Dahua Struggling To Get Paid For PRC China Government Deals
Dahua admits it has a large number of unpaid bills for its PRC government and other enterprise clients, blaming the pandemic and the macro-economy.
Large high-margin PRC government deals helped Dahua become the world's second-largest manufacturer (by revenue) and grow aggressively overseas.
However, this core growth driver is showing signs of strain as the PRC emerges from the pandemic, with further negative headwinds such as PRC police deals declining.
In this post, IPVM examines this issue and what it shows about Dahua's future.
"Why *** ***** *********** ** ********* ** *******"?
** ******** ****,** ******* *** ************* ***** ***** *** ** "*** not ******** * ***** *** ******* years" **** **** ***** ********** ********, underlining "*** *** ***** *********** ** difficult ** *******"?
********* ** *** *******'* ******,large *********** ******** **** ********* * ***** ****** ** ***********, *** **** ******** **** *** ******** * ***** *** ******* *****. *** * *** *** ***** *********** *** ** ********* ** *******? Is it because the project failed to pass the acceptance inspection, the project was not completed or the other party deliberately defaulted? Are these receivables still recoverable? [emphasis added]
据公司陈诉,大集成项目产生大量应收款,有的项目几年没回一分钱。请问这些应收款为什么难以收回,是项目验收不合格,项目未完成还是对方故意拖欠?这些应收还有收回可能吗?
Dahua ************, ******** "******* ******* *****"
***** ************ **** *** "***** ** downstream ********* *** ********** *****" *** to "*** *****, *** ********, *** other *******" *** **** ** ***** "establish * ******* ******* ***** *** receivables":
*****, **** *********! ******* ***final ********* ** *** *******'* ******** ********* *** ****** ***********, ****** ************, *** *****-***** ********** ***********, their payment collection is affected by their own capital turnover or capital payment approval process, and the payment collection cycle is generally longer. In ****** *****, *** *******'* ******** *** **** ******** ** *** *****, *** ******** *** ***** *******. The ***** ** ********** ********* *** ********** *****, and the upstream supply chain has also experienced fluctuations to a certain extent. The company will continue to promote the implementation of refined management, and take various measures to strengthen the management of accounts receivable, such as deepening the market and financing, increasing the assessment proportion of receivables, andestablishing * ******* ******* ***** *** ***********. Thank you for your attention! [emphasis added]
尊敬的投资者,您好!因公司国内解决方案的最终客户多以政府、事业单位以及大型行业企业为主,其回款受到自身资金周转或资金支付审批流程影响,回款周期一般较长。近年来,公司业务受到宏观、疫情等多方面影响,下游客户资金较为紧张,上游供应链也出现一定程度的波动。公司将持续推进精细化管理落地,采取市场财经下沉、增加回款的考核比重、成立应收款专项工作小组等多种措施加强应收账款的管理力度。感谢您的关注!
** ******** **** ******** ******* *** ****-**** *******, ***** **** investors **** "*** **********'* ******** *** expenditures **** ********* *** **** ******** have **** *********" (政府财政收支减少,部分项目延期) **** ******* pandemic ********* *** *** *****.
Financials ***********
*****'* ********** **** **** * **** higher ********** ** *** *********** ***** will ******** ***** ** **** **** - **% - ******** ** *********'* 7%.
***** *** $*.* ******* ** ******** receivable** ** ** ****,************ $*** ******* ** ***** ***** ********* ******* ****** ***** **** $* billion *** *** ****:
** **********, *********, ******* ****** *** more **** ***** *****'* *******, *** $4.2 ******* ** ******** ************ ** ** ****,*** *********** **** $*** ******* ** them ** *** *****.
****, *** **** ************** ***** ***** leeway ** *** ******* ** ** is **** *** ********** ** ********* to **** *** *** ***** **** truly **.
Government ******** **** ******
********** ******** *** ******** ********** *** PRC *************, *** ***** *** ****** and ***** ** *** **** **********. For *******,*****'* $* ******* *,***-************ ****** ***** *************** ****.
************* **** ****** $**** ** ********** revenue ("** *") *** *** ***** six ****** ** ****, ****** ** 37% ** ***** ******** *****. ** 2021, **** ******* ******* ***** ~$*** million ** *****.
******** *** *****
*** **** **** ***** ** ********** with ******** ********** **** *** **********, typically * **** ******** ******* ******* than ***** *** ****** **********, ** a ******* **** *** *** **** and ***** *** ******* ** *** ****** to ****** ** *** ***** ** aggressive ****** ** *** *** *** overseas.
*****'* ******* ******** ****** ***** **** 2015-2018 ******* *** ******* ******* **** PRC ********** ********, *.*. ** ************* ** ********* $* ******* ** ****** ***** alone. *** ********** ******** ** ***** surveillance ** **** ********* ** **** of * ******-**** *****:******* *** ***** **** ******* ******** Analyzed.
***** *** ******** ** ******* ** the *** ********** ****** **** ******* ************ *****-***** ***** ******, *******, ****** 2 ***** ***** **** *** *** to ** ********* ** ***** ********* in * ******** ************ ****.
***** ***** ***********
*****'* ***** *** ******** **** **% in *** **** * *****, ******* its ****** ******* ******* ~**% ** that **** ******:
** *** ******** ****, *****'* ***** price *** ********* ****** **% ** the **** * ****** (****** ***** down **** **** **% **** ****):
**** ** **** ** * ******* sector ******** ** ***** **** *** PRC ************ ******** **** ******* ** 2023.
Dahua ********
**** ******* *** ** ***** *** it *** *** *** *********, ** they **, ** **** ******.
*******, **** *********!
*** ******* ** *** ***** ** things **** ***** **** ** **** not ****, ****** **** ******* ******** to *** *** **********, ******** ******** "****** ********" ** ***** Police
***** ** ** ******* ***** ** sell ********* **** **** *** *** get ****.