Recently, the 2016 annual report released by Furi Electronics showed that the company achieved operating income of 7.096 billion yuan, an increase of 14.77% during the reporting period, while net profit was 63.762 million yuan, but fell by 45.63%.
It is worth noting that the company's net profit after deduction was more volatile, with a drop of 269.32%, a loss of 48.244 million yuan. To this end, the company received an inquiry letter from the Shanghai Stock Exchange yesterday, and its various impairment provision accruals were subject to regulatory attention.
In 2016, Furi Electronic's provision for impairment of assets reached 114 million yuan, an increase of 69.173 million yuan over the previous year. It is understood that the above-mentioned impairment provision mainly includes the provision of 29.9 million yuan for the impairment provision of Meirui Optoelectronics.
In the inquiry letter of the Shanghai Stock Exchange, it was pointed out that the performance of Mai Rui Optoelectronics in the accrued object has dropped significantly in 2016. The main reasons for the sharp decline in the 2016 annual results of Mairui Optoelectronics are:
(1) The relocation of the factory caused the loss of the original backbone staff of the Mairui Optoelectronics Factory. The newly recruited personnel were unskilled, resulting in a decline in the production yield rate, rising costs, unsuccessful delivery of orders, and a decline in sales revenue.
(2) After the Huizhou production base was converted from fixed-in construction to fixed assets, the depreciation of fixed assets was 7.78 million yuan in 2016, the interest on infrastructure loans was stopped, and the increase in financial expenses was 505,500 yuan.
(3) The product structure has been adjusted from the original large-pitch products to the small-pitch products. As the new product market has not yet opened, the sales orders are insufficient; the market development has shifted from the domestic market to the domestic and international markets. As the overseas market is still under development, the order size has not yet formed, and domestic sales revenue has fallen sharply. Therefore, the company's sales revenue this year has fallen sharply compared with the previous year.
Mai Rui Optoelectronics' net assets attributable to the parent company's net assets on the base date of December 31, 2015 was 395,538,300 yuan; on the base date, December 31, 2016, the estimated value was 214,202,100 yuan, which was 182,800,900 yuan less than the 2015 evaluation value. . The main reasons are:
(1) In 2015, Mairui Optoelectronics did not fulfill its performance commitment, but realized a net profit of RMB 25,188.4 million. The company expects that the efficiency and yield of production in 2016 will be improved to a large extent after the completion of the relocation in 2015, so the expectations for the future are better.
(2) In 2016, Mai Rui Optoelectronics lost RMB -5,092,500. The adverse effects of the relocation of the factory continued, the former backbone employees were lost, the new recruits were unskilled, the production yield was reduced, the cost increased, orders could not be delivered on time, and sales revenue declined.
Although the company's sales orders have recovered in the fourth quarter of 2016, considering that the new management team still needs to have a break-in period of integration into the company's operations, combined with the actual performance of 2016, the company cuts its expected profitability in the future, so in 2016, Mairui Optoelectronics Co., Ltd. The estimated value is significantly lower than in 2015.
In 2013-2015, Mairui Optoelectronics realized net profit attributable to owners of the parent company of RMB 338.88 million, RMB 36,373,100 and RMB 26,540,400 respectively.
(1) The net profit attributable to the owners of the parent company (excluding non-recurring gains and losses) of the three consolidated financial statements of Mairui Optoelectronics in 2013, 2014 and 2015 are not less than RMB 30 million, RMB 35 million and RMB 39 million respectively;
(2) The total net profit (excluding non-recurring gains and losses) attributable to owners of the parent company in the three years of 2013, 2014 and 2015 is not less than RMB 120 million. As of August 12, 2016, the company has received a total of 23,326,420.58 yuan from the counterparty's performance commitment compensation and interest.
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