Zhongtai Securities Co.Ltd(600918)
About Wuhan Xingtu Xinke Electronics Co.Ltd(688081)
Special on-site inspection report
Zhongtai Securities Co.Ltd(600918) (hereinafter referred to as the "sponsor") as the sponsor of Wuhan Xingtu Xinke Electronics Co.Ltd(688081) (hereinafter referred to as the " Wuhan Xingtu Xinke Electronics Co.Ltd(688081) " and "company") for initial public offering and listing, it shall continuously supervise the company in accordance with the measures for the administration of securities issuance and listing sponsor business and other relevant provisions. The annual performance forecast of the company in 2021 shows that the company has a loss. It is estimated that the net profit attributable to the owner of the parent company will be -48 million yuan to -42 million yuan in 2021, and the net profit attributable to the owner of the parent company after deducting non recurring profits and losses will be -53 million yuan to -47 million yuan. In accordance with the measures for the administration of securities issuance and listing recommendation business and the guidelines for self discipline supervision of listed companies of Shanghai Stock Exchange No. 11 - continuous supervision and other relevant provisions, the recommendation institution has conducted special on-site inspection on the above matters, and now the on-site inspection results are reported as follows:
1. Basic information of this on-site inspection
After knowing the significant decline in Wuhan Xingtu Xinke Electronics Co.Ltd(688081) 2021 performance, the sponsor conducted on-site inspection on the company, verified the company's operation, financial situation and future development by means of senior management interview, consulting relevant announcement documents and financial data, and understood the main reasons for the decline of the company's net profit.
2. Changes in the company's performance
(1) Key financial data
According to the preliminary calculation of the company's financial department, the main financial data of the company's performance are expected to be as follows:
1) In 2021, the operating revenue reached 145 million yuan to 175 million yuan, a year-on-year decrease of 9.17% to 24.74% compared with 2020.
2) In 2021, the company's R & D expenses, management expenses and sales expenses totaled about 135 million yuan, an increase of about 62.63% over the same period last year.
3) In 2021, the net profit attributable to the owner of the parent company will be at a loss compared with the same period of the previous year (legally disclosed data), and the net profit attributable to the owner of the parent company will be -48 million yuan to -42 million yuan.
4) In 2021, the net profit attributable to the owner of the parent company after deducting non recurring profits and losses was -53 million yuan to -47 million yuan.
(2) Background and reasons for performance changes
According to the on-site inspection, the main reasons for the decline of performance in 2021 include the following aspects:
1) Revenue decline:
Some customers' construction plans are delayed, and the company's business development and project implementation are affected.
Some new products launched by the company around its main business are still in the trial and function verification stage, which have been preliminarily recognized by customers, and the revenue contribution has not been fully reflected in the current period.
2) Cost increase
In order to adapt to the construction and development of national defense informatization in the 14th five year plan, consolidate the main business, enhance the strength of technology, products and systems, and seize the first opportunity in the future industry, the company has further increased its R & D investment, market layout and talent team construction.
R & D investment. The company has continuously invested in localization, self-control, standardization, cloud video, big data and artificial intelligence, and accumulated several types of competitive cloud video command, big data, artificial intelligence and other systems and series of products; Using the formed technology and product advantages, we have developed an operational big data platform composed of data middle platform, AI middle platform, algorithm middle platform and intelligent business middle platform; According to the needs of military and civilian fields, we have built fixed and mobile equipment such as individual soldier, vehicle mounted and unmanned aircraft, as well as unmanned weapon strike support system equipment.
Market layout. The core products have been promoted from a single field of military video command to joint operations, training management, comprehensive support, intelligent equipment and other fields, and further expanded from the military industry to the civil industry, gradually forming a relatively complete marketing system layout, which has laid a solid foundation for the company's large-scale sales.
Talent team construction. The company has introduced a number of high-end talents with "985" and "211" university graduates, master's and doctoral degrees and industry experience, gradually upgraded the talent team, and formed a talent team with strong technology R & D ability and market development ability.
3) Asset impairment
During the reporting period, the company conducted impairment test on receivables and inventories in accordance with the requirements of accounting standards for business enterprises. According to the current situation of customers and the prediction of future economic conditions, the provision for bad debts of receivables is about 21 million yuan according to aging and individual recognition; According to the stock age, the provision for inventory falling price is about 2.2 million yuan.
(3) Corporate coping strategies
1) Adjust the company's organizational structure and improve market space
In order to cope with the changes of downstream customers, broaden the application field of the company's product technology and improve the market space, the company has reorganized the organizational structure, and gradually transferred from the flat management mode to the management form of business division system (i.e. setting up a special system department). On the basis of the application of the original military video command and control and video early warning control, in terms of military management, comprehensive support Set up an independent system department in daily office and other fields, full-time product design, development, application and service, and expand the company's service scope for military system. In addition, an independent system department has been set up in the fields of military civilian integration, smart energy, smart politics and law, mainly to promote the application of the company's products for the civil industry. Under the idea of the adjustment of the company's organizational structure, we strive to promote the company to form a better incentive mechanism in all business lines through the benign coordination and competition of various independent business departments, and strive to achieve obvious breakthroughs and growth in military, civil and other fields on the basis of ensuring the company's original product market. 2) Increase the research and development of new products and technologies and implement them
The company insists on long-term investment in new products and technologies, especially in technology R & D and talent introduction. As a technology-based enterprise, the company will continue to invest in new products and technologies in the future. At the same time, the company will further deepen the feasibility of product and technology implementation, combined with industry development Customers need to carry out targeted technology R & D and product development, constantly try to promote products, improve product exposure through market-oriented competition, strive for and expand landing orders, and improve the efficiency of R & D investment.
3) Carefully consider and track the credit status of customers
The company's main customers are the army, the government and well-known enterprises and institutions. The overall credit status is good. Some customers have a long accounting period, which is mainly due to the complex payment approval process of internal or end customers. However, in the course of operation, the company also has difficulties in recovering the accounts receivable of individual customers. In the future, the company will carefully evaluate the credit status of customers, give a reasonable accounting period, and continue to track the changes of customers' credit to reduce the collection risk. For overdue receivables, the company will actively collect them and, if necessary, exercise its creditor's rights by legal means, such as litigation and arbitration.
3. Matters and suggestions brought to the attention of listed companies
The company shall study and judge in combination with its own actual situation and market situation, reasonably adjust its business strategy, further strengthen operation and management, balance input and output, formulate reasonable development plan and prevent relevant business risks.
For the decline of the company's performance, the company shall do a good job in relevant information disclosure, timely and fully reveal relevant risks, and effectively protect the interests of investors.
4. Are there any matters that should be reported to the CSRC and the Shanghai Stock Exchange in accordance with the measures for the administration of securities issuance and listing recommendation business and the relevant rules of the Shanghai Stock Exchange
According to the relevant provisions of Article 26 of the guidelines for self discipline supervision of listed companies of Shanghai Stock Exchange No. 11 - continuous supervision, the listed company has matters that the sponsor believes should be subject to on-site inspection, the sponsor needs to conduct special on-site inspection, and the on-site inspection report needs to be submitted to Shanghai stock exchange.
5. Cooperation of listed companies and other intermediaries
In this on-site inspection, the company leaders and relevant department personnel gave active cooperation and provided necessary support for this on-site inspection. The on-site inspection was conducted independently by the sponsor, and no other intermediary was arranged to cooperate.
6. Conclusion of this site inspection
After verification, the sponsor believes that the decline of the company's performance in 2021 is mainly due to the delay of the construction plan of some customers, the early promotion of new products, the increase of expenses and asset impairment. With the actual business background, the company is actively adjusting and formulating the business strategy suitable for the changes of the market and trying to return to the track of sustainable development. For the future operation of the company, the sponsor will continue to pay attention and supervise with a diligent and responsible attitude, and urge the listed company to disclose relevant information in time. (no text below)
(there is no text on this page, which is the signature page of the special on-site inspection report on Zhongtai Securities Co.Ltd(600918) about Wuhan Xingtu Xinke Electronics Co.Ltd(688081) .) sponsor representative:
Chen Shengke, Wang Jing
Zhongtai Securities Co.Ltd(600918) mm / DD / yy
