Wind Observation | Lu Enterprise Hai Energy Technology has passed, and the fundraising project "to cut" exposes the difficulty of financing of the Beijing Stock Exchange?

Fengkou Finance reporter Xu Yaowen

The Beijing Stock Exchange's Lu Enterprise Corps added another "specialized new" general.

On August 19, the official website of the Bei Stock Exchange announced that it was publicly issued and applied for the public offering of Haineng Future Technology Group Co., Ltd. (hereinafter referred to as "Hai Neng Technology") from Jinan City. Consideration by. Public information shows that Haoneng Technology is publicly issued and listed this time, and the sponsor is Oriental Securities.

As of now, there are a total of 105 listed companies in the Beijing Stock Exchange, from 23 provinces (cities), and Shandong Province ranked third with Beijing with 11 companies. This time, the Hai Neng Technology has added efforts to the Lili Enterprise Corps of the Bei Stock Exchange. It is worth noting that before that, a company in Jinan City had only a digital person (835670.BJ) that moved to the Beijing Stock Exchange with the selection layer, and Hai Neng Technology became the first company in Jinan City at the Beijing Stock Exchange's IPO.

In the first quarter, the net profit dropped sharply, and the research and development expenses ranked the top ten of the North Stock Exchange

Established in 2006, Hai Neng Technology is a technical -driven national specialized new "little giant" enterprise. The main business is the manufacturing, sales and related software of analyzing instruments, and the development and sales of related software. Optical analysis instruments, electrochemical analysis instruments, pre -processing instruments of samples, etc.

In 2016, Hai Neng Technology was listed on the New Third Board. On June 1 this year, the application for the public issuance and listing of Haineng Technology on the Beijing Stock Exchange was accepted; on August 19, Hai Neng Technology successfully obtained the Pass of the Bei Stock Exchange. Become the first company in Jinan to meet at the IPO of the Bei Stock Exchange.

According to the Flush iFind data, from 2019 to 2022, the operating performance of Haineng Technology generally shows an upward trend. In the whole year of 2021, the company's net profit attributable to the mother greatly increased, an increase of 68.06%year -on -year, and the yield of net assets was 16.05%, a year -on -year increase of 5.30 percentage points.

In the first quarter of this year, the company's operating performance fluctuated greatly, and the overall "increasing income increase". Among them, the company's operating income increased by only 0.15%year -on -year, and the net profit attributable to the mother fell by 419.40%year -on -year. It is gratifying that the company's gross profit margin increased by 2.15 percentage points compared with the same period last year, with more than 70%.

The experimental analysis instrument that belongs to the sea technology consolidates the typical "card neck" industry. The overall import rate of large -scale scientific research instruments in my country exceeds 70%, of which the import rate of analysis instruments exceeds 80%, and the import rate of high -end categories such as chromatics and mass spectrometers in the instrument is close to 90%. Most of the high -end segments are led by developers in developed countries. There is still a large gap between domestic instruments and imported high -end products, and the market share of domestic brands is generally low.

In this context, Hai Neng technology or facing a lot of industry competition, which is a big challenge for the company's research and development capabilities. It is worth noting that in the first quarter of this year, the research and development cost rate of sea energy technology was as high as 32.51%, and the research and development cost rate of the whole year in 2021 was 13.47%. The top 10.

R & D expense ratio and comparison company comparison situation

However, compared with the same industry, the research and development capacity of Haineng Technology has not yet obvious competitiveness. There are 4 main competitions in the industry listed in the Hanergy Technology Prospectus. From 2019 to 2021, the R & D expense ratio of Haineng Technology is generally lower than the Tailin Biotechnology and Wanyi Technology, and in 2021, it is lower than the average value in 2021 Essence

Acquisition companies become "cumbersome"?

In December 2021, Hai Neng Technology and its subsidiaries acquired 75%of the amount of contributions of Jinan Hainengfu Investment Partnership (hereinafter referred to as "Hai Nengji"), so as to control Hai Nengji and its The subsidiary Hong Kong Hai Neng, the British IMSPEX and Germany G.A.S.

However, at present, this acquisition seems to have become a "trouble" of Haineng technology.

The review opinions of Hai Neng Technology show that in the Special request of the Municipal Party Committee of the Bei Stock Exchange, the issues of detailed supplementary instructions of Hai Neng Technology and the review opinions given are related to the company's foreign subsidiaries and the company participating companies.

As of 2021, the book value of the goodwill formed by Haineng Technology was 80.4097 million yuan due to the acquisition. If the business status of the acquisition of the enterprise does not expect in the future, Hanerian technology may have the risk of goodwill impairment, which will adversely affect the company's operating performance.

Not only that, it also involves the same questions related to Hai Neng Technology's inquiry about Haineng Technology.

In the past three years, Hai Neng Technology ’s foreign subsidiaries and shareholders participating companies lose money

In the past three years, Hai Nengji, IMSPEX and G.A.S. have generally lost money. The corresponding long -term equity investment or impairment risk. In this regard, Hai Neng Technology said that the long -term equity investment corresponding to the loss -making subsidiary and the company participating companies during the reporting period does not have the risk of impairment, and there is no need to make a preparation for reduction.

It is worth noting that the application of IMSPEX in the medical field due to Qi-phase chromatography-ion migration spectrum use instrument is still in the research and development stage, and the management and research and development costs incurred were large, resulting in a large damage in 2019 and 2021. Whether the company can avoid the risk of impairment of goodwill is also depends on the follow -up operating status and performance of the relevant company.

The prospectus is changed, and the fundraising project "blocks the waist" cut

Hai Neng Technology's prospectus (draft on the conference) shows that without considering the premium and sale options, the company plans to publicize the shares of not less than 10 million shares, and raise about 110 million yuan for the intelligent production base intelligent production base intelligence. The construction of upgrading and transformation projects and supplementation of mobile funds. It is worth noting that in the prospectus (declaration draft), there are five fundraising projects of Hai Neng Technology, with a monthly raising of 302 million yuan. Compared with the description in the company's prospectus (declaration draft), the number of investment projects is "blocked" when the amount of funds raised is proud.

In the inquiry of the Peking Stock Exchange, the issue of raising funds and rationality also involves the rationalization of funds. In the response to Hanerian Technology, only the latest raising project plan and the scale of raising funds were announced, and this change did not respond.

In this regard, Fengkou Finance called Haineng Technology. Hai Neng Technology said that it is currently in the IPO sensitive period and is not convenient to respond. The company's operating data and related information are based on the information disclosed by the company's designated information on the Beijing Stock Exchange.

Listing is one of the powerful ways of breaking financing difficulties and expensive financing. However, since the establishment of the Peking Stock Exchange, the market has appeared in the market that the Enterprise financing of the Beibei Stock Exchange is more difficult than other exchanges.

As of August 19, a total of 4 re -financing information disclosed by the Beijing Stock Exchange's official website, a total of 4 companies have launched the recycling process. However, at present, in addition to Noshide's termination of the recycling plan and minimally invasive optoelectronics are still reviewing China and abroad, Gaishi Food and Tongxiang Technology, which have been registered for the Securities Regulatory Commission, have not started issuance. Implementation re -financing plans.

A few days ago, Hanbo High -tech turned to the GEM to go public, which once again caused discussions on financing difficulties in the Enterprise of the Peking Stock Exchange. Some people in the industry said in an interview with the reporter of Fengkou Finance that after the company's transfer to other sectors, it helps the enterprise to re -financing. "Compared with the current re -financing speed of the Bei Stock Exchange, turning the board is beneficial to the re -financing of the enterprise. It helps to meet the financing needs of different development stages of enterprises. "

Not only that, in the near future, many Bei Stock Exchange, including Electronics, Silicane Technology, and China Science and Technology, have undergone the issue price of the issuance price, reducing the number of new shares and fundraising amount before the meeting. During the IPO process of Hai Neng Technology's IPO, the major changes in the prospectus have made the problem of difficulty in financing of the Beijing Stock Exchange more "sensitive".

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