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The amount of guarantees far exceeds the net assets
Sanan Optoelectronics announced that in order to speed up the progress of the company's LED business, it was decided that Anhui Sanan Optoelectronics Co., Ltd., a subsidiary of the company, applied for a project capital loan of RMB 5.5 billion to the Xiamen Branch of the China Development Bank (hereinafter referred to as CDB). 8 years; decided that Suncore Photovoltaic Technology Co., Ltd. applied to the CDB Xiamen Branch and the China Export-Import Bank Xiamen Branch for a total of RMB 160 million in working capital loans and RMB 400 million in project credits; the decision was made to Xiamen Sanan Optoelectronics Technology Co., Ltd. Co., Ltd. applied for a total of RMB 300 million and RMB 400 million in working capital loans to Industrial Bank Xiamen Branch and China Export-Import Bank Xiamen Branch respectively; it decided that Tianjin Sanan Optoelectronics Co., Ltd. applied for a working capital loan credit of RMB 105 million from CITIC Bank Tianjin Branch. Yuan Renminbi. The above borrowing rates are all benchmark interest rates. The total credit line of the above is calculated by the reporter to be 6.865 billion yuan.
At the same time of borrowing, Sanan Optoelectronics also provided joint liability guarantee for all the borrowing activities of the above subsidiaries. After the implementation of Sanan Optoelectronics' guarantees, the company's external guarantees of only subsidiaries reached 9.391 billion yuan.
As a LED manufacturing company, the credit line of nearly 10 billion loans is very huge. On the one hand, as of the third quarterly report, Sanan Optoelectronics' total net assets were 5.891 billion yuan, which means that Sanan Optoelectronics' guarantee is only 160% of its net assets. The Guangdong Provincial Department of Science and Technology announced that they have signed a cooperation agreement with the Industrial Bank Guangzhou Branch to provide a total of 10 billion yuan of financing for the specialized enterprises in the province. The credit line promised by Sanan Optoelectronics is close to the total amount of credit granted by the Guangdong Province to support LED companies.
Accounts receivable accounted for a faster increase
On the 30th of last month, Sanan Optoelectronics just announced the announcement of the third quarterly report, saying that the company's profit attributable to listed companies was 666 million yuan, a year-on-year increase of 14%.
On the surface, Sanan Optoelectronics' performance is very beautiful, but in fact, if the government subsidies are removed, Sanan Optoelectronics' performance pressure is still very large. In the first three quarters of this year, Sanan Optoelectronics' non-core business income is still one of the company's most important income. According to the third quarterly report, the highest non-recurring income of Sanan Optoelectronics is from government subsidies, amounting to 328 million yuan, which is the most profitable in the sub-projects.
However, the sum of the company's bills receivable and accounts receivable increased from 450 million yuan at the beginning of this year to 1.49 billion yuan, an increase of nearly 1.04 billion yuan. In the same period, Sanan Optoelectronics bills receivable increased by 591.39% from the beginning of the period. Accounts receivable increased by 100.92% from the beginning of the period. The company explained that the bills receivable increased significantly, mainly because the sales receipts were settled by bill of exchange, and the significant increase in accounts receivable was mainly caused by the increase in sales scale.
Although Sanan Optoelectronics achieved sales of 2.35 billion yuan in the first three quarters, the company's cash flow statement disclosed in the third quarterly report disclosed that Sanan Optoelectronics received only 1.18 billion yuan in cash for sales of goods and services. In other words, in the first three quarters of this year, more than half of Sanan Optoelectronics’ payment was not recovered in time. The surge in notes receivable and accounts receivable, coupled with the failure to recover the sales payment in time, the potential financial risks of Sanan Optoelectronics are still relatively large.
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Sanan Optoelectronics continued to “burn money†and applied for nearly 7 billion yuan in credit
Sanan Optoelectronics announced that its wholly-owned subsidiary and its holding subsidiary will lend heavily to the bank. Among them, Sanan Optoelectronics Anhui Company applied for a credit of 5.5 billion yuan to the bank, plus the application quota of the other three subsidiaries, totaling 68.65. Credit of 100 million yuan. These loan credits are all guaranteed by Sanan Optoelectronics.