Reply to the inquiry letter of Dalian Zhiyun Automation Co.Ltd(300097) Annual Report
Lixin Zhonglian zhuanfu Zi [2022] d-0119
Lixin Zhonglian Certified Public Accountants (special general partnership)
LixinZhonglian CPAs (SPECIALGENERALPARTNERSHIP)
Lixin Zhonglian Certified Public Accountants (special general partnership)
LixinZhonglia n C PAs (SP ECI AL GENE RAL PART NERSHIP)
About Dalian Zhiyun Automation Co.Ltd(300097)
Reply to the inquiry letter of the annual report
Lixin Zhonglian zhuanfu Zi [2022] d-0119
Shenzhen Stock Exchange gem company management department:
According to the requirements of your ministry’s gem annual report inquiry letter [2022] No. 237 “inquiry letter on the annual report of Dalian Zhiyun Automation Co.Ltd(300097) ” (hereinafter referred to as the “inquiry letter”), we, as the audit institution of Dalian Zhiyun Automation Co.Ltd(300097) (hereinafter referred to as “the company” or ” Dalian Zhiyun Automation Co.Ltd(300097) “), have carefully inspected the matters related to the audit institution in your ministry’s inquiry letter one by one. We hereby reply to the relevant questions raised by your department as follows. Please review it.
Question 1 During the reporting period, your company’s flat panel display module business and automobile intelligent manufacturing equipment business achieved operating revenue of 5792094 million yuan and 1172055 million yuan respectively, with a year-on-year decrease of 20.96% and 49.71%. The company said that the decrease in revenue was mainly due to the fact that some flat panel display module businesses had delivered orders and had not completed acceptance at the end of the reporting period, and the company decided to reduce the production and sales business of automobile intelligent manufacturing equipment in an orderly manner; The R & D expenses increased by 42.97 million yuan or 68.91% over the same period last year, mainly for the R & D projects of flat panel display modules. Please your company:
(1) Supplement the contents and amount of goods or services sold (purchased) by the first five customers (suppliers) of flat panel display module business and automobile intelligent manufacturing equipment business, and the proportion in the total sales (purchase) amount, and report the names of the first five customers (suppliers) and relevant contracts.
(2) Combined with the main products of flat panel display module business and automobile intelligent manufacturing equipment business, revenue recognition, accounts receivable turnover, changes in market environment and policies of the industry, changes in expenses, gross profit margin and net profit margin, the specific reasons and rationality for the year-on-year decline in revenue of flat panel display module business and automobile intelligent manufacturing equipment business are supplemented, In combination with the performance of the first quarter of 2022, explain whether there is a risk of continuous decline in the future, and explain the company’s main sources of revenue in the future according to the company’s business adjustment plan.
(3) Supplement the acceptance of the delivered orders in the flat panel display module business at the end of the reporting period, including the amount, products, reasons for the unfinished acceptance at the end of the reporting period, whether the project progress complies with the contract, and whether the relevant revenue recognition policies and relevant accounting treatment comply with the provisions of the accounting standards for enterprises.
(4) In combination with capacity adjustment and competitiveness changes, explain the reasons and specific reduction methods of the company’s decision to reduce the automotive intelligent manufacturing equipment business, list the details of relevant assets, and supplement how to dispose of relevant assets after reduction, and whether the depreciation, amortization or impairment provision of relevant assets during the reporting period is sufficient.
(5) In combination with the main R & D project planning, project initiation time, R & D cycle, achievement application, on-hand orders, market competitiveness and income of flat panel display module business, the reasons and rationality of the increase of R & D expenses over the previous year are supplemented.
(6) Supplement whether the sales collection of mask machine in the early stage has been fully recovered, whether there is return after the period, and whether the early stage revenue recognition complies with the relevant provisions of the accounting standards for business enterprises.
The audit institution is requested to give clear verification opinions.
(I) reply of the company:
(1) Supplement the contents and amount of goods or services sold (purchased) by the first five customers (suppliers) of flat panel display module business and automobile intelligent manufacturing equipment business, and the proportion in the total sales (purchase) amount, and report the names of the first five customers (suppliers) and relevant contracts.
1) The company’s sales of goods or services to the top five customers are as follows:
S / N customer name commodity or service content 2021 sales as a percentage of total sales business
(10000 yuan) proportion
1 customer 1 bond / dispensing / flip / fit / 1132450 15.96% flat panel display module equipment, attachment equipment and other businesses
2 customers 2 bending / curved surface fitting equipment and other 1052640 14.83% flat panel display module equipment business
3 customers 3 curved surface fitting / attaching / up and down 629192 8.87% flat panel display module equipment, material equipment and other businesses
S / N customer name commodity or service content 2021 sales as a percentage of total sales business
(10000 yuan) proportion
4 customers 4 dispensing / welding / attaching / bending 349600 4.93% flat panel display module equipment and other businesses
5 customer 5 bond / flip / detection / up and down 292800 4.13% flat panel display module equipment, material equipment and other businesses
Total 3456682 48.71%
2) The company purchases goods or services from the top five suppliers as follows:
S / N supplier name commodity or service content 2021 purchase amount accounting for total purchase business
(10000 yuan) proportion
1 supplier 1 servo motor and driver 188231 3.63% flat panel display module equipment business
2 supplier 2 control module, camera and other visual 139032 2.68% flat panel display module equipment system related parts business
3 supplier 3 screw rod, guide rail and bearing pedestal 130806 2.52% flat panel display module equipment business
4 supplier 4 rack, column, cover sector and other 114995 2.22% flat panel display module equipment sheet metal parts business
5 supplier 5 motor assembly line and rotor 102689 1.98% automotive intelligent manufacturing equipment line
Total 675753 13.04%
Note 1: the above sales and purchase amount are tax exclusive;
Note 2: the sales volume of the top five customers mentioned above is slightly different from the sales volume of the top five customers disclosed in the company’s 2021 annual report. The reason is that the sales volume of the top five customers in the 2021 annual report includes not only the revenue of flat panel display module equipment, but also the revenue of material spare parts for this customer.
(2) Combined with the main products of flat panel display module business and automobile intelligent manufacturing equipment business, revenue recognition, accounts receivable turnover, changes in market environment and policies of the industry, changes in expenses, gross profit margin and net profit margin, the specific reasons and rationality for the year-on-year decline in revenue of flat panel display module business and automobile intelligent manufacturing equipment business are supplemented, In combination with the performance of the first quarter of 2022, explain whether there is a risk of continuous decline in the future, and explain the company’s main sources of revenue in the future according to the company’s business adjustment plan.
1) Reasons for the decline of business income of flat panel display module equipment
The 3C intelligent manufacturing equipment segment of the company mainly includes the sales of flat panel display module equipment (main business), materials and spare parts (non main business). Among them, flat panel display module equipment is applied to the precision assembly, production and testing of modules in different display technology fields such as LCD, OLED and mini led, including bonding, dispensing, bonding, attaching, loading and unloading, cleaning, assembly and testing equipment. The company’s flat panel display module equipment takes the completion of customer acceptance as the time point for revenue recognition, and the revenue recognition policies and relevant accounting treatment shall be consistent before and after.
Comparison of main financial data in two periods:
Unit: 10000 yuan
Change rate of the project from 2021 to 2020
Flat panel display module equipment business
——Income 57920947328515 – 20.96%
——Cost 39558745056909 – 21.77%
——Gross profit margin 31.70% 31.00% 0.71%
3C intelligent manufacturing equipment
——Overall revenue 59547848662306 – 31.26%
——Overall cost 40302996034756 – 33.22%
——Comprehensive gross profit margin 32.32%, 30.33%, 1.99%
——Period cost 31003281836640 68.80%
——Net profit -1095599642921 – 270.41%
——Net interest rate -18.40%, 7.42% – 25.82%
——Accounts receivable turnover rate 1.16 – 1.91 – 39.27%
The revenue of 3C intelligent manufacturing equipment sector of the company in the reporting period decreased by 31.26% compared with the previous year. The revenue of flat panel display module equipment and mask machine (since covid-19 epidemic is concentrated in 2020, there is basically no such revenue in the reporting period) declined, and the gross profit margin increased. Among them, the revenue of flat panel display module equipment decreased by 20.96%, mainly
