Per reporter: Wu Zepeng Per editor: Wen Duo
Recently, the review status of the GEM IPO of Changsha Boda Science and Industry Co., Ltd. (hereinafter referred to as Boda Science and Technology Co., Ltd.) was changed to "suspended". The reason for the suspension is the updating of financial information. As early as the beginning of March, Boda Science and Technology has submitted the first round of inquiry responses.
Boda Science and Industry is a deep ploughing of automotive lightweight parts business enterprises, auto parts business revenue accounted for more than 90% of the annual, the main products for automotive aluminum alloy precision die castings, can be widely used in automotive generator systems, starter systems and so on.
According to the gem board website information, Boda Science and Technology intends to raise 332.56 million yuan, and the sponsoring institution is Guotai Junan.
"Daily Economic News" reporter inquired about the updated version of the prospectus (referring to the draft declaration, the same below) found that Boda Science and Technology has added "industrial robots" in the company's product application field, Boda Science and Technology said that in the first half of 2021, new customers and products in the field of industrial robots were newly developed.
It is worth noting that according to the inquiry response materials, Boda Science and Technology and its subsidiaries have not obtained the "Radiation Safety License" to use radioisotopes and radiation devices, and only obtained the license in September 2021. However, Boda Science and Technology did not explain the issue in detail in the prospectus. In this regard, the reporter sent an interview letter to Boda Science and Technology, but as of press time, there was no reply.
Data source: The reporter sorted out the picture network map Yang Jing made a map
The five major customers accounted for more than 90% of the revenue
Automobile lightweight is an important way to achieve automobile energy saving and emission reduction, is an important direction for the development of the global automobile industry, and aluminum alloy is one of the most important lightweight materials, Boda Science and Industry is a related enterprise.
According to the prospectus, the main products of Boda Kegong can be widely used in automotive generator systems, starter systems, air conditioning systems, interior systems, wiper systems, engine intake control systems and other products, as well as industrial fans, industrial robots and other application areas.
According to the different application fields, Boda Science and Technology industry will be divided into "automotive parts", "non-auto parts" and "mold" three categories of products, of which auto parts revenue accounted for more than 90%, mainly concentrated in the starter system, generator system and air conditioning system.
Boda Science and Technology said in the prospectus that the company has established long-term and stable cooperative relations with world-renowned auto parts suppliers - mainly including Thorne, Valeo, Denso, Bosch, etc., and the vehicle brands of terminal applications include Volkswagen, Mercedes-Benz, BMW, Audi, etc.
The above-mentioned world-renowned auto parts customers have also become the absolute performance support of Boda Science and Technology. According to the prospectus, from 2018 to 2020 and the first half of 2021, boda science and technology revenue was 300 million yuan, 348 million yuan, 384 million yuan and 218 million yuan, respectively. Among them, the revenue of the top five customers was 272 million yuan, 318 million yuan, 349 million yuan and 189 million yuan, respectively, and the corresponding revenue accounted for 90.69%, 91.47%, 91.03% and 86.63% respectively.
When prompting customers to concentrate risks, Boda Science and Technology said that the automotive industry attaches great importance to the access review and certification of supporting parts suppliers, and after certification, it usually maintains a long-term and stable cooperative relationship with suppliers.
It should be noted that in addition to the automotive field, Boda Science and Technology is also developing new markets, and the above-mentioned "industrial robots" are also new product application areas added by Boda Science and Technology in the updated prospectus. According to its introduction, the company has products used in industrial robot joint arms and other parts, to undertake the function of connecting and fixing, and in the first half of 2021, it will add industrial robot customers Luoshi (Shandong) Intelligent Technology Co., Ltd.
However, the company's total revenue outside of auto parts is still small. From 2018 to 2020 and the first half of 2021, Boda Science and Technology achieved revenue of only 3.5421 million yuan, 3.3423 million yuan, 1.5357 million yuan and 2.2105 million yuan in the field of non-auto parts, respectively; in addition, the annual revenue of mold products is also floating around 15 million yuan.
The development of the new energy vehicle market needs to be improved
At present, when it comes to automobiles, new energy is a topic that cannot be bypassed. Boda Science and Industry also said in the prospectus that the rapid development of new energy vehicles has brought industry opportunities.
According to the introduction, in order to comply with the industry development trend of new energy vehicles, in terms of product structure, Boda Kegong has developed parts and components suitable for new energy vehicles to support new energy vehicle brands such as Tesla, BYD, and Nezha Automobile; in terms of customer groups, Boda Kegong has successfully passed the review of vehicle manufacturers such as BYD, the leading brand of new energy vehicles.
However, judging from the content of Boda Kegong's reply to the first round of inquiries, during the reporting period, the market development of Boda Kegong in the field of new energy vehicles still needs to be improved.
According to the reply, from 2018 to 2020 and the first half of 2021, in the revenue composition of Boda Science and Technology Industry according to the type of terminal vehicle, the revenue of new energy auto parts was 1.0323 million yuan, 3.7237 million yuan, 3.0166 million yuan and 3.2101 million yuan, and the revenue proportion was only 0.34%, 1.07%, 0.79% and 1.49% respectively, which is still at a low level.
Although based on the current situation that "the sales volume of new energy vehicles in the total sales of new energy vehicles is relatively low and relatively stable" and "traditional fuel passenger cars still occupy the mainstream position in the market", Boda Science and Technology still focuses on the traditional fuel passenger car business in product production and sales.
For the future, the company said: "It has carried out technical and product layout in the field of pure electric vehicle parts, and continues to develop related vehicle and parts customer resources, laying the foundation for the future development of pure electric vehicles." ”
In terms of the follow-up market development plan in the field of new energy vehicles, on April 13, 2022, the Daily Economic News reporter contacted Boda Science and Technology through email and telephone, and the company said that due to the relatively tight working time for feedback response, it is expected to reply before April 19, but as of press time, the reporter has not received a reply.
The gearing ratio is higher than that of comparable enterprises
The "Daily Economic News" reporter found that during the reporting period, the asset-liability ratio of Boda Science and Technology Industry was higher than that of comparable enterprises in its peers, although it showed a downward trend year by year, but its solvency still attracted attention.
According to the prospectus, at the end of each period from 2018 to 2020 and the first half of 2021, the asset-liability ratio of Boda Science and Technology was 72.28%, 68.66%, 58.87% and 51.75% respectively, compared with the end of 2018, there has been a great improvement by the end of 2021, but compared with comparable enterprises in the industry, the asset-liability ratio of Boda Science and Technology is still at a high level.
Boda Science and Technology Industry listed Aikodi, Wencan shares, Chervon Automobile and Rongtai shares as comparable companies in the industry, and during the same reporting period, the asset-liability ratio of Ikodi remained within 25%, and the remaining 3 companies also exceeded 50% in less years. At the end of each reporting period, the average asset-liability ratio of the four comparable companies fluctuated at about 35%, so the asset-liability ratio of Boda Science and Technology was higher than that of the industry.
In terms of assets and liabilities, the audit inquiry pointed out that 41 of the 43 self-owned properties of Boda Science and Technology Engineering have mortgages, and some of the land use rights have mortgages. In addition, there are mortgages for 68 machines and equipment such as melting furnaces and cold chamber die-casting machines; the debt repayment indicators are quite different from comparable companies with earlier listing times of Echodi, Wencan shares and Chervon Automobile, so the inquiry requires Boda Science and Technology to further analyze the company's solvency and whether the company has greater financial pressure in combination with the above situation.
Boda Science and Technology said that as of June 30, 2021, the book value of the mortgaged equipment was 24.2252 million yuan, the book value of the mortgaged real estate was 61.7907 million yuan, the book value of the mortgaged land use right was 12.9375 million yuan, the total of the three was 98.9534 million yuan, and the company's total operating assets were 246 million yuan, and the total book value of the collateral accounted for 40.19%.
At the same time, Boda Science and Industry also said that the company's growing operating scale and sustained profitability ensure solvency; good bank credit ensures stable follow-up financing capabilities; and obtaining equity investment also improves solvency.
At the same time, the inquiry also paid attention to the solvency of the actual controller and controlling shareholder of Boda Science and Technology Industry.
The "Daily Economic News" reporter found that the actual controller of Boda Science and Technology Industry and other enterprises controlled by the controlling shareholders include real estate, hotels, catering, property companies and other types, and the debts that have not yet matured mainly include supplier payments, advance housing payments, financial loans, third-party loans, taxes, salaries and others.
According to the response to the first round of inquiries, as of June 30, 2021, the total amount of the above-mentioned debts that had not yet matured in other enterprises controlled by the actual controller and controlling shareholder of Boda Science and Technology Was 804 million yuan; after excluding the advance payment, it was 512 million yuan.
Boda Science and Technology said that the above-mentioned liabilities are within the scope of the solvency of the actual controller and controlling shareholder, and will not affect the stability of the company's control.
According to the prospectus, Bodake Industry and Industry's investment projects include the production base project of automobile lightweight precision parts, the R&D center and the information upgrading construction project, as well as supplementing working capital and repaying bank loans.
On April 20, 2022, the Reporter of the Daily Economic News called Boda Science and Technology again before the press release, but as of press time, he had not received a reply.
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