On March 16, Puyuan Jingdian Technology Co., Ltd. (hereinafter referred to as Puyuan Jingdian), which is mainly engaged in general electronic measuring instruments, disclosed the letter of intent for listing on the science and innovation board. However, the reporter found that there is a large gap between Puyuan Jingdian's product technology and foreign enterprises, and even compared with Chinese enterprises, the competitiveness is not obvious. The sales of medium and low-end products are mainly or the competitiveness and the quality of science and innovation board are insufficient.
After years of stagnant growth in performance, the revenue of Puyuan Jingdian reached the maximum growth rate in nearly eight years in 2020. Before the impact on the listing, it almost perfectly set the "threshold" of the science and innovation board, and even issued radical sales policies, which is suspected of reaching the scale of revenue at the expense of profit and growth. Behind the precise achievement of listing conditions is the complex relationship with controlling shareholders, key customers, suppliers and former employees, hiding doubts about the transaction relationship.
Kechuang was questioned, and the gross profit margin was lower than the industry level
According to the prospectus of Puyuan Jingdian, the company focuses on the field of general electronic measuring instruments and focuses on the R & D, production and sales of general electronic measuring instruments. Its main products include digital oscilloscope and RF instruments. After years of development and research, the company has mastered chip technology, high bandwidth and low noise analog front-end technology High sampling oscilloscope is a series of key core technologies including data acquisition technology, and the core technologies mastered by the company are independently developed.
Compared with the core technology of China Jingdian exchange, there is no obvious gap between China Jingdian exchange and China Jingdian exchange.
In reply, Puyuan Jingdian frankly said that the company's digital oscilloscope and waveform generator have a certain leading position in China; The relevant indicators of RF / microwave signal generator and spectrum analyzer lag behind that of cetca; The relevant indexes of programmable linear DC power supply lag behind Guwei electronics. The core technical indicators of the above products and multimeter are far behind the major foreign enterprises. According to international standards, the company's products are medium and low-end products. According to Chinese standards, only a few products are high-end products.
At present, Puyuan precision electric products are mainly middle and low-end products, and the launch and sales of high-end products are not very ideal. In 2020, the middle-end and economical products of digital oscilloscope products accounted for more than 80% of the total sales revenue.
Taking the digital oscilloscope with the highest proportion of sales of Puyuan Jingdian as an example, the product is equipped with self-developed core chipset, and the maximum bandwidth of the product is 5GHz and the sampling rate is 20gsa / s. however, at present, the maximum bandwidth of the oscilloscope of major foreign competitors is 110ghz and the sampling rate is 256gsa / S; From the perspective of RF instruments, the maximum output frequency of the company's RF / microwave signal generator is 13.6ghz, and the maximum output frequency of the RF / microwave signal generator of major foreign competitors and cetca is 67ghz, which is still a big gap.
At the same time, the selling price of Puyuan Jingdian's products is higher than that of its competitors, but the gross profit margin is lower than that of its competitors. Taking dingyang technology as an example, during the reporting period, the average selling price of Puyuan precision oscilloscope was 336635 yuan / set, and the gross profit margin was 50.65%; The total output of electronic measurement products including digital oscilloscope, RF instruments, waveform generator and multimeter will be 99600 units in 2020, with a gross profit of 52.80%.
Dingyang technology's average sales price of oscilloscope in the same reporting period was 283082 million yuan / set, slightly lower than that of Puyuan refined power, but the gross profit margin was 53.45%, higher than that of Puyuan refined power. The total output of electronic measurement products of dingyang technology will be 72000 units in 2020, with a gross profit margin of 57.19%.
sci tech Innovation Board listing conditions are accurate, but the performance growth is "abnormal"
From 2018 to the first half of 2021, the operating revenue of Puyuan Jingdian was 292 million yuan, 304 million yuan, 354 million yuan and 212 million yuan respectively, and the net profit was 39.956 million yuan, 459904 million yuan, - 271664 million yuan and - 203648 million yuan respectively.
In the prospectus, Puyuan Jingdian said that the listing standard selected by the company was "expected market value of no less than 3 billion yuan and operating revenue of no less than 300 million yuan in the latest year". China.com financial reporter found that the revenue and valuation indicators of Puyuan Jingdian have just reached the accurate standard before listing.
Statistics show that the revenue of Puyuan Jingdian was 280 million yuan in 2014 and 292 million yuan in 2018, which means that the company's main revenue has hardly increased in five years. In 2019, the operating revenue of Puyuan Jingdian exceeded RMB 300 million for the first time, reaching RMB 304 million, but the reason is not the growth of the company's main business. In 2019, the company stripped off the chemical analysis instrument business and sold it at the price of RMB 13.5 million. If excluding the income from asset transfer, the revenue of Puyuan Jingdian remained at about RMB 280 million in 2019.
The operating revenue of Puyuan Jingdian will really reach above the standard line of science and Innovation Board of 300 million yuan in 2020. In that year, the company achieved a revenue of 353 million yuan, the largest increase in revenue in recent eight years.
China.com financial reporter found that in 2020, the main business of Puyuan Jingdian did not change significantly. Compared with its competitors, it was found that the revenue of Companies in the industry did not increase significantly in 2020 due to factors such as the epidemic. Take dingyang technology in the same industry as an example. In 2020, the year-on-year growth rate of net profit of dingyang technology achieved 129%, but the year-on-year growth rate of revenue even decreased by 28%.
In contrast, Puyuan Jingdian achieved a substantial increase in revenue, while its net profit changed from a profit of 46 million yuan in 2019 to a loss of 27 million yuan.
When things go wrong, there will be demons. Without major changes in the main business, there have been major changes in the sales expenses, rebate policies and other indicators of Puyuan Jingdian in 2020.
According to the prospectus, during the reporting period, the sales cost of Puyuan Jingdian increased significantly, from 480702 million yuan in 2019 to 897945 million yuan in 2020, and the cost in the first half of 2021 was as high as 532118 million yuan. The sales cost rate increased from 16.81% in 2018 to 25.08% in the first half of 2021; The proportion of period expenses including sales expenses and management expenses in revenue doubled. The total period expenses were 111 million yuan, 117 million yuan, 222 million yuan and 140 million yuan respectively, accounting for 37.84%, 38.59%, 62.68% and 66.11% of revenue respectively.
Behind the sharp rise in expense rate is Puyuan Jingdian's high rebate sales strategy and equity incentive policy from 2020. According to the data, the balance of contract liabilities composed of sales rebate and advance payment / service fee of the company reached 207669 million yuan and 210757 million yuan respectively in 2020 and the first half of 2021.
It is also from 2020 that the net profit of Puyuan Jingdian began to suffer a loss. The net profit after deduction in 2020 and the first half of 2021 reached 353818 million yuan and 239957 million yuan respectively.
The company estimates that the amount of share based payment to be confirmed in each year from 2021 to 2024 is RMB 920779 million, RMB 553762 million, RMB 126809 million and RMB 1.8299 million respectively. Therefore, Puyuan Jingdian may have sustained losses in the future.
Insiders said that the overly aggressive sales policy will bring bright or short-lived books, and may even overdraw the future development, bringing more uncertain factors.
In addition to accurate revenue card points, Puyuan Jingdian may also have the problem of accurately attracting investment in expanding the valuation. It is reported that before 2020, Puyuan Jingdian has never introduced institutional investors, but the prospectus shows that in June and December 2021, the company conducted two additional issues and introduced more than 10 institutional investors. The corresponding valuation of the latest equity financing reached 3.980 billion yuan, meeting the valuation requirements of 3 billion yuan on the science and innovation board.
complex relationship or hidden transaction
In the business network of Puyuan Jingdian, the relationship between controlling shareholders and key customers and suppliers is very complex and "intriguing".
According to the prospectus, Beijing Shenzhou technology test Co., Ltd. (hereinafter referred to as Shenzhou technology test) appeared as the second largest, second largest, second largest and first largest customer of Puyuan Jingdian from 2018 to the first half of 2021, with sales of 18.754 million yuan, 173621 million yuan, 261127 million yuan and 210249 million yuan respectively, accounting for 6.42%, 5.71%, 7.37% and 9.91% of the current operating revenue of Puyuan Jingdian.
During the reporting period, Puyuan Jingdian sold a total of 832537 million yuan to Shenzhou technology testing.
Public information shows that the controlling shareholder of Puyuan Jingdian is Beijing Puyuan Jingdian Investment Co., Ltd. (hereinafter referred to as Puyuan investment), holding 47.48% of the shares of Puyuan Jingdian. Puyuan investment once appeared in its 2013 annual report as a shareholder holding 15% of Shenzhou measurement. The equity of Shenzhou measurement changed that year, and Puyuan investment withdrew from its shareholder sequence.
In other words, the former shareholder of Shenzhou technology measurement is now the controlling shareholder of Puyuan Jingdian, and Shenzhou measurement has become an important customer of Puyuan Jingdian.
As the company's second largest customer for a long time and jumped to the first largest customer in the first half of 2021, Shenzhou technology measurement has also ranked first in the balance of accounts receivable of Puyuan Jingdian for a long time during the reporting period, which is much higher than the previous largest customer of Puyuan Jingdian, InterWorld highway. The balance at the end of 2020 is even twice that.
It should be noted that enterprises under the same control as Shenzhou technology testing are also suppliers of Puyuan Jingdian. The prospectus shows that Shenzhou technology test and Shenzhen Shenzhou express supply chain Co., Ltd. (hereinafter referred to as Shenzhou express) are enterprises under the same control. From 2018 to 2019, China Express was the second largest supplier of Puyuan Jingdian, with transactions of 147642 million yuan and 153548 million yuan respectively.
In the internal information obtained by Chinanet finance, many former employees of Puyuan Jingdian are leaving their jobs and holding shares in customers of Puyuan Jingdian.
This information shows that a person surnamed Gao who once worked in Puyuan Jingdian is now the actual controller and legal person of Guangzhou Zhongpu Electronics Co., Ltd. (hereinafter referred to as Zhongpu Electronics). Zhongpu Electronics was the top five customers of Puyuan Jingdian during the reporting period.
