Another headphone foundry, Tianjian shares IPO, customer concentration increased year by year, half of the revenue from HARMAN Group

Recently, Tianjian shares submitted a prospectus to the Shenzhen Stock Exchange, planning to impact the ChiNext board.

Judging from the prospectus, the IPO Tianjian shares plan to raise 600 million yuan, of which 409 million yuan will be used for the production and expansion of electroacoustic products, accounting for about 68.17% of the total fundraising, in addition to about 128 million yuan of fundraising will be used to supplement the working capital project.

It is understood that the main business of Tianjian Co., Ltd. is the research and development, manufacturing and sales of micro electroacoustic components, consumer, industrial and vehicle electroacoustic products, health acoustic products, and the company's main products are various types of headphone products, including headphones, TWS headphones, in-ear headphones, etc.

In addition, the company also operates walkie-talkie accessories and car accessories, acoustic parts, etc., and currently expands new products to include hearing aids, hearing aids, customized headphones and other healthy acoustic products, as well as speaker modules and microphones and other products.

However, from the perspective of revenue structure, headphone products are still the most important source of income for Tianjian shares, from 2018 to 2020 and the first half of 2021, headphone products provided 86.13%, 86.3%, 94.14% and 90.88% of the revenue of Tianjian shares, respectively.

In fact, from 2018 to 2020 and the first half of 2021, Tianjian achieved operating income of 423 million yuan, 554 million yuan, 1.256 billion yuan and 657 million yuan respectively, while the net profit attributable to the mother was 15.7963 million yuan, 8.2795 million yuan, 80.6023 million yuan and 63.6002 million yuan, respectively.

However, the sales amount of Tianzi shares' own brand headphones is very small, the company mainly for other well-known headphone brands for ODM OEM production, the OEM model revenue accounted for 86.95%, 88.11%, 94.77% and 91.21% of the company's total revenue during the reporting period.

In addition, the products of Tianjian Co., Ltd. are mainly exported, customers are mainly from North America and Europe and other regions, from 2018 to 2020 and the first half of 2021, the company has 40.21%, 69.74%, 87.32% and 88.46% of the revenue from export customers.

At present, the customers of Tianjian have included Harman, Sennheiser, Philips, Motorola, Corsair, Bose, Decathlon, Zoundindustry, Logitech, OPPO, VIVO, Anker Innovation, Lanhe Technology, Baidu, Baidu, Transsion Holdings, etc.

However, it is worth noting that the customer concentration of Tianjian shares has a high degree of concentration, from 2018 to 2020 and the first half of 2021, the company's sales revenue from the top five customers accounted for 72.09%, 71.49%, 85.08% and 85.39% of the current operating income, respectively, and the concentration of the top five customers was higher.