freebingonodeposit| The huge sum of 1.65 billion has become a mystery! Has Dongfang Yuhong concealed a "big hole" in assets?
editor 2024-04-30 08:37:17 Nature 44
Log in to Sina Finance APP to search [Xinpi] to see more evaluation levels.
If you want to speculate in the stock market, you can see the research report of Jin Kirin analysts.FreebingonodepositAuthoritative, professional, timely, comprehensive, to help you tap the potential theme opportunities!
Source basic surface force field
The real estate industry has been really jittery recently. last weekend alone, there were two big bad news: the income of the former richest man in Nantong was nearly 70 billion in 2023 (000961 yuan).Freebingonodeposit000002.SZ, a former representative of high-quality real estate companies and coveted by the "barbarian at the door", has also been downgraded by foreign rating agencies.
With the sales and operating rate of the real estate industry cooling as a whole, life is also difficult for the related industry chain, including the "waterproof grass" Oriental Yuhong (002271.SZ), which once had a market capitalization as high as 150 billion.
On the evening of April 18, Dongfang Yuhong released its annual report for 2023, with revenue of 32.82 billion, an increase of 5.15% over the same period last year, and a net profit of 2.273 billion yuan, an increase of 7.16% over the same period last year, which is supposed to be good but lower than market expectations. so the stock price fell 3.56% on April 19, and investors "voted with their feet".
The core reason for the lower-than-expected performance of "waterproof grass" is the large impairment of assets, of which the "minefield" that has been worried by investors is accounts receivable, and the loss of bad debts is more than 500 million yuan.
When it comes to the prospect of the industry, the force field is not professional, but when it comes to financial treatment, he would like to say a few more words. Although Oriental Yuhong also mentioned a large amount of asset impairment, but also brought a lot of pressure on the performance of that year, but the force field still thinks it is not clean and thunderous.
This is highlighted in Oriental Yuhong's other receivables, which had a balance of 4.076 billion at the end of 2023, almost double the 2.137 billion at the beginning of the year, and surged nearly 2 billion in arrears, almost equal to the net profit of the same year. Behind this huge debt, a rather mysterious "customer 1" accounts for 1.65 billion. Dongfang Yuhong recorded an account age of less than one year, and set aside 82.5 million yuan, or 5% of the normal proportion of bad debts, for this purpose.
What attracted the attention of the force field is this mysterious 1.65 billion. Because although it appears for the first time in other receivables, it may not appear in Oriental Yuhong's balance sheet for the first time. At the end of 2022, Oriental Yuhong had a debt investment of 1.65 billion yuan, which was formed in the fourth quarter of 2022 and then transferred out in the fourth quarter of 2023.
The king of the force field seriously doubts that this so-called creditor's rights investment is abnormal. Because if it is a normal debt investment, it should correspond to the income of debt investment, but there is no "interest income earned during the holding period" in Dongfang Yuhong's 2022 annual report and 2023 annual report. Unprofitable debt investment, can this be called "investment"?
Adding to the fact that 1.65 billion of other receivables from mysterious "customer 1" suddenly emerged in 2023, Mr. Force Field further suspected that the so-called "unyielding" debt investment in the 2022 annual report was essentially other receivables, that is, transactions to mysterious "customer 1".
If so, it also means that for Dongfang Yuhong, the debt age of 1.65 billion should start in 2022, and the provision for bad debts should not still be set aside at 5%.
To sum up, Mr. Force Field feels that this "former" debt investment and other receivables may be a "big hole" in Oriental Yuhong assets. In view of the large amount of money, which is close to the net profit for a whole year, listed companies should disclose or explain it in more detail.