14 listed companies have high receivables, LED industry needs to be alert to triangular debt

On August 27th, LED industry company Wanrun Technology (002654, SZ) released a semi-annual report. The company achieved operating income of 202 million yuan, a slight increase of 2.82%. However, the company's accounts receivable reached 123 million yuan, more than half of the revenue, an increase of 14.99% over the 107 million yuan at the beginning of the year.

The "Daily Economic News" reporter conducted statistics on 14 key listed companies in the LED industry that have published semi-annual reports, and found that the accounts receivable of these 14 companies increased in the first half of the year, with the highest increase of 40%.

Among the 14 companies, the highest increase in accounts receivable was Ruifeng Optoelectronics (300241, SZ). This company with revenue of 294 million yuan in the first half of the year had accounts receivable of 163 million yuan, an increase of 40.20 from the beginning of the year. %.

The increase in accounts receivable of Chau Ming Technology (300232, SZ) was also large. The data at the beginning of the year was 107 million yuan, and the data released in the semi-annual report increased to 146 million yuan, an increase of 35.67%.

The smallest increase was Lianjian Optoelectronics (300269, SZ). The data at the end of the first half of the year was 245 million yuan, an increase of only 0.95%. However, from the comparison of operating income, the company's operating income in the first half of the year was 254 million yuan, which is almost equal to the accounts receivable. The company's key risk tips specifically mentioned financial risks, saying that the company's accounts receivables continued to grow in size. During the reporting period, accounts receivable accounted for a large proportion. Excessive accounts receivable increase the occupation of working capital, which is not conducive to the improvement of operational efficiency, and may also cause losses to the company due to bad debts.

"Daily Economic News" reporters found that the total amount of accounts receivable of these 14 companies reached 5.12 billion yuan, while the opening balance was 4.294 billion yuan, an increase of 19.24% in six months.

On the one hand, the money owed to others by others is increasing, and on the other side, the money owed to others is also increasing. Among the 14 key LED companies, 10 companies have increased their accounts payable, and the growth rate of individual companies is even several times.

The largest growth rate was Huacan Optoelectronics (300323, SZ). The company's accounts payable at the beginning of the year was RMB 0.58 billion, which surged to RMB 203 million in the first half of the year, an increase of 251.01%. According to the company, the increase in accounts payable was mainly due to the increase in equipment payments due to the unpaid period.

Overall, the 14 accounts payable at the beginning of the year totaled 2.897 billion yuan. By the end of the first half of this year, this figure increased to 3.343 billion yuan, an increase of 15.40%.

Analysts pointed out that although in general, after the scale of the enterprise becomes larger, the corresponding receivables and payables will increase accordingly, but if both data show a large increase, or the receivables account for a large proportion of the operating income You should be especially wary of the triangular debt problem in the industry.

(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)

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