Changyingtong IPO: The civil product market needs to strengthen accounts receivable to pay attention to attention

Changyingtong is dominated by the military market, and customers and suppliers are highly dependent on. The diversity of civil products and products needs to be strengthened.

On August 23, 2022, Wuhan Changyingtong Optoelectronics Technology Co., Ltd. (hereinafter referred to as: Changyingtong) will pass the Shanghai Stock Exchange Science and Technology Board.

The prospectus shows that Changyingtong's issuance of no more than 23.5335 million shares this time, accounting for not less than 25.00%after the company's total share capital was issued. It is expected to raise 50 million yuan, of which 4 billion yuan is used for special optical fiber cables, optical device production capacity construction projects and R & D center construction projects, and supplementary mobile funds.

Reading the prospectus found that Changyingtong is mainly based on the military market. Customers and suppliers are highly dependent on, and the diversity of civil products and products needs to be strengthened. At the same time, the company's account receivables account for relatively high. In response to the above situation, it was found that the network sent an interview letter to the public mailbox to send an interview letter to the request to explain the doubt. As of the press press, Changyingtong did not give a reasonable explanation.

Military product market is mainly customer dependencies dependencies

According to public information, Changyingtong is a national specialized "giant" enterprise specializing in the development, production, sales and service of optical fiber gyro core devices and its comprehensive solutions. The application of high -tech industrialization of optical fiber ring and its main material special fiber.

From 2019 to 2021, Changyingtong achieved revenue of 178 million yuan, 215 million yuan, and 262 million yuan, respectively, with a year-on-year growth rate of 2776%, 21.25%, and 21.57%. 554 million yuan and 777 million yuan, year -on -year growth rates were 112.16%, 16.08%, and 41.57%, respectively.

Source: Wind (Changyingtong)

In the revenue structure of Changyingtong, the fiber -fiber ring device and special optical fiber are the main components of the main business income. The proportion of revenue and profits of adhesives and coating materials, light modules, optical device and equipment is still small.

From 2019 to 2021, the revenue of the fiber ring device achieved revenue was 67 million yuan, 66 million yuan, and 133 million yuan, respectively, accounting for 41.73%, 31.96%, and 52.20%of the main business revenue, respectively; It was RMB 76 million, 119 million yuan, and 97 million yuan, accounting for 46.86%, 57.72%, and 38.20%of the main business revenue, respectively; adhesives and coating materials, optical device equipment and other main business revenue were 0.18, respectively. 100 million yuan, 21 million yuan, and 24 million yuan, totaling the proportion of main business revenue was 11.41%, 10.31%, and 9.59%, respectively.

Source: prospectus (Changyingtong)

Furthermore, because Changyingtong's products are mainly used in the field of military inertial navigation, the sales of military customers are relatively high. The main customers are well -known military enterprises or scientific research institutes with the leading technical strength of the optical fiber gyro industry.

From 2019 to 2021, Changyingtong's main business revenue was 139 million yuan, 182 million yuan, and 215 million yuan, respectively, accounting for 86.01%, 88.41%, and 84.53%of the main business revenue, respectively.

Source: prospectus (Changyingtong)

During the same period, Changyingtong's total sales revenue to the top five customers was 128 million yuan, 174 million yuan, and 201 million yuan, respectively, accounting for 79.40%, 84.45%, and 79.11%of the main business revenue, respectively. Among them, the sales of the largest customers of the Aerospace Science and Industry Group achieved sales of 83 million yuan, 115 million yuan, and 113 million yuan, respectively, accounting for 51.40%, 55.65%, and 44.32%of the main business revenue, respectively.

Source: prospectus (Changyingtong)

In addition, Changyingtong is also promoting the application of core technologies in the civil product market simultaneously. In addition to the field of optical fiber gyro, the civil fields with business expansion mainly include industrial laser, marine monitoring, communications and smart grids. The company said that in the above fields, it has formed certain sales and self -developed products and technical reserves. However, due to certain differences in the military market and the civil product market, and the civil product business is not yet the focus of development at this stage, the business scale is small.

Purchasing also depends on account receivables.

The main raw materials for Changyingtong's procurement include special fiber, chemicals, equipment components and components, quartz pipes, large and special gas. Special optical fiber, which is mainly based on premium fiber, is an important product of the company. At the same time, based on the purchase needs of raw materials specified by customers' early styling products.

From 2019 to 2021, Changyingtong's purchasing amount of the top five suppliers was 46.8031 million yuan, 41.85 million yuan, and 53.109 million yuan, respectively, accounting for 76.43%, 67.00%, and 68.19%of the main business income, respectively. Among them, the purchasing amount of the largest supplier Changfei Fiber Fiber Optical Cable Co., Ltd. (hereinafter referred to as: Longfei Fiber) was 39.0216 million yuan, 31.316 million yuan, and 37.131 million yuan, respectively, respectively, accounting for 63.72%, 50.14, respectively %And 47.67%.

Source: prospectus (Changyingtong)

Changyingtong pointed out in the prospectus that the company's gross profit margin of the special optical fiber wound trap of Changfei Fiber is lower than the gross profit margin of self -produced special fiber sales and rings. The changes in the source structure of the material may lead to a certain degree of decline in the gross profit margin of the overall main business. During the same period, the book value of Changyingtong's account receivables was 67 million yuan, 151 million yuan, and 176 million yuan, respectively, accounting for 28.92%, 49.86%, and 47.64%of mobile assets; The proportion of 40.32%, 75.28%, and 72.85%, respectively, and the balance of accounts receivable in 2020 and at the end of 2021 accounted for a higher proportion of current operating income.

Changyingtong explained in the prospectus that it was mainly due to the impact of the epidemic. The company's production and sales in 2020 were mainly concentrated in the second half of the year, especially in the fourth quarter, and the return cycle of major customers exceeded three months. The process also has a certain impact, which led to a significant increase in the current operating income of accounts receivable at the end of 2020.

Source: prospectus (Changyingtong)

It is worth noting that from 2019 to 2021, the net operating cash flow of Changyingtong was 1.8291 million yuan, -27.99 million yuan, and 58.779 million yuan, respectively, and net profit was 46.605 million yuan, 53.9297 million yuan, and 76.566 million yuan. The proportion of net profit of operating cash flows accounted for 3.92%, -5.08%, and 76.76%, respectively.

Changyingtong said that the main reason was that the increase in accounts receivable at the end of the year was affected by the new crown epidemic in 2020, and the cash inflow of business activities decreased, and cash paid to employees and employees continued to rise. If the net cash flow of the company's business activities continues to be at a low level in the future, it will affect the company's capital liquidity, which may increase the company's financial risks.

(Reporter Luo Xuefeng Financial Researcher Chen Kangli)

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