The 6.1 Billion "Giant Thunder" Of Digi Technology Triggered A Wave Of Annual Report Explosion: 1.28 Trillion Goodwill Of A Shares Hit The Top

A performance decline announcement of digital technology opened the prelude to the wave of goodwill impairment in 2020.

On the evening of December 23, digital technology released the announcement on the decline of operating performance of subsidiaries and the risk of goodwill impairment. The content shows that after preliminary investigation and calculation by the financial department, the operating performance of four wholly-owned subsidiaries of digital technology will decline significantly in 2020; as of the end of November 2020, the goodwill balance of the above subsidiaries totaled 6.101 billion yuan.

As soon as the news came out, on December 24, digital technology opened its trading limit and closed at 4.34 yuan / share, and 681800 yuan was sold to close the limit.

It is worth mentioning that by the end of December 24, the total market value of digital technology was less than 5.1 billion yuan, and the net asset size of the company was 11.113 billion yuan by the end of the third quarter.

In the 21st century, it is found that the experience of digital knowledge technology is just a part of the "thunder storm" in 2020 annual report. In recent years, with the tightening of premium restructuring and the gradual improvement of regulatory rules, the risk of goodwill impairment has been greatly alleviated, but wind data shows that as of the third quarter of this year, the total goodwill scale of A-share market is still as high as 1.28 trillion, and some listed companies in some sectors such as medicine and biology, film and television media, computer and other fields still contain risks.

Shuzhi science and technology repeatedly explodes "thunder"

The large amount of goodwill impairment of digital technology has caused a great disturbance in the market. And its source, all from the previous merger failure.

Specifically, Ningbo nuoxin, a subsidiary of the company, formed a goodwill balance of 5.628 billion yuan due to the acquisition of BBHI company. According to the data, from January to September 2020, BBHI company realized operating income of 1.940 billion yuan, a year-on-year decrease of 21.14%, and net profit of 70123300 yuan, a year-on-year decrease of 83.54%.

In addition, due to the acquisition of day and month peers, the goodwill balance of digital technology is 332 million yuan (merger goodwill of acquisition day and month peers is 514 million yuan, accrued impairment in 2018 is 58.4311 million yuan, and impairment in 2019 is 124 million yuan). Due to the acquisition of jinzhilu, the goodwill balance is 85.0384 million yuan (the merger goodwill of jinzhilu is 89.2424 million yuan, and the accrued impairment in 2019 is 4.204 million yuan), due to the acquisition of Dingyuan Xinguang The balance of goodwill is 55.6008 million yuan.

The performance of the three companies has also been hit hard. In the first three quarters of this year, the daily and monthly peers achieved an income of 27.6485 million yuan, a year-on-year decrease of 66.07%, and a net profit of -1879400 yuan, a year-on-year decrease of 116.25%; jinzhilu achieved an income of 106.1024 million yuan, a year-on-year decrease of 46.39%, and a year-on-year decrease of 174.98%; Dingyuan Xinguang achieved an income of 6.8111 million yuan, a year-on-year decrease of 86.29%, and a year-on-year decrease of 231.42% to - 11761600 yuan.

It is worth mentioning that from January to September of 2019 and 2020, the listed company dighi technology achieved operating revenue of 5.721 billion yuan and 3.693 billion yuan, and net profit of 575 million yuan and 9.3574 million yuan respectively.

As for the reasons for the decline in performance, the company attributed it to factors such as Sino US and Sino Indian relations, the impact of the new crown pneumonia epidemic and the unsmooth transformation of the company's traditional construction business model of intelligent communication internet of things.

But this statement is not enough to dispel the doubts and dissatisfaction of market participants. On December 24, the Shenzhen Stock Exchange issued a letter of concern, requiring digital technology to disclose the detailed process of goodwill impairment test, requiring listed companies to check the authenticity of the previous performance of merger and acquisition targets, and explain the reasons and rationality of the company's centralized provision of large amount of goodwill impairment in 2020, and whether it conforms to the provisions of the "accounting standards for business enterprises".

In fact, in the past years, in addition to a series of risk events, the market often questioned the one-time "financial bath" of listed companies.

An accountant from an accounting firm in South China pointed out to the reporter that "the impairment test of goodwill is a project with great operation space, because it is difficult to judge the evaluation of enterprise value. There is a possibility that the enterprise will withdraw the potential expenditure at one time and give the financial report a bath under the title of "provision for impairment of goodwill". In this way, in the coming year, as long as there is a little bit of good news, the forecast increase in financial reports will be huge, especially for light asset companies, which may even become big bull stocks in the future. "

At the same time, the company's internal control system was also destroyed, and there was a huge amount of fund occupation.

On the evening of the 23rd, digital technology announced that Beijing Securities Regulatory Bureau had ordered Zhang Zhiyong, one of the actual controllers, to take corrective regulatory measures. According to the investigation, the company's actual controller and its related parties occupied 1.206 billion yuan of the company's capital in 2019, and 416 million yuan of the company's capital from January to June 2020.

Under the double blow, a majority of shareholders of digital technology may suffer heavy losses. By the end of September 2020, there are many institutional shareholders lurking in the top ten shareholders of digital technology. According to the three quarterly reports, at that time, the trust products of Penghua assets held 50.81 million shares of digital technology, while Huachuang securities, Cathay security fund, CCB fund and Huabao trust held 48.5442 million shares, 37.5913 million shares, 36.9485 million shares and 15.6528 million shares respectively.

1.28 trillion goodwill

It is worth mentioning that the experience of digital knowledge technology is just a part of the explosive wave of performance in 2020.

According to the 21st century economic report, up to now, 316 listed companies have disclosed their performance forecasts. Among them, 69 companies have reduced their performance and 35 have lost money, accounting for more than 30% of the total. Among them, * ST Zhongtai is expected to lose 2.2-3.3 billion yuan, and Tianqi lithium is expected to lose 1.36-2.27 billion yuan.

Specifically, the new crown pneumonia epidemic and the sequelae of goodwill impairment are the main reasons for the performance change of these enterprises. For example, Hekang Xinneng, which is expected to lose 480 million to 650 million yuan this year, also points out in the performance forecast that the company will make provision for impairment of the remaining goodwill formed by the acquisition of 100% equity of Beijing Huatai Runda Energy Saving Technology Co., Ltd. in 2020, this will also cause the company's performance to decline significantly. Hekang Xinneng predicts that the net profit in 2020 will decrease by 2174.18% - 2908.78%.

Asian Union development also said that the estimated cumulative net profit of the company in 2020 will be about 200 million-260 million yuan, a year-on-year decrease of 75.27% - 34.82%, which is also due to the provision of part of the goodwill impairment loss of kaidianbao technology.

"After the goodwill impairment of A-share reached a record high in 2018, the market has aroused great concern. In 2019, the pressure on goodwill impairment has been eased, but there is still a high level of goodwill to be further digested. In 2020, the new crown pneumonia epidemic will cause heavy damage to the real economy, and the pressure of goodwill impairment in the 2020 annual report may come again, so we need to be vigilant. " According to an interview with a strategic analyst of a medium-sized securities firm in Shanghai.

According to the reporter's statistics, as of the third quarter, the total amount of goodwill in the A-share market totaled 1.28 trillion, which was also significantly lower than the scale of 1.39 trillion in the third quarter of 2019. However, the goodwill pressure of some listed companies and industry sectors should not be underestimated.

According to wind data, there are 14 enterprises with more than one trillion goodwill in the A-share market. Among them, Midea Group has the highest goodwill scale, which is 28.928 billion yuan, followed by Weichai Power Group, which is 24.251 billion yuan, and Haier Zhijia, the third largest, has reached 23.344 billion yuan.

From the perspective of the proportion of goodwill to the total market value, as of December 24, the scale of goodwill of three enterprises accounted for more than 100% of the total market value, namely HNA technology, Jinhong group and digital technology, accounting for 214.40%, 138.66% and 121.64% respectively. The scale of goodwill of the three companies was 15.324 billion yuan, 1.827 billion yuan and 6.186 billion yuan respectively.

From the perspective of industry distribution, medical biology, media, computer, electronics and non bank finance are the sectors with the highest goodwill, with the scale reaching 150.819 billion yuan, 122.605 billion yuan, 108.044 billion yuan, 94.263 billion yuan and 87.943 billion yuan respectively.