Huibo Yuntong IPO: Nearly half net profit comes from the low level of tax revenue research and development, to be strengthened

The growth rate of Hui Boyun's net profit slowed down, and nearly half of the profit came from tax discounts. At the same time, Huibo Yuntong's R & D cost rate is lower than those comparable to the company and the R & D personnel have a higher resignation rate.

On April 21, Huibo Yuntong Technology Co., Ltd. (hereinafter referred to as: Huibo Yuntong) will pass it on the GEM of the Shenzhen Stock Exchange.

Public information shows that the number of public offering of Huobiyuntong this time does not exceed 40 million shares, accounting for 10%of the company's total share capital after the issuance. It is expected to raise 303 million yuan, of which 205 million yuan is used for the expansion project of the ITO delivery center and 98 million yuan for the software technology research and development center construction project.

However, through querying the prospectus, it was found that the growth rate of Hui Boyun's net profit slowed down, and nearly half of the profit came from tax discounts. At the same time, Huibo Yuntong's R & D cost rate is lower than those comparable to the company and the R & D personnel have a higher resignation rate. In response to the above situation, it was found that the network sent an interview letter to the Huobo Yuntong to send an interview letter to the request to be interpreted. However, as of the time, Hui Boyun Tong did not give a reasonable explanation.

Nearly half of the profit comes from tax discounts and government subsidies

The prospectus shows that Huibo Yuntong is committed to providing customers with professional information technology outsourcing (ITO) services. The main business mainly includes two major sections: software technology outsourcing services and mobile smart terminal testing services.

From 2019 to 2021, Huibo Yuntong's operating income was 540 million yuan, 688 million yuan, and 918 million yuan, with a year-on-year growth rate of 74.48%, 27.26%, and 33.55%. , 666 million yuan and 77 million yuan, a year -on -year growth rate of 111.64%, 75.83%, and 16.47%, respectively. From the data of Huibo Yuntong, although Huibo Yuntong's operating income in the past three years is increasing, the growth rate has slowed down, and the growth rate of net profit has continued to decline.

Photo source: Wind (Hui Boyuntong)

It is worth noting that at the same time as the growth rate of net profit decreases, Huiboyun's nearly half of the net profit depends on tax benefits and government subsidies. According to the prospectus, Huobo Yuntong obtained the "High -tech Enterprise Certificate" issued by the Beijing Municipal Science and Technology Council, the Beijing Municipal Finance Bureau, and the Beijing Taxation Bureau of the State Taxation Administration on December 2, 2019. The validity period is three years. The company and subsidiaries enjoy preferential policies such as corporate income tax and value -added tax in accordance with relevant national regulations.

From 2019 to 2021, the total amount of tax discounts of Huibo Yuntong was 20176,700 yuan, 26.5536 million yuan, and 30.598 million yuan, while the company's total profit was 360.16 million yuan, 710.29 million yuan, and 83.281 million yuan. The total profit ratio was 56.02%, 37.38%, and 36.74%, respectively.

Photo source: prospectus (Huibo Yuntong)

In addition, during the reporting period, the government subsidies of Huibo Yuntong were included in the profit and loss of 34.814 million yuan, 5.279 million yuan, and 14.036 million yuan, respectively, accounting for 9.67%, 7.43%, and 16.85%of the company's total profit. Tax discounts and government government and government government The total amount of subsidies accounted for 65.69%, 44.81%, and 53.59%, respectively, accounting for relatively high.

Photo source: prospectus (Huibo Yuntong)

In this regard, industry insiders said that the amount of preferentially enjoyed by Huobo Yuntong accounted for a large amount, and the tax discounts and government subsidies have greater uncertainty. The changes in tax discounts and government subsidies will be on the company's operating performance and profits. The level has a certain impact. Therefore, if Hui Boyun Tong cannot enjoy relevant policies in the future, it will adversely affect the company's performance.

R & D cost rate is lower than peers

The software and information technology service industry engaged in Huobo Yuntong belongs to a technology and talent -intensive industry. Talent and R & D innovation capabilities are critical to the company's development.

However, Huobo Yuntong's investment in R & D is not ideal. According to the prospectus, from 2019 to 2021, the R & D expenses of Huobo Yundong were 36.9536 million yuan, 411.902 million yuan, and 52.341 million yuan, respectively, accounting for 6.84%, 5.99%, and 5.70%of operating income. R & D expenses The rate continues to decline.

Photo source: prospectus (Huibo Yuntong)

While the R & D expense rate has declined, Huibo Yuntong's R & D cost rate is still lower than the comparison company average. According to the comparison company selected by the company's prospectus, the average R & D cost rates of French information, Bonhiko Technology, and Zhongsoft International are 7.49%, 6.59%, and 6.84%, respectively. Essence

Photo source: prospectus (Huibo Yuntong)

It is worth noting that in the development of talents in the development of talents, Huobo Yuntong also does not seem to pay much attention. Through inquiry the prospectus, the per capita salary of Huibo Yuntong R & D personnel during the reporting period was 147,700 yuan, 158,900 yuan, and 185,100 yuan, while the per capita salary of sales staff was 677,400 yuan, 582,700 yuan, and 437,200 yuan, respectively. The per capita salary of sales staff is three or four times the salary of R & D personnel.

Photo source: prospectus (Huibo Yuntong)

Analysts said that the unsatisfactory salary will exacerbate the employee's departure rate to a certain extent. The prospectus shows,

During the reporting period, the resignation rates of Huibo Yuntong were 28.60%, 33.44%, and 33.04%, respectively, showing an upward trend.The total number of employees of Huibo Yuntong is 5104, of which 4,599 are implemented and technical implementation personnel, accounting for 90.11%of the total number of employees.In other words, the number of departure of R & D and technical implementation personnel accounts for most, and there will be gradually rising.In this regard, industry insiders said that if Huibo Yundong's investment in research and development continues to be insufficient in the future, and the loss of R & D and technical personnel, there will be the risk of company technology upgrades and iterations that fail to timely and even fail in R & D, core competitiveness, and even affect the companyThe identification of the qualifications of high -tech enterprises affects the company's profitability.

(Reporter Luo Xuefeng Financial Researcher Tenghui said)

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