Securities code: 300729 securities abbreviation: Loctek Ergonomic Technology Corp(300729)
Loctek Ergonomic Technology Corp(300729)
Investor research reception record form
No.: 2022-002tzz
■ target specific research □ analyst meeting
□ media interview □ performance briefing
Investor relations activities
\uf0a3 press conference □ Roadshow
category
\uf0a3 site visit
■ others (teleconference)
Zheshang Securities Co.Ltd(601878) : Chen tengxi, Wang Jiayi, Shi Fanke; Walu Consulting: Ding Yaqin, Zhu Zihang, Li Fei, Wu Shiyun, Wang Guansu, Guo Jingyi; Harvest Fund: Cao Xiaoyue, Zhu Zijun, Ma Xiaoyu; Huaxia Fund: Lin Yao, Tang Mingzhen; E fund: Lin Sen, he Jinyang; China Europe Fund: Xu Qiyang; South Fund: Che Yuwen; Boshi Fund: Li Zhe; BAOYING Fund: Zhou Jiaying, Li Weiyu; Industrial Fund: Zhao Xinmeng; Minsheng Canada Bank Fund: Xiao Yang; Bocom Fund: Guo Fei; Dongzheng asset management: Xie Cheng, Cai Yuwei; Oriental Fund: Guo Xiaohui; Cinda Aoyin Fund: Ma Qiwen; YONGYING Fund: Yu Chang, Wang Xinyan; Financing fund: Li Wenhai; Xinhua assets: Li Dongzheng; China Post Fund: Wu Shang; China Canada Fund: Dan Jiahuan; CAITONG Fund: Yang Ailin; Guoshou pension: Cui Hengxu; CCB insurance: Wu Zhihao; Guoshou security: Li Dan; Hongdao Fund: Han Yifei; Liuhe Investment: Han Jing; PICC assets: name of participating unit and Tian Lei; Qianhe capital: Zhang Meng; Mingji Investment: Fu Yu; Biyun capital: Xu Huilin; Know assets carefully: name of personnel: Cui Peng; Life insurance: he Jiatian; Shibei Investment: Li Changqiang; Shiva assets: Xue Yanying; Zhengxin Valley: Tang Tian; Zhan Yange: Li Shurong; Hengyue Fund: Yang Xiaoyang; Fanxing capital: Liu Yu; Gao Yi assets: Wang Yanwei; Bank of Australia capital: Wang Fangyuan; Pan Hou: Zhu Weizhen; Wuchan Zhongda Group Co.Ltd(600704) : Zhang Xiaoxiao, Chen Yanying; Coastline Investment: Hong Ruixiang; Huijie Dali capital: Xie Rui; Jin en Investment: Lin Renxing; Dalian Rose Stone Investment: Chen Yuyuan; Botong Investment: Zhuang Chen; Park Yi assets: Shang Zhiqiang; Qianwang assets: ye Xulin; Josen Investment: Ren Sen; Shanghai hehe Investment: Li Yu; Tedsheng Investment: Yu Huiwen; Xiansheng Investment: Ma Yanren; Xinyan Investment: Chen Hong; Huatai self operated: Zheng Kai; Open source asset management: Chen Yao; Superstar group: Huang Lili; Self operated by Zhejiang Merchants: Chen Shanshan; Yi Xin'an asset management: Zhao Jianfeng; Yude Investment: Cheng Yue; Yuancheng Fund: Zeng Shang; Yuan Lesheng: Zhu Kai; One scoop: Yin Jiazhen; Zhao Tian: fan Dizhao; Hongze research: Qi Yan.
Time: 10:00 to 11:00, January 28, 2022
Location teleconference
Chairman: Xiang Lehong
Receptionist of listed company
Co General Manager: Li Xiang
Member name
Secretary of the board of directors: Zhu Wei
The main issues of this online meeting are as follows:
1. What are the strategic considerations of this shipbuilding?
A: shipbuilding has been studied repeatedly and planned for a long time at the strategic level, not on impulse. The sprout is that music and song began to do e-commerce in 2011. It began to have its own overseas warehouse in 2013, 3 overseas warehouses in 2018 and 17 overseas warehouses up to now. Since 2020, the company has been studying the future trend of e-commerce, the needs of users and the future development of China's foreign trade:
(1) The proportion of e-commerce is higher and higher, and the demand speed of users for products is also higher and higher. In the process of transportation, from the perspective of high-quality operation, the inventory turnover rate should also be high. The original traditional OEM business has high inventory turnover and low inventory; Now as a cross-border e-commerce, the inventory time is longer. Enterprises with brands going to sea hope that the shorter the transportation end is, the better, and the less capital is occupied, the better.
(2) The total The Pacific Securities Co.Ltd(601099) between China and the United States is 5600 nautical miles, with a ship speed of 30 knots in 7 days, a ship speed of 25 knots in 9 days, investor relations activities in 9 days and a ship speed of 20 knots in 12 days. Compared with the current 80 days of general shipping, it has great advantages in introducing the main contents. Compared with large ships, slow ships and multi-point ships, express ships bring convenience to an enterprise in terms of unsalable goods, tail goods and saving storage funds. From the perspective of financial cost and operation cost, the price of express ship can be 1000 US dollars higher than that of slow ship +. If the route from East China to the west of the United States returns to the bottom of $1500 in the future, the price of the express can also reach $2500 +. Just like urban transportation, buses and subways are very cheap and have a large volume, but there are many stops and it takes a lot of time, not point-to-point. There must be express trains and special trains in the market that can solve about 5% - 10% of the market capacity.
(3) At present, there are 300 + customers in lege public overseas warehouse business, and the problem often faced is that there is no position. The shipping company can sign a long-term agreement with lese, but it will not sign a long-term agreement with lese's customers. Lege will not drive more than 5000TEU ships in the future, and it is not necessary. It must focus on e-commerce (cross-border e-commerce + point-to-point international shipping + overseas warehouse) to integrate its business.
It is a trend for a large number of small and medium-sized enterprise brands to go to sea. Overseas warehouse is the fulcrum for brands to go to sea, while only overseas warehouse has no first journey. Service is like walking on one leg.
(4) In the future, music and song must go to the west of the United States, probably to other ports next to San Francisco and Los Angeles
To select. Some large ships need a draft of 12 meters and 15 meters. They have to go to large ports such as La / lb in Los Angeles. The resources of large-scale ports are extremely limited. The loading and unloading time of large ships is also relatively long, with many berthing points and long overall navigation time. In recent years, the trend of large-scale ships has objectively exacerbated the congestion of large ports. The 1800teu small container ship is generally point-to-point, with fast loading and unloading and a draft of 9.5m-10m. The requirements for the channel and port are relatively low and flexible. The lifting table and electric lifting bed of lese are all large items, which have a large demand for positions. Combine cross-border e-commerce, overseas warehouse and shipping to make music more competitive and let more small and medium-sized enterprises coexist and prosper with music. 2. The economy of shipbuilding? A: (1) the cost of chartering is very high: for short-term chartering (half a year to one year), the quotation is close to 100000 US dollars / day (including labor cost), which is generally more than 50000 US dollars / day; For long-term rent (more than three years), the quotation is 30000-40000 US dollars / day. The annual rent is more than US $10 million, and the ship cost US $32 million. You can buy the ship after renting it for three years. (2) Low shipbuilding cost: the cost of a single container from Ningbo to Los Angeles: ship + depreciation cost of container investment + capital cost + operation and management personnel cost + fuel cost + port fee, 900 high containers and 1800 standard containers. Calculated according to 80% of the positions, it runs 11 times a year. With clippers, the operating cost of a single high counter is about $2500. From the perspective of hedging, it is equivalent to signing a 10-year long-term contract (talking with the shipping company, the high counter price of one-year contract in the United States and Western Europe is 8000 + and the high counter price of two-year contract is about 7000), which is far lower than the current price. (3) Fast speed: even if the price returns to 1500 at the bottom of the past, compared with the normal speed 19 years ago (shipping in one month and goods preparation in two months), the music express can reach the west American warehouse in half a month with a speed of 20 knots. Now, during the epidemic period, large ships docked at multiple ports need two months of shipping time, and cross-border e-commerce enterprises have to stock the inventory for three months, increasing the rental cost and capital cost of overseas warehouses: according to the two-month shipping cycle + three-month inventory, the rental + capital cost of a single container reaches 4000 +; 1-month shipping cycle + 2-month inventory also requires a cost of about 2800; The 15 day shipping cycle + 1 month inventory of express ships, and the rent + capital cost of a single container is only 1300-1400. (4) Volume assurance: build an express ship for your own use or provide services to third-party customers. The volume of goods is guaranteed, and there is no need to solicit goods. The storage capacity of 320000 square meters in the U.S. warehouse is based on four turnover times a year, and 18000 high cabinets are put in and out of the warehouse. The warehouse will continue to expand this year, and the Q2 express will be put into operation next year, which can only meet half of the current demand. It is economical based on self use. 3. Professional express operation? A: (1) the specialized operation of container ships is divided into three stages: 1) shipment, including cargo solicitation, Ningbo Zhoushan Port Company Limited(601018) and shipment at the port of destination. Ningbo Zhoushan Port Company Limited(601018) is the third largest port in the world. Lege is a relatively large foreign trade enterprise in Ningbo. I believe that lege's ship will help the brand of small and medium-sized enterprises in Zhejiang go to sea, and will get the support of Ningbo Government and Ningbo Zhoushan Port Company Limited(601018) ; 2) For container transportation, Yuege has contacted and hired professional institutions to provide seafarers, management, etc; 3) The customs clearance, container towing, warehousing and delivery after the ship arrives at the port are the strengths of lege. Lege has been a cross-border e-commerce for 11 years, has operated overseas warehouses for 9 years and has operated public overseas warehouses for 2 years. It has provided customs declaration, delivery, warehousing and other services for more than 300 customers with many years of experience. We have visited many ports in the west of the United States and their corresponding operating companies, shipping agents and fleets for many times, and have made an in-depth analysis on various expenses of tugboat, navigation, unloading and wharf. a) Lege's cabinet enters its own overseas warehouse to save the time of dragging the cabinet. The method of "one stop full out" is adopted, which is different from the traditional method (containers are transported to different warehouses after being transported to the port, and different teams carry the designated cabinets). The team does not need to care about which cabinet, but only needs to drag all the cabinets arriving at the port to their own overseas warehouse, which greatly saves the time spent in dragging the cabinets; b) The San Francisco warehouse with relatively less busy music and songs can be optimized. From the perspective of port proximity, compared with the port of Los Angeles, the port of San Francisco is not so busy. It only takes 1H for the team to enter the port and tow the container. In the same case, the port of Los Angeles takes 5-6h (most companies choose the port of Los Angeles because most of the warehouses are in Los Angeles, and the truck takes 8-10h from the port of San Francisco to the port of Los Angeles, which costs US $2400). Lege also has a warehouse in San Francisco, which can be directly put into the warehouse after dragging the cabinet. Lege set up a warehouse in San Francisco in 2013, and has accumulated a lot of logistics resources; c) Recycle the frame. After arriving in Los Angeles, the enterprise may encounter the problem of being unable to approach the port or pressing the frame. Generally speaking, the cabinet must be on the frame after arriving at the warehouse, which means that if there is only one ship, the whole cabinet may be pressed for one month, while the lege warehouse has its own frame. (2) The overall personnel organization forms two departments: 1) China: maritime logistics department, with corresponding operation group; 2) Overseas: Shipping dispatching department, mainly divided into customs clearance, dispatching, fleet and operation. In the United States, 21h2 has actually taken the lead. The customs clearance, fleet and trailer cabinet of many overseas warehouse customers are provided with supporting services by lege overseas warehouse team. Strategic cooperation has been formed with three teams in San Francisco, one of which ranks in the top three in San Francisco. Relevant plans have been formed for subsequent problems such as frame and trailer cabinet, which can be solved one by one. 4. How to meet Lechang's future financing needs and financing planning? What are the long-term plans for Lechang's independent operation in the future? A: (1) organizational structure of Lechang: internal reconstruction has been completed by the end of 21. A wholly-owned subsidiary of Loctek Ergonomic Technology Corp(300729) - Lechang Information Technology Co., Ltd. was established in Ningbo. All businesses of the US overseas warehouse have been transferred to the subsidiary. (2) Financial situation of Lechang Information Technology Co., Ltd.: the asset liability ratio is very low, which mainly depends on the 20-year investment of the joint stock company. The joint stock company invested about US $100 million (7 overseas warehouses + other leased overseas warehouses). The 200 million yuan of shipbuilding mainly comes from two parts: 1) the net profit of normal production and operation; 2) Bank financing, because the asset liability ratio is low, appropriate bank borrowing can be solved. (3) At the beginning of the year, a round of financing may be conducted to the market to dilute minority equity. Two considerations for diluting equity: 1) make the valuation clear, and calculate the valuation of different businesses after splitting according to the market valuation of individual shares; 2) Introduce some shareholders who play a synergistic role in overseas warehouses, cross-border e-commerce and third-party cooperation platforms to better integrate resources. 23 years 1
