Yongxin Chengcheng IPO: The prospect of the online shooting range business is unknown customer concentrated account receivable inventory dual high

Yongxin Chengcheng mainly focuses on the network shooting range of the emerging segments of the network security industry. However, there is uncertainty in the future expansion of the business. As far as the current situation is concerned, Yongxin Chengcheng's business scale is small and the performance fluctuates large. In addition, the company's customers are mainly government departments such as public security, colleges and universities in the research institute, and power grid oil and other central enterprises, military, etc., which have a higher concentration and slower repayment speed, resulting in a higher account receivable and inventory scale.

On February 25, 2022, Beijing Yongxin Zhicheng Technology Co., Ltd. (hereinafter referred to as: Yongxin Chengcheng) will pass the Shanghai Stock Exchange Science and Technology Board.

The prospectus shows that Yongxin and Chengcheng planned to issue shares of not more than 11.7078 million shares this time, and not less than 25%of the company's total share capital after the issuance. It is expected to raise 848 million yuan, of which 191 million yuan are used for parallel simulation network shooting farms and comprehensive verification platform projects, 180 million yuan for high -energy and controllable high -energy safety service platform development and service system construction projects, 129 million Yuan is used for network security talent training projects, 125 million yuan for autonomous and controllable next -generation high -performance proprietary cloud technology and platform research projects, 102 million yuan for security control and honeypot research and development projects, and supplementary mobile funds 1.20 100 million yuan.

The prospectus also shows that Yongxin Chengcheng is mainly focused on the network shooting range of the emerging segments of the network security industry. However, there is uncertainty in the future expansion of the business. As far as the current situation is concerned, Yongxin Chengcheng's business scale is small and the performance fluctuates large. In addition, the company's customers are mainly government departments such as public security, colleges and universities in the research institute, and power grid oil and other central enterprises, military, etc., which have a higher concentration and slower repayment speed, resulting in a higher account receivable and inventory scale. In response to the above situation, it was found that the network sent an interview letter to the expansion of the interview letter from Yongxin sincerely. As of press time, Yongxin Chengcheng did not give a reasonable explanation.

There is uncertainty in the future of the main business

Public information shows that Yongxin Chengcheng is a network security enterprise focusing on scientific and technological innovation. It is a national specialty new "little giant" enterprise. The core business is a series of network shooting range products.

It is understood that the performance of Yongxin sincerely has fluctuated in recent years. From 2018 to the first half of 2020 and 2021, Yongxin's honest revenue was 181 million yuan, 163 million yuan, 292 million yuan, and 81 million yuan. The year-on-year growth rates in 2019 and 2020 were -9.65%and in 2019 and 2020, respectively. 78.83%; net profit attributable to mothers at the same time was 3.2323 million yuan, 16.957 million yuan, 42.2995 million yuan, and -20.32 million yuan. The year-on-year growth rates in 2019 and 2020 were -47.54%and 2394.53%, respectively.

Source: Wind (Yongxin Chengcheng)

The subsequent supplementary financial data of 2021 showed that Yongxin Chengcheng achieved revenue of 320 million yuan in 2021, an increase of 9.79%over 2020. The net profit attributable to shareholders of the parent company after deducting non -recurring profit or loss in the same period was 38 million yuan. 2.23%over 2020.

Source: prospectus (Yongxin Chengcheng)

Yongxin Chengcheng said that the main reason for income growth in 2021 was that with the company's continuous investment in research and development, the technology continued to improve, the company's status continued to consolidate, and the ability to obtain orders was enhanced. Increase.

It is understood that the online shooting range belongs to the emerging segment of the network security industry. According to the expected data of several generations, the market size of the network shooting range in 2020 is about 800 million yuan, and about 1 billion yuan in 2021, accounting for about the overall network security market. 1.1%, the market size is relatively small.

The related business of Yongxin Chengcheng's use of network shooting range technology is mainly the network shooting range platform, security control and honeypot products and network security competitions. From 2018 to the first half of 2020 and 2021, the total revenue of the above business was 124 million yuan, 87 million yuan, 207 million yuan and 60 million yuan, accounting for 68.57%, 53.08%, 70.92%and 70.92%and 70.92%, respectively. 73.61%.

Source: prospectus (Yongxin Chengcheng)

People in the industry pointed out that different from traditional cyber security companies, Yongxin Zhichen focuses on the field of network shooting fields, but this field is still in its infancy. However, the company's performance is highly dependent on network shooting fields. Due to the uncertainty of the future expansion of the online shooting range business, if the company cannot continue to expand the scale of business in the future, and enrich the product types. Once the market competition is intensified or customer demand declines, it will adversely affect the company's business operations.

Customers are more concentrated in accounts receivable and large -scale inventory

The prospectus shows that the main customers of Yongxin Chengcheng are government departments such as public security, colleges and universities in the research institute, and power grid oil, etc.

From 2018 to 2020 and in the first half of 2021, Yongxin Chengcheng's total sales volume to the five major customers of the five major customers was 48.6647 million yuan, 54.137 million yuan, 188 million yuan and 37.376 million yuan, respectively, accounting , 33.19%, 64.63%and 45.94%. Among them, the sales revenue of the five major customers in 2020 accounted for relatively high sales revenue, mainly due to the high income of the "Network Security Science and Technology Museum" project in 2020, accounting for 38.64%.

Source: prospectus (Yongxin Chengcheng)

It is worth noting that the project's income is occasional, and there is a continuous risk of the science and technology museum business. And Yongxin Chengcheng mainly carries out business in the form of project system. If the company fails to accept such projects or a considerable amount and amount of projects in the future, it will adversely affect the company's operating performance. Due to the particularity of the Yongxin -Customer customer group, the company's account receivables are greatly affected by government budget and approval process. From the end of each issue of 2018 to 2020 and the first half of 2021, the net accounts receivable of Yongxin Chengcheng were 95.313 million yuan, 97.581 million yuan, 82.719 million yuan, and 710.333 million yuan, respectively, accounting for 53.41% of mobile assets, respectively. , 40.29%, 15.71%, and 15.75%, the proportion of original values ​​accounted for 57.90%, 67.32%, 34.28%, and 111.86%of the current operating income, respectively.

Source: prospectus (Yongxin Chengcheng)

In addition, Yongxin Chengcheng still has a high scale of inventory. From the end of each issue of 2018 to 2020 and the first half of 2021, the book value of Yongxin Chengcheng inventory was 14.75 million yuan, 24.016 million yuan, 270.334 million yuan, and 42.154 million yuan. Yuan, 196.187 million yuan, 23,464,800 yuan and 38.1479 million yuan.

Source: prospectus (Yongxin Chengcheng)

Yongxin Chengcheng said that the cost of the project refers to the cost incurred in the contract items, including direct materials, direct artificial, outsourcing software and services and other expenses. The risk of impairment preparation affects the company's performance.

(Reporter Luo Xuefeng Financial Researcher Chen Kangli)

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