The southern slope where A performance about-face money?

Solar photovoltaic net news: on April 16, 2019 south bo A released 2018 annual report, in can treasure in south bo A third year, with nearly one hundred million yuan in the huge government, the company surrendered drop in revenue, net profit & other; Ks & throughout; The performance.

south bo A annual report, the company operating income in 2018, 106. A slight drop in 1 billion yuan, compared with 2. 48%; Female net 4. 5. 3 billion yuan, year-on-year decline in 45. 12%; Buckle the female net profit is only 3. 6. 8 billion yuan by up to 50. 69%, finally & other; Ks & throughout; .

single quarter performance, south bo A 2018 in the first three quarters or profit, but the company direct losses of more than 1600 in the fourth quarter, buckle not belong to the female net losses of more than 5200 more, results appear about-face:

performance about-face, is the government's subsidy. Annual report showed that in 2018 the company received government subsidies of up to 95 million yuan, is nearly three years, but still the company's performance & other Ks & throughout; :

central south bo A mentioned in the annual report, although the company of glass, electronic glass and display business achieve substantial growth, but the influence that solar pv policies plate overall performance fell sharply, drag on the company's overall profit level, makes the net profit fell sharply.

the valspar, south bo A2018 in flat glass, electronic glass, and cell volume has a certain growth, but the glass and cell inventory growth significantly. In addition engineering glass production decline, inventory growth; Polysilicon production and inventory decline, together traditional engineering and photovoltaic glass business or the industry booming degree affect deeply:

south bo A at present has formed four major business sectors: glass, plate glass, electronic glass and displays and solar business. As A traditional business, south bo now has A capacity of 36 million square meters of coated glass and annual output of 16 million square meters of coated insulating glass, glass business implementation in 2018 operating income of 74. 5. 4 billion yuan, rose 5. 7%, net profit of 8. 0. 2 billion yuan, 13 year-on-year growth. 17%. 2018 glass downstream industry buildings and cars and so on industry downturn, the company can also so success on the traditional business, is a rare.

flat glass business, south glass has A capacity of about 2. 32 million tons of high-grade float glass and glass production capacity of 430000 tons of solar glass, in 2018 operating income and net profit growth of 5, respectively. 45% and 2. 5%, but the company annual report did not disclose details of specific revenue is not clear. In respect of electronic business glass and display device, the company's operating income and net profit in 2018 9 respectively. 1 and 6 billion yuan. 4. 2 billion yuan, rose 9. 86% and 140. 26%, to say the company, including flat glass, glass business very good protection against the effects of the boom of external factors and industry.

south bo is A maximum of 2018 513 photovoltaic New Deal. The annual report data shows that 23 of the business revenue in the company. 4. 2 billion yuan, dropped by 25. 08%, net profit loss in 2. 3. 7 billion, a 222% year-on-year decline.

but in terms of the structure of income, south bo's revenue nearly 8 into A business from glass, solar energy business income accounted for only 22% or so:

in the profitability, south bo integrated gross margin of 2015 to 2018 A as 21. 61%, 26. 88%, 24. 48% and 23. 46%, but sales net interest rate of 8. 61%, 8. 96%, 7. 62% and 4. 45%, the decline is obvious. From the point of product gross margin, 2018 is the solar energy business gross margin of A sharp decline, A small glass business gross margin:

management fees detail, the largest growth in south bo A management fee from the worker pay, increase of nearly 15 million yuan in 2018, in other words, to increase the amount of used to executive pay:

I looked at the south bo A2017 annual report, two years of executive compensation comparison shows that A number of executive pay increased dramatically, that alone was increased by 10 million yuan:

by the end of 2018, the former two sea life insurance products and major shenghua co. , LTD. Of shenzhen, and A background in treasure can shareholders in south bo A former top ten shareholders, the company behind the actual control of people still can treasure department head zhen-hua yao. South bo A stake in the debate and the dispute of equity long gone, but in the past three years, south bo A company's performance is poor, shares also fell to $5.