IPO Gold Selection 丨 A profit deposits "moisture", a performance "slide" ... Can Yangxiang shares and future appliances be successful?

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Lin Ke, a reporter from the Financial Investment Newspaper

Last week, the IPO was overwhelmed, and the over -meeting rate was 80%. Among them, Wuhan Changyingtong Optoelectronics Technology Co., Ltd.'s science and technology board IPO was temporarily reviewed. The reporter of the Financial Investment News noticed that the number of companies will increase to 7 this week, of which Guangxi Yangxiang Co., Ltd. (referred to as: Yangxiang shares), Suzhou Future Electric Co., Ltd. (referred to as Future Electric) It is widely questioned in the industry.

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Yangxiang shares: profit expectations are not objective

Yangxiang's main business is pig farming and feed production. It is a technology -based agricultural and animal husbandry enterprise integrating pigs, meat pigs, pig essence, pig feed, smart pig farming equipment, and smart pigs and smart platforms. The industry is at the forefront.

Yangxiang's proposed raising 10.4 billion yuan to invest 15 projects, of which several projects involved the expansion of pig farming capacity. Among them, Guangxi Yangxiang Agricultural Animal Husbandry Co., Ltd. Guping Pig Farm Project was completed after completion, and it is expected to have 26851 sows in the year. The project construction can produce 641075 fertilizer pigs and 35,8800 small pigs; Liaoning Yangxiang Agricultural Animal Husbandry Co., Ltd. has increased the production capacity of 33,000 pigs and 600,000 pig farms projects of 23,000 heads and 600,000 pig farms projects. In addition, there are more than 100,000 pigs in 7 projects.

In this regard, some analysts pointed out that the expansion of production in the background of the high price of pigs in the past means that the scale of revenue and profits increased doubles; What brings to the company is not positive income, but a greater performance dragging.

It is worth mentioning that among the many fundraising projects of Yangxiang shares, projects involving pig farming have good economic benefits, and most of them have total profit/sales revenue of more than 20%.

Some market participants have questioned that in the current context of pig price, the company has given such high profit expectations. It is obviously inappropriate to predict the profit of the project according to the current pig price prediction. Gives non -objective profit expectations.

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Future Electric: Performance continues to decline

In the future, the main business of electrical appliances is the R & D, production and sales of low -voltage circuit breakers accessories. After the company's rapid growth in 2020, the performance in 2021 quickly changed its face to decline. After entering 2022, the performance continued to decline.

According to the prospectus, from 2019 to 2021, future electrical appliances realize operating income of 351 million yuan, 461 million yuan, and 458 million yuan, of which in 2020 and 2021, respectively. 60.97 million yuan, 97.02 million yuan, and 82.41 million yuan, of which in 2020 and 2021 increased by 59.12%and -15.05%year-on-year, respectively.

It can be seen that in 2020, future electrical operating income increased rapidly, and the growth rate of net profit was significantly higher than the growth rate of operating income. Entering 2021, both operating income and net profit both increased, and the net profit declined faster, and the profitability also accelerated.

After the performance declined in 2021, the future electrical appliances still failed to get angry in the first half of 2022. According to company forecasts, in the first half of 2022, operating income will be achieved by 220 million to 2.40 million yuan, a year-on-year increase of -2.94%to 5.89%; the net profit attributable to mothers is 38.5 million yuan to 40 million yuan at the same time, a year-on-year decrease of 15.73%-18.89% Essence It can be seen that the company's net profit decline in the first half of the year is still significantly faster than the decline in operating income.

From the perspective of research and development capabilities, future appliances have also been criticized in the industry.

From 2019 to 2021, the company's R & D expenses were RMB 15.831 million, 16.999 million yuan, and 18.847 million yuan, respectively, accounting for 4.44%, 3.68%, and 4.11%of the current operating income. In terms of technical staff, the company had 69 people as of the end of 2021, accounting for 11.22%of the total number of employees.

Compared with peers, the company listed the R & D cost rate of Liangxin shares, from 2019 to 2021, 8.64%, 9.10%, and 8.14%, respectively. In terms of simple comparison, peers are more than doubled than the company's R & D investment.

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