Every reporter: Zhao Linan Every editor: Liang Xiao
On October 29, 2020, Guoanda (300902, SZ) landed on the GEM.
On October 26, Guoanda disclosed its third quarterly report for 2021. In the first three quarters of this year, Guoanda achieved operating income of approximately 148 million yuan, a year-on-year decrease of 12.8%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was approximately 7.78 million yuan, a year-on-year decrease of 80.18%.
" Daily Economic News " reporter noticed that the sudden drop in Guoanda's performance was partly due to the impact of the epidemic. In September this year, Guoanda announced that the company is located at No. 39 Houshantou Road, Guankou Town, Jimei District, Xiamen City, and is in an epidemic control area.
In addition, Guoanda has changed some of its fundraising projects this year. Guoanda said: "For the ultra-fine dry powder automatic fire extinguishing device and the passenger cabin fixed fire extinguishing system, the company's existing production capacity can basically meet the current market demand." The decline, Guoanda explained: "Mainly due to the lower gross profit margin of the new product compressed air foam fire extinguishing system, the increase in operating costs and the increase in business expansion-related expenses."
Although Guoanda's operating income has declined compared to the same period last year , but total operating costs increased. Among them, operating costs were basically the same as last year, while sales expenses increased significantly, increasing by 57.49% compared to the same period last year. Guoanda explained that it was mainly due to the increase in market development costs for new products.
operating income fell and operating costs remained flat, which also led to a greater decline in Guoanda's gross profit margin. Wind data shows that Guoanda's gross profit margin in the first three quarters of this year was approximately 48.69%, compared with 55.46% in the same period last year.
In this year’s semi-annual report, Guoanda explained the reasons for the decline in the company’s gross profit margin by industry. Guoanda said that the gross profit margin of the transportation industry fell by 10.53 percentage points. Due to the impact of the COVID-19 epidemic, the transportation industry has mainly seen a decline in demand for passenger cars and buses. At the same time, the company is in a period of switching between new and old products. The market competition for old products is relatively fierce. Revenue has decreased by 29.15% year-on-year, and both volume and price have declined, resulting in gross profit margins. decline.
The gross profit margin of products in the power grid industry fell by 28.12 percentage points. Guoanda said: "It is mainly due to the company's new product compressed air foam fire extinguishing system, which has increased its development efforts in State Grid and further expanded from last year's State Grid UHV Department to provincial companies. market, we have successively won bids for fire protection projects of Baihetan Hydropower Station, State Grid Sichuan, State Grid Xinjiang, State Grid Fujian, State Grid Jiangsu, China Electric Power Research Institute and other fire protection projects. The business has been expanding smoothly, and the power grid industry revenue during the reporting period was 53 million yuan. , a year-on-year increase of 262.29%. Due to the higher unit value of this new product and lower gross profit pricing than the original ultra-fine dry powder and other products, the sales revenue of this product during the reporting period was 42 million yuan, accounting for a relatively high proportion, thus lowering the overall gross profit margin. .”
In addition, the epidemic in Xiamen this year has also had a certain impact on Guoanda. During the epidemic, Guoanda issued an announcement saying: "Some of the company's employees are unable to commute to and from get off work normally, employees' business travel is restricted due to the epidemic, suppliers are unable to supply materials in a timely manner, products cannot be produced and shipped to customers normally, etc., which seriously affects the company's product production. process, may cause the company to be unable to complete customer orders on time."
Changes in fundraising projects
According to Guoanda's prospectus, its raised funds are planned to be invested in five projects, including ultra-fine dry powder automatic fire extinguishing device production projects and passenger cabin fixed fire extinguishing systems. Production projects, transformer fixed automatic fire extinguishing system production projects, R&D center construction projects and supplementary working capital.
In August this year, Guoanda announced that it planned to terminate the investment in two original raised capital investment projects, "Ultra-fine dry powder automatic fire extinguishing device production project" and "Passenger cabin fixed fire extinguishing system production project", and use the remaining raised funds for Invest in a new project "Lithium Battery Energy Storage Cabinet Fire Prevention and Control and Inerting Explosion Suppression System Production Project" and permanently replenish working capital.
Regarding the reason for the change, Guoanda said: "Affected by the new crown epidemic, the demand for the company's transportation industry products has declined. At the same time, the company has further improved its existing plants and equipment year by year through technological improvements, process upgrades, temporary adjustments, etc. Regarding the equipment utilization rate, based on the current industry situation and market demand, the company's existing production capacity can basically meet the current market demand for its two products, ultra-fine dry powder automatic fire extinguishing device and passenger compartment fixed fire extinguishing system."
Guoanda said: The construction period of the "Lithium Battery Energy Storage Cabinet Fire Prevention and Control and Inerting Explosion Suppression System Production Project" is 12 months. After the project reaches production, it is estimated that the annual sales revenue will be 120 million yuan (excluding tax) and the annual net profit will be 13.2175 million yuan. The project The internal rate of return is 11.24%.
Guoanda said that the company has successfully developed early detection and warning, rapid fire extinguishing, continuous suppression, inerting and explosion suppression technologies suitable for lithium-ion energy storage battery modules, which can ensure that the energy storage cabinet battery does not explode within an effective period of time. Thermal runaway extends, prevents or reduces the hazards caused by explosions.
In the investor relations activity record form released on September 8, Guoanda revealed: "The company has developed a series of new energy battery fire extinguishing device products. At present, some products have obtained third-party certification and approval, and will continue to do so in the future." Apply for certification and approval of new energy battery fire extinguishing device products with more specifications and suitable for different application scenarios. "
It is also worth noting that with the decline in performance, Guoanda's stock price has also been declining. As of October 27, Guoanda's total market value has shrunk to about 3 billion yuan.
Looking at the circulating market value of and , the current circulating market value of Guoanda is only less than 800 million yuan. The list of the top ten tradable shareholders also changes frequently. Wind data shows that as of the end of the third quarter of this year, 7 of the top ten tradable shareholders of Guoanda were new investors. At the end of the first quarter and the end of the first half of the year, the number of new top ten shareholders was 8 and 7 respectively.
Daily Economic News
