New Pearl IPO: The performance is dragged down by Evergrande, and the scale of receivables exceeds 2 billion

Radar finance produce | Li Yihui edited | Deep Sea

For precise steps on the gambling agreement, Xin Mingzhu Group Co., Ltd. began to break through the IPO.

According to the official website of the CSRC, on August 2nd, the motherboard IPO of the Ceramic Production Enterprise New Pearl Group Co., Ltd. (hereinafter referred to as the "New Pearl Group") was accepted by the Shenzhen Stock Exchange.

The prospectus shows that on September 26, 2019, the ninth capital increase was completed. According to the gambling agreement signed with relevant shareholders, the company needs to submit the IPO material 36 months after the supplementary agreement is signed, which means that if it cannot be in Submit IPO materials before September 26, 2022, which will trigger the relevant terms of the gambling agreement.

The new Pearl Group is listed on the listing of 2.09 billion yuan to be raised for project technical reform, R & D centers, and supplementary funds for mobile funds. However, before the IPO, the company had a large dividend. In 2020 and 2021, the company allocated profit of 304 million yuan and 570 million yuan to shareholders, with a cumulative dividend of 874 million yuan.

As the upstream supplier of the real estate industry, the slowdown in the condition and development speed of real estate companies has undoubtedly affected the revenue growth and profit realization of the new Pearl Group. According to the prospectus, the company's net profit returned to the mother in the past three years was 1.257 billion yuan, 1.517 billion yuan, and 611 million yuan, of which the net profit in 2021 decreased by nearly 60 % year -on -year.

Among the many housing companies, the new pearl group has a deeper binding with Evergrande. The latter is not only an investor in the New Pearl Group, but also has always been its largest customer. However, Evergrande Group is still "seriously injured", resulting in high accounts receivables in the new Pearl Group. According to the prospectus, as of the first quarter of 2022, the company's account receivable balance reached 2.387 billion yuan, because "Evergrande Real Estate's receivables failed to pay in time."

In addition to the potential risks of accounts receivable, the decline in the company's gross profit margin and operating cash flow, which also reflects heavy operating pressure.

Before the gambling and listing, there are a lot of dividends before listing

According to the official website information, the new Pearl Group was founded in 1993. It is a large modern group that integrates the research and development, production, sales, and service of construction sanitary ceramics. Rock board "" ceramic brand.

On September 8, 2021, the new Pearl Group completed the shareholding reform, and changed from Guangdong Xinzhu Ceramics Group Co., Ltd. to the current Xin Mingzhu Group.

According to the prospectus, as of March 31, 2022, the founder Ye Delin served as the chairman and president of the New Pearl Group, and directly held 78%of the company's shares; Management and Zhongwang Management indirectly holds 0.85%, 0.28%, and 0.04%of the company.

Among them, Ye Delin and Li wanted to be a husband and wife relationship, holding a total of 1.091 billion shares of the company, accounting for 87.84%of the total share capital before the issuance.

Historically, the new pearl group has increased its capital many times. In the 9th capital increase in September 2019, the company introduced multiple external investors, among which well -known listed companies were introduced.

On September 26, 2019, the new Pearl Group decided to increase the company's registered capital from 1.794 billion yuan to 2.133 billion yuan. In addition to the increase of 85.3084 million yuan from the employee holding platform, external investors Taixingjiahua, Ningbo Polfi, Communist Qingcheng Qili, Evergrande Real Estate and Smartju increased a total of 254 million yuan.

Equity penetration shows that the above investors are not small.

According to Tianyancha, the investor behind Taixing and Jiahua is Haidian State, Wumi, Guoyuan Securities, etc.; He Hengjian, the founder of Ningbo Polfiti Group, actually holds 94.55%of the equity; Subsidon Poly Capital.

In addition, Evergrande Real Estate is a real estate business platform under Evergrande of China; Nakayuan Yiju (Beijing) Investment Fund Management Co., Ltd., an executive transaction partner of Zhiju, is a wholly -owned subsidiary of Beijing Naoto Investment Holding Group Co., Ltd. Essence

That is, in the capital increase of investors, the new Pearl Group signed a gambling agreement.

The prospectus disclosed that in June 2019, the company's timely shareholders and Taixing Jiahua signed an investment agreement containing equity repurchase clauses. In March 2022, the company repurchased all shares held by Taixing and Canada through a targeted capital reduction method. At this point, Taixingjiahua withdrew from the holding of the shares, and all related to the gambling and repurchase agreed were lifted.

However, the company has signed a gambling agreement with Ningbo Prove, Evergrande Real Estate, Gongqing City Qili, and Smart Ju. According to the agreement, if the company cannot submit IPO application materials to the China Securities Regulatory Commission within 36 months after the signing of the supplementary agreement, it is impossible to successful IPO within four years, and the performance growth goals of 5%of the non -net profit growth after auditing, etc. The aforementioned shareholders have the right to request Ye Delin to repurchase all the equity of his company.

The prospectus shows that before the IPO, Ningbo Proei, the Communist Youth League Qili, Evergrande Real Estate, and Smart Jushi held 2.06%, 2.06%, 1.96%, and 1.03%of the new Pearl Group.

If calculated on September 26, 2019, the new pearl will be submitted by September 26, 2019, and the IPO material needs to be submitted before September 26, 2022, and the IPO is successfully successfully IPO before September 26, 2023.

Even when facing the pressure of gambling, it did not affect the big pen dividend on the eve of the IPO of the new Pearl Group. In 2020 and 2021, the company distributed profit of 304 million yuan and 570 million yuan to shareholders, with a cumulative dividend of 874 million yuan. After the dividend, among the 2.09 billion yuan of funds raised by this IPO, in addition to several projects, the company will take out 460 million yuan to supplement the mobile funds.

Decline of net profit, three consecutive foils of gross margins

Data show that since its establishment, the new Pearl Group has been focusing on the research and development, production and sales of building ceramics. The company's ceramic tiles and ceramic board products are widely used in decoration of multiple building spaces. Ceramic boards are also used as new type of noodle materials to the table. Custom home fields such as desktops, counters.

From the perspective of the downstream, some market demand of the company comes from the decoration and decoration of residential and public buildings, which is related to the real estate market. However, in the context of tightening real estate policies, the road of Xinzhu Group is not easy to follow.

From 2019 to 2021, the operating income of the new Pearl was 8.064 billion yuan, 7.835 billion yuan, and 8.493 billion yuan, respectively. At the same time, the net profit attributable to 1.58 billion yuan, 1.517 billion yuan, and 612 million yuan were achieved. 1.221 billion yuan, 969 million yuan, 550 million yuan.

Compared with the annual growth of revenue, the company's net profit attributable in 2021 fell by nearly 60 %. According to the explanation of the prospectus, in addition to the decline in revenue affected by the epidemic in 2020, in 2021, due to fluctuations in the price of the international energy market, energy prices such as natural gas and coal have risen significantly, and the company's production costs have increased significantly. The net profit of the mother after deduction has declined.

At the same time, the decline in net profit of the company is also related to the loss of accounts receivable. According to the prospectus, during the reporting period, due to the difficulty of the capital turnover of some downstream real estate customers, the receivables generated a large amount of impairment losses. From 2019-2021, the amount of credit impairment losses reached 811.725 million yuan, 532 million yuan, and 532 million yuan, respectively. 782 million yuan.

"If the regulation of real estate policies has increased or the macroeconomic situation changes, and the company fails to reduce the impact through optimization of customer structure and adjust sales strategies in time, it will face the decline in performance and the risk of funds." Xinzhu wrote in the risk prompt part of the risk prompt part of the risk prompt part. Essence

With the decline in net profit, the company's gross profit margin has declined for three consecutive years, and the unit price of main products has declined.

Specifically, from 2019 to 2021, the company's main business gross profit margin was 37.44%, 34.82%, and 29.73%, respectively. Compared with other companies in the same industry in 2021, it is only four percentage points higher than the Emperor's home. It is basically the same as Mona Lisa, which is lower than the level of Marco Polo and Dongpeng Holdings.

Regarding the reasons for the decline in gross profit margin, the new Pearl Group said that during the reporting period, the changes in the company's main business gross profit margin were mainly affected by factors such as changes in product sales structure, changes in product prices and cost levels.

From the data disclosed, the unit price of the company's ceramic tiles from 36.24 yuan/square meter in 2019 to 35.19 yuan/square meter in 2021; , A decline is obvious.

New Pearl explained that the decline in the unit price of ceramic tile sales is caused by some products of the company's promotional prices to seize market share; ceramic board is in the rapid market expansion stage, which has decreased due to increased scale. However, with the increase in the proportion of high -priced ceramic board sales, the company's overall sales unit price has remained stable.

However, a potential risk is that if the demand for the downstream real estate industry is shrinking, the impact of changes in the sales of the company's product cannot offset the impact of price changes, or it will affect the company's revenue scale.

Stepping on Lei Hengda, high accounts receivable

Evergrande, as a former housing company, has many suppliers. Among them, there are new pearl groups who have cooperated for more than 10 years.

The cooperation between the two parties extends from business to the equity field, which can be described as deep. On the evening of January 2, 2017, China Evergrande announced that on December 30, 2016, Kelon Real Estate and Evergrande Real Estate (both are wholly -owned subsidiary of China Evergrande) and eight strategic investors. A total of 30 billion yuan will be invested in exchange for about 13.16%of Evergrande Real Estate.

Among them, CITIC Jugheng, Hirotian Investment, and Huajian Investment subscribed for 5 billion yuan, each accounting for 2.19%; Zhongrong Dingxing, Shandong Expressway, Ruican Investment, Shenzhen Meimei Investment, and Guangdong were subscribed for 3 billion yuan, each accounted for each, each accounted for each, each accounted for each, each accounted for each, each accounted 1.32%.

The announcement states that Guangdong Beauty Pearl Investment Co., Ltd. is a joint venture that is registered in China and is held by Guangdong Weijun Holdings Co., Ltd. and Foshan Ye Sheng Investment Co., Ltd. Management consultation.

Tianyancha shows that Foshan Yesheng Investment Co., Ltd. was established in 2009, and was composed of RMB 2,1675 million by Natural person shareholder Ye Delin investment of 20.825 million yuan and institutional investor Guangdong New Pearl Ceramics Group Co., Ltd.

In December 2019, Foshan Yesheng Investment Co., Ltd. was renamed Foshan Xinuaru Enterprise Group Co., Ltd., which is currently wholly -owned by Ye Delin and Li Yao and Li Yao.

In addition, in August 2021, Guangdong Beauty Pearl Investment Co., Ltd. changed its industrial and commercial changes, and the company's registered capital decreased by 50%. At the same time, Foshan Xinchui Enterprise Group Co., Ltd. was launched from shareholders. At present, it is unknown whether the new Pearl Group holds Evergrande Real Estate, but from the above, it can be seen that in 2019, the new Pearl Group financing, Evergrande seems to have the meaning of "investing in peaches", strategically invested in and signed a gambling agreement.

In terms of business cooperation, from 2019 to 2021, Evergrande Real Estate ranks first in the five major customers of the New Pearl Group. Compare. By the first quarter of 2022, Evergrande Real Estate retreated to the fourth largest customer with sales of 19.590 million yuan, accounting for 1.73%.

As a key customer of the company, how large is the account receivables generated by Evergrande Real Estate? According to the prospectus, from 2019 to 2021, the receivables from Evergrande Real Estate were 1.252 billion yuan and 1.407 billion yuan 1.203 billion yuan, respectively.

The prospectus bluntly stated that the total profit of the company in 2021 declined significantly, mainly due to the large amount of credit impairment loss of some engineering customers such as Evergrande Real Estate.

In fact, the absolute amount of the company's receivables (including the receipt of commercial acceptance bills and accounts receivables) of the new Pearl Group is large. During the reporting period, the balance was 2.263 billion yuan, 2.675 billion yuan, 2.956 billion yuan, and 2.775 billion yuan, respectively.

The large -scale receivable has allowed the company to face a large risk of losses. New Pearl said that during the reporting period, some engineering customers in the company had liquidity risks and debt crisis, resulting in the inability to recover related funds in time.

New Pearls said that as of the end of the reporting period, although the company's impairment preparation balance was 1.417 billion yuan, if the financial status of the company's engineering clients decline further in the future, it may lead to further receivables and impairment risks.

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