IPO Jinxuan 丨 12 Company attended the meeting, Jinquan Tourism Shunyu Water was questioned: the former still needs to expand its production capacity, and the latter rely on subsidies to grow

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Lin Ke, a reporter from the Financial Investment Newspaper

Last week, Beijing Hengtai Wanbo Petroleum Technology Co., Ltd., which was smoother during the inquiry review stage, was rejected by the Shanghai Municipal Party Committee due to growth and gross profit margin than peers.

In addition, the influence of the sponsor of the sponsor of the sponsor Guoxin Securities, the Shanghai Municipal Party Committee canceled the application for the issuance and listing of Shanghai Weidu Marketing Planning Co., Ltd. Overall, last week, the 12 companies successfully spent 10 conferences.

The reporter of the Financial Investment News noticed that this week's working day was reduced by one day due to the Mid -Autumn Festival holiday, but the company still maintained at a high level of 12, of which Yangzhou Jinquan Tourism Products Co., Ltd. (referred to as Jinquan Tourism), Anhui Shunyu Water Affairs Co., Ltd. Limited (referred to as: Shunyu Water) is the focus of market attention.

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Jinquan Travel: The necessity of expanding production is questioned

Jinquan Tourism is mainly engaged in the research and development, design, production and sales of outdoor products. The company's main products are outdoor products such as tents, sleeping bags, outdoor clothing, and backpacks.

Although after more than 20 years of development, the company still adheres to the form of ODM/OEM for processing for processing production of international well -known brands. At the same time, most of the product sales rely on overseas markets, and the company's sales revenue of more than 90%comes from overseas countries and regions in Europe, North America. Due to the changes in the environment, the company's uncertainty continues to increase under the international brand foundry model.

Some analysts pointed out that the proportion of Jinquan tourism export revenue accounted for more than 90%for a long time. Since 2018, due to international trade frictions, some products exported by the company are still on the tariff list. At the same time, the company's export dependence was also deeply affected by exchange rate fluctuations. In 2020, the company's exchange loss caused by exchange rate fluctuations was as high as 21.3163 million yuan.

Due to market expansion needs to be determined according to customer orders, the lack of initiative mode, in fact, it brings the lack of business independence to Jinquan tourism, which leads to significant fluctuations in performance.

The prospectus disclosed that from the first half of 2018 to the first half of 2021, the company realized operating income of 491 million yuan, 595 million yuan, 596 million yuan, and 369 million yuan, of which in 2019 and 2020, respectively, a year-on-year increase of 21%and 0.2%; the same period of the same period; The net profit was 62.5306 million yuan, 82.741 million yuan, 59.5187 million yuan, and 42.129 million yuan, of which in 2019 and 2020 increased by 32%and -28%year-on-year, respectively. From the perspective of 2020, the company's operating income growth rate has been nearly zero, and the net profit has fallen sharply.

The reporter of the Financial Investment News noticed that behind the significant fluctuations in performance, the problem of profitability of Jinquan's tourism is obviously not as good as peers.

Judging from the gross profit margin of the same industry disclosed by the company, in the first half of 2018 to the first half of 2021, the average peers was 27.53%, 31.29%, 30.84%, and 27.5%. It is 18.08%, 20.68%, 21.28%, 19.85%. Simple comparison, the gap between the two is clear at a glance.

Judging from the IPO fundraising project of Jinquan Tourism, after the technical transformation of the tent and sleeping bag production line is completed, it can add 250,000 tents to the production capacity of 350,000 sleeping bags. From the perspective of existing capacity, the fundraising project will expand the capacity of the tent more than doubled, and the production capacity of sleeping bags will also be expanded by 26%.

Whether the company is needed to expand the production through fundraising projects is still questionable to people in the industry.

From the perspective of production and sales rate, the capacity utilization rate of the company's tents and sleeping bags has fallen sharply in 2020. Although it has increased slightly in the first half of 2021, the capacity utilization rate of tents is only 77.09%, and the capacity utilization rate of sleeping bags is 75.89%.

Some people in the industry pointed out that in a large number of idle backgrounds in the existing capacity of Jinquan Tourism, the necessity of continuing production capacity through fundraising projects continues to expand production capacity.

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Shunyu Water: Growth or slowing performance

Shunyu Water Affairs is a national high -tech enterprise in the water industry. The main business includes secondary water supply and sewage treatment business. At the same time, the company has gradually carried out the research and development and construction of smart management platforms, providing support for the intelligent management of business, and is committed to becoming a comprehensive solution service provider of secondary water supply, sewage treatment, and smart water services.

After the rapid growth period, Shun Yu's water performance has dropped significantly.

The prospectus shows that from 2019 to 2021, the company realized operating income of 329 million yuan, 527 million yuan, and 645 million yuan, of which 60%and 22%were increased in 2020 and 2021 respectively. 10,000 yuan, 86.5 million yuan, and 96.55 million yuan, of which in 2020 and 2021, the year -on -year increases were 61%and 11%, respectively. It can be seen that the company's operating income and net profit growth rates in 2020 are roughly the same, but the growth rate of net profit in 2021 has been significantly lower than the growth rate of operating income during the same period.

It is worth mentioning that according to disclosure, in the first three quarters of 2022, the company is expected to achieve operating income by 5.59%-22.58%year-on-year, and net profit increases by 6.44%-27.26%year-on-year. Performance growth continues to decelerate. It is worth mentioning that during the growth of Shun Yu's water affairs, tax benefits and government subsidies are high. The prospectus shows that from 2019 to 2021, the total amount of tax discounts of the company was 7.5287 million yuan, 110.97 million yuan, and 11.17 million yuan, respectively. The deferred returns are government subsidies, respectively, 2,530,500 yuan, 2.5054 million yuan, and 22.201 million yuan, respectively. The government subsidies in the current profit and loss were 8.849 million yuan, 9.4365 million yuan, and 21,665,400 yuan, respectively, accounting for 16%, 11%, and 22%of the current net profit.

It can be seen that tax discounts and government subsidies have helped the development of Shun Yu's water to a certain extent, but if tax discounts and government subsidies are reduced, it will have a significant impact on the company's profit. In 2021, the company's deduction of non -net profit growth fell sharply, which was related to the significant increase in government subsidies in the current profit and loss.

Behind the growth of growth, Shun Yu's water flow performance was also unsatisfactory. From 2019 to 2021, the net cash flow generated by the company's operating activities was -70.73 million yuan, -14.97 million yuan, and 12.61 million yuan, respectively. Although it has continued to improve, the company's cash flow in the past three years has a huge difference from net profit in the same period.

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