In the morning of April 13, Fei Le Audio (600651) fell after the stock price resumed. It is worth noting that Fei Le Audio, as the first joint-stock listed company in New China, actually broke the performance of Oolong.
On the evening of April 12, Feile Audio announced that the net profit of the company's shareholders attributable to listed companies in 2017 is estimated to be 50 million yuan to 56 million yuan, which is expected to decrease by 295 million yuan to 301 million yuan, a year-on-year decrease of more than 80%. .
For the performance of the Oolong incident, Feile Audio said that after the company's self-examination, it was found that the 2017 semi-annual report and the third quarterly report had accounting errors in revenue recognition, and it was initially expected that the errors would result in a decrease of 17.4 in January-September 2017. 100 million yuan, resulting in a decrease of 750 million yuan in operating income from January to June 2017.
Feile Audio will correct the contents of the 2017 semi-annual report and the 2017 third quarterly report and submit it to the board of directors for review. The specific error correction will be released at the same time as the 2017 annual report is announced.
For the reason for the 2017 performance pre-reduction, Feile Audio said that the PPP project related policies of Shenan Group changed in 2017, and some of the company's PPP project process slowed down or terminated. For example, the “Smart Taijiang†project was cleared after being put into storage. In the library, the “Smart along the River†project has been returned to the PPP project library several times. Therefore, Shenan Group withdrew from the construction of the above-mentioned projects and reduced the previously recognized related income, which reduced the operating income and profit scale of Shenan Group, which was lower than that of the same period of last year.
In addition, due to the impact of traditional lighting to LED transformation, the sales revenue of Shanghai Yaming traditional lighting business has dropped significantly.
In addition, according to the company's policy of impairment provision, the company's receivables impairment provision and inventory depreciation reserve accrued 231 million yuan, an increase of 220 million yuan over the previous year.
For the emergence of Oolong performance, Feile Audio said that there are mainly the following reasons:
1. The tightening of PPP industry policy led to the “Smart Taijiang†project undertaken by the company after being put into storage, and the “Smart Riverside†project was applied for multiple times into the PPP project library, so the company withdrew from the construction of the above project. The previously recognized revenue and profits will be offset against the corrected 2017 related periodic report;
2. Some of the projects with confirmed revenues in the previous period have not fulfilled the bidding procedures in time: Wuhaiqiao project started before the bidding process was completed, and the bidding process was completed in January 2018; Guizhou Xinpu Project, Daqing The Ditch Project, the Shouyang New District Project, the Anshan Project and the Linyi Project have been implemented but have not fulfilled the bidding procedures; the confirmed revenue and profits of the above projects will be reversed in the corrected 2017 related periodic report;
3. Some projects have deviations from the estimation of the completion schedule: including “Smart Townshipâ€, “Smart Lipingâ€, “Wisdom Gong Gongâ€, Yanhe Lighting Project, Kaili Lighting Project, Weinan Project, Yijin In the Holo Banner project, the company will reduce the completion progress and offset the corresponding income and profits in the corrected 2017 related periodic report.
Feile Audio emphasized that the above-mentioned 2017 semi-annual report and 2017 third-quarter report corrections do not involve retrospective adjustments of the company in previous years. The company's current expected results are reviewed by the annual auditing accountant. The specific and accurate financial data is subject to the officially disclosed 2017 annual report.
Written at the end
Founded on November 18, 1984, Shanghai Feile Audio Co., Ltd. is the first joint-stock listed company in New China. Now it involves many aspects such as green lighting, IC cards, and electronic components.
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