The huge amount of goodwill is high, and it is difficult to receive overseas receivables!There are many problems with this TOB cold cabinet leader PO problem

The premium acquisition before listing brings 200 million yuan in goodwill to the Star Cold Chain, which makes the company's performance stability.

"Investment Times" researcher Zhuo Yi

With the continuous improvement of national income and quality of life, people's awareness of food and drugs has gradually increased. The key part of the cold chain equipment as the core component of the cold chain industry and the key part of the safety of food and drugs will continue to maintain a trend of rapid growth. Essence

Recently, the cold chain equipment manufacturer Zhejiang Xingxing Cold Chain Integrated Co., Ltd. (hereinafter referred to as Xingxing Cold Chain) IPO material was officially accepted. This time, the new shares of the Star Cold Chain public offering of no more than 161.3 million shares, accounting for not less than 10%and no more than 25%of the total number of shares after the issuance. It is planned to raise 1.392 billion yuan. The Taizhou new production base construction project, intelligent transformation and production capacity expansion project, and supplementary mobile fund projects.

The prospectus shows that the star cold chain mainly provides customers with refrigeration equipment and products such as commercial, business, households, and medical, and is also a provider of cold storage engineering construction services and supporting equipment. According to the statistics of Ovi Cloud in 2019, 2020, and 2021, the national commercial refrigerator and commercial frozen cabinet markets are online retail shareholding data. It ranks first in the industry.

Judging from the historical development, the Star Cold Chain is a company Co., Ltd., which was initiated by Ye Xianyu, Xingxing Jiebao and Xingxing Electronics, and jointly initiated by currency funding. After several rounds of capital increase and equity transfer, at present, the controlling shareholder of the Star Cold Chain is Guangdong Star Investment Holding Co., Ltd. (hereinafter referred to as Xingxing Holdings), which directly controls the shares of the Star Cold Chain 32.34%. The actual controller of Xingxing Holdings is Ye Xianbin and Qi Lijun. Therefore, the actual controller of the Star Cold Chain is identified as Ye Xianbin and Qi Lijun.

In addition, Xingxing Group also holds 22.68%of the Star Cold Chain, and Ye Xianyu, one of the sponsor, is also the brother of Ye Xianbin, holding 85%of the shares of Xingxing Group. From 2010 to 2016 people. It was not until the eve of the IPO in 2017 that the Ye Xianbin and his wife officially became the actual controller of the Star Cold Chain. In the end, Ye Xianyu did not determine that it was identified as the actual controller because it was the actual controller for many years and the relative relationship with the current actual controller, and it also attracted some attention.

From the perspective of performance, the researcher of the Investment Times noticed that the Star Cold Chain as a leading enterprise as a leading enterprise in the cold cabinet industry has also fallen into a "increasing income income". At the same time big. In addition, the premium acquisition before listing also brings 200 million yuan in goodwill to the Star Cold Chain, making the company's performance stability.

Gross profit margin decline

Researchers in "Investment Times" reviewed the prospectus and found that in 2019, 2020, and 2021 (hereinafter referred to as reporting periods), the operating income of Star Cold Chain was 4.991 billion yuan, 5.313 billion yuan, and 5.751 billion yuan, respectively, showing a steady upward trend. Among them, the total sales revenue of commercial refrigeration equipment and business kitchen refrigeration equipment accounts for more than 75%of the main business income, which is the main source of sales revenue.

Although its revenue growth is relatively stable, the net profit does not increase and fall. During the reporting period, the company's net profit was 341 million yuan, 172 million yuan, and 174 million yuan, respectively, and the net profit attributable to shareholders of the parent company to 290 million yuan, 103 million yuan, and 145 million yuan, which were deducted from the parent company. The net profit and net profit of 2020 and 2021 shrunk by nearly half compared with 2019, and the profit decreased.

At the same time, the company's gross profit margin index also declined all the way. During the reporting period, the gross profit margins of the Star Cold Chain were 26.49%, 17.29%, and 16.53%, respectively. After the implementation of new revenue standards, the gross profit margins of the main business in 2020 and 2021 were 22.50%and 21.20%, respectively. The overall gross profit margin is still declining. Among them, the gross profit margin of commercial refrigeration equipment, as a "handle" as a "handle" from 29.80%in 2019 to 22.34%in 2021. In the same period, the comparison of the company's gross profit margin in the same industry reached 30.55%, 27.46%, and 24.22%, respectively. The star cold chain was lower than the comparable company's gross profit margin level in the same industry for three consecutive years.

The reason behind the analysis of "Investment Times" Researchers found that the price of raw materials rising and procurement costs rose sharply, which is an important factor in the company's gross profit margin. Wind data shows that since April 2020, the domestic economy has taken the lead in recovery. It has strong demand in Europe and the United States, Asia -Pacific, and the raw materials required by the Star Cold Chain, such as steel and foam, have continued to rise. Among them, the steel plate rose from 4.87/kg in 2019 to 6.52/kg, an increase of 33%. Compared with the rise in raw material prices, the price of star cold chain products has not improved greatly, which has led to a decline in gross profit margin.

On the whole, in the face of suppliers and customers, the bargaining capacity of the Star Cold Chain is weak. If the market competition is further intensified in the future, the price and labor costs of raw materials and labor costs will continue to increase, and the risk of further decline in its main business gross profit margin.

Star Cold Chain and the same industry comparable to the company during the reporting period of gross profit margins.

Overseas account receivables are difficult to collect

While actively developing the domestic market, the star cold chain also has considerable revenue from overseas markets. Its overseas markets are dominated by North America and Asia, with sales areas covering more than 150 countries and regions. During the reporting period, the company's operating income from overseas was 2.223 billion yuan, 2.689 billion yuan, and 2.686 billion yuan, respectively, accounting for 45.68%, 51.78%, and 47.50%of the total revenue, accounting for half of the total revenue of total revenue Essence

Further analyze the top five customers of the account receivable balance of the Star Cold Chain, the researcher of the Investment Times found that the company's accounts receivable from overseas customers accounted for 17.43%, 36.54%, and 20.18%, respectively, accounting for accounted 56.50%, 100%, and 65.33%of the total accounts receivable are the main sources of account receivables of the company. At the same time, the overseas account receivables and accounts recovery links are complex and cost -high, while the domestic and foreign account receivable policies and regulations are not supported. Affect the company's cash flow.

If the Star Cold Chain fails to strengthen the management level of overseas receivables, or the situation of downstream customer operation difficulties, it will cause the company's receivables to be recovered in a timely manner or even cannot be recovered, causing credit impairment losses, and for the company's company The operating performance caused adverse effects.

On the other hand, the Star Cold Chain mainly provides ODM business for overseas customers, and its own brand model income accounts for little. In the ODM model, the star cold chain conducts corresponding product research and development and design according to the needs of the customer. After the customer selects the order for production, the product is pasted with the customer brand. In this model, the price of the product is determined by the Star Cold Chain and the customer. The product premium rate is low and the profit space is limited. The sales of such products are lower than the star cold chain. If the proportion of exports will continue to increase, it will further reduce the main business gross profit margin of the Star Cold Chain.

Large debt repayment pressure

The prospectus shows that during the reporting period, the asset -liability ratio of the Star Cold Chain was 73.68%, 79.54%, and 76.76%, respectively, and the asset -liability ratio was high, which was far exceeding the average level of the same industry during the same period. In this regard, the Star Cold Chain said that the capital demand brought by the expansion of the company's business scale is mainly met by bank loans, resulting in a high level of the company's asset -liability ratio.

Moreover, the flow ratio of the star cold chain during the reporting period was 0.81 times, 0.81 times, and 0.77 times, respectively, and the speed ratio was 0.58 times, 0.59 times, and 0.53 times, respectively. The flow ratio and speed ratio are at a lower level, and the reporting period has decreased year by year, which is far lower than the average level of the same industry.

As of December 31, 2021, the star cold chain currently has a total of 903 million yuan in short -term loans, the proportion of the repayment period has reached 97.46%within one year, and the long -term borrowing has reached 292 million yuan, but its net assets are only 1.349 billion Yuan. This comprehensively reflects the weak debt capacity of the Star Cold Chain and weak capital strength. In the future, if the Star Cold Chain cannot effectively expand the financing channels, at the same time, the increase in liabilities increases higher than the increase in mobile assets, and will face a large short -term debt -repay risk.

At the same time, Xingxing Cold Chain also confirmed the goodwill of up to 206 million yuan for the premium acquisition of Guangdong's stars. If the performance of the Guangdong stars is not as expected, the risk of goodwill impairment may have adversely affected the performance of the star cold chain in the future.

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