Lvtong Technology IPO: High dependence on ODM customers, former employees change dealers' transaction prices may not be fair

Produced ｜ Company Research Office

Text ｜ Wu Yu

On July 15th, Guangdong Green Tong New Energy Electric Vehicle Technology Co., Ltd. (hereinafter referred to as "Green Tong Technology") will be on the GEM.

Lvtong Technology Co., Ltd. is engaged in the research and development, production and sales of electric vehicles in the venue. According to the different use of product use, there are mainly golf cars, sightseeing vehicles, electric patrol vehicles, electric trucks and other series. Application scenarios such as logistics, real estate real estate.

In this IPO, Green Tong Technology plans to raise 405 million yuan. It is planned to be used for an annual output of 17,000 electric vehicle expansion projects, research and development center construction projects, informatization construction projects, and 40 million yuan in operating funds.

01. Overseas income accounts for more than 80 %

From 2019 to 2021, Green Tong Technology revenue was 418 million, 558 million, and 1.017 billion yuan, respectively, with net profit of 48.5356 million yuan, 52.128 million yuan, and 127 billion yuan, respectively.

In the past three years, the income of Golf from Golf has increased year by year, accounting for nearly 80%in 2021.

The United States is the most popular country in the world, with 16,000 stadiums, ranking first in the world, accounting for 42%of the world.

Golf of Green Tong Technology is mainly sold overseas, especially in the United States. From 2019 to 2021, Green Tong Technology's overseas sales revenue accounted for 61.37%, 75.55%, and 86.08%, respectively.

In this regard, Luntong Technology explained that the company's overseas sales accounted for relatively high and growing rapidly, and the overseas markets grew rapidly, especially in the high -speed growth of the US market. To a certain extent Monetary policy is related to.

In the first half of 2022, Luntong Technology was expected to achieve operating income of 650 million to 750 million, an increase of 46.39%to 68.91%year -on -year; it is expected to achieve net profit of 100 billion to 120 million yuan, an increase of 102.27%to 142.73%year -on -year.

02. R & D cost rate is low

The greening technology sales model is mainly ODM and its own brand sales.

From 2019 to 2021, Green Tong Technology's sales amount to ODM customers was 192 million yuan, 369 million yuan, and 803 million yuan, respectively, and the revenue accounted for 45.90%, 66.25%, and 79.08%, respectively, and the concentration increased year by year.

In this regard, Green Tong Technology explained that the main reason for the use of the ODM model is that on the one hand, the company's brand's brand awareness is not as good as CLUB CAR, E-Z-GO, YAMAHA and other internationally renowned brands; The production needs of the company's big customers.

Lvtong Technology is mainly ODM, which may also be related to the insufficient investment in the company.

From 2019 to 2021, Green Tong Technology has invested a total of about 66 million yuan in research and development, and the R & D cost rate is 3.55%, 3.18%, and 3.3%. Essence

03. The sales price of forward employees is low

From 2019 to 2021, the customers and suppliers of Lvtong Technology have former shareholders and former employees.

Among the top five customers of Green Tong Technology, Chengdu Lvxin, Sanya Lvtong Battery Car Sales Service Co., Ltd.'s actual controllers Chanecai, Ma Zhixian, and shareholders and supervisors of Guangzhou Wuyang Ludong New Energy Electric Vehicle Technology Co., Ltd. Fan Guiyun Former employees, the three also indirectly held 0.5%, 0.08%, and 0.03%of Green Tong Technology.

From 2019 to 2021, the sales revenue of Green Tong Technology forwarding employee customers totaling 76.6339 million yuan, 63.8605 million yuan, and 64509,500 yuan, with revenue accounting for 18.33%, 11.45%, and 6.34%, respectively.

In addition, from the perspective of sales prices, Green Tong Technology has a lower price for former employees. In 2021, the average selling price of Green Tong Technology to former employees was 37438 yuan/set, and the average sales price of other customers in the country was 42,634 yuan per unit, with a difference of 5,196 yuan each.

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