Jihe Jiaye IPO: Last year, increasing income and no profit with raw material supplier transactions need to be followed by abnormalities

Jihe Jiaye's performance declined in 2021, increasing increasing income. In addition, Yihe Jiaye also has a strange transaction with suppliers, and the procurement price of raw materials may be unfair.

On April 29th, Beijing Jihe Jiaye Medical Technology Co., Ltd. (hereinafter referred to as: Jihe Jiaye) will pass it on the GEM and will be used as a sponsor institution by China International Finance.

Public information shows that the number of public offering of the public offering of the public offering of the company does not exceed 16 million shares, accounting for 25%of the company's total share capital after the issuance. It is planned to raise 738 million yuan, of which 190 million yuan are used for annual output of 300,000 ventilator and 3.5 million sets of accessories, 157 million yuan for marketing networks and brand construction projects, 191 million yuan for medical equipment research and development centers, and research and development centers for medical equipment and research and development centers, and research and development centers for medical equipment and research and development centers, and research and development center projects, and research and development centers for medical equipment and research and development centers. 200 million yuan to supplement mobile funds.

However, through querying the prospectus, it was found that the results of Jihe Jiaye declined in 2021, and the income increase was not profitable. In addition, Yihe Jiaye also has a strange transaction with suppliers, and the procurement price of raw materials may be unfair. In response to the above situation, it was found that the interview letter to send an interview letter to Jihe Jiaye's public mailbox requested doubts. Jihe Jiaye stated that it was mainly to stabilize with the prevention and control situation of the epidemic. Compared to decreased.

Increasing income in 2021 does not increase profit

Public information shows that Jihe Jiaye is mainly engaged in the research and development, production and sales of medical equipment and consumables in the field of respiratory health. The main products include household non -invasive ventilator, ventilation mask, sleep monitor, high -flow wet oxidation instrument, and and and and and of. Provide respiratory health management services.

From 2019 to 2021, Jihe Jiaye's operating income was 258 million yuan, 560 million yuan, and 663 million yuan, respectively, with a year-on-year growth rate of 36.37%, 117.29%, and 18.20%. Yuan, 228 million yuan and 146 million yuan, a year-on-year growth rate of 55.39%, 487.23%and -36.07%, respectively.

Photo source: Wind (Yihe Jiaye)

The revenue of Jihe Jiaye in 2021 still increased steadily, but its net profit fell by 82 million yuan from 2020. Regarding the increasing increasing income and profit in 2021, Jihe Jiaye replied to discover that the main reason is that as the epidemic prevention and control situation tends to stabilize, the average sales price of the epidemic -related models has decreased, the gross profit margin and sales proportion have also decreased. Cause. At the same time, the company's expected operating income and net profit in the first quarter of 2022 have increased significantly.

According to the prospectus, the main business of Jihe Jiaye includes household non -invasive ventilator, consumables and medical products. Among them, household non -invasive ventilator accounts for a relatively large, exceeding 60%. Plasma and dual -level lung disease ventilator.

By querying the prospectus, the sales price of single -horizontal sleep ventilator and dual -level sleep ventilator in the face of the rise in raw material prices has increased to varying degrees, while the sales unit price of dual -level lung disease ventilator fell sharply. From 2019 to 2021, the average unit price of dual-level lung disease ventilator was 1651.71 yuan/set, 3047.92 yuan/units, 1341.95 yuan/units; the average unit cost was 728.02 yuan/units, 702.67 yuan/units, 724.34 yuan/ tower.

Affected by the new crown epidemic, in 2020, the demand for the dual -level lung disease ventilator of Jihe Jiaye increased significantly, and the price rose. However, in 2021, the new crown epidemic has stabilized, the company's dual -horizontal lung disease ventilator demand decreased, and in order to expand the scale of sales, Yihe Jiaye adopted the price reduction measure. 3.08%.

This also led to the gross profit margin of dual -level lung disease ventilator from 76.95%in 2020 to 46.02%in 2021, and the overall gross profit of the company was involved. The prospectus shows that from 2019 to 2021, the comprehensive gross profit margin of Jihe Jiaye was 48.88%, 64.87%, and 43.24%, respectively.

Picture source: prospectus (Jihe Jiaye)

Purchasing price fairness and other issues need to pay attention to

The prospectus shows that the raw materials procurement of Jihe Jiaye mainly includes electronic and electrical, structural parts, and packaging materials. From 2019 to 2021, the procurement of the five major suppliers of Jihe Jiaye was 388 million yuan, 58 million yuan, and 121 million yuan, respectively, and the proportion of procurement costs was 32.16%, 28.86%, and 28.70%, respectively.

Picture source: prospectus (Jihe Jiaye)

It should be noted that Shenzhen Dongming Electromechanical Co., Ltd. (hereinafter referred to as Dongming Electrical and Electrical), one of the top five suppliers in Jihe Jiaye in 2019, has applied for bankruptcy and reorganization, and there is information on the person who has been dishonest. According to the investigation of the enterprise, in the past three years, Dongming Mechanical and Electrical has reached as many as 40 dishonest information. In this regard, the Shenzhen Stock Exchange also demanded that Jihe Jiaye explained whether there is an abnormal procurement and procurement price for Dongming Mechanical and Electrical.

Photo source: Enterprise Check

Jihe Jiaye replied that due to the broken capital chain of Dongming Mechanical and Electrical's bank loan in 2018 and a series of financial issues such as shortage of funds, Dongming Electromechanical has entered the bankruptcy liquidation stage. The business cooperation relationship between the company and Dongming Electrical and Electrical has gradually transferred to its Sun Zhongping Electrical and Electrical Co., Ltd. (hereinafter referred to as: Zhongping Electrical and Electrical). The situation of reorganization, and Dongming Electrical and Electrical's application for bankruptcy and reorganization and the information of the person who had been dishonested will not affect the cooperation between the company and Zhongping Mechanical and Electrical. However, according to the investigation of the enterprise, Zhongping Mechanical and Electrical were established on October 8, 2018 with a registered capital of 5 million yuan. In other words, less than a year after the establishment of Zhongping Mechanical and Electrical, Yihe Jiaye cooperated with him, and in 2021, it became the third largest supplier of Jache Jiaye.

In addition, the prospectus disclosed that among the suppliers with more than 100,000 purchases (the proportion of purchases of each period of more than 97%), suppliers who have just been established (within two years) have cooperated with Jihe Jiaye to cooperate There are 8 in total.

It is also worth noting that through querying the prospectus, it is found that there is still a large difference in transaction prices between the same purchasing materials of Jihe Jiaye in different suppliers. For example, the purchase of electronic components in Jihe Jiaye mainly includes microprocessors, table stickers, and motor control chips.

Among them, in 2021, the unit price of the micro -processor of Jihe Jiaye purchased the microprocessor from Beijing Jinfengyu Technology Development Co., Ltd. was 13.08 yuan/piece, while the purchase unit price of Beijing Zhongrui Boao Electronic Technology Co., Ltd. was 52.46 yuan/ Pieces, the difference between the two is 39.38 yuan/piece.

Picture source: prospectus (Jihe Jiaye)

Including the raw material motor control chip, the purchasing unit price of Jihe Jiaye in 2021 to Beneng Electronics (Shanghai) Co., Ltd. was 10.75 yuan/piece. The purchasing unit price of West Chuang Electronics Co., Ltd. is 33.21 yuan/piece, 48.20 yuan/piece, 23.01 yuan/piece. In this regard, industry insiders said that the fairness of the procurement price of Jihe Jiaye may attract attention.

(I found that the reporter Luo Xuefeng financial researcher Teng said)

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