Sanan Optoelectronics operating income up sharply increased, as well as accounts receivable increasing rapidly bring the risk of bad debts. Industry analysts said that, taking into account the downstream LED packaging factory is more fragmented and competitive, the company exists the risk of bad debts.
Recently, three optical announced its 2012 third quarter report shows: the 2012 third quarter, the company achieved operating income of 2.35 billion yuan, a year-on-year increase of 101%; net profit of 667 million yuan, a year-on-year growth of 14%.
However, the company's notes receivable and accounts receivable and increased $ 14.9 billion in the end of the period from the beginning of the period of $ 4.5 billion, an increase of nearly 1.04 billion yuan during the reporting period, with an overall increase of over 200%. During the same period, of Sanan Optoelectronics notes receivable at the end than the beginning of nearly 591.39 percent increase in receivables period increased by nearly 100.92 percent. The company explained that a substantial increase in notes receivable Days sales outstanding to take bills of exchange, and a substantial increase in accounts receivable was mainly caused by sales volume.
Although the first three quarters of the three safety photoelectric 23.5 billion in sales, but according to the company's cash flow statement disclosure, sales of goods and services received Sanan Optoelectronics received only 1.18 billion yuan in cash. This means that the company's 2012 third quarter, nearly half of the goods sold, failed to recover the money, but turned into notes and receivables to stay in the company's financial statements.
Three quarterly show, the net cash flow generated from operating activities in the first three quarters of -2.3 billion in the same period last year to 636 million yuan. The company's first three quarters of the company's accounts receivable and notes receivable total increase over the beginning of the year of 1.027 billion, 6.7 billion notes receivable. New energy industry of the State Securities analyst Zhang Shuai in straight Chan recently released report, "taking into account the downstream LED packaging factory more dispersed and fierce competition, the company there is a certain risk of bad debts."
2012 mid-year report shows that Sanan Optoelectronics five largest accounts receivable total amount of 109 million yuan, accounting for 16.35% of the total receivables of the same period in the company, the company's accounts receivable sources more dispersed.
For LED application of the company's downstream industry chain enterprises, are generally faced with overcapacity, fierce competition, the deterioration of the economic environment and increased risk of disadvantage. Since the beginning of 2012, we constantly heard news of the closing of more than a few billion LED downstream applications enterprise.