Souyute Group Co., Ltd. (hereinafter referred to as “Souyute”) recently disclosed Announcement of revised performance forecast for the first three quarters of 2020. According to the revised performance forecast, Souyute’s net profit forecast for the first three quarters of this year has been reduced from the previous 120 million yuan to 180 million yuan to 55 million yuan to 80 million yuan. The profit for the same period last year was 304 million yuan, which is expected to drop 73.71% to 81.92% year-on-year.
As for the reasons for the performance revision, Sou Yute explained that due to the impact of the epidemic, market consumption was sluggish, coupled with the decline in market prices of protective equipment such as masks, leading to a decline in performance expectations.
Data previously disclosed by United Credit Ratings Co., Ltd. shows that affected by the downturn in the industry, Souyute’s operating income and profit scale dropped significantly in 2019. During the reporting period, The company’s operating income was 12.924 billion yuan, a decrease of 30.12% from the previous year; net profit was 219 million yuan, a decrease of 53.33% from the previous year.
In the same period, the number of Souyute’s accounts receivable turnover dropped from 9.64 times in the previous year to 5.29 times, the number of inventory turnovers dropped from 6.94 times in the previous year to 3.77 times, and the total asset turnover The number dropped from 1.81 times in the previous year to 1.21 times.
As of the end of 2019, accounts receivable, prepayments and inventory accounted for a large proportion of Souyute’s assets, which seriously occupied operating funds, and the proportion of monetary funds was restricted. The overall asset quality generally.
Affected by the epidemic at home and abroad, in the first half of 2020, Souyute achieved a total operating income of 3.825 billion yuan, a decrease of 37.16% from the same period last year; it achieved a profit attributable to shareholders of listed companies. Net profit was 34.5638 million yuan, a decrease of 81.33% compared with the same period last year.
After the outbreak, Souyute joined the ranks of producing masks. On February 11, Souyute invested 200 million yuan of its own funds to establish a wholly-owned subsidiary, Dongguan City Souyute. Medical Supplies Co., Ltd., as of May 21, the company’s wholly-owned subsidiary, Medical Supplies Company, has actually ordered a total of 108 mask machines, including 47 flat mask machines (including 6 children’s mask machines, disposable medical mask machines ( Compatible with the production of children’s masks) 41 units), 61 KN95 mask machines; currently 82 units have arrived and been put into production, including 36 flat mask machines (including 6 children’s mask machines, disposable medical mask machines (compatible with children’s masks) Mask production) 30 units) and 46 KN95 mask machines.
Souyute revealed on June 18 that the daily output of medical supplies company masks is about 3-4 million pieces, which are sold to domestic and foreign markets. Since policies in different countries and regions are different and constantly changing, there is uncertainty about which countries and regions the products will be sold to.
As of the press release of the First Textile Network reporter, Souyute closed at 2.62 yuan per share on the last trading day, a decrease of 1.50%, with a market value of 8.102 billion yuan.
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