On May 16, parallel technology (839493, NQ; yesterday’s closing price of 49.20 yuan), a company listed on the innovation layer of the new third board, announced that the company plans to apply for public offering of shares to unspecified qualified investors and be listed on the Beijing stock exchange. The company plans to publicly issue no more than 10 million shares to unspecified qualified investors, with an issue reserve price of 52.88 yuan / share.
Parallel technology is mainly engaged in supercomputing cloud services, which mainly provide supercomputing services for users in various application fields such as scientific research and education, aerospace, oil exploration and so on.
The reporter of the daily economic news noted that since the listing of the innovation layer of the new third board in 2016, parallel technology has not yet achieved profitability. In 2021, the company achieved a revenue of 220 million yuan, a year-on-year increase of 79.52%; The net profit attributable to the parent company was -81.68 million yuan, and the year-on-year loss expanded.
issue reserve price 52.88 yuan / share
Public information shows that parallel technology was founded in 2007 and was listed on the innovation layer of the new third board in November 2016. The company is a supercomputing cloud service provider in China. Focusing on supercomputing builders and end users, the company independently develops and provides supercomputing cloud software, supercomputing cloud services and related technical services. At present, the company provides supercomputing services for users in various application fields such as scientific research and education, aerospace, oil exploration, intelligent manufacturing, earth environment, life science and artificial intelligence.
On May 16, parallel technology announced that, according to the company’s strategic planning and business development needs, it plans to apply for a public offering of shares to unspecified qualified investors and be listed on the Beijing stock exchange. The company plans to issue no more than 10 million shares to unspecified qualified investors, with an issue reserve price of 52.88 yuan / share.
For the purpose of the raised funds, parallel technology said that after deducting the issuance expenses, the funds raised by this issuance of shares are intended to be used for the construction project of supercomputing cloud computing network platform, the upgrading project of industrial cloud platform and the R & D project of SaaS development platform of application software.
Parallel technology also said that the audited operating revenue of the company in 2021 and 2020 was 220 million yuan and 123 million yuan respectively, and the average operating revenue in the last two years was 171 million yuan; The growth rate of operating revenue in 2021 compared with that in 2020 is 79.52%; The net cash flow from operating activities is 62.82 million yuan; In conclusion, it meets the financial conditions for listing on the Beijing stock exchange stipulated in article 2.1.3 of the listing rules.
asset liability ratio is high throughout the year
Recently, parallel technology disclosed its 2021 annual report. The report shows that the company achieved a revenue of 220 million yuan in 2021, a year-on-year increase of 79.52%; The net profit attributable to the parent company was -81.68 million yuan, and the year-on-year loss expanded. By product, the company’s revenue from supercomputing cloud services was 172 million yuan, a year-on-year increase of 75.18%; The integrated revenue of supercomputing cloud system was 15.79 million yuan, a year-on-year increase of 409408%; The revenue of supercomputing software and technical services was 22.31 million yuan, a year-on-year increase of 20.39%; The revenue from supercomputing meetings and other services was 9.88 million yuan, a year-on-year increase of 81.49%.
For the significant growth of revenue in 2021, parallel technology said that the main reason was the contribution of the rapid growth of supercomputing cloud services. “The company’s core business supercomputing cloud service is based on the self-developed parallel technology supercomputing cloud service platform. It has the characteristics of fast resource application, fast response, fast operation, fast transmission, fast calculation and fast analysis. It has brought excellent experience to customers, resulting in large revenue growth.” The company said.
The reporter of the daily economic news noted that since the listing of the new third board in 2016, the revenue of parallel technology has increased year after year, but at the same time, it has suffered losses year after year. At present, it has not realized profit. From 2016 to 2020, the company’s revenue was 30 million yuan, 51 million yuan, 86 million yuan, 117 million yuan and 123 million yuan respectively, and the net profit attributable to the parent company was – 37.31 million yuan, – 35.41 million yuan, – 50.72 million yuan, – 37.46 million yuan and – 31.96 million yuan respectively.
As a supercomputing cloud service provider, the asset liability ratio of parallel technology remains high all year round. From 2019 to 2021, the company’s asset liability ratio was 88.18%, 88.18% and 68.23% respectively. In addition, the overall gross profit margin of the company is unstable, which is 34.42% in 202199% in 2021, respectively.
Why is parallel technology not profitable? Why did the loss increase significantly in 2021? On the afternoon of May 17, 2022, the reporter of “daily economic news” tried to interview parallel technology on the above issues and called the Securities Department of the company for many times, but was not connected.
At the close on May 19, parallel technology reported 49.20 yuan / share, up 21.48% from the previous trading day.
