How can the main core components depend on the risk of overseas brands?

Recently, Capital State learned that Zhejiang Dotman Intelligent Technology Co., Ltd. (hereinafter referred to as "Tuo Man Intelligent") science and technology board IPO was accepted by the Shanghai Stock Exchange, and it was planned to raise 380 million yuan.

Picture source: Shanghai Stock Exchange official website

Dutman Smart Company focuses on the research and development, production and sales of mid -to -high -end CNC gear machine tools, aircraft automated production lines, intelligent manufacturing software and services, and provides intelligent manufacturing solutions for customers in the field of gears and bearing manufacturing. The company's products mainly include CNC tooth rolling machines, gear composite machine tools, CNC shaving machines, gear automatic production lines, turning automated production lines, MES manufacturing execution systems, etc. The downstream application fields mainly include automobile manufacturing, engineering machinery, high -end agricultural machinery, motorcycles, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, household appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, home appliances, household appliances, household appliances, home appliances, household appliances, household appliances, home appliances, and home appliances, and home appliances. There are industries such as reducer.

Picture source: company prospectus

Financial data shows that the company's revenue in 2019, 2020, and 2021 was 109 million yuan, 128 million yuan, and 269 million yuan, respectively; the corresponding net profit corresponding to the mother was 27.641 million yuan, 12.124 million yuan, and 46.307 million yuan, respectively.

The company's selection of listing standards stipulated in Article 2.1.2 (1) of Article 2.1.2 (1) of the Science and Technology Innovation Board: It is expected that the market value is not less than RMB 1 billion, and the net profit in the past two years is positive and the cumulative net profit is not less than RMB 5,000 yuan, or the estimated market value is not less than RMB 1 billion, and the net profit in the past year is positive and operating income is not less than RMB 100 million.

The proposed fundraising is used for annual output of 280 CNC gear machine tool expansion projects, CNC machine tool technology research and development center construction projects, and supplementary funds.

Picture source: company prospectus

As of the date of the signing of this prospectus, Totan Holdings holds 18.887 million shares of the company with a shareholding of 48.26%, which is the company's controlling shareholder. Yu Chaojie directly holds 5.20.66 million shares of the company, holds 70.00%of Dutman Holdings, holds a property share of 60.00%of Zhiman's investment, and serves as ordinary partners and executive partners of Zhiman's investment. Man Holdings and Zhiman Investment Control the company's 70.04%of the share voting rights to be the actual controller of the company.

Dutman intelligence admits that the company has the following risks:

(1) Business risk caused by macroeconomic fluctuations

The company focuses on the research and development, production and sales of mid -to -high -end CNC gear machine tools, driving automated production lines, intelligent manufacturing software and services. The downstream application fields mainly include automotive manufacturing, construction machinery, high -end agricultural machinery, motorcycle, home appliances, reducer and other industries. There is a high degree of correlation between the downstream industry and the macroeconomic situation of the industry and its services. The macroeconomic trend will be transmitted to the company's industry through the impact of the company's downstream industry, which will affect the company's operating conditions.

If the global economy fluctuates greatly in the future, or under the background of macro policy regulation such as supply -side reforms, if the economic growth rate of my country's economic growth continues to slow, the scale of fixed asset investment has declined significantly, which will affect the prosperity of the company's downstream industry and manufacturers. The production and operation status may adversely affect the company's operating conditions.

(2) The risks of the main core components depend on overseas brands

CNC systems are one of the core components of the company's mid -to -high -end CNC gear machine tool. The CNC system of the company's gear machine tool products mainly purchases from Fayako. During the reporting period, the company purchased the amount of 8.3888 million yuan, 8.5373 million yuan and 17.2952 million yuan, respectively, respectively, accounting for 15.90%, 11.14%, and 11.60%of the total procurement. The development of domestic CNC systems is relatively late. At present, most of the CNC systems required by domestic mid -to -high -end CNC machine tools to purchase spontaneous brands and other foreign brand manufacturers.

Although the company has established a long -term stable cooperative relationship with Fama, if there is extreme situations in the international political and economic situation, technical blockade, product ban or restrictions on sales may occur, which will lead to the inactive supply of CNC systems or the increase in procurement costs, which will affect the company's company, which will affect the company Product quality and profitability.

(3) The risk of decline in the demand for some industries in the downstream

The machine tool industry provides production equipment for downstream industries. CNC machine tools are known as the "industrial parent" of the manufacturing industry. The investment demand situation of fixed assets in the downstream manufacturing industry directly affects the supply and demand status of the machine tool industry.

During the reporting period, the company's downstream customers involved many industries. Among them, the total sales revenue of the construction machinery and automobile manufacturing industry was 45.899 million yuan, 5,30.454 million yuan, and 15,825,700 yuan, respectively, accounting for 43.48 for the main business income of each period, respectively. %, 42.38%and 59.50%, the construction machinery industry and automobile manufacturing industry are the company's important source of sales revenue. The company's operating performance is closely related to the prosperity of the downstream industries. If the construction machinery and automobile manufacturing industry continues to be downturn, the growth rate has slowed or declined, and the scale of fixed asset investment decreases, customers will reduce the purchase of the company's CNC gear machine tool products. It has a negative impact on the company's operating performance.

(4) Technical upgrade iteration risk

The CNC machine tool industry is a typical technology -intensive industry, and technological innovation is one of the core elements of driving the development of enterprises. The world's machine tool industry is mainly led by German, Japan, and the United States. There is still a certain gap in the brand awareness and technical level of domestic CNC machine tools than internationally leading machine tool manufacturers. Domestic CNC machine tool companies are still in the preliminary stage of import substitution. If the company's technology and product research and development cannot be fully close to the needs of the downstream industrial market, or the failure of R & D activities due to misjudgment of the industry's technology development, it will have a negative impact on production and operation and core competitiveness. (5) The risk of higher inventory balance

At the end of each period of the reporting period, the company's book value of the company's inventory was RMB 39.2325 million, 43.791 million yuan, and 47,877,700 yuan, respectively, accounting for 29.05%, 21.75%, and 24.59%of mobile assets. High level. In the company's inventory, the raw material and product proportion is large. It is mainly caused by factors such as the company's raw material types, long production cycles, and high proportion of direct materials. At the end of the company's period, the company's inventory increased year by year, and it may be further increased as the company's operating scale expands.

At the end of each period of the reporting period, the company made impairment testing of inventory in accordance with the inventory price preparation policy, and fully calculated the preparation of inventory drop prices. The company's inventory balance is high. On the one hand, the company's mobile funds are largely occupied, leading to a certain risk of liquidity; on the other hand, if the market demand has changed significantly, the risk of impairment of inventory may occur.

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