Zhiwei Intelligent IPO: The controller's brother has fluctuated in cash flow due to smuggling

In the reporting period, Zhiwei Intelligent's revenue and net profit showed a good trend of rise. In addition, the company's controller's brother had been caught in a smuggling case.

On May 12, Shenzhen Zhiwei Intelligent Technology Co., Ltd. (hereinafter referred to as: Zhiwei Intelligent) passed it on the main board of the Shenzhen Stock Exchange and was used as a sponsor by CITIC Securities.

The prospectus shows that Zhiwei Smart's public offering of no more than 61.75 million shares this time, accounting for 25%of the company's total share capital after the issuance. It is expected to raise funds of 1.033 billion yuan, of which 443 million yuan are used for smart micro -intelligent production base construction projects; 233 million yuan for smart micro -intelligent research and development center construction projects; 96 million yuan for Haining Zhiwei Intelligent Technology Co., Ltd. 320,000 switch production base construction projects; 62 million yuan for Shenzhen Zhiwei Intelligent Marketing Network Construction Project; 200 million yuan to supplement mobile funds.

By querying the prospectus, it was found that the wisdom and intelligent cash flow fluctuated in large fluctuations, and the risk of debt repayment was risky. In addition, the brother of Zhiwei Intelligent Controller had been caught in a smuggling case. In response to the above situation, it was found that the network sent an interview letter to the intellectual public mailbox request to be interpreted. As of press time, Zhiwei Smart did not give a reasonable explanation.

Cash flow fluctuations are large or even negative

According to public information, Zhiwei Smart is a company focusing on providing customers with hardware solutions in intelligent scenes. The main business is the research and development of education office, consumer, network equipment, network security, retail and other electronic equipment products , Production, sales and service.

The prospectus shows that from the first half of 2018 to the first half of 2021, Zhiwei Smart's operating income was 1.274 billion yuan, 1.397 billion yuan, 1.933 billion yuan, and 967 million yuan. 9.64%and 38.31%; the net profit attributable to mothers at the same time was 233 million yuan, 89 million yuan, 146 million yuan, and 72 million yuan. The net profit growth rates from 2019-2020 were 288.05%and 64.52%of the year-on-year growth rates. On the whole, the revenue and net profit of Zhiwei Intelligence during the reporting period have shown a good upward trend.

Photo source: Wind (Smart Smart)

Although it is in good business state, Zhiwei Smart still exposes the risk of excessive debt pressure and urgent funding. From the first half of 2018 to the first half of 2021, Zhiwei Smart Liabilities totaling a total of 361 million yuan, 373 million yuan, 594 million yuan, and 990 million yuan, respectively. Liabilities increased year by year and the liabilities in the first half of 2021 were nearly 1 billion yuan, exceeding 2019, which exceeded 2019 The sum of liabilities in 2020.

During the same period, Zhiwei Intelligent Assets' debt ratios were 52.54%, 46.96%, 50.96%, and 60.49%. The average asset -liability ratio of comparison companies was 51.83%, 51.87%, 57.76%, and 57.35%. The rate is significantly higher than the industry average.

Picture source: prospectus (smart micro -intelligence)

In addition, from 2018 to the first half of 2021, Zhiwei Smart's currency funds balance was 95 million yuan, 195 million yuan, 203 million yuan, and 109 million yuan. 100 million yuan, 97.072 million yuan and -032 billion yuan. Analysts said that the cash flow of business activities decreased year by year and even from positive to negative, which will seriously affect the stability of smart micro -intelligence.

Picture source: prospectus (smart micro -intelligence)

The problem of urgent cash inflow and high debt repayment pressure may be related to Zhiwei Intelligent hoarding goods. Due to the "semiconductor" crisis around the world, coupled with the outbreak of Sino -US trade friction and the outbreak of the new crown epidemic, the prices of chips, originals, hard disks and other regions in the United States, Taiwan and other countries have risen. Happening. In response to the above situations, since 2020, the large number of intellectual intelligence on raw materials has led the company's inventory scale significantly.

The prospectus shows that from the first half of 2018 to the first half of 2021, the book value of Zhiwei Intelligent Intelligence was 318 million yuan, 262 million yuan, 405 million yuan, and 955 million yuan, respectively, accounting for 50.01%, 35.45%, and 38.69%, respectively. And 66.67%. Among them, the amount of raw materials in inventory was 154 million yuan, 63.4134 million yuan, 231 million yuan, and 673 million yuan, accounting for 48.58%, 24.22%, 57.09%, and 70.43%of the total inventory amount.

Picture source: prospectus (smart micro -intelligence)

Among them, Zhiwei Smart Light has reached 651 million yuan, 623 million yuan, 1.053 billion yuan, and 886 million yuan, respectively. The bills and accounts should be 350 million yuan, 378 million yuan, 561 million yuan, and 561 million yuan, respectively. 851 million yuan; in the first half of 2021, the amount of Zhiwei Intelligent purchasing chips was as high as 886 million yuan.

Picture source: prospectus (smart micro -intelligence)

Photo source: Wind (Smart Smart)

The stocking model has also weakened the liquidity of Zhiwei Smart's inventory. From the first half of 2018 to the first half of 2021, the turnover rate of Zhiwei Intelligent Intelligence was 3.71 times, 3.83 times, 4.69 times, and 1.17 times, respectively. Average. Picture source: prospectus (smart micro -intelligence)

In response to the above situations, Zhiwei Intelligent also stated in the prospectus that in order to cope with the tight supply of raw materials such as global market chips, components, etc., the general electronic materials such as raw material chips and components have a large price fluctuations. Store preparation has caused the raw material amount at the end of the year. If the company's orders cannot consume the raw materials of reserves, it will greatly increase the capital pressure faced by the company and even affect the company's overall development level.

The controller's brother has been caught in smuggling storm

The prospectus shows that Zhiwei Intelligent was established in September 2011 and was established by Guo Xuhui and Guo Xiaohui. It is worth mentioning that when the company was just established, Yuan Weiwei commissioned Guo Xiaohui to hold the company's equity. The registered capital paid by Guo Xiaohui actually came from Yuan Weiwei. As of the date of signing the prospectus, Yuan Weiwei and Guo Xuhui held 53.88%and 41.14%of Zhiwei Intelligence, respectively, and held a total of 95.02%of Zhiwei Smart's 95.02%of the shares. At the same time, Guo Xuhui and Yuan Weiwei are husband and wife. Therefore, the company's actual controllers are Guo Xuhui and Yuan Weiwei.

What needs to be concerned is that nine staff members who worked in Zhiwei Intelligence and core technicians have worked at Shenzhen Xianguan Electronics Co., Ltd. (hereinafter referred to as: Xian Guan Electronics). On the other hand, the first -Guan Electronics is almost the predecessor of Zhiwei Smart. As one of the related parties of Zhiwei Intelligence, the Crown Electronics was canceled before this IPO declaration. Discovery in the book.

Picture source: Wind Enterprise Library (first crown electronics)

According to public information, Shenzhen Xianguan Electronics Co., Ltd. was established in November 2000. The legal representative is Guo Xuhui. Its operating projects include the purchase and sale of electronic products and electronic components; the domestic business, material supply and marketing industry (excluding specialty, specialized control, specialized goods); goods import and export, technology import and export (except for projects prohibited by laws, administrative regulations; Projects restricted by administrative regulations must be operated after obtaining permits), technology development and purchase and sales of computer software and hardware.

It is worth noting that according to the Criminal Judgment of the No. 41 Criminal Judgment of the East China French Penalty Second Character, the East China French Penalty Second Characteristics shows that the first -crowned electronics group and Shenzhen Kuaishu company smuggled the tax to escape 1.0769 million yuan in taxes. Later, after the court's judgment, the defendant's unit first crown the crime of smuggling ordinary goods and sentenced to RMB 500,000.

Photo source: China Magistrate Document Network (East China French Penalty Second Character

Photo source: China Magistrate Document Network (East China French Penalty Second Character

The first crown electronics in this case is also the first -Crown Electronics of Zhiwei Smart. At the time of the case, Guo Xiaohui was the legal representative of the first crown electronics at that time, and also the brother of Guo Xuhui, the actual controller of Zhiwei. However, Zhiwei Smart did not mention half a sentence in the prospectus.

Although the first -Guan Electronics is canceled urgently, this historical case will still attract investors' attention. At the same time, Zhiwei Intelligent's internal control compliance and management capabilities will also be questioned and tested.

(Reporter Luo Xuefeng Financial Researcher Sui Zijian)

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