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Excluding subsidies will lose money
Sanan Optoelectronics announced yesterday that the company signed a cooperation agreement with the US EMCORE Corporation and the Huainan Municipal Government, stipulating that the Huainan Municipal Government will grant the joint venture company Rixin Photovoltaic Technology Co., Ltd. (Sanan Optoelectronics Co., Ltd. 60%) 500 million yuan to subsidize the purchase of production equipment. The joint venture company received a subsidy of 250 million yuan on October 31. “This part of the production equipment subsidy is recognized as deferred income and is evenly distributed to profit or loss over the useful life of the relevant asset.â€
In recent years, government subsidies have been the main support for Sanan Optoelectronics to maintain good performance. In 2010, the company received subsidies from local governments up to 750 million yuan, of which the government subsidized 525 million yuan in MOCVD equipment procurement subsidies, but in 2010 the company's net profit was only 419 million yuan. In other words, last year, with the support of subsidies, the company escaped hundreds of millions of losses.
From January to September this year, the company achieved a total operating income of 1.169 billion yuan, an increase of 91.92%; net profit of 585 million yuan, an increase of 68.67%. The government subsidy included in the current profit and loss is 597.9 million yuan, which does not include the “government subsidies that are fixed or quantitatively enjoyed according to the national unified standardsâ€. If this part of the subsidy income is excluded, the company's third quarterly report will have a loss of tens of millions of yuan.
Four years of refinancing
In addition to the government's generous subsidies, Sanan Optoelectronics implemented a private placement in three consecutive years after listing in 2008. This year is also the exception. Sanan Optoelectronics announced on April 13th that it plans to raise 8 billion yuan of funds through the public issuance of the second phase of the Wuhu LED Base. In fact, the company just completed the refinancing of 3 billion yuan in October last year, only half a year later than the previous financing.
“In order to control the frequent financing of listed companies, the CSRC has raised the financing threshold by means of mandatory dividends. After the release of the new regulations, Sanan Optoelectronics launched the high-transfer program for two consecutive years.†A long-term follow-up of the company’s private placement The person told the Public Securities News.
According to the "Decision on Amending Certain Provisions on Cash Dividends of Listed Companies" issued by the CSRC in 2008, listed companies "the accumulated profits in cash in the last three years are not less than 30% of the annual average distributable profits realized in the last three years." Refinancing cannot be done without standards. According to the data, from 1999 to 2008, Sanan Optoelectronics did not carry out any dividend-sharing. Until 2009, the company launched a high-transfer solution of 10 to 10; in 2010, it launched a high-transfer solution of 10 to 12 and 2 yuan.
At present, Sanan Optoelectronics has completed large-scale refinancing for three consecutive years. Is the refinancing plan proposed by the company for the fourth time appropriate? According to the data, the company's fundraising project in 2009 just entered the climbing period, and the fundraising project in 2010 did not realize any income. According to the disclosure of the China Daily, the company's current fund-raising balance of 41.6 million yuan is stored in a dedicated account for raised funds, and the Anhui fund-raising project has not yet been completed. 
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Sanan Optoelectronics (600703) is a well-known financing company in the capital market. It started refinancing four times in four years. In addition to frequent financing from the capital market, the company also receives a lot of subsidy income from the government every year. On November 2, the company once again received a government subsidy of 250 million yuan. It is worth noting that in the first three quarters of this year, the company's net profit performance is exactly the same as the government subsidy, which means that the company's reported performance list will lose its glamorous “shellâ€.
September 03, 2019