The IPO of the Eupaya North Stock Exchange is accepted, and the fundraising is intended to be used for industrialization projects of smart photovoltaic inspection equipment

On June 30, Capital State learned that Opai (836414.NQ) plans to go public to the Peking Stock Exchange, and the company's IPO application has been accepted by the Bei Stock Exchange recently.

Picture source: Bei Stock Exchange website

The company's main business is the design of the photovoltaic detection scheme and its supporting equipment and software development, production and sales. The company's main products are photovoltaic detection equipment, visual defect detection systems and technical services and accessories.

In 2019, 2020 and 2021, the company's operating income was 28.437 million yuan, 94.233 million yuan and 124 million yuan, respectively. Net profit belonging to the owner of the parent company was 183,000 yuan, 16.823 million yuan, and 3057.91. 10,000 yuan.

Picture source: company prospectus

Opai Thai plans to publicly issue no more than 80.5 million shares (under the circumstances of extending the excess and sale options issued by this stock). Among them The industrialization project and supplementary funds project of the equipment were detected, and a total of 261 million yuan was invested to invest in raising funds.

Picture source: company prospectus

The IPO of the Beibei Stock Exchange admits that there is the following risks:

(1) Risk of recycling of receivables

At the end of the report period, the company's accounts receivable and contract value of contract assets were 22.6081 million yuan, 60.166 million yuan, and 81.687 million yuan, respectively, accounting for 43.13%, 54.83%, and 38.46%of the total assets at the end of each period, which were relatively high. The balance of accounts receivable and contract assets is on the rise. With the expansion of the company's sales scale, the balance of account receivables may continue to increase. Although the company's customers are mainly large and medium -sized customers such as photovoltaic component factories, customers' repayments and credit are good. If the company's cooperation is unfavorable, it may cause the account receivable to be recovered in time in accordance with the contract, which may bring bad debt risks to the company.

(2) Risk of inventory price decline

At the end of each period of the reporting period, the company's book value was RMB 14.2897 million, 20.498 million yuan, and 22.1397 million yuan, respectively, accounting for 27.26%, 18.68%, and 10.43%of the total assets at the end of each period.

According to the actual situation of inventory, the company has provided a preparation for inventory price decline. If the market environment changes in the future, the company will not be able to achieve the sales of sales smoothly, or the inventory will have a significant loss of price drop. The company will face the risk of inventory price decline.

(3) The risk of negative business cash flow

During the reporting period, the company's operating activities had a net cash flow of -38.96 million yuan, -14.161 million yuan, and -11.771 million yuan, respectively. With the continuous expansion of operating scale, the company's demand for operating funds has increased. If customers cannot settle or pay in time in the future, the company's net cash flow is negatively negatively improved or the external financing channels are not smooth, which may cause the company to risk liquidity. Essence

(4) Risk of changes in tax policies

During the reporting period, the tax discounts enjoyed by the company and subsidiaries are mainly tax preferential tax discounts, R & D expenses plus deduction, and software -added tax for high -tech enterprises. If the above -mentioned tax preferential policies make significant adjustments or the company cannot pass the review or re -identification of high -tech enterprises in the future, the company and subordinate subsidiaries will not be able to enjoy the above -mentioned tax preferential policies, which will adversely affect the company's future operating performance.

(5) The risk of failed technology and product research and development

The company's current technology and product research and development work are based on customer needs and industry development. According to the company's many years of industry experience, but due to the uncertainty of the technological research and development results or the slow productization process of research and development results, it may lead to the company's company may lead to the company's company. R & D projects do not meet the expected results, so that new products and new technologies that have been developed cannot match the update speed of the application needs of downstream industry, affecting the research and development and upgrading of existing technology and products, and then affect the company's economic benefits. The company exists in technology and products. R & D cannot meet the risk of downstream customer application needs.

(6) The risk of leakage of core technology

At present, the company has obtained and accumulated a considerable amount of photovoltaic product image data. It also continuously optimizes the company's visual defect detection system, so that the company's visual defect detection system has stronger recognition capabilities, which is the key to maintaining the competitive advantage in the industry. Although the company has formulated a corresponding confidentiality system and adopted relevant measures such as applying for patents, software copyrights, and signing the "Secret Agreement" with technical personnel to protect the company's intellectual property and technical secrets. The situation will adversely affect the company's competitive advantage.

(7) Risk of losses of technical talents

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