The wavelength photoelectric sprint GEM IPO fundraising project has shrunk by 20 %

Less than a year from the New Third Board, Nanjing wavelength Optoelectronics Technology Co., Ltd. (hereinafter referred to as wavelength photoelectric) launched a sprint to the GEM. At present, the Shenzhen Stock Exchange has sent a second round of review inquiry.

Data source: Reporter sorted out the visual Chinese map Yang Jing map

The wavelength photoelectric is the main supplier of domestic precision optical components and components. The downstream applications are mainly industrial laser processing and infrared thermal imaging fields.

According to the IPO plan, wavelength photoelectric plans to raise 319 million yuan through this listing, which is used for laser optical product production projects, infrared thermal imaging optical product production projects, and wavelength optical research projects.

"Daily Economic News" reporter noticed that the record number and environmental assessment document number of the above three projects are the same. The project plans to invest 400 million yuan, and the investment in the investment project has shrunk by 20 % compared to the EIA.

The capacity utilization rate has become saturated

The wavelength optoelectronics mainly provides the overall solution of various optical equipment, optical design, and optical detection. Specific products include laser optical products such as beam lens, scanning lens, and infrared thermal imaging lenses, infrared lens and other infrared optical products.

From 2019 to 2021, the wavelength photoelectric realizes operating income of 225 million yuan, 267 million yuan, and 309 million yuan, respectively, and realized net profit 20174,700 yuan, 45.4827 million yuan, and 54.46 million yuan, respectively. Although the performance continued to increase, the company's income increase in 2020 and 2021 was 18.67%and 15.73%, respectively, and the income increase slowed down.

The wavelength photoelectric describes the development space of downstream industries in the prospectus (declaration draft), the development space of the downstream industry is huge, the market demand for laser equipment has continued to grow, and infrared imaging technology has gradually popularized from military use to civilian use, and the market potential is great. In this regard, the Shenzhen Stock Exchange requires the company to explain that the development of the downstream market space is huge but the income growth is slow.

The wavelength optoelectronics said that the growth of the company's sales revenue is mainly benefited from the growth of downstream customer demand. During the reporting period, the company's income growth trend is roughly consistent with the trend of changes in the performance of main customer performance.

The prospectus (declaration draft) shows that the main customers of the wavelength photoelectric include the Great Laser (SZ002008, the stock price of 32.32 yuan, a market value of 33.992 billion yuan), Huagong Technology (SZ000988, 23.44 yuan, market value of 23.569 billion yuan), Gaode infrared (SZ002414, SZ002414, The stock price is 12.96 yuan, the market value is 42.576 billion yuan), the long -term (SZ300516, the stock price is 2791 yuan, the market value is 50.024 billion yuan), and many well -known large enterprises in industries such as IPG Apache.

Among them, the Great Laser and Gaode Infrared are ranked first and second largest customers in 2020, 2021, and the major laser for the company's main laser business customers, and Gaode Infrared is the company's main infrared business customers. In the first round of inquiry letter, the wavelength photoelectric compared with these two customers' income changes. In 2020 and 2021, the increase in sales revenue of the Great clan increased revenue of 18.17%and 23.81%, respectively, and the laser business of wavelength photoelectric increased by 26.64%and 12.29%; Gaode's infrared sales revenue increased by 133.12%, -9.40%, and wavelength photoelectric. The increase in infrared business was 36.49%and-0.19%, respectively.

In addition, compared with the rapid development of downstream market space in recent years, the utilization rate of wavelength photoelectric capacity has become saturated, and the expansion of production capacity has a certain lag, which has restricted the company's income growth to a certain extent. Therefore, the wavelength optoelectronics said that the company's income growth is relatively rational.

At the same time, the reporter of "Daily Economic News" noticed that the first round of inquiry letters responded to the quoted data that the market share of wavelength photoelectric is 0.89%, and the market share of 3 listed companies is 4.90%, 1.96%, and 1.82%, respectively. There is still a certain gap compared with the wavelength photoelectric.

In the response to the inquiry letter, the wavelength photoelectric prompt a competitive disadvantage "low research and development cost rate", and the overall R & D investment and R & D level still have a certain gap compared with the large internationally renowned optoelectronic component device manufacturers. From 2019 to 2021, the company's R & D cost rates were 5.93%, 5.43%, and 5.45%, respectively, while the average R & D expense ratios of listed companies in the industry was 7.38%, 7.85%, and 7.71%, respectively.

Sales to companies in the industry

In addition to the above -mentioned customers and the top five customers in each year, the wavelength optoelectronics disclosed more major customers' sales in the first round of review inquiry letter. Two of them attracted the attention of reporters of "Daily Economic News". The Hong Kong stock company Shunyu Optical Technology (HK02382, the stock price of HK $ 129.700, a market value of HK $ 142.3 billion) Zhejiang Shunyu Optical Co., Ltd. (hereinafter referred to as Shunyu Optical), Fuguang (SH688010, 25.07 yuan, a market value of 38.50 billion yuan) Essence

Shunyu Optical Technology and Fuguang are all major companies in the same industry listed by wavelength optoelectronics. From 2019 to 2021, the sales of wavelength photoelectric to Shunyu Optics were 21,800 yuan, 138,800 yuan, and 46.485 million yuan, respectively. All regular customers. Among them, Fuguang shares and wavelength photoelectric formation of competitive relationships. Competitive products are mainly used in infrared thermal imaging products in the fields of civil security lens, infrared lens, and multi -spectrum lens. As for Shunyu Optical Technology, in order to comprehensive optical parts and product manufacturers, the wavelength photoelectric compares it as a company as a company in the prospectus (declaration draft) as the company's company, market status, and technical strength.

Regarding the sales of companies in the same industry, the wavelength photoelectric responses to the "Daily Economic News" reporter through the email on June 20, 2022 that the company sold the company to Shunyu Optical is an important accessory in its photoelectric module, which sells to Fuguang Co., Ltd. Optical elements are important accessories for their lens products; the customers of Shunyu Optical are mainly major smartphone brand manufacturers and automobile manufacturers. The customers of Fuguang Co., Ltd. are mainly well -known security equipment vendors in the world. In the same industry, the division of labor between the industry chain and the focus of products are different. "In general, the company has a reasonable business background with the above -mentioned enterprises and is in line with the characteristics of the industry. The transaction price refers to the market price and determined through the negotiation of both parties, and the transaction price is fair."

Whether the company has overlap with the above -mentioned companies, the wavelength photoelectric has not clearly responded. However, the reporter noticed that the wavelength photoelectric and major suppliers overlap with major suppliers.

Kunming Yunyu Gaoxin Technology Co., Ltd. and Kunming Quanbo Infrared Technology Co., Ltd. are all listed on the list of five suppliers in 2019 and 2020. The procurement content is single crystal. The wavelength photoelectric said that in 2020, the company reduced the procurement of the two companies above. Some products and customers overlapped with the company and there was a competitive relationship. Therefore, the company increased its procurement to Baoding Crystal Electronic Materials Co., Ltd.

What are the reasons for purchasing to competitors? In this wavelength photoelectric response to reporters, the company and the above suppliers cooperate with the above suppliers based on a real business transaction background, which is in line with the interests of both parties and the transaction price is fair. The subsequent company will strictly improve the supplier certification system Provide a strong guarantee for the supply of the company's raw material.

The plan to be listed this time raised 319 million yuan

According to the IPO plan, wavelength photoelectric plans to raise 319 million yuan through this listing, of which 130 million yuan is used for laser optical product production projects, 114 million yuan for infrared thermal imaging optical product production projects, and 75 million yuan for wavelength optical research Court construction project.

"Daily Economic News" reporter noticed that the filing number of the above three projects was prepared for Jiangning's approval [2021] No. 370, and the environmental assessment approval was Ninghuan (Jiang) [2022] No. 36. 3 parts. The environmental assessment documents compiled in March 2022 showed that the project was called "Optical Materials and Optical Products R & D and Industrialization Project", but the total investment of the project was 400 million yuan. In contrast, the investment in the fundraising project decreased by 81.437 million yuan , Shrinking 20.36%.

Why is there such a large gap in the investment in the same project? The wavelength photoelectric reply reporter said that during the calculation of the scale of the investment project, the company strictly controlled the scale of investment in the scope of the amount of environmental assessment approval; based on investment in shareholders investment The capital responsibility and the efficiency of the use of funds provide higher returns to the shareholders as much as possible. The company conducted a full feasibility analysis of the fundraising project, and carried out a prudent calculation of the investment scale. Based on the current development of the current stage The company finally determined the total investment in fundraising projects.

Although the scale of investment projects at this stage is smaller than the scale of EIA approval, the wavelength photoelectric says that after the implementation of this investment project, the company will comprehensively consider the effectiveness of the efficiency of the fundraising project and the situation of capital transfer. Within the scope of the approved amount, add investment in a timely manner through technical reform and other methods.

Through the implementation of the fundraising project, the wavelength photoelectric will expand the capacity of laser optical products and infrared optical products. The prospectus (declaration draft) shows that from 2019 to 2021, the company's component production capacity was 652,900 pieces, 761,300 pieces, and 826,800 pieces. The capacity utilization rate was 87.75%, 88.82%, and 97.39%. 77,800 units and 90,600 units, the capacity utilization rate was 93.91%, 89.72%, and 101.49%, respectively.

The "production capacity bottleneck constraint" is also listed as one of the competitive disadvantages by wavelength photoelectric. In the face of the demand for product demand that will increase year by year, production capacity will become an important factor in restricting the company's rapid development. Status is not conducive to the company's long -term development.

Daily Economic News

- END -