Dongguan Qinshang Optoelectronics Co., Ltd. (600184) Co., Ltd. (hereinafter referred to as “Qin Shang Shares (002638)â€), which is marching into the education industry across the border, is currently suffering from “a good startâ€.
In 2016, the business of Guangzhou Longwen Education Technology Co., Ltd. (hereinafter referred to as “Longwen Educationâ€) was not up to expectations, and the listed company reduced the value of its goodwill. As a result, the listed company’s performance was a huge loss of 396 million yuan. .
Qinshang was once known as the "first LED lighting" in the A-share market. Since its listing in 2011, the company has not experienced such a large performance loss, which undoubtedly makes the listed company transition to the "LED + education" dual main business. The outlook adds more uncertainty.
Back in 2016, the market is quite controversial for the acquisition of Longwen Education by Qinshang. The focus of the controversy focused on the book value of Longwen Education. Qinshang acquired 100% equity of Longwen Education through the issuance of shares and payment of cash. The latter's price is as high as 2 billion yuan.
According to the evaluation report issued by Yinxin Evaluation, on August 31, 2015, the book value of total assets of Guangzhou Longwen was 301 million yuan, and the book value of total liabilities was 376 million yuan, which was attributed to the owner of the parent company. The book value of equity is -0.66 billion yuan.
The main shareholders of Longwen Education, Yang Yong and Huaxia Life Insurance, have promised that the total after-tax net profit realized by Longwen Education in 2015-2018 is not less than 563.8 million yuan.
Qinshang shares said that according to the relevant data of the audit report issued by Lixin Certified Public Accountants, Longwen Education realized operating income of 199 million yuan from September to December 2015 and realized net profit of 18.403 million yuan.
According to the evaluation report issued by Yinxin, Longwen Education predicted operating income of 191 million yuan and net profit of 161.737 million yuan from September to December 2015. The operating income and net profit of the forecast period from September to December 2015 have been realized.
Why is Longwen Education's operation less than expected after the completion of the acquisition? Diligent shares of the company's current sudden performance losses, will follow-up will crack down on the company's continued confidence in the transformation of the education industry?
Some analysts said that although Qinshang shares stressed that the company has formed a "semiconductor lighting industry and education industry dual main business layout", but it can be clearly seen that the company's current development focus is gradually leaning toward the education industry, such as the company's current The team of Dong Gaojian is mostly biased towards the background of the education industry.
How does Qinshang's shares balance the development of the dual main business? The acquisition of Longwen Education's performance has not reached expectations, and for Qinqin's shares, it is a one-stop move. The outside world is also worried that the company's duration bond "12 diligent on 01" (December 27, 2012 to December 27, 2019, the current balance of 400 million yuan) is facing the risk of redemption.
Recently, the joint rating of the bond rating agency announced that it is paying attention to the fact that Qinshang Company has made a depreciation of the goodwill of Longwen Education.
“In response to the above-mentioned major events, the joint rating has been contacted with Qinshang Shares, and will further maintain communication with Qinshang Shares, and continue to pay attention to the progress of the above matters in order to evaluate the final result on the credit rating of the main body of the company and its credit rating. The impact is generated." The joint rating indicates.
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