Corrus ’s many information disclosure is contradictory, and the main business“ ceiling ”is very low

[Global Network Zero Light Observation] Zhuhai Kerrys Technology Co., Ltd. is a fully automatic winding device relying on independent development of self -developed, providing customers with small magnetic ring coil winding services, and selling fully automatic winding equipment and fully automatic electronic yuan to customers Device assembly line, the company is currently applying for listing, and the sponsor is Minsheng Securities.

Financial data shows that Koris's turnover in 2021 was 377 million yuan, and the market share in the field of automated winding equipment at the end of 2021 has reached 21.71%. Reach 41.31%. At the same time, Kerry disclosed on page 37 of the "Reply to the Audit Inquiry Letter". The market space of the inductance winding service of the winding power supply is about 1 billion yuan. This also means that the overall scale of the automation winding equipment and service market of the company is not large, and the business "ceiling" is very low.

On this basis, the company's listing plan raised funds to invest in the "high -end automatic precision magnetic component winding equipment technology upgrade and expansion project", and invested 250 automatic network transformers dual wanders and 500 fully automatic butterflies Formulating method of an inductance winding machine. After the production, the company will add a new small magnetic ring coil manufacturing capacity of 1339.39kk/year, which is equivalent to the existing standard production capacity of the company's 2021 small magnetic ring coil winding service of 8245.34 kk/year. one.

The prospectus also shows that as of the end of 2021, the company has 1948 automatic network transformers double wiring machines and 306 full -automatic butterfly winding method of inductance winding machines. In contrast, the company's existing double -ring winding machine is considered considerable The number of inductors is equivalent to 60%of the fundraising project; as of the end of 2021, the original value of the company's winding equipment at the end of 2021 is only 210 million yuan, and the fundraising project requires 77.5 million yuan The device investment, that is, the company's investment equivalent to one -third of the existing equipment has obtained only one -sixth of the existing production capacity, and the corresponding increase in the use of new equipment is reduced by about 50%.

Not only that, Koris released a prospectus in May 2021 and June 2022, respectively, disclosed the operating data as of the end of 2020 and at the end of 2021. Among them, the number of fully automatic winding equipment disclosed, and the double wanders disclosed. In 2020 and 2021, the machines were 1247 and 1948, respectively, with an increase of more than 50%. The inductive winding machines were 145 and 306 units, respectively. But at the same time, the company's standard production capacity was only 7405.33kk and 8245.34kk in 2020 and 2021, respectively, and the year -on -year growth rate was only slightly higher than 10%, which was significantly lower than the increase in the number of machine equipment.

At the same time, the 48th disclosure of the "reply to the review letter", as of the date of this reply, the company already has 155 full -automatic butterfly winding methods (and 40 units in manufacturing); The signature date of the reply is April 7, 2022. At the same time, the main production equipment information disclosed on page 280 of the prospectus shows that as of December 31, 2021, the company has a total of 306 units of inductive winding machines, which is significantly different from the disclosure information of the "Review of the Review of the Inquiry Letter". Essence

In addition, the prospectus revealed that the number of producers of Corri in 2020 and at the end of 2021 was 689 and 733, respectively, the increase was not large, while the actual working hours in 2021 were as many as 150,700 hours. Compared It has increased by more than 50%in 10,000 hours. Not only that, the actual working hours of 150,700 hours throughout the year, even if calculated according to 250 working days throughout the year, the actual working hours per day are only 603 hours; then calculated based on 8 hours of work per person, the corresponding staff should be less than 80 people yet. There is a huge difference in information disclosed by the prospectus.

According to the "reply to the reply question" issued by Korius, on page 31 of the "Review of the Inquiry Letter", in 2020, the issuer sold 20 T1/T2 dual wiring machines to Youte Electronics, and directly purchased 1929.78 from the issuer to 1929.78 10,000 yuan processing service. The prospectus revealed that Koriss's sales to Youte's electronic sales in 2020 were 22.822 million yuan. After deducting 19.978 million yuan of processing services, it belonged to 20 T1/T2 dual wiring machines (fully automatic network transformers double wiring machines). The sales are 3.5 million yuan, and the converted unit price is only about 175,000 yuan.

At the same time, the average price of product sales disclosed on page 202 of the prospectus shows that the average unit price of the company's sales of fully automatic winding equipment in 2020 is only 164,600 yuan.机价格，相比同年平均价格高出了1万元/台、溢价幅度为6%；在生产成本不变的基础上，对攸特电子销售价格增加6%，就会导致这1万元/ The premiums of the platform all forming gross profit, which significantly increased the gross profit of Korius' sales of Youte Electronics. Public information shows that during the reporting period, a minority shareholder Yi Hongqing, a minority shareholder of the 49%equity of the Correste second -level holding subsidiary, and He Jianxin, the supervisor of Dongguan Fuwei, who controlled by his control, held the Korizi second -level holding son. The actual controller of Dongguan Yuwei, a minority of the company's 46%equity of Dongguan Yuxin, Luo Hui, the actual controller of Yuwei, Luo Yan, and a minority shareholder of Sichuan Hengxin 46%equity of the Korizes III holding subsidiary, Sichuan, Southern County Youxin Electronics Co., Ltd. Shareholders Yu Hong, indirectly held the equity of Youte Electronics through the participation of Huizhou Hengshi Trade Co., Ltd. (hereinafter referred to as "Hengshi Trade"). But Korius did not identify Tit Electronics as related parties.

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