At present, with the deep transformation of traditional industrial manufacturing, China is in a critical period of upgrading from "mechanical processing" to "optical processing".
On November 16, 2021, Beijing Golden Orange Technology Co., Ltd. (hereinafter referred to as "golden orange"), an enterprise of laser processing control system, disclosed its prospectus to impact the science and innovation board. According to the prospectus, during the reporting period (from 2018 to the first half of 2021), the R & D expenses of golden orange accounted for 11.56%, 15.55%, 11.80% and 10.84% of the operating revenue respectively. Stepping on the line reached the "cumulative R & D investment of software enterprises in the last three years accounted for more than 10% of the cumulative operating revenue in the last three years" specified in the evaluation standard of science and innovation attributes.
In addition, at the end of 2021, due to the financial fraud of Kangmei pharmaceutical, several independent directors with an annual salary of only 100000 yuan were sentenced to hundreds of millions of yuan of joint and several compensation, which also ushered in a wave of salary rise and resignation of independent directors in a shares. The reporter of "daily economic news" noted that the annual salary of the three independent directors of golden orange is only 700 yuan. Whether the independent directors can perform their duties seriously under low salary has also aroused doubts from investors.
On issues such as R & D investment and remuneration of independent directors, the reporter called golden orange and sent an interview letter according to the other party's requirements. As of press time, no reply has been received.
R & D investment is lower than that of peers, and meets the evaluation guidelines of scientific and technological innovation attributes
In recent years, the increasing demand for automatic and intelligent production mode in China's manufacturing industry has driven the laser industry into a period of rapid development.
According to the report on the development of China's laser industry in 2021, the market scale of China's laser processing equipment in 2012 was 16.9 billion yuan, accounting for 23.41% of the global market scale of laser processing equipment; By 2020, the market scale of China's laser processing equipment will be 69.2 billion yuan, with a compound annual growth rate of 19.27%. In 2021, the sales revenue of China's laser processing equipment is expected to reach 77 billion yuan.
Golden orange is a Chinese laser processing control system enterprise. The company's main business is the R & D and sales of motion control system of laser processing equipment, and provides comprehensive solutions and technical services for different laser processing scenes. Golden orange product series covers many fields such as laser marking, laser cutting and laser welding. It is mainly used in consumer electronics, new energy, semiconductor, automobile, clothing, medicine and other fields.
According to the prospectus, from 2018 to the first half of 2021, golden orange achieved revenue of 69.632 million yuan, 924231 million yuan, 135 million yuan and 102 million yuan respectively, with a compound annual growth rate of 39.31% in the past three years; The net profits were 17.236 million yuan, 160555 million yuan, 40.197 million yuan and 302324 million yuan respectively.
The field of laser processing involves multi-disciplinary knowledge such as computer, microelectronics, optoelectronics, automation and machinery. It is a knowledge and technology intensive industry. The technology development cycle is long, and there is a high demand for technical talents. Golden orange also said in the prospectus that the core of the company's business is the laser processing control system in the field of advanced laser manufacturing, which has high requirements for technological innovation and product R & D capability.
However, from the perspective of R & D investment of golden orange, from 2018 to the first half of 2021, its R & D expenses were 8.0506 million yuan, 143684 million yuan, 159409 million yuan and 110539 million yuan respectively, accounting for 11.56%, 15.55%, 11.80% and 10.84% of operating revenue respectively. The proportion has decreased year by year since 2019, and is also lower than the industry average of 20.10%, 23.69%, 22.22% and 13.71%.
In addition, according to the latest guidelines for the evaluation of scientific and innovative attributes (Trial), the company's cumulative R & D investment in the last three years accounts for more than 5% of its operating revenue, or the cumulative R & D investment in the last three years is more than 60 million yuan; Among them, the proportion of R & D investment in software industry in operating revenue should be more than 10%. As a software enterprise, golden orange has just stepped on the line in terms of R & D investment.
In addition, the prospectus also shows that the annual salary of the three independent directors of golden orange in 2020 is only 700 yuan, far lower than the general salary of independent directors of listed companies. Whether the independent directors can fulfill their duties under low salary also needs to be tested.
The gross profit margin of core products is low, and the land raised for investment has not been granted the right to use
During the reporting period, the sales volume of core products of golden orange was basically growing, but the gross profit margin was declining.
In terms of sales volume of main products, during the reporting period, the sales volume of laser processing control system of golden orange was 25500 pieces, 39000 pieces, 81700 pieces and 69600 pieces respectively; The sales volume is 119 sets, 124 sets and 102 sets of precision laser processing equipment respectively. Except for 2020, which was seriously affected by the epidemic, the sales volume of the two main products showed an increasing trend.
However, while the sales volume is climbing, the average sales price of golden orange laser processing control system is constantly falling, from 203633 yuan / set in 2018 to 115464 yuan / set in the first half of 2021, which is close to halvingP align = "center" Image Source: screenshot of prospectus
At the same time, the gross profit margin also showed a downward trend. Excluding the influence of freight, the comprehensive gross profit margin of the company in each period was 66.11%, 64.02%, 62.83% and 63.44% respectively. Among them, the gross profit margin of laser processing control system decreased significantly, from 76.46% in 2018 to 70.67% in the first half of 2021. Golden orange explained that the main reason is the rising proportion of sales of standard function laser control system with relatively low gross profit margin in the product structure.
In contrast, during the same period, the gross profit margins of the related products of comparable companies Shanghai Weihong Electronic Technology Co.Ltd(300508) , Shanghai Friendess Electronic Technology Corporation Limited(688188) in the same industry were 83.41%, 80.53%, 79.88%, 78.62% and 78.30%, 78.84%, 79.13% and 80.20% respectively, which were higher than those of golden oranges.
It is understood that the IPO of golden orange plans to raise 396 million yuan, which is mainly used to invest in the R & D and industrialization construction project of laser flexible precision intelligent manufacturing control platform, high-precision digital galvanometer system project, marketing and technical support network construction project and supplement working capital.
Golden orange said in the prospectus that the company's implementation of the fund-raising investment project will be based on the existing main business and core technology, seize the development opportunities of the industry, improve the independent R & D ability, develop in the direction of high flexibility, high precision and high integration solutions, and further enhance the company's market competitiveness and brand influence in the field of laser processing control.
Among them, golden orange said that after the completion of the "R & D and industrialization construction project of laser flexible precision intelligent manufacturing control platform" with an investment of 163 million yuan, it will rely on the R & D and production experience accumulated in the laser processing control system for a long time to improve the industrial Siasun Robot&Automation Co.Ltd(300024) control technology required for laser flexible processing control The independent research and development and achievement transformation ability of high-precision galvanometer control technology can better meet the product needs of customers in the field of laser flexible control.
The project is planned to be located in the science and technology city of Suzhou New District Hi-Tech Industrial Co.Ltd(600736) District, Jiangsu Province. However, as of the signing date of the prospectus, golden orange has not obtained the land use right certificate of the land for the raised investment project.
Golden orange said in the prospectus that the company is actively communicating with the local government authorities on the land plots used in the raised investment projects, and will closely follow the handling procedures of the land plots used in the raised investment projects in the future. Failure to obtain the land use right certificate of the land parcel used for the raised investment project on schedule will have an adverse impact on the raised capital investment project.
In response to the above problems, the reporter called golden orange and sent an interview letter according to the other party's requirements. As of press time, no reply has been received.
