Gem investment risk tips
After this stock issue, it is planned to be listed on the gem, which has high investment risk. GEM companies have the characteristics of large investment in innovation, uncertainty about the success of the integration of new and old industries, still in the growth stage, high operation risk, unstable performance and high delisting risk. Investors are facing greater market risk. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently.
Shenzhen oney Electronics Co., Ltd
Shenzhen Aoni Electronic Co., Ltd.
(address: 2nd, 3rd, 6th and 7th floors of Honghui Industrial Park 5# workshop, Liuxian 2nd Road, Xin'an street, Bao'an District, Shenzhen, west half of 8th floor, 9th floor) IPO and listing on GEM
Prospectus
Sponsor (lead underwriter)
(floor 12 and 15, block B, Xinsheng building, No. 5, Financial Street, Xicheng District, Beijing)
statement
Any decision or opinion made by the CSRC and the exchange on this issuance does not indicate that they guarantee the authenticity, accuracy and integrity of the registration application documents and the information disclosed, nor do they indicate that they make substantive judgment or guarantee on the profitability, investment value of the issuer or the income of investors. Any statement to the contrary is a false statement.
According to the provisions of the securities law, the issuer shall be responsible for the changes in the operation and income of the issuer after the shares are issued according to law; Investors independently judge the investment value of the issuer, make investment decisions independently, and bear the investment risks caused by changes in the operation and income of the issuer or changes in the stock price after the shares are issued according to law. The issuer and all directors, supervisors and senior managers promise that there are no false records, misleading statements or major omissions in the prospectus and other information disclosure materials, and bear corresponding legal liabilities.
The controlling shareholder and actual controller of the issuer promise that there are no false records, misleading statements or major omissions in this prospectus, and bear corresponding legal liabilities.
The person in charge of the company, the person in charge of accounting and the person in charge of the accounting agency shall ensure that the financial and accounting materials in the prospectus are true and complete.
The issuer and all directors, supervisors, senior managers, controlling shareholders, actual controllers, sponsors and underwriting securities companies promise to compensate investors for losses in securities issuance and trading due to false records, misleading statements or major omissions in the issuer's prospectus and other information disclosure materials.
The sponsor and the securities service institution promise to compensate the investors for the losses caused to the investors due to the false records, misleading statements or major omissions in the documents prepared and issued for the issuer's public offering.
Issue overview
Type of shares issued: RMB ordinary shares (A shares)
The number of shares issued is 30 million, accounting for 26.11% of the total share capital after issuance, all of which are new shares
The par value of each share is RMB 1.00
The issue price per share is 66.18 yuan / share
Issue date: December 17, 2021
Stock exchange and gem of Shenzhen Stock Exchange to be listed
The total share capital after issuance is 114896465 shares
Sponsor (lead underwriter) Dongxing Securities Corporation Limited(601198)
Signing date of prospectus: December 23, 2021
Tips on major events
The company specially reminds investors to pay attention to the following important matters, and be sure to carefully read all the contents of this prospectus before making investment decisions.
1、 Special risk tips
The issuer specially reminds investors to carefully read all the contents of "section IV Risk Factors" in this prospectus, and reminds investors to pay special attention to the following risk factors:
(i) Risk of negative impact of covid-19 epidemic on the company's production and operation
1. Risk of continuous performance fluctuation under the influence of epidemic situation
The company mainly sells intelligent hardware such as PC / TV external camera, network camera, tachograph and Bluetooth headset. The company's sales revenue and performance are related to macroeconomic development, total social consumption and other factors. Since 2020, the sales revenue of PC / TV external camera has been greatly affected by covid-19 epidemic.
Since January 2020, covid-19 epidemic has spread all over the world, resulting in an increase in the demand for PC / TV external cameras in remote scenes. The company's PC / TV camera revenue also increased rapidly in 2020. However, the covid-19 epidemic has an adverse impact on the GDP and total social consumption of major economies in the world, and has a short-term inhibition on the total social consumption demand for electronic products such as webcams and tachographs to a certain extent. Therefore, generally speaking, the impact direction and degree of covid-19 epidemic on the income of different product lines of the company are different. In terms of product production, up to now, the epidemic situation in China has been controlled, and the impact of the epidemic on the company's product production has been basically eliminated. In terms of product sales, in the first half of 2021, the company's PC / TV camera revenue and final orders have decreased compared with the peak in 2020, but the revenue of webcam, dash cam, Bluetooth headset and other products has increased compared with the same period of the previous year. However, there is still great uncertainty in the control of overseas epidemic. If the overseas epidemic continues, it may have an adverse impact on the overseas demand for webcam, tachograph and other products, and may cause continuous fluctuations in the revenue of different product lines and overall sales revenue of the company. Therefore, the company faces the risk of continuous fluctuation of operating performance under the background of covid-19 epidemic.
2. In 2021, the company's tachograph, webcam and other products recovered their growth trend, but under the background of the decline in PC / TV camera revenue, the company still had the risk of decline in annual revenue, gross profit margin and performance
The influence direction and degree of covid-19 epidemic in 2020 on the income of different product lines of the company are different, resulting in different changes in the income of main customers and main products of the company since 2021.
From the perspective of products, based on the operation in the first half of 2021, the revenue of the company's main products from January to June 2021 increased by about 60.46% compared with the same period of the previous year. Among them, the increase of covid-19 vaccination rate and other factors contributed to the decline of PC / TV sales revenue compared with July to December 2020, but the offline channels returned to normal after the epidemic weakened The accelerated industrial application of Internet of things technology and other factors also promote the rapid growth of revenue of intelligent terminal products such as tachograph and network camera, which is an important reason for the growth of revenue in 2021.
From the perspective of customers, based on the operation in the first half of 2021, the company's PC / TV camera revenue from January to June 2021 decreased compared with July to December 2020, but the sales changes and ranges of customers in different sales channels are different. At the same time, for the original core customers or new customers such as Liguo lighting, owlet baby, Xinhua III, D-Link and cobra, the company's sales growth in the fields of tachograph and webcam is expected to basically offset the impact on the decline in the revenue of PC / TV camera customers.
To sum up, the company's operating revenue from January to June 2021 was 488.581 million yuan, a year-on-year increase of 57.45%. Combined with the factors such as the traditional peak sales season of electronic products in the second half of the year, the growth of tachograph / webcam and other products after the epidemic is gradually alleviated, the company expects the operating revenue in the second half of 2021 to be higher than that in the first half of 2021, and the annual operating revenue in 2021 to be more than 1 billion yuan, but the fluctuation of market demand and other factors may also lead to the revenue growth in 2021. At the same time, under the background of unclear change trend of covid-19 epidemic and continuous international trade frictions, the purchase price of raw materials such as chips may rise, resulting in higher production costs and lower gross profit margin. Therefore, the company's sales revenue, gross profit margin and operating performance in the second half of 2021 and the whole year also have the risk of decline to a certain extent.
（2） The risk of unsustainable sales unit price, revenue growth and high gross profit margin of PC / TV external cameras 1. After the covid-19 epidemic is controlled, the risk of decline in revenue and gross profit margin of PC / TV external cameras
Covid-19 epidemic continues to spread all over the world, which not only promotes the growth of telecommuting, teleconferencing, distance education and other fields, but also improves the market demand of PC / TV external cameras in remote scenes. During the reporting period, the sales revenue of PC / TV external cameras of the company was 43.5361 million yuan, 57.7833 million yuan, 60.93277 million yuan and 23.52002 million yuan respectively, and the gross profit margin was 42.87%, 44.05%, 52.46% and 46.25% respectively. Since 2020, the revenue has increased rapidly, and the gross profit margin is also at a higher level than that in 2019 and previous years.
The spread of covid-19 epidemic has greatly increased the demand for products related to remote scenarios in a short time, It has also cultivated and strengthened new social life concepts such as telecommuting (improving efficiency) and distance education / medical care (promoting fairness) from a medium and long-term perspective, and laid the cornerstone for the long-term development of PC / TV cameras and other products. Working, learning and other lifestyles in the remote scene have a good population foundation and consumption habit foundation.
However, with the adjustment of supply structure after the surge of short-term demand, and the gradual control of covid-19 epidemic, social life has gradually returned to normal, the market demand in the fields of remote office and online education has decreased, the market price of the company's PC / TV external camera products has gradually callback, and the overall sales scale and gross profit margin have declined greatly, The average unit price from January to June 2021 decreased by 15.24% month on month compared with July to December 2020, the sales revenue from January to June 2021 decreased by 49.70% month on month compared with July to December 2020, and the product gross profit margin decreased from 52.08% month on month from July to December 2020 to 46.25% month on month from January to June 2021. If the market competition of PC / TV external camera segment in the remote scenario intensifies and the demand continues to decrease, the company's PC / TV external camera product revenue will increase significantly and the high gross profit margin will not be sustainable, facing the great risk of decline in sales revenue, decline in gross profit margin and decline in net profit.
2. The industry competition and policy supervision of PC / TV external camera bring the risk of decline in revenue and gross profit margin
The company's PC / TV external camera accounted for 25.03% of its domestic revenue in 2020. In recent years, online education has ushered in a period of rapid growth, but at the same time, there are also industrial chaos such as online teacher qualification fraud, unlicensed school running, false publicity and consumption induction. Since 2021, the Ministry of education has successively issued a series of regulatory policy documents such as the notice on further strengthening the sleep management of primary and secondary school students. At present, the regulatory environment of online education industry is becoming stricter, It has entered the industry standardization and integration period, which may have an impact on the demand for hardware equipment related to online education, including cameras. In June 2021, the Ministry of industry and information technology issued the centralized regulation of camera network security organized by the network security administration, which mainly focuses on the improper use of cameras, and industry norms contribute to long-term stable development. Consumer electronic products are closely related to social life. Government policies have an impact on the market demand of PC / TV cameras and other products. The company has the risk of demand reduction and revenue decline caused by downstream application scenarios such as online education and changes in relevant regulatory policies such as network security. At the same time, the PC / TV camera market has the characteristics of scattered market brands and market share, and there are great differences between Chinese and foreign markets and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channel competitors. The main competitors of the company's PC / TV camera in the domestic market include Logitech, landka, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , technology touch, Olympic speed, blue magic, etc., while the overseas market mainly includes Logitech, nexigo, depstech, grenerics Jelly comb et al. Have many market competitors and show the characteristics of great brand differences in different regions; According to the sales volume query of Jingdong, Taobao and Amazon, the mainstream e-commerce platforms outside China, the brand sales ranking has changed and brand replacement exists in different periods, there are many new entrants in the industry, and the competition is relatively full. Therefore, the intensification of market competition, the increase of industry competitors and the market differentiation characteristics of different regions may lead to the risk of decline in sales revenue, gross profit margin and operating performance.
（3） Risk of reduced sales revenue to linyoutong or other customers
On June 17, 2021, Guangdong Saca Precision Manufacturing Co.Ltd(300464) issued the announcement on major issues of subsidiaries. Some stores of linyoutong were suspended by Amazon platform on June 16, 2021. From January 1 to June 15, 2021, the revenue of affected stores accounted for about 31% of their operating revenue on Amazon platform. Accordingly, It is assumed that the company's revenue from October to December 2021 decreased by 31% compared with the same period of the previous year (the proportion of sales revenue of affected stores of linyoutong announced in Guangdong Saca Precision Manufacturing Co.Ltd(300464) in June 2021), 50%, 71% (no cooperation after the execution of hand orders, and the proportion of Limited sales sites of linyoutong announced in Guangdong Saca Precision Manufacturing Co.Ltd(300464) in October 2021), 100% (orders in hand will not be executed and cooperation will not be carried out in the future), it is estimated that the annual revenue of linyoutong in 2021 will decrease by 50.4867 million yuan, 55.4377 million yuan, 60.9385 million yuan and 68.4666 million yuan respectively year-on-year, accounting for 4.72%, 5.19%, 5.70% and 6.40% of the company's main business revenue in 2020. The above decline ratio is a simulation assumption, Guangdong Saca Precision Manufacturing Co.Ltd(300464) . linyoutong has confirmed that the orders in hand will continue to be executed, the projects under research will continue to be promoted, and it is exploring other markets to reduce costs
