A year of indirect sales to BYD is less than 470,000 yuan!"True concept" or "hot spot"?

Wen | Xiao Wei Li Yuzheng

On July 6, Jitai responded to the Shenzhen Stock Exchange's attention letter. The company said that there was no major changes in the fundamentals. Investors were requested to pay attention to investment risks. Within 13 trading days from June 10, Jitai shares have harvested 12 daily limit boards. The stock price range rose as high as 214.52%. In less than a month, it became a "three times shares", with a transaction value of nearly 6.3 billion yuan. However, from June 30th to July 4th, Jitai shares encountered three limit boards in a row, and the stock price fell rapidly. The rise in the stock price was once considered to be related to the concept of new energy. Jiutai received a letter of attention from the Shenzhen Stock Exchange on June 21. According to the company's response to the letter of attention, the company's income from the new energy field is low. In 2021, the total e -adhesive revenue applied in the field of new energy vehicles and photovoltaic components was 22.904 million yuan. In 2021, the indirect sales amount to BYD was only 46.74 10,000 yuan. The revenue proportion of new energy fields is low in 2021. In less than 2%of the Shenzhen Stock Exchange, the Shenzhen Stock Exchange requests Jitai Shares to explain that the company's electronic glue sales in the field of new energy vehicles and photovoltaic components, the indirect sales amount and occupying BYD in 2021 and 2021 Wait, and analyze whether the related business fundamentals have changed significantly. According to the reply, Jitai said that the company's 2021 electronic glue sales amount applied to the new energy vehicle field was 5.674 million yuan, and the electronic glue sales of the photovoltaic component field were 17.226 million yuan, totaling 22.904 million yuan, accounting for 2021 of Jitai Co., Ltd. The ratio of 1676 million yuan in revenue was only about 1.37%. Not only that, there are fewer orders related to Jitai. According to the reply announcement, as of May 31, 2022, the amount of electronic glue products applied in the field of new energy vehicles and photovoltaic fields in the field of new energy vehicles was 647,500 yuan and 8.666 million yuan, respectively, totaling 9.3139 million yuan. According to Jitai, the company's electronic glue sales in the field of new energy vehicles and photovoltaic fields are small and are still in the expansion stage. In the future, related business operating conditions and profitability depends on the company's market development and industry competition. Market development is not as good as expected and risks of market competition. Jitai also disclosed the sales situation to BYD in the reply announcement. In 2021, its indirect sales amount to BYD was 467,400 yuan, accounting for 8.24%of the electronic glue revenue applied to the new energy vehicle field, accounting for 0.34%of electronic glue revenue. , Accounting for the company's overall revenue to only about 0.028%. Despite the low sales amount and proportion, Jitai shares still stated that it has entered the BYD supply chain and has been questioned by the outside world or is in hot spots. "Securities Daily" reporters checked the investigators of January 21, March 29, June 15, and June 17th on January 21, March 29, June 15, and June 17. During this year, the company revealed that the product entered the BYD supply system four times. In this regard, Shen Meng, chief strategist of Guangke Consulting, said in an interview with the Securities Daily that the core of the "hot spots disclosure" is not to disclose but the hot spots. Fluctuations have not contributed to performance. Most of them are in line with the valuation of the speculation of the capital, which violates the rights and interests of external investors. The transaction data shows that since June 10, the institutional seats have bought a total of 89.798 million yuan in Jitai stocks, which have a low purchase amount. Most of the seats with a high cumulative purchase amount are the business department of the securities firm. Mainly travel. Draw up 280 million yuan of funds to gamble on October 29, 2021, and Ji Tai shares disclosed the "Announcement on Signing Project Investment Cooperation Agreement with Anqing High -tech Industrial Development Zone Management Committee The project (hereinafter referred to as the "Anqing Project"), the project covers an area of ​​1,000 acres, of which the investment intensity of fixed assets is not less than 2 million yuan/mu. According to the follow -up letter, the Shenzhen Stock Exchange requires the specific ways to explain the project construction funds and self -raised funds of the project. In the response letter from the reply, Jitai stated that during the completion of the construction of the Anqing project from 2022, the profit after the company's dividends retained 463 million yuan. Recently, the total amount of funds raised by non -public offering was 280 million yuan. Yuan, during the project construction period, assumes that the re -financing of 300 million yuan is expected to increase the amount of new loan financing of 372 million yuan on this basis. Based on this calculation, Jitai is expected to raise funds of 2.336 billion yuan through profit retention, fixed increase, and bank loans, and it is expected to meet the project investment of 2 billion yuan in funds. However, it is worth noting that this reply from Jitai shares is based on many assumptions. Taking the company's profit retention as an example, Jitai Co., Ltd. said in the reply announcement that the average net profit of the company from 2019-2021 is 82.6186 million yuan, and the average cash flow generated by the average operating activities is 79.7999 million yuan, which can meet the company's existing business The business funds need.但根据公司财报，2021年集泰股份实现归母净利润5068.92万元，同比下降54.64%；经营活动产生的现金流量净额为-303.02万元，处于净流出的状态；2021年全年现金及Cash equivalent net outflow of 87.686 million yuan. In the context of declining profits and cash outflows, the Anqing project that is still gambling for 6-7 years in Jitai shares may face great pressure in the future.

It is worth noting that Ji Tai shares released a fixed increase plan on June 29. It is intended to issue no more than 35 specific objects of not more than 26.927 million shares, and the raised funds will not exceed 280 million yuan. 80%of the company's stock trading price of 20 trading days a few days ago, the raised funds will be used for the first phase of the Anqing project. Assuming that Jitai's shares can raise 280 million yuan, and according to the rough calculation of the top plan of 26.0927 million shares issued, the fixed increase price of Jitai shares is at least 10.73 yuan/share. This price undoubtedly benefited from the rapid rise in the stock price in the near future. Wind data shows that since it was listed in 2017, the stock price of Jitai shares was less than 10 yuan/share for most of the time. Recently, the stock price has recently soared in the past three years, that is, June 10, 2019 to June 9, 2022, the company is the company. The average stock price is only 6.35 yuan/share. Regarding whether there is a hot spot in Jitai Co., Ltd., how to do business planning and investment project funds in the new energy field, the reporter of "Securities Daily" sent an interview letter to Jitai Co., Ltd. Essence Recommended reading

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