[Text / "High-tech LED - Lighting Market" September issue Zhou Jianhua]
It is another year in the middle of the year. Especially in the 7th and 8th months, many lighting enterprise owners will be “inertia†on business trips. The name is “inspecting the marketâ€, which is essentially for “accepting the middle of the yearâ€.
A series of keywords such as overheated investment, poor access, unstable engineering, increased inventory, accounts receivable, and accounts payable are enough to describe the situation of domestic LED companies in the first half of this year. “Even if listed companies rely on the LED concept to raise funds, it is not easy, and SMEs are more likely to be trapped by 'triangular debts.†Sun Wei, director of solar lighting market planning, told the reporter of Gaogong LED.
On August 6th, Zhejiang Ningbo Andy Optoelectronics Technology Co., Ltd., which reported that its assets exceeded 100 million yuan, filed for bankruptcy. Prior to this, several LED companies with old qualifications such as Duo Duoli, Bolunte and Vision Optoelectronics had closed down. The reason is that the industry "triangular debt" induced a break in the capital chain and looked down upon it.
The ripple effect of large enterprises
According to statistics from the High-tech LED Industry Research Institute (GLII), in the first half of this year, among all LED listed companies that have published semi-annual reports, there are 15 pre-increased performances, accounting for 25.42%, with flat performance, pre-decrease and loss. There are 1, 13 and 3 respectively, each accounting for 1.69%, 22.03% and 5.08%.
The reporter noted that even in the first half of the year, the listed companies with revenue growth increased their receivables more or less, and the proportion is even higher than 90% of the operating income. Among them, Guoxing Optoelectronics (002449.SZ) revenue for the first half of the year was 445 million yuan, while accounts receivable reached 225 million yuan, accounting for 52.3%; Alto Electronics (002587.SZ) revenue for the first half of the year was 147 million yuan The accounts receivable was RMB 67 million, accounting for 45.5%.
At the same time, the quarterly increase in accounts receivable has undoubtedly increased the risk of bad debts. Liarde Optoelectronics (300296.SZ) semi-annual report showed that the company's bad debt losses increased from 1.33 million yuan in the same period last year to 3,933,100 yuan in the first half of this year, an increase of nearly 2 times; and the bad debt reserve increased from 793.71 million yuan in the same period last year. To the first half of this year, the amount of 11.5241 million yuan, an increase of 45.19%. At the same time, due to the squeeze of accounts receivable, the company's net cash flow from operating activities in the first half of the year decreased from RMB 548,200 in the same period last year to RMB -124 million.
In this regard, the Liard Optoelectronics Financial Report explained that the surge in accounts receivable was mainly affected by the national financial tightening policy, the delay in customer payment, and the fact that the company's completion and acceptance projects in the first half of the year were concentrated, and the acceptance fees were not collected in time.
"At present, LED terminal sales mainly rely on engineering orders, but the return period is relatively long. If the EMC model project is adopted, it will take at least two to three years to withdraw funds." Zhu Yan, deputy general manager of Tsinghua Tongfang Lighting Division, said that LED The rigid price cuts will occur every month, and the company's capital chain will be tested at all times, and it will also easily breed the industry's triangular debt phenomenon.
Zhen Mingli is a typical case. According to the company's internal staff, the mainland market sales have fallen due to the problem of account entry. The company has orders for government projects with a scale of over 100 million yuan, but was forced to postpone due to the government change and capital turnover.
"Big enterprises often play a leading role in the market. If the funds of large enterprises are tight, the small and medium-sized enterprises that are parasitic around it will not have the source of living water, and they will start to owe each other. Under the effect of the shackles, the situation of the triangular debt will worsen. An industry insider clarified the mystery.
And triangular debt is also common between the upstream and downstream of the industrial chain. The upstream is often a large enterprise, they are relatively strong, occupying the downstream funds, can drag and drop, so the accounts payable and accounts receivable have increased significantly.
Vicious circle of "triangular debt" in the production area
In the ancient town of Zhongshan, where small and medium-sized LED enterprises are concentrated, the “triangular debt†problem is different from the above-mentioned large-scale transaction-dependent relationship of capital, and it is more manifested in the accumulated sales inertia that has formed in the industrial cluster for many years.
“Last year, it is estimated that there are no fewer than 1,000 L ED companies in the old town, and 95% of them are small or even micro (three no) enterprises. The price war and the owing to you are very serious.†Zhou Jiaxiang, general manager of Laiya Lighting Concerned about the current situation of the LED industry capital chain.
According to an interview with the reporter of "High-tech LED", the so-called "triangular debt" in the production area refers to the common name of the company in the industrial base, which exceeds the collection commitment period or the agreed payment period and pays the unpaid payment. The chain debt relationship formed by the arrears of payment.
Taking the ancient town as an example, its unique cheque monthly knot and the function of “consignment advancement†for logistics and transportation companies also provide a suitable hotbed for the breeding of “triangular debtâ€. Usually, the performance is as follows: the merchant owes the debt of the finished product, the finished enterprise owes the debt of the accessory enterprise, and the accessory enterprise owes the debt of the upstream raw material enterprise. Or there is a debt relationship similar to this: input-output-backlog-arrears-re-investment-re-output-re-collection--arrears.
"In this way, enterprises and enterprises will fall into a vicious circle of 'big production big losses, small production small compensation, no production and no compensation'." The person in charge of the Zhongshan Ancient Town Financial Office said.
It is another year in the middle of the year. Especially in the 7th and 8th months, many lighting enterprise owners will be “inertia†on business trips. The name is “inspecting the marketâ€, which is essentially for “accepting the middle of the yearâ€.
A series of keywords such as overheated investment, poor access, unstable engineering, increased inventory, accounts receivable, and accounts payable are enough to describe the situation of domestic LED companies in the first half of this year. “Even if listed companies rely on the LED concept to raise funds, it is not easy, and SMEs are more likely to be trapped by 'triangular debts.†Sun Wei, director of solar lighting market planning, told the reporter of Gaogong LED.
On August 6th, Zhejiang Ningbo Andy Optoelectronics Technology Co., Ltd., which reported that its assets exceeded 100 million yuan, filed for bankruptcy. Prior to this, several LED companies with old qualifications such as Duo Duoli, Bolunte and Vision Optoelectronics had closed down. The reason is that the industry "triangular debt" induced a break in the capital chain and looked down upon it.
The ripple effect of large enterprises
According to statistics from the High-tech LED Industry Research Institute (GLII), in the first half of this year, among all LED listed companies that have published semi-annual reports, there are 15 pre-increased performances, accounting for 25.42%, with flat performance, pre-decrease and loss. There are 1, 13 and 3 respectively, each accounting for 1.69%, 22.03% and 5.08%.
The reporter noted that even in the first half of the year, the listed companies with revenue growth increased their receivables more or less, and the proportion is even higher than 90% of the operating income. Among them, Guoxing Optoelectronics (002449.SZ) revenue for the first half of the year was 445 million yuan, while accounts receivable reached 225 million yuan, accounting for 52.3%; Alto Electronics (002587.SZ) revenue for the first half of the year was 147 million yuan The accounts receivable was RMB 67 million, accounting for 45.5%.
At the same time, the quarterly increase in accounts receivable has undoubtedly increased the risk of bad debts. Liarde Optoelectronics (300296.SZ) semi-annual report showed that the company's bad debt losses increased from 1.33 million yuan in the same period last year to 3,933,100 yuan in the first half of this year, an increase of nearly 2 times; and the bad debt reserve increased from 793.71 million yuan in the same period last year. To the first half of this year, the amount of 11.5241 million yuan, an increase of 45.19%. At the same time, due to the squeeze of accounts receivable, the company's net cash flow from operating activities in the first half of the year decreased from RMB 548,200 in the same period last year to RMB -124 million.
In this regard, the Liard Optoelectronics Financial Report explained that the surge in accounts receivable was mainly affected by the national financial tightening policy, the delay in customer payment, and the fact that the company's completion and acceptance projects in the first half of the year were concentrated, and the acceptance fees were not collected in time.
"At present, LED terminal sales mainly rely on engineering orders, but the return period is relatively long. If the EMC model project is adopted, it will take at least two to three years to withdraw funds." Zhu Yan, deputy general manager of Tsinghua Tongfang Lighting Division, said that LED The rigid price cuts will occur every month, and the company's capital chain will be tested at all times, and it will also easily breed the industry's triangular debt phenomenon.
Zhen Mingli is a typical case. According to the company's internal staff, the mainland market sales have fallen due to the problem of account entry. The company has orders for government projects with a scale of over 100 million yuan, but was forced to postpone due to the government change and capital turnover.
"Big enterprises often play a leading role in the market. If the funds of large enterprises are tight, the small and medium-sized enterprises that are parasitic around it will not have the source of living water, and they will start to owe each other. Under the effect of the shackles, the situation of the triangular debt will worsen. An industry insider clarified the mystery.
And triangular debt is also common between the upstream and downstream of the industrial chain. The upstream is often a large enterprise, they are relatively strong, occupying the downstream funds, can drag and drop, so the accounts payable and accounts receivable have increased significantly.
Vicious circle of "triangular debt" in the production area
In the ancient town of Zhongshan, where small and medium-sized LED enterprises are concentrated, the “triangular debt†problem is different from the above-mentioned large-scale transaction-dependent relationship of capital, and it is more manifested in the accumulated sales inertia that has formed in the industrial cluster for many years.
“Last year, it is estimated that there are no fewer than 1,000 L ED companies in the old town, and 95% of them are small or even micro (three no) enterprises. The price war and the owing to you are very serious.†Zhou Jiaxiang, general manager of Laiya Lighting Concerned about the current situation of the LED industry capital chain.
According to an interview with the reporter of "High-tech LED", the so-called "triangular debt" in the production area refers to the common name of the company in the industrial base, which exceeds the collection commitment period or the agreed payment period and pays the unpaid payment. The chain debt relationship formed by the arrears of payment.
Taking the ancient town as an example, its unique cheque monthly knot and the function of “consignment advancement†for logistics and transportation companies also provide a suitable hotbed for the breeding of “triangular debtâ€. Usually, the performance is as follows: the merchant owes the debt of the finished product, the finished enterprise owes the debt of the accessory enterprise, and the accessory enterprise owes the debt of the upstream raw material enterprise. Or there is a debt relationship similar to this: input-output-backlog-arrears-re-investment-re-output-re-collection--arrears.
"In this way, enterprises and enterprises will fall into a vicious circle of 'big production big losses, small production small compensation, no production and no compensation'." The person in charge of the Zhongshan Ancient Town Financial Office said.
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