Jiwei Network News On February 18, according to the results of the 7th review meeting of the Listing Committee of the ChiNext Board of the Shenzhen Stock Exchange in 2022, the IPO of Jinlu Electronic Technology Co., Ltd. (hereinafter referred to as Jinlu Electronics) on the ChiNext Board was successfully held.
However, the GEM Listing Committee also raised two major inquiries. First, from 2018 to 2020, the sales amount of Jinlu Electronics to traders and customers accounted for 51.62%, 50.90% and 44.37% of the operating income, respectively, and the average proportion of traders in the reporting period of comparable companies in the same industry that have disclosed the proportion of traders was 17.19%, 13.08% and 14.38%, respectively. Please explain Jinlu Electronics: (1) the reasons and rationality of the proportion of trader customers is much higher than that of comparable companies in the same industry; (2) the realization of terminal sales of traders' customers.
Second, In May 2021, Mai Ruiming, the former director and second largest shareholder of Jinlu Electronics, was sued by the Dongguan Municipal People's Procuratorate to the Dongguan Intermediate People's Court for allegedly evading taxes of RMB6.9139 million, and Mai Ruiming was a concerted action of Li Jilin and Zhou Min, the company's co-actual controllers. Jinlu Electronics is requested to combine the latest progress of the case and explain whether Mai Ruiming has the risk that the issuer's shares held by him will be judicially auctioned or disposed of due to the payment of tax evasion or fines, and whether it will adversely affect the stability of the company's control.
It is understood that Jinlu Electronics specializes in the research and development, production and sales of printed circuit boards (PCBs), and its products are widely used in automotive electronics, communication electronics, industrial control, consumer electronics, medical devices and other fields. The company focuses on the automotive PCB market, especially in the field of new energy vehicle PCB applications, products cover battery management systems (BMS), motor controllers, DC/DC converters, vehicle chargers, ADAS, charging piles and other core components and supporting facilities, is the world's largest new energy vehicle battery manufacturer Ningde era of the first major PCB supplier, in the field of new energy vehicleS has a strong competitive advantage.
As we all know, automotive electronic PCB has extremely high reliability requirements, product defects may cause serious life injuries and major property losses, known as the "board of life", so customers have very strict requirements for the quality of products, and need to go through a long period of (1-3 years) of rigorous testing and verification in order to pass the certification of qualified suppliers of auto parts manufacturers.
Jinlu Electronics has been deeply engaged in the field of automotive electronics for many years, ranking high in the new energy vehicle application field represented by BMS, with obvious competitive advantages, and has accumulated high-quality customers in the field of new energy vehicles such as Ningde Times, Guoxuan Hi-Tech, Fu Neng Technology, Trident, Yutong Bus, Geely Automobile, Xinrui Technology, And Inboer, and is the world's largest electric vehicle battery manufacturer the largest PCB supplier in the Ningde era. The company's products are eventually applied to Tesla, BMW, Audi, Daimler, Xiaopeng, Nippon, Volkswagen, Toyota, Sany Heavy Industries, Chrysler, Hyundai, Nissan and other well-known car brands.
Relying on the high-quality and high-reliability production experience accumulated in the field of automotive PCB, Jinlu Electronics has developed many well-known customers in other application fields, laying a solid foundation for enhancing the company's comprehensive competitive strength. In the field of communications, the company has Direct or terminal well-known customers such as Huawei, ZTE, Fiberhome, Cambridge Technology, Huagong Zhengyuan, Biplane Technology, Aonnie Mathwa, Yilian Network, etc.; in the field of industrial control, the company has direct or terminal well-known customers such as Honeywell, ABB, Dingxin Communications, Jingji Electronics, Nova Nebula and so on.
As of the end of 2020, there are 29 PCB listed companies listed in China. In 2020, jinlu electronics operating income and net profit were 792.1204 million yuan and 67.3951 million yuan, ranking 26th respectively compared with listed companies in the same industry.
(Proofreading | new)