, the company issued a supplementary announcement that it planned to use its own funds of no more than 1 billion yuan for securities. Investment, which plans to use no more than (inclusive) 800 million yuan for bank entrusted wealth management; use no more than (inclusive) 200 million yuan of idle own funds to invest in stocks, bonds, funds and other products.
The board of directors of Dongfang Seiko approved the company's use of idle self-owned funds of no more than 3.5 billion yuan for securities investment on March 27. The plan is effective within 12 months after approval by the company's shareholders' meeting. In fact, the company just reviewed and approved the "Proposal on the Use of Idle Self-owned Funds to Purchase Wealth Management Products in 2020" on January 10, and agreed that in 2020, the company will use idle self-owned funds to purchase risk levels of medium-low risk and holding period For wealth management products that do not exceed 12 months, the amount incurred during the year does not exceed 2 billion yuan, and the amount of financial management purchased in 2020 can be used on a rolling basis.
On March 13, Baoxin Energy announced that the company plans to use its own funds not exceeding 1.3 billion yuan for securities investment. At the same time, the company intends to use temporarily idle own funds of no more than 1.5 billion yuan for entrusted wealth management for the purchase of highly secure bank wealth management products.
There is no shortage of ST companies in the stock lineup. On February 18, 2020, * ST Zhongrong announced that the company plans to use funds not exceeding 600 million yuan for securities investment-related business in 2020, of which the balance shall not exceed 100 million yuan for stock investment, and Use the balance of no more than 500 million yuan for other securities investments.
Professor Dong Dengxin, director of the Institute of Financial Securities at Wuhan University of Science and Technology, said that it is still desirable for listed companies to form strategic alliances or partners through equity investment through strategic investment. (Sino-Singapore Jingwei app)
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