What is the reasonable proportion of accounts receivable to sales?

Operating income was 4.376 billion yuan, up 38.4% year-on-year, and net profit was 459 million yuan, up 68.75% year-on-year ... Behind the brilliant performance of Kelu Electronics 20 17, there were many hidden worries: accounts receivable accounted for over 70% of the revenue, and non-net profit was deducted. Recently, Shenzhen Stock Exchange issued an inquiry letter on these issues in the annual report.

On the evening of April 26th, Kelu Electronics (002 12 1, SZ) replied to Shenzhen Stock Exchange that its customers are mainly State Grid, China Southern Power Grid and provincial power companies, with stable profitability, strong solvency, good quality of accounts receivable and less possibility of bad debts. In response to the deduction of non-net profit loss, Kelu Electronics responded that the main reason was the substantial increase in financial expenses and management expenses, which affected the profitability of the company's main business.

Accounts receivable accounted for 75.23% of revenue.

The National Business Daily reporter noted that in 20 17, the balance of accounts receivable of Kelu Electronics was 3.292 billion yuan, up 25.23% year-on-year, and accounts receivable accounted for 75.23% of the company's operating income.

"The operating income has been increasing in the last three years. With the rapid growth of the company's business scale and income growth, accounts receivable will increase accordingly, and it also has certain industry characteristics. " A related person from Kelu Electronics said this.

Kelu Electronics replied to the inquiry letter of Shenzhen Stock Exchange that in order to ensure the performance and safety of the purchased equipment, some products need to be installed and operated for a period of time before acceptance. At the same time, power customers generally pay in the form of "18 1" or "36 1", that is, after the contract is signed, the power company customers pay 10% or 30% in advance, and 80% or 60% within a certain time after the product is delivered and accepted, and the remaining/kloc.

In addition, Kelu Electronics said that the bidding of State Grid and China Southern Power Grid Corporation is characterized by centralized bidding, a large number of single-package contracts and a large amount of money, and it is necessary to schedule production in batches according to the needs of power grid companies, resulting in a long delivery time for production scheduling. Some customers adopt the way of mass sales and centralized settlement, which extends the payment term, resulting in a large balance of accounts receivable at the end of the period.

Regarding the proportion of bad debt provision, Kelu Electronics replied that accounts receivable accounted for more than 90% in the past three years and two years, and the quality of accounts receivable was in good condition. At the same time, it said that it will strengthen the management of accounts receivable and the collection of accounts, strengthen the assessment and encouragement of sales staff's payment, and ensure the timely payment of sales funds.

The company says there is no risk of cash flow break.

The data shows that Kelu Electronics achieved an operating income of 4.376 billion yuan in 20 17, up 38.40% year-on-year, and realized a net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses of-55 million yuan, down-182.79% year-on-year. During the period, the non-operating profit and loss was RMB 565,438,400, mainly from the disposal of non-current assets and government subsidies.

In this regard, Kelu Electronics said that the main reasons are: the initial investment of new investment projects in 20 17 was about1300 million yuan, and the financing demand increased, resulting in financial expenses of 326 million yuan in the reporting period, up 32.52% year-on-year; In 20 17, the company's management activities and R&D projects increased, resulting in an increase in management expenses of 57 1 100 million yuan in the reporting period, an increase of 39.33%, thus affecting the profitability of the company's main business.

The reporter found that the new investment projects of Kelu Electronics 20 17 include: Shanghai Kanai New Energy Co., Ltd., Guangdong Shunde Kai Guanchang Co., Ltd., Guangdong Shunyi Electrical Insulation Equipment Co., Ltd. and Egyptian Smart Meters Company (S.A.E). In addition, by the end of 20 17, the short-term loan balance of Kelu Electronics was 2.577 billion yuan, an increase of 1 12.98% compared with the balance at the beginning of the year, and the quick ratio was 0.85.

At the online performance briefing on 20 17, Huang Youping, the director of Kelu Electronics, said that he would gradually divest the photovoltaic power plant assets held by the company. Previously, Kelu Electronics also told reporters that the move was to reduce the company's operating costs and asset-liability ratio, optimize the debt structure, improve cash flow, and transform into a light asset service provider.

"There is no risk of breakage in the company's short-term solvency and cash flow." Kelu Electronics further responded in the inquiry letter that its Nanchang Yujing Hua Ting apartment construction project is expected to realize cash recovery of more than 350 million yuan in 20 18. In addition, the company is currently applying for corporate bonds of no more than 654.38+0 billion yuan and ultra-short financing of no more than 654.38+0.2 billion yuan, which provides an alternative for subsequent capital needs.

It is worth noting that Kelu Electronics invested 388.8 million yuan at the end of 20 15 to acquire 100% equity of Centennial Jinhai100, and the counterparty Shanghai Wu Tai promised that the annual net profit of 20 15, 20 16 and 20 17 would be 3,600 respectively. However, the performance commitment was only completed in 20 15, in which the performance reward of 20 16 was 7,846,300 yuan, which was received in last year's 12 and included in "non-operating income", but the reward of170,000 yuan has not been received.

In this regard, Kelu Electronics said that the family property of Chen, the controller in Shanghai, including bank deposits, real estate, stocks, multiple cars and other assets, can be compensated and has certain performance ability. We will continue to urge Chen to strictly fulfill his promise and take various effective measures (legal measures when necessary) to safeguard the rights and interests of the company and investors. At the same time, the vice president in charge of smart city business was appointed as the executive director and legal representative of Centennial Jinhai to strengthen the management and risk control of Centennial Jinhai and promote the healthy development of the business.