Supezet(688121) 市值风云·2024-12-18 11:22Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - A significant order of 6.936 billion yuan was drastically reduced to 157 million yuan, representing a 97% decrease, which has raised concerns among investors [2][4][7] - Following the announcement of the order change, the company's stock price dropped over 10% in two days [3] - The company had previously indicated that the project was progressing well, but the sudden order change suggests underlying issues [12][15] Summary by Sections Order Change Announcement - On December 11, the company disclosed a major order change, with the total order value plummeting from 6.936 billion yuan to 157 million yuan [4][5] - This order was signed in April 2023 and was equivalent to 1.78 times the company's highest revenue in 2021 [7][8] Financial Impact - The order's cancellation has significant implications for the company's financial health, as it would have dramatically boosted revenues [8] - The company has confirmed receiving 75 million yuan in advance payments, but only 36.98 million yuan has been recognized as revenue [14][15] Industry Context - The order was with Zhenhua Petroleum, a company with limited financial capacity, raising questions about its ability to fulfill such a large contract [14] - The industry has been facing challenges, with the profitability of related products like propylene declining significantly, leading to reduced production and operational issues [20][23][27] Management Decisions - The company has not pursued any accountability for the order's cancellation, which raises concerns about its management practices and decision-making [35][36] - There are indications of potential conflicts of interest, as major shareholders had previously announced a reduction in their holdings just before the order was disclosed [40][41] Future Outlook - The company holds over 10 billion yuan in major sales contracts, but the execution rate is alarmingly low, with only 1.45 million yuan fulfilled [37] - The report questions the credibility of the company's future contracts given the recent developments and the overall market conditions [39]