Recently, the Listing Committee of the Shanghai Stock Exchange received a reply to the first round of inquiry letter from Anhui Nike Equipment Technology Co., Ltd. (hereinafter referred to as "Neke Equipment"), and Guoyuan Securities is its sponsor. Nike Equipment intends to raise 412 million yuan this time, and the number of shares to be issued will not exceed 20.5 million shares, accounting for no less than 25% of the total share capital after the issuance.
According to the prospectus, the company's equity is relatively dispersed, there is currently no controlling shareholder, the actual controller of the company is Huang Mingjiu, Zheng Tianqin, Wu Chengsheng, Xu Jinfeng, Hu Huogen five people composed of five people of concerted action, a total of directly holding 38.71% of the company's shares.
Company shareholding structure, figure source, prospectus
1
Consolidated gross margin decreased year on year
The company is mainly engaged in the research and development, production and sales of intelligent manufacturing equipment in the field of plastic extrusion molding and semiconductor packaging, and the main products are plastic extrusion molding molds and downstream equipment, semiconductor packaging equipment and molds.
During the reporting period, the operating income of Nike Equipment was 62.6836 million yuan, 86.5271 million yuan, 169 million yuan and 102 million yuan, and the net profit attributable to the mother after deduction was 4.3935 million yuan, 6.7405 million yuan, 31.8257 million yuan and 17.4060 million yuan, respectively. The increase in operating income and net profit was mainly due to the support of national policies and the growth of market demand, and the expansion of the company's business scale.
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 50.76%, 42.29%, 41.15% and 36.68% respectively, and the comprehensive gross profit margin decreased year by year, mainly because the company's products have customized characteristics, and the gross profit margin is sensitive to changes in selling prices, product structure, raw material prices and other factors. Product configurations, performance requirements, and bargaining power may vary from customer to customer, and order prices from the same customer over different periods may vary, resulting in differences in gross margins in different years.
Comparison of the company's consolidated gross profit margin from 2018 to the first half of 2021, figure source, prospectus
During the reporting period, the consolidated gross profit margins of comparable companies in the same industry were 38.64%, 36.87%, 38.62% and 40.97%, respectively. Specifically, from 2018 to 2020, the company's comprehensive gross profit margin is higher than that of comparable companies in the same industry; in the first half of 2021, the company's comprehensive gross profit margin is lower than that of comparable companies in the same industry.
Comparison of the consolidated gross profit margin of the company and comparable companies in the same industry from 2018 to the first half of 2021, figure source, prospectus
2
The proportion of domestic revenue increased
During the reporting period, the company's foreign sales revenue was mainly plastic extrusion molds and downstream equipment sales revenue, and domestic sales revenue was mainly semiconductor packaging equipment and mold business. The sales revenue from China was 6.2439 million yuan, 10.1508 million yuan, 86.6101 million yuan and 55.5931 million yuan, accounting for 10.08%, 11.84%, 51.67% and 54.85% of the main business income in the current year, respectively, mainly due to the rapid expansion of the domestic sales scale of semiconductor packaging equipment and molds, and the proportion of domestic sales revenue in the main business income of the current year showed an upward trend.
The sales revenue from foreign countries was 55.7562 million yuan, 75.5492 million yuan, 80.9962 million yuan and 45.7736 million yuan, accounting for 89.92%, 88.16%, 48.33% and 45.15% of the main business income of the current year, respectively, and the proportion of foreign sales revenue in the main business income of the current year showed a downward trend. In the future, if the demand for semiconductor packaging equipment and molds in China declines or the market competition intensifies, it may adversely affect the company's operating performance.
Analysis of the main business income by region composition from 2018 to the first half of 2021, figure source, prospectus
3
The book value of accounts receivable has increased significantly
At the end of each reporting period, the carrying amount of the company's accounts receivable was 7.7483 million yuan, 6.6454 million yuan, 40.3571 million yuan and 67.5822 million yuan, accounting for 6.17%, 4.73%, 16.71% and 23.34% of the total assets, respectively, and the book value of the accounts receivable increased significantly.
Specifically, plastic extrusion molding molds and downstream equipment are mainly exported, and more than 90% of the payment will be received before shipment, and the balance of accounts receivable is small. Semiconductor packaging equipment is mainly domestic sales, generally after the acceptance of the product to arrange the payment of the main payment, with the rapid growth of semiconductor packaging equipment and mold business scale, the accounts receivable at the end of each period were 467,900 yuan, 2,773,000 yuan, 37.8932 million yuan and 65.72 million yuan, the amount of the company's accounts receivable at the end of each period grew rapidly, if the company can not maintain the effective management of accounts receivable in the future, resulting in timely recovery or actual occurrence of bad debts, will adversely affect the company's operating performance and financial situation.
Overall situation of accounts receivable from 2019 to the first half of 2021, figure source, prospectus
4
brief summary
In recent years, the state has successively issued a number of industrial policies to support the development of the intelligent manufacturing equipment industry in the field of plastic extrusion molding. Nike Equipment focuses on plastic extrusion molding and semiconductor packaging, providing customers with customized and system solutions. With the development of the company, the domestic and foreign business has also increased, and it is necessary to increase resources for research and development, innovative product upgrading, thereby enhancing the company's market position in the plastic extrusion industry.