Whether kenevo can morph into a power battery giant

On the first day of April, it was thrust into the spotlight by an announcement from allergan, followed by several that plunged it into crisis and left its future in question.

"Thunder from the ground"

On the afternoon of April 1, jianrehuaneng announced that: the company has been overdue debt situation; The company is 19 years overdue. 9.8 billion yuan, mainly notes payable and bank loans, facing the claims of creditors, the company faces the risk of debt repayment, which has an impact on daily operations.

On the same day, jianruihuaneng announced that all shares held by its major shareholder Mr. Li yao were in the state of judicial freeze, and all shares held by its unanimous action person Mr. Li jinlin were in danger of being forced to liquidate, and the two held 14 shares of the company in total. 6 percent.

On April 2, jianruihuaneng announced that 13 accounts of the company's major shareholders li yao, watmar and jianruihuaneng have been frozen by the judicial system, with the frozen amount of 6,254 yuan. 220000 yuan; The bank account frozen this time contains the common account of the company's daily operation, which has a certain impact on the company's production, operation and management.

On this April fool's day in the west, Kennedy can give many investors a fool's joke, it is "ground thunder".

Prior to that, the company also reported in its results flash that it had revenue of 101 in 2017. 8.1 billion yuan, an increase of 16.6 percent over the same period last year. 55%; Operating profit was 7. 1.3 billion yuan, up 3.7 percent from the same period last year. 36%; The total profit is 7. 3.2 billion yuan, up 3.1 percent from the same period last year. 24%; The net profit attributable to the shareholders of the listed company is 5. 2.2 billion yuan, an increase of 2.2 billion yuan over the same period last year. 71%. Company management form pleased person, how turn round to put a "day thunder array"?

What kind of company is it?

With superb

Jianruihuaneng, formerly known as shaanxi jianrui fire fighting co., ltd. was listed on the gem in shenzhen in September 2010. The company's performance over the past few years has been mediocre (see chart 1 and 2).

But that changed after March 2016. What changed all that was an acquisition by an outsider. On February 29, 2016, jianrui fire protection issued an announcement, acquiring 100% equity of watmar for a total price of 5.2 billion yuan. At that time, watmar's operating income was 20. 6.1 billion yuan, net profit of 2. Cre's operating income was 5. 6 billion yuan. 81 billion yuan, net profit is only 0. 3.7 billion yuan, the two income scale gap is large.

At that time, jianrui fire was a listed company mainly engaged in the production and sales of gas fire extinguishing systems (devices) and fire alarm systems, as well as fire engineering construction business. Watma is one of the well-known domestic enterprises of lithium iron phosphate new energy automobile power battery, ranking the fifth in the top ten enterprises of lithium ion battery for power released by China chemical and physical power industry association in 2015. The two are not related.

Not to mention the new energy layman, snake swallow elephant, jianrui fire successfully completed the acquisition, magnificent turned into a well-known new energy power battery enterprise, and renamed jianruihuaneng.

"Newly-married" sweet

After the success of the acquisition, jianreweng fully enjoyed the "newly-married" sweet: the capital market was popular, the business scale expanded rapidly, and the business performance increased rapidly (see figure 4). On capital market, jian ruiwo can become a star enterprise that attracts people's attention, and is no longer an insignificant small role, its stock price is also in a short period of more than half a year from 5. 72 yuan to more than 13 yuan (ex - rights), really a fire. In 2016, the company's operating income increased by 557 percent compared with 2015. 03% in 2017, an increase of 166 points over 2016. 55%; In terms of operating profit, the net profit attributable to the owner of the parent company in 2016 increased by 1102 compared with 2015. 98 percent, up another 22 percent in 2017 from 2016. 71%.

The operating scale of subsidiary company watma is soaring under the support of jianrehuaneng. In 2016, the production capacity of watma power battery reached 12GWh, and the annual actual production was 5. 45GWh, sales reach 5. 06GWh, up 269 from a year earlier. 34%, which has become the third largest sales volume of lithium battery in China after byd and ningde times. In 2017, the company ranked fourth in the world in terms of battery shipments, behind ningde era, panasonic and byd.

Crisis in the golden age

Brilliant performance let the outside world think jian ruiwo can is ushering in the flourishing times of enterprise development, little imagine the seed of the crisis has been sown already, and grow rapidly in its radical expansion. According to the financial reports of CPV in recent quarters, after the merger, CPV's asset-liability ratio rose sharply, and its current liability ratio also rose rapidly with the expansion of the business (see figure 5). The rapid increase of current assets is driven by the rapid increase of inventory and receivables (the sum of accounts receivable, notes receivable and other receivables). The above factors have caused a rapid decline in the solvency of enterprises, and the quick ratio of enterprises has been reduced to less than 0. 8, and falling fast (see chart 6).

Obviously, one of the results of the rapid development of ceravo is the rapid deterioration of its financial quality. Its development foundation is not stable, and the slightest disturbance will inevitably lead to a crisis.

The crisis had come, in such a violent and abrupt way, but fortunately it had come early enough to be salvageable.

On April 9, cervonen announced that it planned to deduct the company's debt payable to relevant suppliers through inventory sales and fixed asset sales, involving a total amount of 18. 4.8 billion yuan. In order to increase the risk resistance ability of a single business, watma began to abandon the business line of a single power battery and accelerate the development of energy storage battery.

Perhaps, product diversification is a right way, but, with the help of this crisis, change the radical strategy, re-establish the company's development strategy, optimize the debt structure, improve the quality of assets, improve the quality of development is the real right way. Still, the crisis is an opportunity to transform itself into a powerhouse of power batteries.

The page contains the contents of the machine translation.