"Science and Technology Innovation Board Daily" (Shanghai, reporter Zhang Yangyang) news, Guangzhou Si linjie technology co., LTD. (hereinafter referred to as "si linjie") will open the subscription on the science and technology innovation board on March 3, the subscription code is 787115, the issue price is 65.65 yuan / share, a total of 16.67 million shares, to raise 557 million yuan.
According to the prospectus, Si Lin Jie is a technology enterprise in the field of industrial automation testing, mainly engaged in the design, research and development, production and sales of industrial automation testing products such as embedded intelligent instrument modules.
Among the many fruit chain companies that Apple "feeds", Si Linjie is one of them. The latter's main product embedded intelligent instrument module is mainly designed and developed according to Apple's testing needs, and the direct customers are mainly testing equipment companies related to Apple's industrial chain.
While the "fruit chain" brings high gross profit to Si Linjie, it also leads to its high dependence on the apple industry chain. At the same time, Si Linjie's accounts receivable have increased year after year, and it also indicates that the accounts receivable are too high risk in the prospectus.
Revenue and risk are "fruit chains"
In the field of industrial automation testing, traditional instrumentation manufacturers provide standard solutions for generalized application needs, that is, a large number of standard instruments are used to detect different index parameters.
Si Linjie said that based on market pain points and application needs, the company proposed to replace the traditional solution with an embedded intelligent instrument module, which can be customized according to the customer's customized detection needs, through the use of controller modules with different functional modules to meet the various detection needs of customers.
According to financial data, from 2018 to 2020 and the first half of 2021 (reporting period), Si Linjie's operating income was 121 million yuan, 119 million yuan, 189 million yuan and 117 million yuan, and the net profit attributable to the mother was 45.1053 million yuan, 29.5885 million yuan, 62.8343 million yuan and 37.7093 million yuan, respectively.
Si Linjie's main product embedded intelligent instrument module is mainly designed and developed according to Apple's testing needs, and the direct customers are mainly related testing equipment companies in Apple's industrial chain.
In the past three years, the revenue brought by apple industry chain accounted for 94.72%, 85.03% and 90.85% of The total revenue of Silinjie, respectively. Attaching to the "fruit chain" also allows Si Linjie to maintain a gross profit margin higher than the industry average for a long time.
From 2018 to the first half of 2021, the comprehensive gross profit margin of Slylinger was 77%, 76.31%, 77.78% and 79.16%, respectively. Among them, the gross profit margin of the main product embedded intelligent instrument module was higher, with 79.35%, 82.30%, 81.35% and 82.51% respectively during the reporting period. The product is mainly used for PCBA function detection of Apple electronic products.
There is a dependence on the Apple industry chain, which has also become the first major risk disclosed in The Prospectus of Si linjie. The company said that part of the production capacity of Apple's industrial chain may be relocated from China to the United States or other parts of the world, and if the company is unable to complete the layout abroad and smoothly dock related businesses, it will adversely affect the company's operations.
In this regard, Zhou Maolin, chairman and general manager of Silinjie, responded to the "Science and Technology Innovation Board Daily" reporter during the online roadshow that in recent years, the company has gradually increased the expansion of well-known customers outside the apple industry chain, and obtained relevant qualified supplier qualifications, and the corresponding customers will gradually enter the large-scale procurement stage. In the future, it will further expand the extension of the company's products to the field of new energy vehicle electronics, 5G communications and IC testing, enrich the company's business areas, and create new profit growth points.
Accounts receivable from large customers as suppliers have increased year after year
Si Linjie disclosed that the company's service customers include Yuntaili, Zhenyun Precision, Jingshi Measurement and Control, Quanta Group, Hon Hai Group, Jingji Electronics, VIVO, Luxun Precision, Goertek, etc. In addition to Apple, it is also a supplier to Companies such as Amazon, Amphino, Facebook, Tokyo Electronics, and Soroku.
Among them, Yuntaili is the largest customer of Silinjie, and from 2018 to 2020, the income brought by Yuntaili was 52.2754 million yuan, 29.6521 million yuan and 81.1613 million yuan, which were the first, second and largest customers of the corresponding year, respectively.
At the same time, Yuntaili also entered the list of the top five suppliers of Silinjie in 2019, involving a procurement amount of 1.2757 million yuan, accounting for 5.16% of the annual procurement.
This also means that Srincher has a situation where large customers are suppliers.
The reporter of "Science and Technology Innovation Board Daily" also noted that Si Linjie's accounts receivable have increased year after year, and it also suggested that the accounts receivable were too high risk in the prospectus.
At the end of each reporting period, the balance of Si Linjie's accounts receivable was 42.7337 million yuan, 53.5088 million yuan and 116.4255 million yuan, respectively. At the end of the last three years, the balance of the company's accounts receivable accounted for 35.21%, 45.12% and 61.70% of the current operating income, respectively. Among them, the total amount of accounts receivable of the top five customers accounted for 93.51%, 90.22%, 92.98% and 91.74% of the total accounts receivable, respectively.
This directly led to a decline in Slinker's accounts receivable turnover. During the reporting period, the accounts receivable turnover ratio of Si Lin Jie was 4.92, 2.59, 2.34 and 0.81 respectively.
In this regard, Zhou Maolin responded to the "Science and Technology Innovation Board Daily" reporter that the company's current account receivable balance growth is mainly due to the rapid expansion of the company's scale and the corresponding increase in the balance of accounts receivable; affected by the new crown epidemic, some customers are tight on funds, and the speed of payment collection has become slower, resulting in an increase in the balance of accounts receivable. At the same time, the credit status of the company's top five accounts receivable customers is good, and the payment collection situation after the period is normal.