According to public information, the Listing Committee of the Growth Enterprise Market of the Shenzhen Stock Exchange is scheduled to hold the 8th Listing Committee Review Meeting of 2022 on February 24, 2022, at which time the initial application of Suzhou Kuaike Photovoltaic Electronics Co., Ltd. (hereinafter referred to as "Kuaike Electronics") will be reviewed, with Haitong Securities as its sponsor. Kuaike Electronics intends to raise 330 million yuan this time, and the number of shares to be issued shall not exceed 16 million shares, accounting for no less than 25% of the total share capital after the issuance.
According to the prospectus, the controlling shareholder and actual controller of the company is Duan Zhenggang, who now directly holds 63.63% of the company's shares, has no indirect shares, and serves as the chairman and general manager of the company, and Hou Yanli serves as a director of the company and does not hold shares in the company.
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The gross profit margin of the main business is higher than that of the same industryFounded in 2005, the company focuses on the new energy industry solar photovoltaic modules and photovoltaic power plant electrical protection and connection field, mainly engaged in photovoltaic junction boxes and photovoltaic connector series products research and development, production and sales, including photovoltaic cell module current transmission, bypass protection and connection integration of photovoltaic junction boxes and connectors.
From 2018 to January to June 2021, the operating income of Kuaike Electronics was 305 million yuan, 353 million yuan, 503 million yuan and 314 million yuan, and the net profit attributable to the mother after deducting non-deductions was 32.6481 million yuan, 410.678 billion yuan, 57.6928 million yuan and 26.22 million yuan, respectively. The main reason for the increase in operating income is that under the background of "carbon peaking" and "carbon neutrality", the photovoltaic power generation industry has developed rapidly, driving a substantial increase in the demand for upstream photovoltaic main and auxiliary materials, and the company's operating income has increased accordingly. The increase in net profit was significantly lower than the increase in operating income, mainly due to the rise in global commodity prices and chip shortages, and the increase in the purchase price of the company's main raw materials to varying degrees, thereby eroding the company's profits.
From 2018 to the first half of 2021, the company's main core finance, source, prospectus
During the reporting period, the company's comprehensive gross profit margin was 20.59%, 24.54%, 24.40% and 19.40% respectively, showing a trend of first rising and then falling, mainly due to the impact of factors such as industry policies, production process and process improvement, and raw material price fluctuations.
From 2018 to the first half of 2021, the gross profit margin of the company's main business, figure source, prospectus
From 2018 to the first half of 2021, the gross profit margin of the relevant business segments of comparable listed companies in the same industry was 18.49%, 19.58%, 19.26% and 15.83%, respectively. Compared with the above-mentioned companies in the same industry, the gross profit margin of the company's main business is relatively high, mainly because the main parts of the company's products are directly purchased in addition to the diode, other such as cables, connectors, box covers, boxes, conductive metal parts, etc. are all processed and produced by the company itself, the vertical integration of product production is high, and the control of product quality and product cost is strong, so the gross profit margin of the product is relatively high.
Comparison of the company's gross profit margin with the same industry from 2018 to the first half of 2021, figure source, prospectus
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Raw material prices fluctuate greatlyDuring the reporting period, the main business income of Kuaike Electronics included photovoltaic junction boxes and photovoltaic connectors, and during the reporting period, the main business income was 305 million yuan, 352 million yuan, 500 million yuan and 310 million yuan, accounting for 99.95%, 99.59%, 99.35% and 98.85% of the operating income, respectively. From the perspective of the production and sales rate of the main business, the production and sales of photovoltaic junction boxes are 99.43%, 98.33%, respectively.
99.27% and 97.04%; the production and sales rate of photovoltaic connectors was 90.73%, 106.22%, 99.15% and 95.33% respectively, and the production and sales rate of photovoltaic junction boxes and photovoltaic connectors of the company's main products remained at a high level.
Main business composition from 2018 to the first half of 2021, source, prospectus
Main product output and sales volume from 2018 to the first half of 2021, source, prospectus
Back to the raw materials, the company's main business photovoltaic junction boxes and photovoltaic connectors the main raw materials are plastic particles, copper, electronic components and so on. From 2018 to the first half of 2021, the company's direct material costs accounted for 82.47%, 80.74%, 83.00% and 84.43% of the company's main business costs in the current period, respectively. Since the second half of 2020, the price of commodities such as copper has continued to rise, reaching a historically high price level, and the company is facing huge upward pressure on costs.
In the global commodity prices continue to rise and chip shortage impact, the company's main raw materials procurement prices have risen to varying degrees, the first half of 2021 copper, plastic particles and diodes procurement average price compared with 2020 increased by 26.60%, 6.08% and 44.00% respectively, raw material prices rose, directly led to a decline in the level of profitability of the main business.
Changes in the prices of major raw materials from 2018 to the first half of 2021
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The proportion of R&D investment is higher than that of the same industryFrom 2018 to the first half of 2021, the company's R&D expenses were 15.8611 million yuan, 22.7874 million yuan, 25.7358 million yuan and 15.3316 million yuan, showing a rapid growth trend, mainly due to the rapid technological update of the photovoltaic industry, the company in order to maintain product competitiveness, and continuously improve the material performance, electrical properties and mechanical properties of photovoltaic junction boxes and connectors, and continue to increase R & D investment.
R&D investment from 2018 to the first half of 2021 compared with the same industry, figure source, prospectus
From 2018 to 2020, the proportion of research investment in Kuaike Electronics is higher than the average level of the same industry. First of all, the main companies in the same industry to the production and sales of junction box products, the company's products in addition to the junction box also includes featured products photovoltaic connectors, product production vertical integration degree is high, need to maintain photovoltaic junction boxes and connectors product performance is stronger, so the involvement of more research and development projects, research and development investment is higher.
In addition, the company's research and development focus is not only on general-purpose junction boxes and connectors, but also involves the research and development of smart junction boxes, especially MPPT efficiency optimization and fire shutdown smart junction boxes. In addition, the company also actively carries out research and development of photovoltaic industry-related products, such as photovoltaic combiner boxes, energy storage connectors, PVT cogeneration and other products, so the research and development expenses are relatively high.
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brief summary
In the context of "carbon peak" and "carbon neutrality", the development of renewable energy has become the consensus of all countries in the world, photovoltaic new energy has become a key development industry in the world, Kuaike Electronics is in the photovoltaic industry chain, committed to the field of electrical protection and connection of solar photovoltaic modules and photovoltaic power plants, and has accumulated certain experience. However, the photovoltaic industry is a long-term development process, and it is greatly affected by policies and raw material prices, and the company will inevitably be affected by some in the development. Looking forward to the future, the company needs to increase the research and development of scientific research and technology, comprehensively expand its own photovoltaic product industry chain, meet customer needs at the same time, accelerate the occupation of market share, so as to become bigger and stronger.