Kejingyuan sprint ipo: bad debt preparations are close to the annual net profit, nearly 40 % of the fundraising is used to make up the flow

Zhongxin Jingwei, September 23 (Lin Yisi Deng Yiruo) On September 23, Beijing Kejingyuan Technology Co., Ltd. (hereinafter referred to as Kejingyuan) was launched at the GEM of the Shenzhen Stock Exchange.

Zhongxin Jingwei noticed that in 2016, it was listed on the New Third Board until the end of 2018.

From the perspective of the prospectus, the revenue of the science and net source has increased significantly in recent years, but the company's asset -liability ratio exceeds 70 %, the proportion of receivables is high, and the preparation of bad debts is close to the annual net profit.

At the same time as performance growth, the asset -liability ratio exceeds 70 %

According to the prospectus, Kejingyuan was established in 2000. It is an innovative comprehensive service provider specializing in the governance of water environmental system governance. Focusing on customers' needs of water environmental governance, it provides them with a comprehensive management plan and operation of water environmental environment. Serve.

In 2009, Kero Jingyuan tried to land on the GEM. In the same year, the CSRC issued a temporary announcement saying that, in view of the fact that there were still related matters of the Kochinyuan, it was decided to cancel the review of the company's issuance documents.

From 2019 to 2021, Kejingyuan realized operating income of 311 million yuan, 321 million yuan, and 480 million yuan, respectively. The net profit attributable to the owner of the parent company during the same period was 35.135 million yuan, 70.836 million yuan, and 91.985 million yuan.

When sprinting the GEM in 2009, the prospectus disclosed by Kejingyuan showed that in 2008, the company's operating income and net profit attributable to the owner of the parent company only reached 74.0543 million yuan and 16.7197 million yuan. After a lapse of thirteen years, although operating income has increased significantly, the asset -liability ratio of Kejingyuan has reached more than 70 %.

In 2021, Kejingyuan's asset -liability ratio had reached 72.47%, and in 2019 and 2020, the company's debt ratio reached 87.89%and 78.61%, respectively.

According to Kejingyuan, the asset -liability ratio is relatively high, mainly because the company's bank loan and the accounts payable to suppliers applied for the implementation of the project are relatively high. The company's debt repaction, liquidity maintenance depends on the company's capital management capabilities, the ability to generate cash flow generated by operating activities, and whether the bank loan can continue to obtain bank support after the expiration of bank loans. If a major adverse change or related bank loans cannot be renewed, the company will face the risk of debt repayment.

Compared with the comparable company in the same industry, the asset -liability ratio of Kejingyuan is also significantly higher than the average. The prospectus shows that in 2021, the same industry is comparable to listed companies Kim Dale, Delin Sea, Golden Kee Environment, Huayi Environmental Protection, and Bejet's asset -liability ratios of only 12.65%, 19.16%, 37.25%, 54.88%, 26.99% The average value is also only 31.51%, while Kejingyuan's asset -liability ratio is as high as 72.47%, which is significantly higher than the comparable listed companies and average values ​​in the same industry.

Judging from the monetary funds disclosed by the prospectus, the company's short -term debt repayment can also be worried. From 2019 to 2021, the monetary funds of Kejingyuan were 28.7521 million yuan, 31.555 million yuan, and 32.993 million yuan, respectively, while the company's short -term borrowing on the same period was 93.147 million yuan, 57.695 million yuan, and 102 million yuan.

In the face of the aforementioned short -term debt pressure, what measures do the company can be relieved? From September 22nd to 23rd, Zhongxin Jingwei sent a letter to the above -mentioned issues and called the net source of the subject. As of press time, no reply was received.

It is worth noting that the net source plan of the IPO listing department plans to raise about 888 million yuan, of which 350 million yuan will be used for "supplementary funds", accounting for about 39.43%of the total fundraising amount. At the same time, it is also the fundraising. Project with the largest amount of investment.

The proportion of receivables is high, and bad debts are prepared to be close to the annual net profit

On the one hand, monetary funds are not enough to pay short -term borrowings. On the other hand, the scale of accounts receivable of Kejingyuan is still growing.

From 2019 to 2021, the company's accounts receivable book value was 138 million yuan, 161 million yuan, and 236 million yuan, respectively, accounting for 48.61%, 40.50%, and 51.14%of mobile assets, respectively, accounting for 28.47 of the current total assets, respectively. %, 26.55%and 34.85%.

In the prospectus, Kejingyuan admits that the company's account receivables account for a higher proportion of the company's total assets, mainly, on the one hand, the characteristics of the water environmental governance business are construction, debugging, and trial operation. The company's customers are based on state -owned enterprises, government departments and institutions. They need to undergo strict acceptance, special final account auditing and fund approval procedures, and pay for the corresponding special funds before they can be paid. Essence

In addition, Kejingyuan also stated that in the future, with the further expansion of the company's business scale, the increase in project scale, the increase in the system's systemic function, and the growth of the construction cycle may lead to the continued growth of the company's account receivables. If the account receivable cannot be recovered on schedule, or due to the deterioration of the operating conditions of individual customers, bad debt losses will adversely affect the company's capital turnover and operating performance.

It is worth noting that, in addition to the high proportion of receivables, the preparation for bad debts of receivables receivables at Kejingyuan is not small, and the scale is about to catch up with the company's net profit.From 2019 to 2021, bad debts for accounts receivable were RMB 58.11 million, 64.19 million yuan, and 86.4517 million yuan, respectively.It is worth noting that the net profit attributable to the owner of the parent company during the same period was only 35.135 million yuan, 70.8365 million yuan and 91.985 million yuan.(For more report clues, please contact the author of this article: [email protected]) (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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Editor in charge: Luo Yan

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