There is a famous saying in the Internet industry, "Standing on the tuyere, pigs can fly." Recently, it happened that a pig-raising enterprise took the initiative to choose to move closer to the wind.
On June 17, Zhengbang Technology announced that it had signed a strategic cooperation agreement with the State Power Investment Corporation on the "carbon neutral" comprehensive smart energy project, and planned to lay out photovoltaic, wind power, comprehensive smart energy and other industries, with a total investment of 40 billion yuan and a construction period of 3 years.
"Jiangxi Pig King has actually begun to deploy new energy sources across borders, and the partners are still central enterprises. It seems that the company's share price has been saved, "said one investor.
Or affected by the above good news, the company's share price rebounded sharply on the first trading day after the announcement. On June 20th, the company's share price went up by a daily limit. As of the close of the day, the company's share price was reported at 6.95 yuan/share.
However, the capital carnival is "fleeting". On June 2 1 day, Zhengbang Technology fell rapidly and finally closed down by 4.6%. Behind the voting with their feet in the secondary market, Zhengbang invested 40 billion yuan in new energy projects, which made the outside world suspicious.
For Zhengbang, which is currently in a liquidity crisis, 40 billion is not a small sum. Regulators and the secondary market have similar doubts. Where should the money for cross-border new energy come from?
Further investigation, due to the "falling" of the stock price, the major shareholder of Zhengbang Technology has now pledged shares on the edge of the liquidation line, and another voice believes that the transformation is an expedient move of Zhengbang Technology.
Whether the 40 billion new energy projects are "true stories" or "fake gimmicks" will take time to verify.
Where does the 40 billion expansion fund come from?
The Shenzhen Stock Exchange was the first to question it.
The doubts of regulators and investors are not groundless. Not long ago, Zhengbang Technology was overdue due to a shortage of funds.
On June 8, Jiangxi Zhengbang Technology Co., Ltd. issued the Announcement on Late Payment of Some Commercial Acceptance Bills, pointing out that due to the pig cycle, Zhengbang Technology and its subsidiary Jiangxi Zhengbang Breeding Co., Ltd. recently experienced late payment of some commercial tickets due to tight liquidity. As of the disclosure date of the announcement, the overdue balance totaled 542 million yuan.
For a large pig enterprise with a market value of nearly 80 billion yuan, it should not be a problem to pay the bill of 500 million yuan, but the company has used a lot of leverage tools in the "crazy" expansion in the past few years, which not only makes the company's debt ratio remain high, but also brings a lot of financial expenses to the company.
With high leverage and high interest rate, Zhengbang Technology's cash flow is "stretched".
According to the data of the company's financial report, by the end of 2002133 million yuan, the balance of monetary funds held by the company was 50.65% year-on-year, including 3.298 billion yuan of restricted funds, 23.248 billion yuan of interest-bearing liabilities and 6.5438+0.88 billion yuan of debts due within one year. At the end of the period, the company's asset-liability ratio has reached 92.60%.
In the upward cycle of pig price, the company can make up for the high leverage problem by selling the profits of pigs. But in 20021year, the company's high debt risk was gradually exposed.
According to Zhuo Chuang information statistics, as of 202 1, 12, 3 1, the average daily price of live pigs in China was 16.3 yuan/kg, down19.1/yuan/compared with the beginning of the year.
The most intuitive response to this question is the company's performance. According to the company's financial report data, Zhengbang Technology suffered losses in the 20021annual report and the first quarterly report in 2022, achieving net profits of-188/KLOC-0.9 billion yuan and-2.433 billion yuan respectively, down 427.62% and 1249 year-on-year.
Today's companies are not only worried about profitability, but also face a debt crisis. The company, its subsidiaries, financial institutions, and upstream and downstream customer partners signed more than10 billion guarantees, all of which are hidden liabilities.
In order to alleviate the shortage of capital chain, the company has also offered various means such as increasing income and transferring assets, but none of them can fundamentally change the company's hematopoietic difficulties.
The company's share price has also been falling with the deterioration of the company's fundamentals. Since August 7, 2020, the company's share price has dropped as high as 7 1.24%, and its market value has also dropped from the original 80 billion yuan to the current 20 billion yuan.
After the company's share price plummeted, the risk of equity pledge followed. In this context, the company's daily limit after a sudden positive is very intriguing.
Helpless "market value management"?
For the shareholders of Zhengbang Technology, the surge in the company's share price is undoubtedly gratifying, but for Lin Yinsun, the actual controller of the company, the bottoming out of the company's share price is more like grabbing a lifeline.
Wind data shows that Zhengbang Group Co., Ltd., the largest shareholder of the company, pledged 668 million shares, accounting for 92.4% of its total shares.
It is worth noting that some of the equity pledge projects were implemented when the company's share price was at a high level. After the company's share price has experienced negative growth for more than a year, there may be liquidation risks in this part of the pledged project.
According to the survey data of the enterprise, the company has as many as 1 19 pledge details, all of which occurred in the past year. The number of pledge projects with Zhengbang Group Co., Ltd. is as high as 33, among which the number of pledge projects reaching the warning line is 7, and the number of pledge projects reaching the liquidation line is 1.
According to public information, the largest shareholder behind Zhengbang Group is Lin Yinsun, with a shareholding ratio as high as 60.75%.
However, after consulting other pledge projects that have not reached the warning line, it is found that the situation of these projects is not optimistic, and the company's recent stock price low is only one step away from the warning line.
Take the company's equity pledge in February 20021year as an example. The pledgee is Zhengbang Group Co., Ltd. and the pledgee is China Xinda Asset Management Co., Ltd. The number of pledged shares is as high as 74 million shares, accounting for 9.49% of the shares held by Zhengbang Group Co., Ltd., and the liquidation price is 5. 14 yuan/share, which is 5.266 from the recent low point of the company's share price.
This also means that once the company's share price accelerates to fall, a large number of pledged projects will face the risk of liquidation, which will form negative feedback on the company's share price. In the worst case, if all the pledged shares are forcibly sold, the possibility that the actual controller of the company changes hands will not be ruled out.
However, all this ushered in the dawn after the company announced its entry into new energy sources. The sharp rebound in the stock price helped the company get rid of the problem of being forced to close its position by pledge for the time being. However, the suspicion of the company's "market value management" has already appeared.
Success or failure "pig cycle"
In the first quarter of this year, when Zhengbang Technology suffered another big loss, some investors compared Zhengbang Technology to the young eagle farming and animal husbandry at that time, and suggested that the company enter debt restructuring early.
20 19,10 in June, the former "first pig-raising stock" young eagle farmers and herdsmen starved to death millions of pigs because of the broken capital chain, and finally had no choice but to withdraw from the market, resulting in the young eagle farmers and herdsmen missing the super pig cycle in the next two years.
But if the time is set back to 2020, the treatment of Zhengbang Technology will be completely different. In that year, the company relied on the skyrocketing pig price to make a profit of 5.744 billion yuan, up 248.75% year-on-year, and realized an operating income of about 4,965,438+66 million yuan, up 100.53% year-on-year.
The company's share price is also rising, with the highest increase of 63.49% during 2020. Therefore, Lin Yinsun, the actual controller of Zhengbang Group and founder of Zhengbang Technology, has also become the richest man in Jiangxi on the Hurun Report.
It is hard to imagine that in two years, the former "Jiangxi Pig King" has become a "loser" in the eyes of investors. The reason why the company's fundamentals have deteriorated so quickly lies in the above factors of the company's massive loan expansion; On the other hand, part of the reason is that the pace of the company's transformation of the "self-supporting" model is too fast, and the transformation time node is wrong.
In recent years, with the alternation of pig cycle, large-scale breeding has gradually replaced the "company+farmer" breeding model, which has become the future trend of pig breeding, and breeding companies have won a good position in the competition. As one of the industry leaders, Zhengbang Technology naturally does not want to lag behind others in this round of expansion.
Since the second half of 20021,Zhengbang Technology has gradually changed from the original "company+farmer" farming model to the "self-breeding and self-support" model. In the second half of 20021,the prosperity of this pig cycle officially declined, and the pork price at that time once fell to the integer mark of 1 1 yuan/Jin.
It should be noted that, compared with the previous "company+farmer" farming model, the "self-breeding and self-feeding" model has more advantages in production cost and production efficiency, but the fattening land and pig house required by this model need to be built by itself, and the investment expenditure on fixed assets is very huge.
In the second half of 20021,that is, the trough of the pig cycle, the company's profitability is in a declining stage, and it is obviously difficult to continue blood transfusion for such a huge project.
Zhengbang certainly understands the benefits, and it once thought about quitting, which can be seen from the number of sows eliminated by the company in 20021year.
The data show that about 2.2 million sows were eliminated in 20021year, and 350,000 sows and 50,000 sows were eliminated in the first and second quarters respectively, which means that the company eliminated about 6.5438+0.8 million sows in the second half of 20021year, and the withdrawal trend is beginning to appear.
However, once the pig farm starts, there is no turning back. By the end of the third quarter of 20021,the projects under construction of Zhengbang Technology were at a historical high of 4 1.2 1 100 million yuan, mainly pig farms under construction in various places.
This article comes from Global Tiger Finance app.