Big customers have changed frequently!Hao En Steam Electric IPO: Raise raw material price increase and bad debt preparation for more than 100 million yuan

During the reporting period, Hao En Steam Electric Customers concentrated. At the same time, the company's three -year plan to raise bad accounts to prepare more than 100 million yuan, and the debt repayment capacity is insufficient.

"Investment Times" researcher Xin Yi

Automobile intelligent driving is inseparable from a multi -directional perception system. Visual perception, ultrasonic perception, millimeter wave perception, and laser perception are the main parts of the current car intelligent driving perception system.

Recently, Shenzhen Haoen Automobile Electronic Equipment Co., Ltd. (hereinafter referred to as Hao En Auto Electric), a company focusing on the development, design, manufacturing and sales of automobile intelligent driving perception systems, officially submitted a prospectus to the Shenzhen Stock Exchange to apply for logging in to the GEM board Essence

Hao En Steam Power submitted the application for the first time in June 2021 and was accepted, due to the short -term suspension of the financial data update. At present, the company has obtained three rounds of inquiries, and the prospectus was updated again in June 2022.

The latest prospectus shows that in this IPO, the company plans to publicize the issuance of RMB ordinary shares (A shares) of no more than 23 million shares, and the plan to raise funds is 402 million yuan. Construction projects "" Enterprise Information Technology Construction Project "and supplementary funds.

"Investment Times" researcher review the prospectus of Hao En Automobile Electric noticed that from 2019 to 2021 (hereinafter referred to as the reporting period), the company's performance has declined, the customer concentration is high, and the large customers have changed frequently; Raw material chips depend on import. In addition, the company's three -year plan for bad accounts to prepare exceeds 100 million yuan, which is insufficient.

Big customers change frequently

The main products of Hao En Steam Electric include vehicle camera systems, vehicle video driving records and ultrasonic radar systems. During the reporting period, the company's operating income was 638 million yuan, 719 million yuan, and 981 million yuan, and the main business revenue accounted for more than 99%, and the main business was prominent. 10,000 yuan, 96.7016 million yuan, increased year by year.

However, in the several rounds of inquiry letters, all the concerns of Hao En Steam Power's recent performance declined. From January to March 2022, the net profit returned to the mother after the unspeaks of Hao En Steam fell 18.33%year -on -year; from January to June 2022, the company expected to achieve a net profit of 28 million yuan to 32 million yuan after deduction, a year -on -year decline 11.06%-22.18%. Based on this, the Shenzhen Stock Exchange demands the reasons for the decline in performance and whether there is a seasonal loss.

In addition, researchers of "Investment Times" noticed that Hao En Auto Electric's customers have a higher concentration and risk of changes in large customers.

Data show that during the reporting period, the sales revenue of Haoen Steam Power's preceding five customers accounted for 57.38%, 59.30%, and 55.32%of operating income during the same period. In the future, if the key customers will be lost, big customers will have a significant adverse effect on the production and operation of Hao En Steam.

Moreover, from the perspective of big customers, Hao En Auto Electric does not seem to be able to stabilize big customers. During the reporting period, there were six new customers in the company, of which Great Wall Motors, PO Group, and Weisunda (China) Automobile Safety System Co., Ltd. was the top five customers in 2021; NIPPON Group and Dongfeng Nissan Group For the top five customers in 2020.

It is worth noting that Dongfeng Nissan Group has become the largest client newly added in Hao En Automobile Electric in 2020 with an income amount of 167 million yuan, an increase of 2461.20%year -on -year. Geely Group, the largest customer in 2019, became the second largest customer in 2020, and was no longer among the top five customers in 2021.

If in the future, Hao En Steaming will not continue to obtain new designated projects of mainstream vehicle manufacturers, or the market for the development of products for the development of products is not good, or it cannot actively open up new vehicle manufacturers. Risk is not conducive to the company's performance development.

Eight percent of the raw materials of the chip dependence on import

During the reporting period, the comprehensive gross profit margin of Hao'en Steam Electricity products was 20.41%, 22.57%, and 22.17%, respectively, showing a trend of stable change before rising. The company's gross profit margin failed to maintain growth or even decline, which is closely related to the company's raw material prices.

The prospectus shows that the main raw materials of Hao'en Steam Electric are chips, capacitance resistance, lens, wire, core, hardware, PCB board, mold, plastic, etc. During the reporting period, the company's direct material costs were 438 million yuan, 489 million yuan, and 675 million yuan, respectively, accounting for 86.51%, 88.29%, and 88.69%of the main business costs of the same period, accounting for relatively high and annual growth.

Specifically, the high -direct materials of Hao En Steaming are chip, lens, resistance capacitance, and wires. The total proportion of these four raw materials is about 70%. Among them, the "big head" of the company's raw materials is a chip, and the proportion of raw materials in each period is 34.12%, 41.07%, and 46.44%, respectively, rising year by year.

Affected by the tension of global chip supply chain began in the second half of 2020, the types of chip procurement of the company's procurement of chip changed, and the average price of chip procurement in Hao En Steam Electricity in 2020 and 2021 increased significantly, with an increase of 18.24%and 12.57%, respectively.

In the case of "lack of cores", electronic components such as the chip required by Hao'en Automobile Electric products depend on imported from the United States, South Korea, the Netherlands, Japan and other countries. The influence of the factors. In addition to the price increase of the chip, the researcher of the Investment Times found that the lens, wires, and hardware of Hao En Steam also increased sharply. In 2021, the unit price change ratio of the above three raw materials was 4.44%, 8.64%, and 14.58%, respectively.

If the company's main raw material prices continue to rise sharply in the future, the production cost of Hao En Automobile Electric will increase significantly, and there is a risk of fluctuations in the price of raw materials; in addition, if the number of chip imports decreases significantly, or the affected by the epidemic is suspended from the production of chip factories, it will affect the impact, which will affect the impact. The company's production and operation stability.

The price change of the main raw materials of Hao En Steam Electric (meta/piece)

Data source: Haoen Steam Electricity Prospectus

Three -year bad debt preparation exceeds 100 million yuan

During the reporting period, the balance of accounts receivable of Hao En Steam was 204 million yuan, 232 million yuan, and 260 million yuan, respectively, with a growth trend as a whole. At the end of each period, the company's accounts receivable account balance accounted for 31.92%, 32.32%, and 26.47%of operating income, respectively, accounting for relatively stable.

During the same period, the amount of bad debt reserves withdrawn from the accounts receivable of Hao En Steam Electricity was 32.5231 million yuan, 33.533 million yuan, and 34.87 million yuan, and the total three years exceeded 100 million yuan.

It is worth noting that due to Bei Automobile Yinxiang, Chongqing's comparison speed and its related parties falling into a financial predicament, during the reporting period, Hao En Auto Electric prepared a total of 220.735 million yuan for the cumulative accounts receivables of these customers.

In the future, with the continuous expansion of the company's operating scale, the balance of accounts receivable at the end of the year will gradually increase. If the accounts receivable cannot be recovered or bad debts will occur on time, the company's capital use efficiency and operating performance will be adversely affected.

On the other hand, from the perspective of short -term debt repayment capacity, the mobile ratio ratio of Hao En Steam Electricity is 0.98, 1.11, and 1.25, respectively, and the speed ratio ratio is 0.73, 0.85 and 0.88, respectively. Average.

From the perspective of long -term debt repayment capacity, the company's asset -liability ratio (merger) of each period was 81.23%, 77.33%, and 67.27%, respectively. The asset -liability ratio decreased year by year, but it still ranks high. Data show that the average asset -liability ratio of the company is 47.16%, 37.93%, and 42.55%, respectively.

In the case of slowing growth and growth of bad debts, and the risk of debt repayment, if the company cannot obtain sufficient funds, it may increase liquidity risk and adversely affect daily operations.

Preparation of bad debts of account receivables in Hao En Auto Electric (10,000 yuan)

Data source: Haoen Steam Electricity Prospectus

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