“Investor Network” Zhang Wei
For listed companies, every word when interacting with investors and every piece of information in daily announcements will be focused on by relevant investors. For example, inconsistencies in the information may cause the company's stock price to skyrocket and plummet.
In November 2023, aluminum profile manufacturer Guangdong Haomei New Materials Co., Ltd. (hereinafter referred to as “Haomei New Materials”, 002988.SZ)'s stock price plummeted due to inconsistent information disclosed to the outside world, and was eventually publicly condemned by the regulatory authorities and issued a warning letter.
On January 11, Haomei New Materials issued an announcement stating that Chen Tao, the company's chairman and director secretary, was publicly condemned by the Shenzhen Stock Exchange. On January 12, Haomei New Materials, its chairman Dong Weifeng, and director Chen Tao received a regulatory warning letter from the Guangdong Securities Regulatory Bureau.
Talk about covered models as direct customers
As determined by the Shenzhen Stock Exchange, Haomei New Materials and related parties have committed the following irregularities:
According to the investor relations activity records disclosed by Haomei New Materials on October 30, 2023, in the automotive lightweight business, it has obtained a total of 280 designated projects for models in the first half of the year, with customers covering domestic brands such as Huawei and BMW and other joint ventures.
According to the investor relations activity records disclosed by Haomei New Materials on November 3, 2023, the company answered when asked “about the current order status of suppliers for Huawei”, “The M7 brought a certain increase in orders to the company after mass production.”
Perhaps influenced by the above news, the stock price and convertible bond price of Haomei New Materials continued to rise sharply from November 7 to 14, 2023.
As to whether there is a situation that has engulfed the Huawei community and led to a rise in its stock price, Haomei New Materials stated in the “Notice of Abnormal Stock Trading Fluctuations” disclosed on November 9 and 13, 2023, that “there is nothing that needs to be corrected or added to the information disclosed earlier, nor is there any information that should be disclosed but not disclosed that has had a significant impact on the company's stock trading price.”
On November 14, 2023, the Shenzhen Stock Exchange issued a letter of concern requesting Haomei New Materials to verify and explain the relevant matters.
On November 16, 2023, Haomei New Materials stated in the “Corrective Notice Concerning Disclosures Related to the Automobile Lightweight Business” that the company is positioned as a second-tier or third-level supplier to automakers. Direct customers are mainly auto parts companies such as Lingyun Co., Ltd. (600480.SH), and related product terminal applications cover domestic brands such as Huawei Wanjie as well as joint venture models such as BMW.
Affected by the clarification announcement, the stock price of Haomei New Materials continued to fall.
As can be seen, when interacting with investors in the early stages, Haomei New Materials described direct customers (Ling Yun Co., Ltd.) customers (Huawei, BMW), etc. as their own customers, causing their stock prices to rise continuously. However, after regulatory intervention to clarify that the product had little relationship with Huawei, Haomei New Materials's stock price dropped sharply.
The Shenzhen Stock Exchange believes that Haomei New Materials did not truthfully, objectively, and completely disclose issues such as the automobile lightweight business position and relationships with relevant automakers in the Investor Relations Activity Record Form and the “Stock Trading Abnormal Fluctuation Notice”, which misled investors and led to continuous abnormal stock price fluctuations, which were bad in nature and serious circumstances, in violation of relevant regulations; Haomei New Materials Chairman Dong Weifeng and Dong Secretary Chen Tao failed to perform their duties with due diligence, and were responsible for the above irregularities of Haomei New Materials.
In the end, the Shenzhen Stock Exchange publicly condemned Haomei New Materials, Dong Weifeng, and Chen Tao. The Guangdong Securities Regulatory Bureau immediately took administrative supervision measures against Haomei New Materials, Dong Weifeng, and Chen Tao by issuing warning letters.
High stock prices are fleeting
In fact, before it became popular this time, the stock price of Haomei New Materials was tepid except for the first week of listing.
According to Wind information, on May 18, 2020, Haomei New Materials was listed on the SME board of the Shenzhen Stock Exchange at an issue price of 10.94 yuan/share. In the first week of listing, Haomei New Materials set a “five-point streak”, and its stock price rose by more than 120% to 24.65 yuan/share.
Perhaps it is the company's business to B. After “the beginning is the peak,” the attention paid to Haomei New Materials dropped drastically, and its stock price fell all the way down.
According to the revenue structure, Haomei New Materials products are mainly divided into two categories: aluminum profiles and system doors and windows. According to the 2023 Interim Report, aluminum profiles accounted for about 92% of revenue in the first half of 2023, and sales and installation of system doors and windows accounted for about 8% of revenue. Among them, aluminum profiles are also divided into three categories, namely industrial aluminum profiles, construction aluminum profiles, and lightweight automotive aluminum profiles. According to the 2023 mid-term report, these three types of aluminum profiles account for about 39%, 35%, and 18% of revenue, respectively.
By April 2022, the stock price of Haomei New Materials had “broken”, reaching as low as 9.55 yuan/share during this period. This is also the lowest price in history for luxury new materials.
Entering the end of 2023, due to “getting on” well-known car companies, luxurious new materials, which had been dormant for a few years, suddenly stepped out of the “six-row board”, and the stock price overturned.
On October 30, 2023, the investor relations activity records disclosed by Haomei New Materials showed that its customers covered joint venture models such as BMW, Mercedes-Benz, Honda, and Toyota, as well as domestic brands such as GAC Aian, BYD, Huawei, and Changan.
As we all know, Huawei will become popular in 2023, and companies related to it may all be thought of as “Huawei concept stocks,” leading to widespread hype. Immediately, on October 31, 2023, Haomei New Materials surged 7.6%.
On November 3, 2023, Haomei New Materials once again disclosed an investor relations activity record sheet and stated in response to related questions, “The company has obtained a fixed target for the Quanjie series models, mainly providing battery tray products, but the initial volume has always been small. After mass production of the Qunjie M7, it brought a certain increase in orders for the company.”
As soon as this news came out, from November 7 to 14, 2023, Haomei New Materials went up and down for 6 consecutive days. By the close of trading on November 15, 2023, Haomei New Materials reported 38.48 yuan/share, up about 102% from October 30, 2023.
After receiving attention from the Shenzhen Stock Exchange, Haomei New Materials suddenly “changed its voice,” saying that automakers such as BMW, Mercedes-Benz, and Huawei were not direct customers. The company's corresponding customers were auto parts companies such as Ling Yun Co., Ltd., and that “the relevant products supplied by the company need to be processed and assembled by the above parts companies before they can be supplied to the automaker.”
Affected by the clarification announcement, the stock price of Haomei New Materials began to fall. 38.48 yuan/share in November 2023 is also the highest price for Haomei New Materials. By the close of trading on January 15, Haomei New Materials reported 22.61 yuan/share, down about 41% from 38.48 yuan/share at the high. Currently, the market value of Haomei New Materials is about 5.6 billion yuan.
Finally, let me reveal a question, how big is the relationship between Haomei New Materials and the Huawei community? According to Haomei New Materials's inquiry response documents, the revenue from shipping products to parts companies for use in the first three quarters of 2023 was about 4.79 million yuan (tax included), accounting for about 0.11% of sales revenue for the first three quarters of 2023.
According to Haomei New Materials, the impact on the company's current revenue and profits is small. According to the three-quarter report, Haomei New Materials's revenue and net profit for the first three quarters of 2023 were 4.242 billion yuan and 124 million yuan, up 1.43% and 401.15%, respectively.
However, without the support of hot spots, will the stock price of Haomei New Materials reproduce the miracle of “five consecutive boards” and “six consecutive boards” in the future? I'm afraid it's not that easy. (Produced by Thinking Finance) ■