The listing is close to it, and the problem of the funds and profit of the Hao En Auto Electric is difficult to solve

Edit | Yu Bin

Produced | Chaoqi.com "Yu See Column"

In recent years, global automobile production and sales have maintained steadily. With the improvement of the quality of life of the whole people, in addition to the simplicity of cars, the market's attention to the intelligent driving industry has become higher and higher. Intelligent driving is becoming the development direction of the future automobile industry, and the prospects are expected.

Under the rapid development of intelligent driving, companies engaged in intelligent driving in automobiles have also risen with the water. Recently, a technology company, which is mainly engaged in the development, design, manufacturing, and sales of automobile intelligent driving perception systems, has reported new news. In mid -August, Hao En Steamor passed the Shenzhen Stock Exchange's GEM Listed Committee for review, and it seems that the listing seems to be close to it.

The success of Hao En Steam Electric GEM IPO will attract widespread attention inside and outside the industry. It is worth noting that, under the good news of the successful IPO, the loss of bad debts of Hao En Automobile Electricity, large net profit fluctuations, decline in market competitiveness, etc. have been widely discussed for a while. I also walked into the public sight. Under the pressure of funds and operating pressure, can Hao En Steam Electric be listed steadily? The answer needs to be considered.

High bad debt loss, Hao En Auto Electric's capital chain pressure is high

The problem of bad debt has always been the main problem that plagues Hao En Auto Electric. Under the inquiry of the GEM Listed Committee of the Shenzhen Stock Exchange, Hao En Auto Electric stated that during the reporting period, the proportion of the comparison average bad debt was calculated, and the relevant bad debt preparations on the impact of the net profit of the reporting period was -12.598 million yuan and -15.621 million, respectively. Yuanhe-1.761 million yuan, accounting for -6.65 %, -2.31 % and -1.82 %.

Change a more intuitive data. From 2019 to 2021, the book balance of the accounts receivable of Hao'en Steam Electric is 204 million yuan, 232 million yuan, and 260 million yuan, respectively, accounting for 31.80%and 28.47%, respectively. And 30.06%. The account balance of accounts receivable has always maintained at a high level and showed a significant growth trend year by year.

The bad debt reserve for receivables is 32.523 million yuan, 33.533 million yuan, and 34.87 million yuan, respectively. In other words, since 2019 to 2021, the total amount of the total amount of bad debt reserves of the Hao En Steam Power receivable has reached 100 million yuan, and the amount of this amount will continue to grow in the future.

Among them, the problems brought by big customers are large. The prospectus shows that due to the financial predicament of Bei Automobile Yinxiang, Chongqing Comparison, and its related parties, Hao En Auto Electric's cumulative accounts for the receivables of these customers are 2298.83 10,000 yuan.

The loss of bad debt has further brought about the problem of high corporate asset -liability ratio of Hao En Automobile. Data show that from 2018 to 2021, the consolidated asset -liability ratio of Hao'en Steam Electricity was 83.36%, 81.23%, 77.33%, and 67.27%, respectively. In about 50 %, the asset -liability ratio of Hao En Steam is far higher than the industry average.

At the same time, in the past three years, the flow ratio and speed ratio data of Hao En Automobile Electricity have not been optimistic. From 2019 to 2021, the mobile ratio of Hao En Steam Electricity was 0.98, 1.11 and 1.25, respectively, and the speed ratio was 0.73, 0.85 and 0.88, respectively. The two data were lower than other companies comparable to other companies in the industry. These two data are related to the short -term debt repayment capacity of the enterprise. In other words, under the pressure of funds, the debt repayment capacity of Hao En Auto Electric is also obviously insufficient.

Regarding the operating conditions such as Hao En Auto Electric, industry analyst Li Chen pointed out: "High accounts receivable and the growth of bad debts, coupled with the high debt ratio, the pressure of Hao En Auto Electric's capital chain must be inspected. , May increase liquidity risk, which will adversely affect daily operations. "

Poor financial data has never been effectively improved, and even more intensive, there is also risk of corporate debt repayment capabilities. In the long run, Haoen Steam has inevitably fallen into the lack of funds and caused the company's limited research and development and weak ability to resist operating risks.

The issuance of the Hao En Steam Electricity was listed, and the total funding was 401 million yuan, of which the proportion of supplementary funds accounted for 20%, and the amount was 80 million yuan. It is reported that the 80 million yuan in this IPO fundraising is mainly used to repay medium- and long -term loans as a life -saving straw that improves the company's asset -liability ratio data.

Frozen three feet is not a day. The pressure of Hao En Steam Electric's capital chain is actually an old problem with the long -standing enterprise. "Huasheng Finance Report" researcher pointed out that as early as 2014, Chen Qingfeng, chairman of Haoen Group, publicly talked about the confusion of corporate development in the CEO of Tsinghua University, and pointed out that since its entrepreneurship, corporate development funds have been its biggest difficulty, and the shortage of funds is also the company. The biggest development bottleneck.

Even if eight years have passed, the pressure of funds still plagues Hao En Steam. In fact, when Hao En Auto Electric began to impact the listing in June 2016, the review was briefly terminated due to the problem of financial data updates. Although the Hao En Steam Electric GEM IPO has been successful today, combined with the current status of corporate funds, there are still many unknown roads.

Funding is the source of the power of the enterprise, and it is essential for business and development. What's more, the intelligent driving of Hao'en Steam Electric has the characteristics of dense funds and technical density, which has relatively high requirements for corporate capital strength. Under the problem of the fund chain, I hope that Hao En Auto Electric can take care of the pressure and seize the opportunity of listed opportunities to gain a foothold in the field of intelligent driving. The net profit fluctuates, and the market competitiveness is insufficient

In recent years, new energy vehicles and intelligent transformation are developing rapidly. With the development momentum of the industry, from 2019 to 2021, Hao En Automobile Electric has continued to rise. Data show that in 2018, the operating income of Hao En Auto Electric Electricity Electricity was 675.5 million yuan, and its net profit was negative, with a total of -242.958 billion yuan.

Since 2019, Hao En Automobile has begun to make rapid profitability. From 2019 to 2021, Hao'en Automobile Electric's operating income was 638.2 million yuan, 718.7 billion yuan, and 980.6 billion yuan. The net profit has always been positive. In 2019, the net profit of the enterprise was 1895.52, and the net profit of enterprises in 2019 increased to 67.5537 million yuan, and by 2021, it increased to 96.7016 million yuan.

However, Hao En Auto Electric has not maintained the momentum of operating income and net profit. Beginning this year, the net profit of enterprises has continued to decline. In the first quarter of this year, the net profit of the enterprise was 11.1965 million yuan, a year -on -year decrease of 18.33%. In the first half of the year, the net profit was 48.557 million yuan, a year -on -year decrease of 1.13%.

Enterprises' profit starting from negative value, continued to increase, and suddenly turned cold, and profit fluctuations were large. This is undoubtedly a bad news for Haern Auto Electric, which is actively listed. In several rounds of inquiries, the exchanges also regarded the performance decline as a focus on the focus, asking Hao En Auto Electric to explain the reasons for the decline in corporate performance.

Although Hao En Auto Electric has attributed its performance to the impact of the epidemic, the reason behind the decline in corporate performance is obviously not so simple. In fact, although it seems that the performance of Hao En Auto Electric in the past few years is better, its main products have had a decline in income early.

At present, Hao En Steam Electric has three major products, which are vehicle camera systems, vehicle video driving record systems and ultrasonic radar systems. Among them, the operating income of the car camera system accounted for the largest proportion, close to 50 % of the entire operating income of the enterprise. The vehicle video driving record system and the ultrasonic radar system account for about 20 %.

As the largest income sector of Hao En Steam Electric, the car camera system was 327 million yuan, 349 million yuan, and 333 million yuan from 2019 to 2021, after reaching a small peak in 2020.

Coincidentally, as the second largest income sector in Hao En Steam, the ultrasonic radar system has begun to decline since 2019. From 2019 to 2020, the operating income of Hao En Steam Electricity was 257 million yuan, 217 million yuan, and 214 million yuan, respectively, and the performance continued to decline.

In general, the main reason for the decline in the main product performance of Hao En Steam is the decline in market competitiveness. With the explosive growth of the new energy vehicle market, automobile intelligent manufacturing companies have ushered in the industry climax. Whether it is an Internet giant cross -border or industry -leading manufacturer accelerated the layout, the industry's product upgrades and research and development "inner rolls". As small and medium -sized enterprises, Hao En Auto Electric will retreat.

Take the car camera system as an example. Under the technological development, the current traditional car camera system has a trend of integrating DMS or ADAS as a whole. Many emerging car companies have begun to store video storage directly in the ADAS camera in front of the ADAS. , Hao En Automobile Electric, which has risen by the car camera system, is gradually losing its advantage.

Faced with the increasingly fierce market competition, Hao En Auto Electric has not yet formed enough market competitiveness. Of course, Hao En Auto Electric also realized the decline in the market competitiveness of the enterprise. R & D and production is being invested in capital and energy. Among the 401 million yuan of raising funds to be raised in this listing, the Hao En Steam Power plans to use 159 million yuan for automotive intelligent driving perception product production projects, and 125 million yuan for R & D center construction projects.

In addition, Haern Steamor is also carrying out the research and development of millimeter wave radar and lidar, and plans to promote the development of ADAS comprehensive solutions. However, it is regrettable that the millimeter wave radar and laser Hahar Eunxi are still in the initial stage of R & D and experiments, nor can it be provided with a full set of ADAS comprehensive solutions. It is not known whether these new products can be successfully landed in the future.

The problem that plagues Hao En Auto Electric is far more slow. Chip price increases, epidemic fluctuations, trade policy changes, industrial chain games, etc., are all the tests of Hao En Automobile Electric to build market competitiveness.

Market competition is very cruel. If Haern Steaming cannot improve market competitiveness as soon as possible to obtain more new energy vehicle manufacturers, then in the long run, the trend of decline in net profit in enterprises will continue. unfavorable. I hope that Hao En Auto Electric can continuously improve the production technology of the enterprise and continue to innovate research and development without regret.

Conclusion

In any case, the success of the GEM IPO is good news for Hao En Automobile Electric. Of course, Hao En Auto Electric cannot be immersed in happiness prematurely. In the future, there will be many tests such as pressure, net profit fluctuations, and insufficient competitiveness on the road of development. There are many uncertainty.

- END -