IPO of resistance equipment: tax supplement amount accounts for 60 % gross profit margin to decline and the equity is decentralized

The overall magnitude of the equipment is small and has a certain fluctuations. The net profit depends on the tax incentives and the government's subsidy. The gross profit margin declines year by year or is related to the adjustment of the business structure. The company's equity is scattered. At present, there is no actual controller.

On July 15, 2022, Anhui Nigero Equipment Technology Co., Ltd. (hereinafter referred to as: Nangico Equipment) will pass the Shanghai Stock Exchange Science and Technology Board.

The prospectus shows that Nangke's equipment is planning to disclose not more than 20.5 million shares this time, accounting for not less than 25.00%of the total share capital after the issuance. It is expected to raise 412 million yuan, of which 193 million yuan are used for new projects for semiconductor packaging equipment, 81 million yuan for high -end plastic extract equipment upgrade and expansion projects, 38 million yuan for advanced packaging equipment research and development center projects, and 100 million yuan Supplementary funds.

The prospectus shows that the overall magnitude of the equipment is small and has a certain fluctuations. The net profit depends on the tax incentive and the government subsidy. The gross profit margin declines year by year or is related to the adjustment of the business structure. For the above situation, it was found that the network sent an interview letter to the public mailbox to send an interview letter to the request to explain the doubt. As of the press press, Nangico equipment did not give a reasonable explanation.

Smaller and volatile tax supplementary amount account for 60 % of net profit

Public information shows that Nangke equipment is mainly engaged in the research and development, production and sales of intelligent manufacturing equipment applied in the field of plastic extrusion molding and semiconductor packaging, and provides customers with customized intelligent manufacturing equipment and system solutions.

On the whole, the overall magnitude of resistance is small and there is a certain fluctuations, and the revenue party in 2020 exceeds 100 million yuan. From 2019 to 2021, the revenue of Nangke equipment achieved revenue of 87 million yuan, 169 million yuan, and 249 million yuan, respectively, with a year-on-year growth rate of 38.04%, 94.88%, and 47.40%. 47.3 million yuan, 47.00%, 208.09%, and 29.10%of the year -on -year growth rates, respectively.

Source: Wind (Wind -resistant equipment)

However, the net profit that is not high in equipment is criticized for "mixing" too much, which has a large dependence on tax supplements.

Tax discounts enjoyed by Koko Equipment include 15%of high -tech enterprises' income tax rate preferential tax rates, and "exemption" tax policies for export sales. From 2019 to 2021, the total tax discounts enjoyed by Koko Equipment were 8.2217 million yuan, 11.124 million yuan, and 24.1518 million yuan, respectively, accounting for 57.58%, 23.74%, and 40.68%of the total profit.

During the same period, the company's government subsidies were included in other income of RMB 30.833 million, 10.2885 million yuan, and 5.433 million yuan, respectively. The government subsidies included in off -business income were 40 million yuan, 47.00 million yuan, and 60 million yuan, respectively.

Source: prospectus (Equipment for Koko)

It was found that from 2019 to 2021, the total amount of tax replenishment was 15.3055 million yuan, 26.109 million yuan, and 35.585 million yuan, respectively, accounting for 114.58%, 63.43%, and 66.98%of net profit. That is to say, if there is no tax supplement funds in 2019, the net profit is negative; the tax replenishment amount in 2020 and 2021 accounted for 60 % of the net profit.

Koko Equipment also frankly said in the prospectus, "If the future government departments have weakened the policy support of the company's industry, or other subsidy policies have not changed; Or the company no longer meets the conditions of high -tech enterprises, and will have a certain adverse effect on the company's cash flow and operating performance. "

Sloping of gross profit margins is decentralized

Data show that from 2019 to 2021, the sales expenses of resistance equipment were 11.83%, 5.96%, and 4.40%, respectively; the management cost rates were 20.56%, 13.64%, and 10.19%, respectively; R & D expenses were 12.53%, 6.9999, respectively. %And 6.12%.

Source: Wind (Wind -resistant equipment)

All three costs have decreased, which should be a good thing for the Keke equipment, reduced costs, and increase in profit margin. However, the gross profit margin of Nangico has been declining year by year.

From 2019 to 2021, the gross profit margin of the main business of Nangke equipment was 42.51%, 41.12%, and 36.21%, respectively. Among them, the gross profit margin of plastic extrusion molding molds, extrusion molding devices and downstream equipment was 43.64%, 42.82%, and 37.77%, respectively; semiconductor packaging equipment and mold gross margin were 33.25%, 37.55%, and 35.10%, respectively.

Source: prospectus (Equipment for Koko)

Industry insiders pointed out that the decline in the gross profit margin of Nangke's main business is related to the company's business structure adjustment in recent years. Plastic extrusion molding molds, extrusion molding devices and downstream equipment business with higher gross profit margin declined, and the proportion of semiconductor packaging equipment and mold business with low gross profit margin increased, resulting in a decline in the company's main business gross profit margin.

From 2019 to 2021, the former realized revenue of 76 million yuan, 115 million yuan, and 103 million yuan, respectively, accounting for 88.17%, 68.46%, and 41.75%of the main business revenue, respectively; 552 million yuan and 143 million yuan, accounting for 11.10%, 30.75%, and 57.87%of the main business revenue, respectively. Source: prospectus (Equipment for Koko)

"The company's products have customized characteristics, and the gross profit margin is more sensitive to factors such as prices, product structure, raw material prices. Different customers' product configuration, performance requirements, and bargaining capabilities may be different. There may be differences. "Nangico equipment explained in the prospectus." If the company's business scale, product structure, customer resources, cost control, and technological innovation advantages have changed in the future Product sales prices have declined, costs increase, or customer demand has changed significantly, the company will face the risk of decline in gross margin. "

It is worth noting that this is not the first time to meet the equipment. In December 2021, the IPO application of Nangke equipment was accepted. On May 16, 2022, the company's meeting was temporarily reviewed. This time, the equity of Nangke equipment is relatively loose. At present, there is no controlling shareholder and is still a big problem.

The prospectus shows that the actual controller of Nangke Equipment is a consistent actor composed of Zheng Tianqin, Xu Jinfeng, Wu Chengsheng, Huang Mingzhang, and Hu Huogen, holding 9.74%, 9.47%, 7.32%, 6.48%, and 5.70%of the company. The issuer's 38.71% of the shares.

Industry insiders pointed out that the decentralized equity structure may lead to the risk of decreased decision -making efficiency in resistance, which has a adverse effect on the company's business. In addition, if the company's future equity transfer, targeted capital increase, public offering of new shares, and unanimous active agreement will not be renewed after the expiration period, etc., it may bring potential risks to the company's production and operation and development.

(Reporter Luo Xuefeng Financial Researcher Chen Kangli)

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