The hottest Xiang Wenbo responded by reducing accr

2022-08-14
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Xiang Wenbo responded to reduce accrual: for the convenience of comparing figures with rivals, Xiang Wenbo responded to reduce accrual: for the convenience of comparing figures with rivals, China Construction machinery information

Guide: in recent years, construction machinery has changed from boom to downturn, and the inherent problems of the industry have gradually been exposed. And the industry giant Sany Heavy Industry blindly expanded, cash flow tension in trouble and other statements are also frequently seen in the newspapers. On the 11th, Xiang Wenbo, President of Sany Heavy Industry, received an exclusive interview with four media at InterContinental Hotel, Financial Street, Beijing. He said that

in recent years, construction machinery has changed from booming to downturn, and the inherent problems of the industry have gradually been exposed. And the industry giant Sany Heavy Industry blindly expanded, cash flow tension in trouble and other statements are also frequently seen in the newspapers. On the 11th, Xiang Wenbo, President of Sany Heavy Industry, gave a positive response to a series of topics related to Sany Heavy Industry in an exclusive interview with four media at InterContinental Hotel, Financial Street, Beijing

the accrual proportion was adjusted from 2% to 1%

at present, the machinery industry has not completely got rid of the downturn, including the performance of Sany Heavy Industry in the first three quarters also declined, and the data fell by 3% year-on-year. It shows that Sany Heavy Industry achieved an operating revenue of 40.7 billion yuan in the first three quarters of this year, down 1.5% year-on-year; The net profit was 5.9 billion yuan, a year-on-year decrease of 23%

Sany Heavy Industry recently announced that from the third quarter of this year, the provision for bad debts of accounts receivable before the date of contract collection will be reduced from 2% to 1%. It is noteworthy that after the fine-tuning of this accounting policy, the net profit of Sany Heavy Industry in the first three quarters of this year will increase by about 470million yuan. The outside world analyzed that if the previous accounting policies were still adopted, the net profit of Sany Heavy Industry in the first three quarters of this year would drop from 5.874 billion yuan to about 5.404 billion yuan, and the year-on-year decline would also change from 23.42% to 29.55%

in response to this, Xiang Wenbo responded in an exclusive interview: "Sany used to adopt the most conservative financial approach in the industry. The reason why the company's profits are less than others is that it is not in the same caliber. Now it is doing so in order to unify the caliber and facilitate comparison."

Sany Heavy Industry surpassed Zoomlion, another giant, by 17% and 22% respectively in the full year net profit in 2010 and the half year net profit in 2011. However, Zoomlion adjusted the provision proportion of bad debt reserves in October 2011, and the gap between the two net profits narrowed to 7% at the end of 2011, which reversed their position when the 2012 semi annual report was released

data show that the net profit of Sany Heavy Industry in the first half of 2011 increased by 101.20% year-on-year; In the first half of this year, the net profit of the company decreased by 915 million yuan or 14.41% from 6.348 billion yuan in the same period last year

strive to be better. In addition, Xiang Wenbo denied the media's statement that "accounting policy fine-tuning to ensure the listing plan in Hong Kong" on the same day, "our plans have stopped. Now in this market (situation), who else will go to Hong Kong for listing? It doesn't matter."

the best time for equity incentive

at almost the same time point, the equity incentive plan launched by Sany Heavy Industry also attracted market attention. The announcement shows that a total of 178million rights and interests will be granted to incentive objects this time, accounting for about 2.35% of the total share capital. It is reported that in the three fiscal years of the exercise period, the assessment conditions proposed by the company are: from 2013 to 2015, the annual net profit of the company increased by no less than 10% year-on-year

Xiang Wenbo said that now the stock market is still at a low ebb, which is the best time to engage in equity incentives. "Who will engage in options when the stock price is very high? It is precisely because our stock price is undervalued at present that our management has the opportunity to make money. If there is a price difference, who will engage in it?"

in his view, this is a new measure to "help employees succeed", which will fully stimulate the vitality of employees, inject strong impetus into the development of enterprises, and create greater returns for shareholders. It is reported that the three-year option incentive plan involves 2533 core employees

as for the threshold of this scheme, Xiang Wenbo said that the threshold is stipulated by the CSRC and cannot be changed by himself. "The purpose of the option scheme is to stabilize and motivate employees. If the threshold is unattainable, what is the significance of making a cake to satisfy hunger?"

the Research Report of first venture securities also believes that the low threshold of unlocking performance does not mean that the company's future development will only maintain a growth rate of about 10%

integration of construction machinery division

it is noteworthy that Sany Heavy Industry has been developing at a high speed for 16 years, and now ranks sixth in the world among private enterprises, with an average growth of more than 50% in the past decade. Xiang Wenbo also admitted that Sany can still bear this development speed at present, but there are potential risks in the rapid development

"the quality of employees and the basis of management are all problems faced. Too fast development is indeed detrimental to the long-term development of an enterprise." He said

for this reason, Sany Heavy industry began to seek transformation from inside and outside. According to the information, Sany Heavy Industry will turn the original five business divisions into three business divisions. Specifically, the truck crane, Draper crane and tower crane business divisions are merged into the crane business division for management, which is called the "three business divisions" together with the pumping business division and the excavator business division

Xiang Wenbo explained to yesterday that such integration is entirely based on the consideration of scale efficiency. "The business division has its own teams, such as business procurement, marketing system, etc., so that the integration will produce better benefits."

Xiang Wenbo believes that Sany is indeed in internal rectification and adjustment, but there are no layoffs, "because some internal problems were covered up by high-speed growth in the past, now it is necessary to seize the opportunity to adjust."

it is reported that this integration involves 100% of Sany Heavy Industries, so there is no problem of equity change. "In fact, it is only the internal management relationship (adjustment), and the legal person has not changed." Xiang Wenbo said

in addition to domestic, Sany Heavy Industry has also repeatedly made new moves in overseas markets. Among them, winning the "German elephant" Putzmeister at the beginning of this year is regarded by SANY as an important start of the strategic transformation from endogenous development in the past to relying on endogenous development and M & A investment

Xiang Wenbo said that after the scale of enterprises continues to expand in the future, mergers and acquisitions will be the main way of expansion, which means the integration of the lowest cost. "We attach importance to strategic mergers and acquisitions rather than financial mergers and acquisitions, that is, the acquisition of strategic values such as technology and brand."

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