When the vacuum IPO is performed: how long can the concept of the "fruit chain" still rely on?

Affected by the downstream smartphone market, it is not as good as the cost of vacuum sales and R & D expenses.

"Investment Times" researcher Zhuo Yi

In the international market, the high -end vacuum -vacant coating equipment market is mainly occupied by application materials, Afa Ke, and Germany Laibao and other multinational companies. In the domestic market, BYD, BOE, Lixun Precision, Lan Si Technology and other large -scale and advanced technology technology are actively participating, and the industry competition is increasingly fierce.

Guangdong Huicheng Vacuum Technology Co., Ltd. (hereinafter referred to as Huicheng Vacuum) is a vacuum application solution for the development, production, sales and its technical services based on vacuum coating equipment. As well as fields, research institutes and other fields.

In this IPO, the new shares plan to be publicly issued in vacuum are not more than 25 million shares, accounting for not 25%of the total share capital after the issuance, and 235 million yuan to raise funds. Supplement of mobile fund projects.

In summary, the current business of Huicheng mainly relies on the "fruit chain" manufacturer. Due to the influence of the downstream smartphone market, the sales costs and R & D expenses are not as good as their peers, which is not conducive to the stability of large customers and the sustainability of performance. In addition, the profit quality of the vacuum is relatively weak, and the rise in operating income is more reflected in the increase in accounts receivable rather than the actual cash inflow. It is worth noting that the vacuum debt repayment capacity is weak, and it has signed a number of gambling agreements for financing. The content involves performance commitment indicators and successfully submitted listing applications, but ended in failure.

In response to the aforementioned situation, the researcher of the "Investment Times" emailing communication outline to the company's relevant departments, as of the press release, has not received the company's reply.

Relying on the "fruit chain" manufacturer

Researchers in "Investment Times" reviewed the prospectus and found that the operating income of vacuum in 2019, 2020, and 2021 (hereinafter referred to as the reporting period) was 295 million yuan, 392 million yuan, 534 million yuan, and battalions in 2020 and 2021. The growth rates were 32.83%and 36.13%, respectively, showing a steady upward trend. Among them, the proportion of sales revenue applied to the consumer electronics industry rose from 33.52%in 2019 to 65.21%in 2021, which is the main source of revenue. During the same period, the net profit of the vacuum was 20.98 million yuan, 51.36 million yuan, and 702 million yuan, respectively, with a growth trend.

However, there are hidden dangers behind this unstable performance. The company's top five customers' revenue is 137 million yuan, 196 million yuan and 350 million yuan, respectively, accounting for 46.46%, 49.95%, and 65.56%of the current operating income. The proportion has gradually increased, customer concentration is high, and performance is dependent on large customers.

Among them, Jiepu, Foxconn, and Apple in the large customer system are important manufacturers of Apple's smartphones and tablet computer industry chain systems. The sales of the above -mentioned "fruit chain" manufacturers were 36.88 million yuan, 99.69 million yuan, and 287 million yuan, accounting for 12.48%, 25.41%, and 53.77%of the current revenue. The proportion of revenue has increased, reflecting the large extent relying on the "fruit chain" manufacturers, which is deeply influenced by the "fruit chain" manufacturers. If the vacuum in the future cannot continue to maintain a cooperative relationship with the "fruit chain" manufacturer, it will cause a greater adverse effect on its operating income and profit level.

In addition, the big customers who have been vacuum are not stable and frequently changes. In 2021, three companies have entered the top five. At the same time, the cost of vacuum sales is lower than the comparable company, and the R & D cost rate is not as good as the average level of peers, which is not conducive to maintaining the core competitiveness of the product to maintain customer stickiness.

Smelly Vacuum in 2021 from the revenue from the top five customers in 2021

Data source: company prospectus

Poor profit quality

The prospectus shows that as of December 31, 2021, nearly half of the vacuum of the vacuum of the current vacuum was composed of inventory. At the end of the reporting period, the book value of its inventory was 163 million yuan, 179 million yuan, and 369 million yuan. The impairment of contract assets was -2.82 million yuan, -7.58 million yuan, and -9.43 million yuan, respectively, which caused a lot of pressure on mobile funds, and also obviously dragged down net profit.

In addition, nearly a quarter of the migrant assets of the Huicheng Vacuum consisting of accounts receivable. During the reporting period, the account value of accounts receivable was 62.35 million yuan, 83.47 million yuan, and 185 million yuan, 2020 and 2021 in 2020 and 2021 The growth rate was 33.87%and 121.19%, which was much higher than the revenue growth rate.

On the whole, the rise in the company's operating income is more reflected in the increase of accounts receivable, not actual cash inflows.

From the perspective of differences between the vacuum cash flow and net profit, it can also be seen that during the reporting period, the net cash flow generated by the transmission of vacuum business activities was -118 million yuan, 8.83 million yuan, and 22.34 million yuan, respectively. The net profit was 20.98 million yuan, 51.36 million yuan, and 702 million yuan in net profit at the same time. The net cash flow generated during the reporting period was lower than the net profit of the same period. It was mainly affected by the increase in bills receivable and backlog inventory of the year. Essence

Further calculate the ratio of the net cash flow and net profit generated by the remittance into vacuum business activities, which are -5.62, 0.17, and 0.32, respectively, which indicates that the company's ability to earn cash is weak and the profit quality is not very good. considerable. Weak debt capacity

The prospectus shows that the asset -liability ratio of vacuum also exceeds the average level of the same industry.

During the reporting period, the vacuum asset -liability ratio was 52.89%, 58.03%, and 66.51%, respectively. The overall asset -liability ratio was on the rise, facing potential debt repay risk. In the same period, the average level of the same industry can be only 45.07%, 45.77%, and 42.57%in the same level. It can be seen that the asset -liability ratio of vacuum is higher than the average level of the same industry during the same period, and the long -term debt repayment capacity is weak. In this regard, Huicheng Vacuum stated that the high asset -liability ratio is related to the industry's characteristics and single financing channels.

In addition, during the reporting period, the vacuum flow ratio was 1.46 times, 1.40 times, and 1.31 times during the reporting period, and the speed ratio was 0.78 times, 0.83 times, and 0.67 times. 1.78 times, 1.96 times, and the average level of flow ratio is 1.45 times, 1.22 times, and 1.30 times, respectively. The fluid ratio and speed ratio of the remittance of the vacuum decreased year by year during the reporting period. Whether it is the liquidity ratio or the speed ratio, it has always been lower than the average level of the same industry. Compared with the short -term debt repayment capacity of the same industry compared to the company, it is also weaker.

As of December 31, 2021, Huicheng vacuum currently has a short -term loan of 136 million yuan, and long -term borrowing has reached 84.57 million yuan, but the currency funds are only 159 million yuan. Fund weak. If the vacuum does not effectively broaden the financing channels, the liability growth rate exceeds the rate of increased assets, and it will face a large short -term debt repay risk.

In addition, in order to maintain cash flow, it is a variety of financing measures for the remittance, including signing the gambling agreement. However, the company has not completed the performance commitment indicators in the gambling agreement many times, and there is a certain imbalance in the design of the gambling clauses.

During the reporting period, the proportion of the vacuum flow to the rate of the vacuum flow rate

Data source: company prospectus

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