The Tianming Technology Bei Stock Exchange had a meeting, and the fundraising project was doubtful.

Fengkou Finance reporter Xu Yaowen

On July 6, the official website of the Bei Stock Exchange announced that Hangzhou Tianming Technology Co., Ltd. (hereinafter referred to as "Tianming Technology") was publicly issued and applied for the listing of the Bei Stock Exchange to be reviewed and approved by the Beijing Stock Exchange. Public information shows that Tianming Technology is publicly issued and listed this time, and the sponsor is Caitong Securities.

Tianming Technology is located in Hangzhou City, Zhejiang Province. It was established in 2000. It has been cultivating the automotive modification industry for many years. , Military Vehicles, SUVs and other models, the application field has continuously extended from the automotive after -loading market to the front of the car.

In 2016, Tianming Technology was listed on the New Third Board. On January 5, 2022, the company was identified as a "specialized new" small and medium -sized enterprise in Zhejiang Province. On March 31st this year, the application for the public issuance and listing of Tianming Technology on the Beijing Stock Exchange was accepted; on July 6, only 98 days were used, Tianming Technology successfully obtained the admission of the Municipal Party Committee of the Beijing Stock Exchange.

Data of the same flowers and company financial reports show that the company's operating income and profits in the past four years have generally shown an upward trend. Especially in 2019, the company's net profit attributable to the mother increased by 1731.90%year -on -year, respectively. In 2021, Tianming Technology achieved operating income of 190 million yuan, an increase of 11.28%year -on -year; net profit attributable to mothers was 35.943 million yuan, an increase of 25.28%year -on -year.

In the past three years, the R & D expenses of Tianming Technology were 9.33%, 6.00%, and 5.94%, respectively; after excluding the impact of share payment and outsourcing research and development fees, the R & D cost rates were 6.23%, 4.65%, and 5.05%, respectively. Although the company's R & D cost rate has declined in recent years, it is still higher than the average of 4.61%, 4.33%, and 4.60%in the industry.

The cost rate of R & D technology research and development of Tianming Technology is compared with comparison companies

In the first quarter of 2022, the company realized operating income of 36.4703 million yuan, an increase of 7.21%year -on -year, and the net profit attributable to the mother was 68.446 million yuan, an increase of 46.62%year -on -year. Same as the same quarter of last year, the net cash flow of the company's operating activities in the first quarter of this year was still negative, but it increased by 71.83%year-on-year to -36.108 million yuan.

The review opinions of Tianming Technology show that the Shanghai Stock Exchange's Shanghai Stock Exchange specially requires that the issues of Tianming Technology's detailed supplementary instructions are mainly focused on the rationality of the history of controlling equity and changes, operating stability, and sustainability of performance growth.

Regarding the fundraising project of Tianming Technology, the prospectus information shows that Tianming Technology has risks in this regard.

The prospectus information shows that without considering the excessive sale option, the company plans to publicize the shares of not less than 10 million shares, and raise about 190 million yuan for high -end off -road modification components production projects and R & D center construction projects. Construction.

According to the declared document, the issuer's fundraising project has expanded obviously, but the production capacity utilization rate of the issuer's electric pedal report is less than 30%.

Although the company carried out a prudent feasibility demonstration and a full market survey on this fundraising project, if the market size growth of related products is not as good as expected in the future, or the company's sales market will not be able to open up, it will cause the raised funds to invest in expected benefits. The company will face the risk of depreciation and amortization that leads to a decline in performance.

In addition, the land used by Tianming Technology's fundraising project has not been obtained. It is being fulfilled to perform the bidding and hanging procedures. It is necessary to perform relevant legal procedures or cause the aforementioned project to be delayed in construction progress.

In this regard, the Municipal Party Committee of the Bei Stock Exchange requires Tianming Technology to combine market development prospects, actual operating conditions and operating risks, the reasonableness of the rationality and production capacity of the fundraising project, and the specific progress of the land bidding and patrol of the fundraising project. Explanation; further supplementary explanations of the matching and expected comparison of funds and expected benefits.

In addition to controversy in fundraising projects, Tianming Technology may have a high risk of customer concentration.

The prospectus shows that in the past three years, Tianming Technology has a higher dependence on the top five customers. The total sales revenue of the top five customers in the company accounted for 70.59%, 77.75%, and 70.03%of the sales revenue in the same period, of which the sales ratio of the largest customer TAP was 38.13%, 37.84%, and 26.18%. high.

Tianming Technology said that in recent years, the company has continuously increased market development, and has gradually established long -term cooperative relationships with global well -known automobile manufacturers such as Great Wall Motors and Dongfeng Automobile, and has gradually decreased its dependence on single customers.

For the risk of higher concentration of customers, if major customers or large customers have changed major adverse changes in the future production and operation, the decline in the company's product demand is reduced or designated by other suppliers. The company's business development and performance may be received. Large adverse effects.

It is worth noting that Tianming Technology is related to one of the main customers.

In 2020 and 2021, among the top five customers of Tianming Technology, Qingdao enterprises -Qingdao Tianming.According to the prospectus, Qingdao Tianming includes Qingdao Tianming International Trade Co., Ltd. and Qingdao Tianming Industry and Trade Co., Ltd., and Zhang Jin, the actual controller, is the brother of Zhang Song, the actual controller of Tianming Technology.As a customer of Tianming Technology, Qingdao Tianming's sales in 2020 and 2021 were 34.141 million yuan and 3.593 million yuan, respectively, accounting for 2.00%and 1.89%of the current sales.

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