Sinan Navigation seeks the New Third Board to the Science and Technology Board.

Recently, Capital State learned that Shanghai Sinan Satellite Navigation Technology Co., Ltd. (hereinafter referred to as "Sinan Navigation") broke through the Customs Creation Board IPO and was accepted by the Shanghai Stock Exchange. This time, it was planned to raise 557 million yuan.

Picture source: Shanghai Stock Exchange official website

Since its establishment, the company has been committed to the research of high -precision GNSS chip design and real -time dynamic dynamic differential positioning (RTK) technology. Based on independent research and development of high -processes, high -performance satellite navigation positioning chips and core RTK positioning algorithms, the company has developed multiple models that can At the same time, the high -precision GNSS board card/module, data collection equipment, agricultural machine autonomous driving system compatible with the Beidou satellite navigation system and other satellite navigation systems (including GPS, GLONASS, Galileo and other signals), the positioning accuracy can reach centimeters in real time, reaches millimeter afterwards Levels, and can provide customers with high -precision application data applications and system solutions related to high -precision applications.

Products and services are widely used in the fields of surveying and mapping and geographic information, precision agriculture, deformation and safety monitoring, assisting driving and autonomous driving, and foundation enhancement systems.

Picture source: company prospectus

Financial data show that the company's revenue in 2019, 2020, and 2021 was 214 million yuan, 288 million yuan, and 288 million yuan, respectively; the corresponding net profit corresponding to the mother was 12.147 million yuan, 28.203 million yuan, and 29.151 million yuan, respectively.

The company's net profit attributable to shareholders of the parent company after deducting non -recurring profit or loss in 2021 was 122.7 million yuan, and operating income was 288 million yuan. In the past three years, the cumulative R & D investment accumulatively accounting for 22.65%of the cumulative operating income. At the same time, in accordance with the valuation level of listed companies in the same industry and the issuer's market value on the market value of the shareholding system of the national SMEs, it is estimated that the market value is expected to not be less than RMB 1.5 billion.

Therefore, in accordance with the listing conditions stipulated in the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", the company meets the "2.1.2 (2) market value in the listing conditions that the market value is not less than RMB 1.5 billion, and the operating income in the past year is not low In RMB 200 million, and the cumulative research and development investment in the past three years accounted for not less than 15%of the cumulative operating income in the past three years. "

The proposed fundraising is used for the new generation of high -precision PNT technology upgrade and industrialization projects, management and service information system construction projects, marketing network construction projects, and supplementary funds.

It is worth mentioning that Sinan Navigation is a New Third Board Company. On October 29, 2015, the company's stock was listed and transferred publicly in the stock transfer system.

Picture source: company prospectus

As of the signing of this prospectus, Wang Yongquan directly held 17,900,672 shares of the company, accounting for 38.40%of the company's total share capital, and controlled 12.16%of the company through Chengmao Investment Control Company; Wang Chang directly held 8,665,814 shares, accounting for 18.59%of the company's total share capital. The two controlled 69.14%of the equity of the company, and for the unanimous actors, Wang Yongquan and Wang Chang were the company's controlling shareholder and actual controller.

Sinan Navigation admits that the company has the following risks:

(1) Technical upgrade and risk of research and development of new products

Since its establishment, the company has been committed to the research and development of high -precision global satellite navigation system (GNSS) differential positioning core technology algorithm, chip, board card/module and terminal products. Through years of industry practice, the company has accumulated rich experience in high -precision GNSS technology research and development experience With a number of technological achievements and research projects with high technical content and wide market prospects, the technical level has reached the leading domestic and international advanced level.

The company always attaches great importance to the research and development of technological innovation and new products. During the reporting period, the company's R & D expenses were RMB 48.528 million, 649,900 yuan, and 65.899 million yuan, respectively, accounting for 22.50%, 22.57%, and 22.86%of the operating income of each year. Essence As of the signing of this prospectus, the company has 61 patents, of which 41 authorized invention patents (including 7 invention patents), and multiple patents have entered the substantial review stage. The company has strong continuous innovation capabilities, but if the company cannot keep up with the development trend of the industry and fully pay attention to the diversified needs of customers, the subsequent research and development investment is insufficient, technological upgrades and product research and development cannot keep up with the changes in industry technological iteration and market demand in time. The company's industry status and future operating performance will be adversely affected.

(2) Operation and market competition risk

The company's current business scale is small, and its ability to resist operating risks is relatively weak. If there are major adverse changes in the macroeconomic situation, market demand and product quality at home and abroad, the company's profitability may fluctuate significantly.

In addition, although currently high -precision global satellite navigation positioning fields, especially upstream chips, board card/module fields, high entry thresholds, and large demand for R & D funds, there are not many domestic competitors. Increased investment in the company's market may squeeze the company's market share, which reduces the company's product revenue, which will affect the company's profitability.

(3) Risks of international trade friction and dependence on important suppliers

In recent years, Sino -US trade frictions have continued to heat up, and high -tech industries such as chips have gradually become a key area for trade friction. In terms of chips, the company's self -developed chip is produced in FABLESS mode, that is, the company is mainly engaged in the design of high -precision Beidou/GNSS chips. The company also needs to purchase from suppliers for services for wafer manufacturing and packaging processing. If some upstream suppliers are affected by factors such as trade frictions and limited application fields, they cannot continue to provide the company with wafer manufacturing or packaging processing services, which will adversely affect the company's operation and production. In addition, during the reporting period, the issuer has the situation of purchasing European and American brand raw materials, mainly including universal integrated circuits, electronic components and modules. Although the issuer's current purchase of goods from Europe and the United States has not been included in the list of goods restricted to export, if the future Sino -US trade friction is intensified or the issuer is included in the "entity list" by the US Department of Commerce negative effect.

(4) The risk of large amounts of accounts receivable

At the end of each period of the reporting period, the company's account receivable balance was 97.917 million yuan, 144.44 million yuan, and 157.938 million yuan, respectively, accounting for 45.76%, 50.15%, and 54.80%of the operating income of each period. Essence The company's account receivables are mainly concentrated within 1 year, of which the balance of accounts receivable within 1 year accounts for 69.65%, 86.59%, and 89.76%, respectively.

The company has always implemented a relatively stable account receivable bad debt preparation policy, and guarantees the recovery of account receivables through customer credit evaluation, high -quality customer screening and active collection, litigation, etc. Factors such as timely or major debtors' financial conditions have led to the risk of bad debt receivables in the company's accounts receivable, which has a adverse effect on the company's cash flow.

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