Shenchuang Investment is on the list of shareholders, Yuchen Intelligent Seeking the IPO of the Science and Technology Board

Recently, Capital State learned that Shenzhen Yuchen Intelligent Equipment Co., Ltd. (hereinafter referred to as "Yuchen Intelligent") Customs Customs Creation Board listing application was accepted by the Shanghai Stock Exchange, and this time it was planned to raise 428 million yuan.

Picture source: Shanghai Stock Exchange official website

The company's main business is the development, production and sales of non -standard automation intelligent assembly equipment and testing equipment. The company's main products are intelligent manufacturing equipment for intelligent equipment and consumer electronics of lithium -ion battery battery. It can be widely used in smart manufacturing of products such as new energy, automotive electronics, and consumer electronics. equipment.

Picture source: company prospectus

Financial data shows that the company's revenue in 2019, 2020, and 2021 was 152 million yuan, 203 million yuan, and 373 million yuan, respectively; the corresponding net profit corresponding to the mother was 13.617 million yuan, 36.6898 million yuan, and 54.231 million yuan, respectively.

The listing standard selected by the issuer is the first listing standard specified in Chapter 2 of the Shanghai Stock Exchange Science and Technology Innovation Board Listing Rules, that is, the estimated market value is not less than RMB 1 billion, and the net profit in the past two years will be Both of them are positive and cumulative net profit of not less than RMB 50 million, 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 company's net profit attributable to the owner of the parent company in 2020 and 2021 (low before and after the deduction of non -recurring gains and losses) was 35.7935 million yuan, 5,21.487 million yuan, and the operating income of 2021 was 37,339,700 yuan. In the annual external equity financing situation, considering the valuation of the secondary market of the A -share listed company, it is expected that the company's market value will not be less than RMB 1 billion after issuance, and the company meets the aforementioned listing standards.

The proposed fundraising is used to develop new projects and supplementary operating funds for research and development and production bases.

Picture source: company prospectus

Since the establishment of the company, Zhang Hanhong, Song Chunxiang and Yuan Chunquan have jointly manage and control the company, and have remained consistent in the company's major operating decisions, and expressed unanimous opinions on all the performances of the shareholders' meeting. On June 6, 2021, Zhang Hanhong, Song Chunxiang, Yuan Chunquan and Yuchen Investment signed the "Consensus Action Agreement" to confirm the company's common control relationship since its establishment. At the same time, it agreed that all parties to maintain consistent actions and clarified that the parties could not negotiate to reach an agreement.

As of the date of the signing of this prospectus, Zhang Hanhong directly held 20.87%of the company's shares, and Mr. Song Chunxiang directly held 21.98%of the company's shares. Yuan Chunquan directly held 20.87%of the company's shares. Indirectly holding 63.72%of the company's shares. Song Chunxiang, as a partner of the issuer's shareholding platform Yuchen Investment, controls 6.97%of the shares of Yuchen Investment Control Company through Yuchen Investment and controls 67.92%of the shares of the company. Zhang Hanhong, Song Chunxiang and Yuan Chunquan are the company's joint controlling shareholders and actual controllers.

Capital State noticed that Shenzhen Innovation Investment held 157,300 shares, with a shareholding ratio of 0.52%.

Yuchen Intelligent admits that the company is facing the following risks:

(1) The company's business is greatly affected by the lithium ion battery industry

The company is mainly engaged in the development, production and sales of non -standard automated intelligent assembly equipment and testing equipment.

During the reporting period, the company's main business income was mainly derived from lithium -ion battery manufacturing equipment, and sales revenue realized sales revenue of 97.984 million yuan, 177,7924,600 yuan, and 33,152,500 yuan, respectively, accounting for 64.32%and 87.69%of the main business income, respectively. And 88.81%.

In the future, with the gradual decline of domestic new energy vehicle subsidies, new energy vehicles will enter the mature stage from the promotion phase, and the power lithium battery industry will also make structural adjustments. If the growth rate of the lithium battery industry has slowed or declined and the company cannot expand its business in other industries, the company will have the risk of slowing income growth or even decline in income.

(2) The risk of higher customer concentration

Due to the high concentration of downstream lithium -ion battery manufacturing industries, companies providing equipment provided by their head companies are also generally a higher concentration of customers. During the reporting period, the company's top five customers (including enterprises under the same control) sales revenue accounted for 92.69%, 95.76%, and 88.14%of operating income. The company's customer concentration was high. The proportion of revenue in operating income was 75.20%, 69.45%, and 44.93%, respectively, with a high concentration of concentration in major customers.

(3) The risk of decline in the gross profit margin of the main business

Affected by factors such as intensified market competition and improvement of customer bargaining capabilities, the gross profit margins of the issuers' main business during the reporting period were 43.14%, 41.33%, and 33.80%, respectively, showing a trend of decline year. As the downstream market demand and industry competition pattern continue to change, if the issuer cannot launch high value -added products in time, improves internal management efficiency, and effectively maintains the stability of the gross profit margin of the main product through strengthening cost control, the company may exist in the future operation of the company The risk of further decline in the gross profit margin of the main business. (4) The risk of property rights in leased real estate

Due to historical problems, the company leased Shenzhen Huafeng Century Property Management Co., Ltd., Shenzhen Baoan Avenue No. 4018 Huafeng International Business Building, and the office house of Huafeng International Business Building and Shenzhen Shengcheng Investment Development Co., Ltd. Licheng Technology Industrial Park factories have not obtained the construction project planning license and non -motion property certificate. Although the relevant leasing matters have been filed in the Housing and Construction Bureau of Baoan District, Shenzhen, the existence of land in the above -mentioned defective rental real estate is recovered, the buildings have been demolished or leased for rent Legal risk of invalid contracts.

If the above situation occurs, the company's risk of relocation of the above property will adversely affect the stability and sustainability of its production and operation.

(5) The risk of labor outsourcing

During the reporting period, the current procurement amount of the company's labor outsourcing was 7.7086 million yuan, 11.774 million yuan, and 40.71 million yuan, respectively. The amount of labor outsourcing outsourcing in each period of the reporting period was RMB 3.459 million, 5.3625 million yuan, and 17.231 million yuan. The proportion of main business costs was 3.98%, 4.50%, and 6.97%, respectively, and the proportion of labor outsourcing costs accounted for the proportion of main business costs. The company's labor outsourcing positions are mainly assembler and fitters for installation and debugging processes.

If the above -mentioned labor outsourcing party and the company have different contracts on cooperation matters, or the contract will be terminated in advance, or the company's production progress will be affected due to the problems of labor overseas labor organizations, or the company's product quality fails due to the quality problem of labor outsourcing operations. Customers' requirements will adversely affect the company's production and operation in the short term.

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