Hao Gambling Silicon Check increases 2 billion borrowing quota "scared" investor double good energy -saving disk once fell

21st Century Business Herald reporter Han Xun Shanghai report

Despite the non -stop order, the "new player" of the silicon screen is facing the pressure of cash flow.

On the evening of June 20, Shuangliang Energy -saving (600481.SH) issued an announcement, "In order to ensure the actual needs of the company's production and operation and business, it is now intended to increase the previously expected foreign loan quota to increase by 2 billion yuan. After the increase, the company (the company (the company ( Including subsidiaries) The amount of foreign borrowings will become 7 billion yuan. "

At the same time, Shuangliang Energy Conservation also announced that the company increased the total amount of the wholly -owned subsidiary Shuangliang Silicon Materials (Baotou) Co., Ltd. (hereinafter referred to as "Shuangliang Silicon Materials"), which will become 7 billion yuan.

Obviously, continuing to increase the borrowing potential will increase the asset -liability ratio of Shuangliang Energy, and continuing to increase the guarantee will inevitably have a certain capital risk.

Or affected by this news, on June 21, Shuangliang's energy -saving directly opened, and the daily limit fell on the market for a while, and eventually fell 8.06%to close 15.98 yuan.

The public information on the Shanghai Stock Exchange on June 21 showed that a special seat in an institution appeared on the list of Shuangliang and energy -saving.

Asset -liability ratio continues to rise

According to the data, Shuangliang Energy -saving (formerly known as Shuangliang Co., Ltd.) was listed on the Shenzhen Stock Exchange in April 2003. The controlling shareholder was Shuangliang Group Co., Ltd., and the actual controller was Miao Shuangda.

At the beginning of the listing, Shuangliang Energy -saving was mainly engaged in broma. Since then, the heat exchanger and air -cooler business have been carried out, and the company's energy -saving water -saving section has gradually formed. In 2015, Shuangliang Energy -saving was peeled off the chemical business, and the polysilicon returned the original furnace assets into it, and quickly grew into a domestic polysilicon also the original furnace leader.

Since the beginning of 2021, Shuangliang Energy Energy has further extended the photovoltaic industry chain, and has carried out photovoltaic large -sized single crystal silicon wafers business and component business respectively.

The 21st Century Economic Herald reporter learned that the silicon wafer business was mainly carried out by Shuangliang silicon materials, and the component business was mainly carried out by Shuangliang Xinneng Technology (Baotou) Co., Ltd.

However, as Shuangliang's energy -saving has cut into the photovoltaic industry, investment efforts have become increasing, resulting in the company's asset -liability ratio increased year by year.

Wind data shows that from 2003 to 2021, Shuangliang's energy-saving asset-liability ratio increased from 23%to 72.66%.

Especially after cutting into the photovoltaic industry, Shuangliang's energy -saving asset -liability ratio increased rapidly. Its asset -liability ratio in 2020 was 46.16%, but in 2021, it increased by 72.66%.

As of March 31, 2022, Shuangliang's energy -saving asset -liability ratio increased to 74.86%.

According to the announcement of Shuangliang Energy Conservation on the evening of June 20, "At present, the company is rapidly promoting the construction and production of the first and second phase of large -sized single crystal silicon wafers. The construction process is faster than the original plan. Unable to meet the company's future funding needs. According to relevant regulations, in order to ensure the actual needs of the company's production and operation and business, it is now intended to increase the amount of foreign loans expected to 2 billion yuan. After increasing It becomes 7 billion yuan. "The way to borrow is" bank loan, financial leasing, etc. ".

If the increase in the borrowing amount of 2 billion yuan will be withdrawn this time, the dual -energy energy -saving asset -liability ratio will inevitably increase the short -term loan and financial expenses.

According to Wind data, in the past three years, the short -term borrowings of Shuangliang Energy -saving were 370 million yuan, 381 million yuan, and 1.208 billion yuan, respectively, and financial costs were 80.96 million yuan, 1310,200 yuan, and 44.859 million yuan, respectively.

At the end of the first quarter of this year, the short -term borrowing of Shuangliang and energy saving increased to 1.422 billion yuan, and the financial costs were 19.4367 million yuan.

It can be seen that after the investment in the photovoltaic industry, Shuangliang's energy -saving asset -saving ratio, short -term borrowing, and financial expenses have significantly increased significantly.

In order to understand the further situation, on June 21, the 21st Century Economic Herald sent Shuangliang Energy -saving director Wang Lei to the interview outline. A staff member of a Shuangliang Energy -saving securities department said that the mail was reported to the leader first. But as of press time, the other party had not received the reply.

Short -term debt repayment pressure may be hidden

In addition to increasing foreign borrowing, Shuangliang Energy Saving also increased the guarantee amount of Shuangliang silicon materials, from 5 billion yuan to 7 billion yuan.

As of June 20, the guarantee balance provided by Shuangliang Energy Energy to Shuangliang Silicon Materials was about 3.94 billion yuan. Shuangliang Energy Saving frankly in the announcement that "there is a certain capital risk."

So, how much cash is there in Shuangliang's energy -saving account? As of the end of the first quarter of 2022, Shuangliang Energy-saving monetary funds were 1.787 billion yuan, short-term borrowing was 1.422 billion yuan, and the "net cash flow generated by business activities" during the reporting period was -318 million The selling products have not recovered the corresponding cash, which is very pressured on its cash flow.

The 21st Century Economic Herald reporter noticed that except for the continuous growth of asset -liability ratios, the mobile ratio and speed ratio of double -quality energy -saving are declining.

Wind data show that in the past three years, the mobile ratio of Shuangliang energy -saving is 1.85, 1.69, and 0.87, respectively, and the speed ratio is 1.69, 1.45, and 0.69, respectively.

As of the end of the first quarter of 2022, the ratio of Shuangliang energy -saving was 0.88, but the speed ratio dropped to 0.65.

As we all know, the mobile ratio and speed ratio are used to measure the ability of corporate mobile assets to become cash before the short -term debt expires to repay liabilities. Generally speaking, the higher the ratio, the stronger the realization of corporate assets, and the stronger the short -term debt repayment capacity; vice versa. "The company's asset -liability ratio exceeds 70%and 80%, and there will be operating crisis, which is not conducive to the company's sustainable development." A registered accountant in Jiangsu told the 21st Century Business Herald reporter that if the asset -liability ratio of an enterprise is too high, its finances The risk is relatively high, and the risk of insufficient cash flow will affect the company's capital chain security. Moreover, high asset -liability ratio will lead to further financing costs.

In his opinion, the ratio of the flow rate and speed of the Shuangliang energy saving is too low. "If the order funds in the later period can return quickly, the pressure on debt repayment will be much less."

However, a new industry analyst at a securities company has different views.

In his opinion, the silicon wafer industry is a capital -intensive industry, with great investment intensity, and requires strong financial strength. "As far as the early investment is concerned, in order to achieve large -scale production, silicon film companies need to invest a lot of funds to purchase machinery and equipment and other fixed assets. You can get more orders and market share through low -cost strategy. Not only can you return a large amount of cash flow, but also increase the company's profits. Shuangliang energy saving is this strategy. "

Or affected by the increase in the information of the foreign borrowing quota, on June 21, Shuangliang Energy-saving once fell in a daily limit, the deviation value reached -7.80%, the rate of renewal was 5.28%, and the amplitude was 7.94%. Essence

According to the public information of the Shanghai Stock Exchange on June 21, the top five seats for Shuangliang Energy Sales were Huatai Securities Wuxi Liangqing Road Sales Department, CITIC Securities Guangzhou Panyu Fuhua West Road Sales Department, Special Organization, CITIC Securities Shanghai Dongfang Road Sales Department and Huatai Securities Jiangyin Futai Road Sales Department, of which the sales of the institutional seat were 30.395 million yuan.

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