On July 1, Capital State learned that China Post Technology Co., Ltd. (hereinafter referred to as "China Post Technology") was accepted by the Shanghai Stock Exchange for listing on the Science and Technology Innovation Board, and this time it intends to raise 1 billion yuan.
Image source: The official website of the Shanghai Stock Exchange
China Post Technology is a leading comprehensive solution provider in the field of domestic intelligent logistics system, adhering to the service tenet of "customer first, thinking of customers", adhering to the business philosophy of "leading logistics technology, making transmission simpler", and is committed to becoming the main force of intelligent logistics system core technology research and development, system integration and equipment manufacturing, as well as the leader of intelligent logistics solutions.
The company is mainly engaged in intelligent logistics system research and development, design, production, sales and provide related services, products mainly include intelligent sorting system, intelligent transmission system, etc., with a variety of application scenarios for terminal customers customized, professional and intelligent intelligent logistics system and technical service capabilities. At the same time, the company also actively explores the field of intelligent special vehicles, through the independent transformation of multi-type, high value-added special vehicles, to provide downstream customers with personalized and customized models, to fully meet customer needs.
Image source: Company prospectus
According to financial data, the company's revenue in 2019, 2020 and 2021 was 1.225 billion yuan, 1.425 billion yuan and 2.058 billion yuan, respectively; The corresponding attributable net profit in the same period was 50.4912 million yuan, 43.7513 million yuan and 93.6906 million yuan, respectively.
The company meets the first set of listing criteria stipulated in Article 22 of the Rules for the Review of the Issuance and Listing of Shares on the Science and Technology Innovation Board of the Shanghai Stock Exchange, namely: "The expected market value is not less than RMB1 billion, the net profit in the last two years is positive and the cumulative net profit is not less than RMB50 million, or the expected market value is not less than RMB 1 billion, and the net profit in the most recent year is positive and the operating income is not less than RMB 100 million." ”
Image source: Company prospectus
The funds to be raised this time are used for the R&D and intelligent manufacturing base project of China Post Xinyuan, the project of China Post Science and Technology R&D Center, the research and development project of cutting-edge technology of intelligent logistics equipment, the information construction project, and the supplementary working capital.
Image source: Company prospectus
China Post Capital holds 65.17% of the shares of the issuer and is the controlling shareholder of the issuer. The Postal Group holds 100% of the equity of China Post Capital, and through China Post Capital holds 65.17% of the shares of the issuer, which is the actual controller of the issuer.
China Post Technology admits that the company faces the following risks:
(1) The risk of high customer concentration
During the reporting period, the sales revenue of the company's top five customers accounted for 86.54%, 92.56% and 92.56% of the current operating income, respectively, and the relative concentration of the company's customers was related to the high concentration of the downstream industry. The express logistics industry is one of the most important application areas of intelligent logistics equipment, showing the characteristics of scale and centralization.
In recent years, the company's customers Postal Group, SF, JD.com, Yunda, Debon and other leading enterprises occupy the main market share, if the company can not meet the personalized needs of customers or other downstream market demand in a timely manner through product innovation and other ways, or the main customers due to market downturn and other reasons to change their own business conditions, resulting in a sharp decline in demand for the company's products, will have an adverse impact on the company's operating performance.
(2) The risk of a relatively high proportion of related party transactions
During the reporting period, the company's related sales amounted to 547.1387 million yuan, 725.5717 million yuan and 603.5061 million yuan respectively, accounting for 44.68%, 50.91% and 29.33% of the operating income of the current period, respectively, mainly for the company to provide the postal group with intelligent sorting system, intelligent transmission system and intelligent special vehicle sales revenue. The postal group and the company are the leading enterprises in the field of express logistics industry and intelligent logistics system services in the mainland, respectively, and the business cooperation is reasonable.
The business cooperation between the two parties is based on the fair market price, and the proportion of related sales in the current period in 2021 has dropped to less than 30%. However, if the related sales revenue of such related parties is significantly reduced, and the company fails to continue to develop and expand new customers and new businesses, it will adversely affect the company's operating results.
(3) The risk of intensification of market competition
In recent years, the scale of the mainland intelligent logistics equipment manufacturing market has maintained a rapid growth trend, has been quite large, providing sufficient space for the company to develop, during the reporting period, the company's operating income was 1224.603 million yuan, 1425.2968 million yuan and 2057.6287 million yuan, 2020 and 2021 respectively increased by 16.39% and 44.36%.
However, with the increasing demand for intelligent logistics systems from downstream customers, the competitiveness of the original competitors in the industry has improved, coupled with the gradual increase in new entrants, which may lead to the intensification of competition in the industry in which the company is located. If the company cannot effectively maintain the leading edge of core technology in market competition, and cannot meet the customer's requirements for the continuous improvement of the efficiency, stability and accuracy of intelligent logistics equipment, the company will face greater market competition risks, the gross profit margin has a certain possibility of fluctuation, and the company's market position may decline.
(4) The risk of bad debts in accounts receivable and contract assets
During the reporting period, as the company's revenue scale continued to grow, the scale of accounts receivable and contract assets increased accordingly. At the end of each reporting period, the book balances of the Company's accounts receivable and contract assets were RMB772.1217 million, RMB819.5157 million and RMB835.5645 million, accounting for 63.05%, 57.50% and 40.61% of the operating income of each period, respectively. In the future, with the expansion of the company's operating scale, the balance of accounts receivable and contract assets may further increase.
If there is a material adverse change in the operating situation or financial position of the company's main customers in the future, it may lead to the extension or even non-recovery of the company's accounts receivable and contractual assets and bad debts, which will adversely affect the company's operating performance.
(5) The risk of fluctuations in the supply of raw materials and purchase prices
The raw materials mainly purchased by the company mainly include mechanical hardware, electrical, structural, metal materials, chassis, low-value consumable and auxiliary, other categories. During the reporting period, the proportion of direct materials in the company's operating costs exceeded 80%, and the cost of major raw materials had a greater impact on the company's operating costs. If there is a shortage in the supply of the main raw materials required for the production of the issuer or a relatively large fluctuation in the price due to significant changes in industry policies and market environment in the future, the profitability of the issuer will be adversely affected.
(6) The risk of defects in the own property
As at the date of signing of this Prospectus, guangdong Xinyuan, a wholly-owned subsidiary of the Issuer, has approximately 13,266.00 square meters of buildings located in Tianhe District, Guangzhou Without Obtaining a Certificate of Ownership. The main purposes of these properties are office buildings, production workshops, warehouses and staff canteens. These unlicensed properties have been built for a long time and cannot be issued for ownership certificates due to the lack of necessary construction procedures for historical reasons. After fully considering the above situation, the issuer plans to relocate the production and operation business of Tianhe District of Guangzhou to the R&D and intelligent manufacturing base of Zhongyou Xinyuan in Nansha District, Guangzhou, and gradually demolish the above-mentioned defective properties according to the production and operation situation.
The above related property defects may result in the Company being unable to continue to use the Relevant Property or the Relevant Property being required to be demolished, thereby requiring the Company to find alternative properties that may have a certain impact on the Company's business operations in the short term; In addition, there may be a potential risk that the company will be penalized by the relevant local authorities.
(7) The risk of the new crown epidemic affecting the normal production and operation of the company
Since 2020, the outbreak of the new crown pneumonia epidemic has affected various places at home and abroad to varying degrees. Due to the epidemic prevention and control measures such as isolation and traffic control, the downstream customer bidding process, the installation and implementation of the project site, and the company's domestic and foreign business expansion have been delayed, and the order acquisition time point and the overall project implementation progress have been affected to a certain extent. If the global epidemic cannot be effectively controlled, it may adversely affect the company's operating performance.
This article originated from Capital State
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