Stock abbreviation: silinger Stock Code: 688115 Guangzhou silinger Technology Co., Ltd
（Smartgiant Technology Co., Ltd.）
Address: 101, 201, 301, 401 and 501, building 2, No. 1003, Asian Games Avenue, Shiqi Town, Panyu District, Guangzhou
Listing announcement of science and Technology Innovation Board
Sponsor (lead underwriter)
(No. 8, Puming Road, China (Shanghai) pilot Free Trade Zone)
March 11, 2022
hot tip
The shares of Guangzhou silinjie Technology Co., Ltd. (hereinafter referred to as “silinjie”, “the company” or “the issuer”, “the company”) will be listed on the science and Innovation Board of Shanghai Stock Exchange on March 14, 2022. The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of “speculation” in the initial stage of IPO, and make prudent decision and rational investment.
Section I important statements and tips
1、 Important statement
The company and all directors, supervisors and senior managers guarantee that the information disclosed in the listing announcement is true, accurate and complete, promise that there are no false records, misleading statements or major omissions in the listing announcement, and bear legal liabilities according to law.
The opinions of Shanghai Stock Exchange and relevant government authorities on the listing of the company’s shares and related matters do not indicate any guarantee to the company.
The company reminds investors to carefully read and publish on the website of Shanghai Stock Exchange（ http://www.sse.com.cn. ）The contents of the “risk factors” chapter of the company’s prospectus should pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors to pay attention to the relevant contents not involved in this listing announcement. Please refer to the full text of the company’s prospectus.
The company reminds investors to pay attention to the investment risks at the initial stage of IPO listing. Investors should fully understand the risks and rationally participate in the trading of new shares. 2、 Special tips on investment risks at the initial stage of IPO
The company’s shares will be listed on the science and Innovation Board of Shanghai Stock Exchange on March 14, 2022. The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of “speculation” in the initial stage of IPO, and make prudent decision and rational investment. The company’s special tips on relevant risks are as follows: (I) stock trading risk of Kechuang board
On the first day of listing, enterprises on the main board of Shanghai Stock Exchange and Shenzhen stock exchange were limited to 44%, 36% and 10% respectively.
A wide range of price limits shall be set for the competitive trading of stocks on the science and innovation board. For the stocks listed in the initial public offering, there shall be no price limit in the first five trading days after listing, and the price limit thereafter shall be 20%; The Kechuang board further relaxed the restrictions on the rise and fall of stocks in the initial stage of listing, and increased the trading risk.
(II) risk of less circulating shares
At the initial stage of listing, because the share lock period of the original shareholders is 12 to 36 months, the lock period of the sponsor’s follow-up investment shares is 24 months, the lock period of some online lower limit shares is 6 months, the number of shares with limited sale conditions is 51355395, accounting for 770292% of the total shares after issuance, and the number of circulating shares with unlimited sale conditions is 15314605, accounting for 229708% of the total shares after issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity. (III) risk that the P / E ratio is higher than that of the same industry
The issuer’s industry is instrument manufacturing (classification code C40). As of February 28, 2022 (T-3), the average static P / E ratio of the industry published by China Securities Index Co., Ltd. in the latest month was 34.78 times. The issue price is 65.65 yuan / share, and the price earnings ratio of the company is as follows:
1. 52.24 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before this issuance); 2. 56.69 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital before the issuance); 3. 69.66 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after this issuance); 4. 75.60 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after this issuance). The company’s issuance price of 65.65 yuan / share corresponds to the lower diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020, which is 75.60 times higher than the average static P / E ratio of the issuer’s industry in the last month issued by China Securities Index Co., Ltd., and there is a risk that the decline of the issuer’s share price will bring losses to investors in the future. (IV) abnormal stock fluctuation risk
On the first day of listing, the shares on the science and innovation board can be used as the subject of margin trading, which increases the risk of sharp decline in share price caused by increased leveraged margin trading in the early stage of listing, while the main board market of Shanghai stock exchange requires that they can be used as the subject of margin trading after more than three months. In addition, the stock verification system for temporary suspension and serious abnormal fluctuations in the stock trading session of the science and innovation board is different from that of the main board market of the Shanghai Stock Exchange. Draw investors’ attention to relevant risks.
After the IPO and listing, in addition to the operation and financial status, the stock price of the company will also be affected by many factors such as the macroeconomic situation outside China, industry conditions, capital market trends, market psychology and various major emergencies. When considering investing in the company’s shares, investors should anticipate the possible investment risks caused by the above factors and make prudent judgments.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of the company’s initial public offering of shares. The following “reporting period” refers to 2018, 2019, 2020 and January June 2021. 3、 Special risk tips (I) the risk that the issuer is highly dependent on Apple industrial chain company and the sales revenue in other fields is relatively small
During the reporting period, due to the relatively limited R & D, capital and other resources, the company chose the business strategy of concentrating resources to serve the apple industry chain. Therefore, the company’s products are mainly used in the field of apple industry chain, and the main revenue comes from the apple industry chain.
In each period of the reporting period, the issuer’s direct income from Apple was 2.4678 million yuan, 1.3248 million yuan, 2.3939 million yuan and 493800 yuan respectively, with relatively small income. The company’s customers are mainly testing equipment manufacturers in the apple industry chain. In each period of the reporting period, the issuer obtained revenue from selling products and providing services to apple and its industrial chain enterprises, accounting for 94.72%, 85.03%, 90.85% and 91.97% of the current operating revenue respectively. The issuer has a high dependence on Apple industrial chain companies. At the same time, the issuer’s income is mainly concentrated in the field of electronic consumer product testing represented by Apple industrial chain customers, and the income in other fields accounts for a relatively small proportion. If the issuer cannot effectively improve the situation of high dependence on Apple’s industrial chain by expanding the application of the company’s products in other fields, once there is a transfer of Apple’s industrial chain, or the issuer cannot continue to develop embedded intelligent instrument module products that meet Apple’s testing needs and continue to maintain its technical advantages, Or the gradual increase of modular testing instrument manufacturers in the testing field of Apple industrial chain may have a significant adverse impact on the company’s operating performance. (II) risk of large balance of accounts receivable and uncollectible
At the end of each reporting period, the balance of accounts receivable of the company was 427337 million yuan, 535088 million yuan, 1164255 million yuan and 1874824 million yuan respectively. The proportion of the balance of accounts receivable in the current operating revenue was 35.21%, 45.12%, 61.70% and 160.28% respectively. It was mainly due to the covid-19 epidemic and exchange rate factors. Some customers were short of funds and the collection speed slowed down, Resulting in the increase of accounts receivable balance. During the reporting period, the company’s accounts receivable balance was mainly the accounts receivable of the company’s main customers yuntaili and Jingshi measurement and control. The total accounts receivable of the above two customers accounted for 79.30%, 72.59%, 72.86% and 83.71% of the company’s accounts receivable balance. Due to the fact that the above-mentioned receivables of Jingyun and Jingyun factoring company are in good financial condition and cannot be recovered from Taili due to the fact that the above-mentioned receivables have been paid by Jingyun and Jingyun factoring company.
If there are significant adverse changes in the financial, operating and credit conditions of the above major customers, and the subsequent company cannot effectively control the accounts receivable and recover the due accounts receivable in time, there may be a risk that the balance of accounts receivable is large and unrecoverable, which may have a significant adverse impact on the company’s future operating performance. (III) the application scenario of the issuer’s modular testing scheme in the apple industry chain is relatively single, the business scale is relatively small, and there is a risk of technical gap with foreign modular testing scheme providers
The issuer’s main business is the R & D, production and sales of embedded intelligent instrument modules, but compared with instrument enterprises in the same industry, the company’s capital strength and business scale are obviously small. During the reporting period, the company achieved operating revenue of 1213647 million yuan, 1185996 million yuan, 1887016 million yuan and 1169736 million yuan respectively, with a small overall scale. Among them, embedded intelligent instrument module products are an important source of the company’s revenue, and the relevant revenue accounts for 89.56%, 82.92%, 89.01% and 87.51% of the main business revenue respectively. At the same time, the application scenario of the issuer’s modular detection scheme in the apple industry chain is relatively single. During the reporting period, the company’s embedded intelligent instrument module detection scheme was mainly used for the PCBA function detection of Apple electronic products. In other detection links such as module detection, semiconductor and integrated circuit detection, PCBA online detection, RF detection and so on, the traditional instrument detection scheme is still the main, and the issuer’s modular detection products are rarely used or have not been adopted yet. If the company cannot further improve its technical strength, launch embedded intelligent instrument module products that can be widely used in other detection links, expand the application scope of module products in the detection field of Apple industrial chain, or the business expansion is less than expected or encounter other adverse factors, the growth of the company’s future performance will be adversely affected.
In addition, there is a technical gap between the issuer and foreign modular testing scheme providers in the apple industry chain. In the apple industry chain, the suppliers providing modular testing solutions at this stage are mainly American National Instruments and issuers, and American national instruments is the issuer’s main competitor in the apple system. Compared with the issuer’s products, which mainly focus on PCBA function detection, American national instrument products are used in a wider range of fields, involving detection links with high technical requirements such as integrated chip test and RF signal test. In addition, the product line types of national instruments in the United States are also more extensive than those of issuers, and there is a certain technical gap between issuers and national instruments. Due to more testing links and wider product line coverage, American national instruments can provide customers with more comprehensive and comprehensive products and services. At this stage, there is still a certain gap between the company’s products and the above-mentioned international giants in terms of technical depth and product coverage, and the company’s comprehensive competitiveness in the modular testing industry is still insufficient compared with international leading enterprises. (IV) there is a risk of differentiated competition between the issuer’s modular testing instruments and traditional instruments
There is a certain gap between the issuer’s modular testing instruments and traditional instruments in terms of technical level and testing links. The issuer’s embedded intelligent instrument module products are similar to traditional instruments and meters. They all carry out analog front-end signal processing on the measured signal, then convert it into digital signal, and then realize the detection function through digital signal processing algorithm. However, limited to its own technical accumulation, product miniaturization design and other factors, some performance indexes of the issuer’s embedded intelligent instrument module products, such as range coverage, are insufficient compared with traditional instruments. In addition, at present, the issuer’s products are mainly used in the PCBA function detection link of consumer electronic products dominated by Apple industrial chain, while traditional instruments and meters have been widely used in education and scientific research, industrial production, aerospace and other fields and cover all detection links. In terms of application scenarios, there is also a large gap between embedded intelligent instrument module products and traditional instruments and meters.
There is a risk of differentiated competition between the issuer and traditional instrument manufacturers. At this stage, there is differentiated competition between the issuer and traditional instrument manufacturers. However, with the modularization of the testing instrument industry becoming increasingly obvious as the development trend of the industry, traditional testing instrument manufacturers in China and abroad have laid out the field of modular technology one after another. Among Chinese enterprises, Puyuan Jingdian and dingyang technology both take modular technology as the key R & D direction in their future plans; Among foreign enterprises, in addition to the modular transformation of American national instruments, public reports show that German technology and other leading enterprises are also increasing the layout of modular testing instruments, and the market competition in the field of modular testing instruments is intensifying. If the company fails to update the technology and innovative products in time according to the needs of customers, the increasing market competition may have a significant adverse impact on the market share and operating performance of the issuer. (V) risk that future business cannot maintain high gross profit margin
During the reporting period, the company’s comprehensive gross profit margin was 77.00%, 76.31%, 77.78% and 79.16% respectively, maintaining a high level. Among them, the gross profit margin of the main product embedded intelligent instrument module is 79.35%, 82.30%, 81.35% and 82.51% respectively. The relatively high gross profit margin of the company’s embedded intelligent instrument module products is mainly due to the relatively low cost of raw materials because the product form presents the form of modular board, and the brand customers of terminal applications are mainly apple. In the future, with the improvement of the company’s business scale, the increase of terminal application brand customers and the intensification of the overall competition in the industry, coupled with the sharp price wave of electronic raw material products caused by the covid-19 epidemic recently
