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The transformation pain can't bear it. Smart energy can't bear to announce seven goodwill impairments at one go

the transformation pain can't bear to announce seven goodwill impairments at one go

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original title: the transformation pain can't bear it. Smart energy can't bear to announce seven goodwill impairments at one go

recently, smart energy announced that Anhui Cable Co., Ltd., Shengda Electric Co., Ltd., which the company acquired from 2012 to 2017 The provision for impairment of goodwill formed by seven events, including Shuimu Yuanhua Electric Co., Ltd., Shanghai Aineng Power Engineering Co., Ltd., far east foster new energy Co., Ltd., Baoding yiyuanda Power Equipment Manufacturing Co., Ltd. and Beijing jinghang'an Airport Engineering Co., Ltd., is 135million yuan

goodwill impairment is not a great event, but it is also the company's trouble to carry out goodwill impairment on several companies that span five years at a time. The vest of "smart energy" is much brighter than that of "Far East cable", but in order to maintain this vest, it has become more and more difficult for listed companies. The continuous declining performance finally puts everything back to the prototype

transformation without change

when the company changed its name from far east cable to smart energy in 2014, the reasons for the company's transformation were very good. As a cable manufacturing enterprise, the company was already the leader in the industry, and the ceiling of the industry had sealed the company's development path. At that time, the upgrading of smart electricity and the new energy industry began to flourish. No matter how advanced the technology was, the cable was close to them, Anyway, we are also a trench, not "cross-border", but "transformation and upgrading"

after a wave of operations, smart energy was born. From the past cable manufacturer to the whole series of product solutions of smart energy, smart energy on the one hand provides special cables for new energy vehicles and charging equipment, and gets on the car of new energy. On the other hand, it starts a wave of mergers and acquisitions. In 2014, the company intervened in the power generation and distribution terminals by holding Shanghai Aineng power and Beijing shuimuyuanhua, In 2015, it entered the field of lithium battery production through the acquisition of Far East foster. In 2017, it entered the smart airport market and laid out the field of power system integration through the acquisition of the equity of Jing Hang'an held by far east holding group. Normalization of mergers and acquisitions has become an important development strategy for smart energy. After all, there are only cables at home, and other technologies have to be bought from outside

from the perspective of achievements, the revenue of smart energy has increased continuously in the past three years, especially in 2017, the revenue growth was obvious. The cable business had a 38% historical highest growth rate in 2017, the lithium battery business also had a nearly 40% revenue growth rate, and the smart airport also achieved a 20% growth rate. The transformation of the company can be said to have achieved initial results. However, due to various reasons, such as increasing income without increasing profits, rising prices of raw materials and increased investment, the attributable net profit of smart energy is getting lower and lower, a full reduction of 81% over the same period last year

not only that, look at the business composition of smart energy. Before the transformation, the cable business accounted for more than 90% of the business of listed companies, and after the transformation, the cable business still accounted for more than 80% of the company's business. The four-year transformation of smart energy has not changed the company's business structure. After all, it is the leader in the cable industry, but it extends its hand to other fields to grab jobs, Especially for the new energy battery and power engineering construction projects with fierce market competition, the Yulian group insists on integrity-based, and the results are basically good or bad

as soon as the performance improves, smart energy has continued to supplement its "smart" industrial chain through mergers and acquisitions in recent years, including not only industrial investment, but also investment in e-commerce fields such as trading platforms. Inevitably, these mergers and acquisitions have become mixed. From the goodwill impairment enterprises announced by smart energy this time, most of them are mergers and acquisitions for the purpose of corporate transformation

and smart energy is also a tough role. It should have accrued goodwill impairment for a long time, but the company has been holding on. Profits have gradually declined. Then goodwill impairment, and the story of transformation can't be told. In the first three quarters of this year, smart energy achieved an operating revenue of 12.648 billion yuan and a net profit attributable to the parent company of 298 million yuan (4) the experimental machine was connected to a three-phase four wire power supply. Although the goodwill impairment has accounted for 45% of the company's net profit in the first three quarters, with the improvement of this year's performance, it has just been able to cover up the goodwill impairment of previous years. The annual net profit has increased year-on-year compared with previous years. At this time, it is not time to throw the pot, but when to wait

so other companies' goodwill impairment was scolded miserably, but the goodwill impairment of smart energy was a long sigh of relief, and the debt of previous years was finally abandoned. In particular, the performance of smart energy this year is good. In the first half of the year, the revenue of cable business increased by 10% year-on-year. The airport power integration business of Jing Hang'an has a net profit of 69million yuan. At present, smart energy is promoting the acquisition of the remaining equity of Jing Hang'an with good performance. The lithium battery business, which has been holding the company back for a long time, suffered a small loss of 12million yuan in the first half of the year because far east foster is still investing in production capacity. Recently, it has also been inquired by the exchange because of its guarantee behavior. Given that the company is optimistic about the long-term development of new energy vehicles, a strategic emerging industry, we can see from the announcement that listed companies have made unremitting investment in it

according to the plan of smart energy, the company has formed four business segments: intelligent manufacturing of power products, intelligent manufacturing of new energy intelligent vehicle power system and energy storage equipment, clean/new energy intelligent system, and interconnected electrical platform. Of course, the old bank still makes the most money, but compared with those listed companies with disorderly transformation, although smart energy is shouting more and doing less, it has also won a reputation of "safety"

the name of energy interconnection leader must apply the large stroke tensile testing machine. Ha ha

the red flag of the main business does not fall, and the colored flag of transformation is fluttering. Although this brings some profit pressure to smart energy, with the support of the core main business, a little goodwill impairment can survive. No matter whether this transformation is worthy of the four words "smart energy", but the general meaning is there, step by step. Smart energy's power battery exerts an appropriate blank holder force (usually about 1kn) on the wafer sample and presses the "stamping" button. In the first half of the year, it has entered the top five domestic passenger car installations. It doesn't matter if you don't make money now. I'm afraid the company is not interested in the current profit


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