Tianshan Electronics IPO: The complexity of the relationship with the big customers has two times the growth rate of the growth rate of two times doubtful

Tianshan Electronics has exploded in 2021, and the growth rate is more than twice as much as the company in the same industry. However, the relationship between the company and the large customers is complicated and the associated operation is closely operating.

On May 6, 2022, Guangxi Tianshan Electronics Co., Ltd. (hereinafter referred to as: Tianshan Electronics) will pass it on the GEM of the Shenzhen Stock Exchange.

The prospectus shows that Tianshan Electronics does not exceed 25.34 million shares this time, accounting for not less than 25.00%after the company's total share capital is issued. It is expected to raise 313 million yuan, of which 111 million yuan are used for the expansion of monochrome LCD display module, 93 million yuan for the construction project of the optoelectronics integrated model group, the R & D center construction project, and supplementary flow of the development center Glood is 060 million yuan.

Reading the prospectus found that Tianshan Electronics has exploded in 2021, and the growth rate is more than twice as much as the company in the same industry. However, the relationship between the company and the large customers is complicated and related operations are closely operating. Regarding the above situation, I found that the network sent an interview letter to Tianshan Electric to send an interview letter to the request. As of press time, Tianshan Electronics did not give a reasonable explanation.

The growth rate far exceeds competitors and doubts overseas sales increase risk

Public information shows that Tianshan Electronics is mainly engaged in the development, design, production, and sales of customized LCD screens and display modules in the professional display field. The main products include monochrome LCD display, monochrome LCD display module and color LCD display module Essence

From 2019 to 2021, Tianshan Electronics achieved revenue of 561 million yuan, 615 million yuan, and 1.089 billion yuan, respectively, with a year-on-year growth rate of 10.51%, 9.73%, and 76.96%. 100 million yuan and 97 million yuan, year -on -year growth rates were 9.04%, 25.65%, and 103.19%, respectively.

Source: Wind (Tianshan Electronics)

On the whole, Tianshan Electronics achieved a big explosion in 2021, far exceeding the comparable company of the same industry. From 2019 to 2021, the same industry can compare the company Akita's income growth rate of 26.42%in 2021, Asian Optoelectronics's revenue growth rate in 2021 is 12.96%, Juncheng Technology's income growth rate in 2021 is 24.76%, and the industry average is 18.21 to 18.21 %, While Tianshan Electronics' income growth rate in 2021 was 77.43%.

Source: prospectus (Tianshan Electronics)

Tianshan Electronics has attributed its own performance to the demand for smart homes, smart financial data terminals, and communication equipment in the company's downstream application fields, and business growth has grown rapidly. However, such a general explanation did not doubt how Tianshan Electronics has achieved a growth rate of more than double competitors in one year.

In addition, Tianshan Electronics mentioned in the comparison with Yashi Optoelectronics that "Asian Optoelectronics’ s overseas sales revenue accounted for more than 64%, the company's overseas sales revenue accounted for much lower than Asian Optoelectronics. There are differences, which is less affected by the overseas economic situation and the new crown epidemic and trade war. "

In fact, Tianshan Electronics is mainly exported to Hong Kong, China, Taiwan, Europe, America, Japan, South Korea, etc. From 2019 to 2021, Tianshan Electronics' overseas revenue was 183 million yuan, 230 million yuan, and 391 million yuan, respectively, accounting for 33.06%, 38.11%, and 36.48%of the main business revenue, respectively.

Source: prospectus (Tianshan Electronics)

In recent years, Sino -US trade frictions have continued to upgrade, the international environment has become increasingly complicated, and uncertainty has increased significantly. For example, major changes in the political, economic environment, and trade policies of major export countries or regions have undergone major changes. Essence

The relationship with big customers is more complicated

From 2019 to 2021, the top five customers of Tianshan Electronics achieved revenue of 262 million yuan, 221 million yuan, and 40 billion yuan, respectively, accounting for 46.70%, 35.88%, and 36.73%of the main business revenue, respectively.

Tiama Micro Electronics Co., Ltd. (hereinafter referred to as deep Tianma), who has won the largest customer of Tianshan Electronics for three consecutive years. Many executives in Tianshan Electronics have worked here.

From June 1990 to January 1996, Wang Yimei, one of Tianshan Electronics, worked in Shenma, and served as deputy manager, production manager, deputy chief engineer of the production department;

From February 1993 to December 1998, Fan Xiaoyun, one of Tianshan Electronics Controller, worked in the deep Tianma and served as a staff member;

From May 1993 to August 2007, Wang Huazu, the technical director of Tianshan Electronic Crafts, worked in the deep Tianma.

From November 1996 to May 2004, Tianshan Electronic Supervisor Wei Yamin worked in the deep Tianma and served as the financial leader.

Source: prospectus (Tianshan Electronics)

As for Jiangxi Yiming Electronics Co., Ltd., which ranks second, second and third largest customers in Tianshan Electronics for three consecutive years, and other subjects controlled by the same controller (hereinafter referred to as: Jiangxi Yiming), Tianshan Electronics and it have the relationship between it and it. It's even more intriguing.

Tianshan Electronics stated in the prospectus that the cooperation between the company and Jiangxi Yiming began in 2011. After a period of running -in, it established a good mutual trust relationship with the actual controller of the above -mentioned enterprises. The scope of cooperative products has also gradually expanded.

In March 2016, Liu Shuixia invested in Tianshan Electronics through the method of transfer, making price 3.00 yuan/share; then two capital increases in February and December 2017, with a price of 4.80 yuan/share; in April 2019, Tianshan Electronics shares will be held in April 2019For all transfer, the transfer price is still 4.8 yuan/share.It is worth noting that from 2016 to 2021, Tianshan Electronics' sales revenue to Jiangxi Yiming was 24.208,400 yuan, 47.219 million yuan, 41.3717 million yuan, 43.931 million yuan, 37.845 million yuan, and 77.8237 million yuan.The proportion of income was 7.63%, 10.57%, 8.23%, 7.92%, 6.27%, and 7.27%, respectively.

Source: prospectus (Tianshan Electronics)

It is understood that Tianshan Electronics conducted a listing counseling in May 2017.That is to say, Liu Shuixia entered the shares before Tianshan Electronics' listing counseling. During the listing counseling period, capital increased capital, and the capital was exited on the eve of applying for an IPO.During the period, the two sides still maintained a stable and good cooperative relationship. In 2021, they realized double sales, which helped Tianshan Electronics.

(Reporter Luo Xuefeng Financial Researcher Chen Kangli)

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