Photovoltaic bad debts over the years and more worry about the performance of Hairun

Not only will Chao Sun be trapped in account receivables, but Hairun Solar will also face a severe test of bad debts accrued in recent years.

"Up to the end of 2012, photovoltaic companies may have a large amount of bad debts. The listed photovoltaic companies will make 30% of bad debts in the next year, but this cannot be seen in the financial statements of the first three quarters of 2012." A new The chief analyst of the energy industry expressed to reporters worriedly.

Taking Hairun PV as an example, its financial report shows that in the first half of 2012, Hairun Solar's accounts receivable amounted to 1.818 billion yuan, and in the third quarter of 2012 it further increased to 2.107 billion yuan, all of which were calculated according to the ageing method. Bad debt provision. As of mid-2012, accounts receivable within a year of the company accounted for approximately 100% of all accounts receivable. The proportion of accounts receivable from the company's total assets increased from 15.32% in the middle of 2012 to 17.51% at the end of the third quarter.

“The current situation of the entire industry is not very good, although some companies have a lot of sales revenue in 2012, but it is likely to become accounts receivable, and eventually evolved into bad debts.” Principal analyst of the new energy industry, Minsheng Securities The "Securities Market Weekly" reporter said that the bottom of the industry's "L" type is still not in the past.

Hairun Solar's accounts receivable payment situation is not optimistic.

According to iFinD data, Hairun Solar’s ​​receivables turnover days extended from 35.93 at the end of 2011 to 128.38 at the end of the third quarter of 2012. In the same period, its accounts receivable turnover rate decreased from 10.02 to 2.1, extending nearly 90 days. .

It is worth noting that in the first half of 2012, the company extended the accounts receivable due to the downturn in the photovoltaic industry, that is, delayed the accounts that could not be recovered in time.

“Extending the accounts receivable account period is also a means for enterprises to promote sales. It must be an annoyance for downstream companies, but it will certainly occupy enterprise funds,” said Jing Xiaoyong, a senior financial expert, to the “Securities Market Weekly” reporter, taking into account The situation of the photovoltaic industry, the company and the downstream companies are all on the same front, and the account receivables are not extended. The downstream cannot live. The end of the incident is the upstream (Hairun Photovoltaic).

Jing Xiaoyong added that extending the accounts receivable period can confirm the income and profits first, and allow the company to persist for a while, “over and over”, and the accounts receivable in different years must be accrued.

According to Hairun PV accounts receivable accruals, accounts receivable are not accrued within 1 year, accounts receivable are 10% for 1 to 2 years, and 30% for accounts receivable for 2 to 3 years, 3 50% of accounts receivable for 5 years and 100% for 5 years. Its accounts receivable provisioning policy, which is relatively aggressive in the industry, has become less secure.

After the accounting calculations have been carried out across the years, in the one year disclosed in the 2012 semi-annual report of China Resources Light, a significant part of the receivables of 1.818 billion yuan will be converted into accounts receivable within 1 to 2 years, and 10% will be required. , Will have a great negative impact on the company's net profit. In the first three quarters of 2012, Hairun Solar posted a net loss of 220 million yuan. As of the end of the third quarter of 2012, the company's working capital was -1.064 billion yuan.

As of January 21, some media reports said that the majority shareholder of Hairun PV has pledged 99% of its shares to carry out expansion, which may lead the way.