Source: China Economic Network
China Economic Network Editor's Note: On April 9, Xiamen Liding Optoelectronics Co., Ltd. (hereinafter referred to as "Liding Optoelectronics") made its debut. Liding Optoelectronics intends to be listed on the main board of the Shanghai Stock Exchange, and intends to issue 41 million shares, the sponsor (lead underwriter) is Guojin Securities, and the sponsor representatives are Fu Zhifeng and Yang Hongyong. Liding Optoelectronics plans to raise 547 million yuan this time, which will be used for "optical lens intelligent manufacturing project" and "R & D center upgrade project".
Xiamen Yiweida Investment Co., Ltd. is the controlling shareholder of Liding Optoelectronics, holding 75.00% of the company's shares. The actual controllers of Liding Optoelectronics are Wu Fubao and Wu Hongyue father and son, who together hold 67.1064% of the company's equity. Among them, Wu Hongyue, a Chinese national, has permanent residency in the United States.
At the end of 2016, the end of 2017, the end of 2018 and the end of June 2019, the total assets of Liding Optoelectronics were 217 million yuan, 366 million yuan, 594 million yuan and 634 million yuan, respectively; the total liabilities were 86.2998 million yuan, 129 million yuan, 156 million yuan and 105 million yuan, respectively; the company's consolidated caliber asset-liability ratio was 39.82%, 35.19%, 26.32% and 16.56%, respectively, and the asset-liability ratio was low.
In 2016, 2017, 2018 and January to June 2019, Liding Optoelectronics achieved operating income of 239 million yuan, 421 million yuan, 526 million yuan and 229 million yuan, respectively; net profit attributable to the owners of the parent company was 87.8491 million yuan, 135 million yuan, 201 million yuan and 92.0452 million yuan, respectively; net cash flow from operating activities was 54.4627 million yuan, 139 million yuan and 291 million yuan, respectively. 94.7156 million yuan. Among them, in 2016, 2017, 2018 and January to June 2019, the cash received by the company from the sale of goods and the provision of labor services was 227 million yuan, 415 million yuan, 548 million yuan and 231 million yuan, respectively.
In 2017 and 2018, the operating income of Liding Optoelectronics increased by 76.27% and 24.87%, respectively, and the net profit attributable to the shareholders of the parent company increased by 53.79% and 49.07%, respectively, and the net profit attributable to the shareholders of the parent company matched the increase in operating income to a low degree. It is worth noting that from January to June 2019, operating income fell by 1.97% year-on-year; net profit attributable to shareholders of the parent company increased by 12.55% year-on-year.
Export business is an important source of income and profit for Liding Optoelectronics. During the reporting period, the overseas sales revenue of Liding Optoelectronics' main business was 157 million yuan, 299 million yuan, 412 million yuan and 180 million yuan respectively, accounting for 65.80%, 70.85%, 78.24% and 78.85% of the main business income, respectively. Therefore, the changes in trade policies of major selling countries, exchange rate changes and other factors have a greater impact on the operating performance of Liding Optoelectronics.
At the end of each reporting period, the book value of liding optoelectronics' accounts receivable was 39.0486 million yuan, 67.0315 million yuan, 65.6665 million yuan and 66.1194 million yuan, accounting for 18.02%, 18.33%, 11.06% and 10.43% of the total assets, respectively, and the turnover rate of accounts receivable was 8.01 times, 7.55 times, 7.53 times and 6.60 times, respectively. Accounts receivable turnover rate is higher than comparable companies in the same industry.
At the end of each reporting period, the book value of Liding Optoelectronics inventory was 60.0077 million yuan, 71.4286 million yuan, 93.9935 million yuan and 67.4754 million yuan, accounting for 27.69%, 19.54%, 15.83% and 10.64% of the total assets, respectively, and the inventory turnover rate was 2.52 times, 2.84 times, 2.75 times and 2.34 times, respectively. Inventory turnover is lower than other comparable companies in the same industry.
In 2019, the company's asset impairment losses were all due to inventory price losses. The asset impairment losses of Liding Optoelectronics during the reporting period were -4.3846 million yuan, -3.6952 million yuan, -10.3783 million yuan and -3.0003 million yuan, of which the inventory price losses were -2.3156 million yuan, -214.62, -10.1035 million yuan and -3.0003 million yuan, respectively.
The gross profit margin of the main business of Liding Optoelectronics in each period during the reporting period was 54.40%, 54.24%, 52.98% and 52.21%, respectively. During the reporting period, the gross profit margin of domestic sales continued to rise, the gross profit margin of overseas sales continued to decline, and the overseas gross profit margin was higher than that in China, but the trend of change was reversed, and the gap gradually narrowed.
The gross profit margin of Liding Optoelectronics is significantly higher than that of comparable listed companies in the same industry. Liding Optoelectronics said that it is mainly affected by many factors such as the market, application fields, customers, competitors, major products and their technical level.
The capacity utilization rate of Liding Optoelectronics showed a downward trend. In 2016, 2017, 2018 and January to June 2019, the capacity utilization rate of Liding Optoelectronics was 96.32%, 90.58%, 91.03% and 79.15% respectively.
Since 2018, Liding Optoelectronics has continuously reduced its staff. From 2016 to 2018 and from January to June 2019, the number of employees of Liding Optoelectronics was 659, 997, 916 and 895 respectively. Liding Optoelectronics reduced its employees by 81 in 2018 and 21 in the first half of 2019.
As of June 30, 2019, Liding Optoelectronics has 138 R&D personnel, including 1 master's degree, accounting for 0.72%; 23 undergraduates, accounting for 23.19%; 18 junior colleges, accounting for 13.04%; and 87 secondary schools and below, accounting for 63.04%. There is no full-time manager of the R&D department, and Wu Fubao, chairman and general manager, concurrently serves as the manager of the R&D department; the deputy manager of the R&D department is Xu Jinlong. Xu Jinlong, born in August 1987, college degree.
The number of customers of Liding Optoelectronics has decreased year by year. In 2017, 2018 and January to June 2019, the number of trading customers of Liding Optoelectronics was 797, 691 and 522 respectively. From 2018 onwards, the number of retired customers of Liding Optoelectronics is higher than the number of new customers. In 2017, 2018 and January to June 2019, the number of new customers of Liding Optoelectronics was 380, 290 and 194, and the number of exit customers was 312, 396 and 363, respectively. In addition, during the reporting period, the main reason for the return of major customers was quality defects, and the overall amount incurred was small.
From 2016 to 2018, Sanming Fordco Optoelectronics Co., Ltd. has been the largest supplier of Liding Optoelectronics. From January to June 2019, the procurement ranking of Sanming Fordke Optoelectronics Co., Ltd. fell to ninth place, mainly due to the expansion of liding photoelectric glass spherical lens production capacity and the decline in the demand for finished lens products, and the company reduced the purchase of finished lens products.
During the reporting period, Wang Xiongying, director of Liding Optoelectronics, was involved in a traffic accident case, resulting in 1 death and many injuries. Wang Xiongying bears the main responsibility for the accident. After the incident, Wang Xiongying actively cooperated with the investigation of the public security organs and procuratorial organs, properly negotiated with the family of the deceased/injured person, compensated for economic losses, obtained the forgiveness of the family of the deceased/injured, and obtained a decision not to prosecute issued by the Nanjing County People's Procuratorate.
According to the Securities Market Weekly, the operating data such as Liding Optoelectronics production procurement are obviously contradictory. The report pointed out that the procurement data and the sales data disclosed by the supplier are very different, the accounts payable and the receivables data disclosed by the supplier cannot be matched, the lens procurement and commissioned processing data and the output data are inconsistent, and the submission of such a loophole-filled prospectus, does Liding Optoelectronics want to challenge the bottom line of the IPO review?
According to the "Fundamental Force Field" report, the doubts of Liding Optoelectronics are very large, and the production of similar products has far exceeded the sales price and gross profit margin of the same industry. According to the report, in 2018, the sales unit price of Liding Optoelectronics' fixed focus lens products was more than 4 times that of similar products of other companies in the same industry; at the same time, the sales unit price of Zoom lenses that accounted for more than 60% of the main business revenue was also equivalent to more than 3 times that of Yu pupil optics. The core raw materials of Liding Optoelectronics and Yuhong Optics include optical lenses, and the difference in the purchase price of the two companies is not large. This also means that the core raw materials on which the final lens products of the two companies rely are not very different, in this context, what is the reason for the price difference between the final products that are several times, and Liding Optoelectronics can have a multiple of the gross profit margin of Yu hitomi optics?
The reporter of China Economic Network sent an interview outline to Liding Optoelectronics, but did not receive a reply as of press time.
Wu Hongyue, one of the actual controllers, has permanent residency in the United States
Liding Optoelectronics focuses on the design, production and sales of optical lenses, designing and producing fixed focus, zoom, fisheye, distortion-free and other series of optical lens products, which are widely used in security video surveillance, in-vehicle imaging systems, emerging consumer electronics, machine vision and other fields.
Liding Optoelectronics intends to be listed on the main board of the Shanghai Stock Exchange, and intends to issue 41 million shares, the sponsor (lead underwriter) is Guojin Securities, and the sponsor representatives are Fu Zhifeng and Yang Hongyong. Liding Optoelectronics intends to raise 547 million yuan this time, of which 458 million yuan is used for the "optical lens intelligent manufacturing project" and 88.626 million yuan is used for the "R & D center upgrade project".
The controlling shareholder of Liding Optoelectronics is Yiweida Investment, holding 75.00%; the actual controllers are Wu Fubao and Wu Hongyue father and son, of which Wu Fubao indirectly holds 51.3624% of the equity of the company through Yiweida Investment, Yiweida Partnership, Dingzhijie Partnership, Xinliding Partnership and other entities, and Wu Hongyue indirectly holds 15.7439% of the equity of the company through Yiweida Investment, and the two hold a total of 67.1064% of the company's equity.
Wu Fubao: Born in November 1963, Chinese nationality, no right of permanent residence abroad, master's degree. He is currently the chairman of Yiweida Investment, the executive partner of Yiweida Partnership, the executive partner of Dingzhijie Partnership, the executive partner of Xinliding Partnership, the executive director of Xiamen Dinghao, the executive partner of Liding Partnership, the director of Xiamen R&F or Mu, the director of Xiamen Xinliding, the chairman and general manager of Haicang Liding, the chairman and general manager of Zhangzhou Yiweida, the chairman and general manager of Zhangzhou Liding, the chairman and general manager of Xinliding high-tech zone, the chairman and general manager of Huiding of High-tech Zone, the chairman of Xiamen Yunzhituo, Executive Director and Manager of Shangrao Liding, Director, CEO and CFO of Yiweida, Chairman of Xiamen Ruiying, and Chairman and General Manager of Liding Optoelectronics.
Wu Hongyue: Born in October 1992, Chinese nationality, with permanent residency in the United States, bachelor degree. He once served as a sales engineer, optical design engineer, technical support director of Liding Limited, supervisor of Xiamen Dinghao, and is currently a director and secretary of the board of directors of Liding Optoelectronics.
Net profit matched the increase in operating income to a lower degree In the first half of 2019, operating income grew negatively
In 2016, 2017, 2018 and January to June 2019, Liding Optoelectronics achieved operating income of 239 million yuan, 421 million yuan, 526 million yuan and 229 million yuan, respectively; net profit attributable to the owners of the parent company was 87.8491 million yuan, 135 million yuan, 201 million yuan and 92.0452 million yuan, respectively; net cash flow from operating activities was 54.4627 million yuan, 139 million yuan and 291 million yuan, respectively. 94.7156 million yuan.
In 2016, 2017, 2018 and January to June 2019, the cash received by Liding Optoelectronics from the sale of goods and the provision of labor services was 227 million yuan, 415 million yuan, 548 million yuan and 231 million yuan, respectively.
The prospectus of Liding Optoelectronics pointed out that during the reporting period, in 2017 and 2018, the company's operating income increased by 76.27% and 24.87%, and the net profit increase was 53.88% and 50.01% respectively
Low, mainly because in 2017 and 2018, the issuer carried out employee shareholding, recognized the share payment fee of 19.0505 million yuan and 1.1163 million yuan respectively, the share payment is a non-recurring profit and loss, which is the main item affecting the company's non-recurring profit and loss, in 2017 and 2018, the net profit attributable to the common shareholders of the parent company after deducting non-recurring gains and losses increased by 83.86% and 27.09%, respectively, which matched the increase in operating income.
From January to June 2019, the increase in operating income and net profit of Liding Optoelectronics was -1.97% and 13.03% respectively over the same period of the previous year, and the degree of matching was low, mainly because the company received more government subsidies and customer material compensation from January to June 2019, and the net profit attributable to the common shareholders of the parent company after deducting non-recurring gains and losses increased by -1.54%, which matched the increase in operating income.
Overseas sales revenue accounts for nearly 80% of the main business income
The prospectus shows that the export business is an important source of income and profit for Liding Optoelectronics. During the reporting period, the overseas sales revenue of Liding Optoelectronics' main business was 157 million yuan, 299 million yuan, 412 million yuan and 180 million yuan respectively, accounting for 65.80%, 70.85%, 78.24% and 78.85% of the main business income, respectively. Therefore, changes in trade policies and exchange rates in major selling countries have a greater impact on the company's operating performance.
Liding Optoelectronics pointed out that the company's export business products are mainly sold to Hong Kong, Taiwan, Japan, South Korea, the European Union, the United States, Canada, Thailand and other regions and countries. At present, in addition to the United States on optical lens products to impose a 25% tariff, other regions and countries on the import of optical lens products do not have a special restrictive trade policy, if the future of the above regional and national trade policies changes, the company's product exports will be restricted, the company's export business will likely decline, adversely affecting the company's operating performance.
Liding Optoelectronics said that the company's export business is mainly priced and settled in US dollars. In recent years, with the reform of the RMB exchange rate system
Affected by changes in the international political and economic situation, the exchange rate of the US dollar against the renminbi fluctuated greatly. Exchange rate fluctuations to the company's foreign currency receivables and foreign currency funds bring certain exchange rate risks, exchange gains and losses led to fluctuations in the company's operating performance, the company's exchange gains and losses during the reporting period were -2.1409 million yuan, 6.6778 million yuan, -5.0525 million yuan and 463,100 yuan, accounting for -2.27%, 4.18%, -2.20% and 0.48% of the operating profit of the current period, respectively.
Gross profit margin is significantly higher than that of comparable listed companies in the same industry Overseas sales gross margin continues to decline
During the reporting period, the gross profit margin of the main business of Liding Optoelectronics in each period was 54.40%, 54.24%, 52.98% and 52.21%, respectively, and the gross profit margin remained at a high level and showed a relatively stable trend.
In addition, during the reporting period, the gross profit margin of domestic sales of Liding Optoelectronics continued to rise, the gross profit margin of overseas sales continued to decline, and the overseas gross profit margin was higher than that in China, but the trend of change was reversed, and the gap gradually narrowed.
Liding Optoelectronics said that the change trend of domestic and overseas consumer lens revenue during the reporting period has the opposite direction of impact on the gross profit margins of china and overseas, which is an important influencing factor that causes the overall gross profit margins of china and abroad to be different and the changes are different.
Behind the four times the unit price of the product sold
According to the "fundamental force field", the high gross profit margin of Liding Optoelectronics is mainly due to the company's extremely high product sales unit price. According to the prospectus, the sales unit price of Liding Optoelectronics' fixed focus lens products in 2018 was more than 4 times that of similar products of other companies in the same industry; at the same time, the sales unit price of Zoom lenses that accounted for more than 60% of the main business revenue was also equivalent to more than 3 times that of Yu pupil optics.
From the perspective of raw material procurement data, the core raw materials of Liding Optoelectronics and Yuhong Optics include optical lenses, and the difference in the purchase price of the two companies is not large. Taking the finished lens products purchased in 2018 as an example, the purchase unit price of Liding Optoelectronics is 2.19 yuan per piece, while the purchase unit price of glass lens finished products and plastic lens finished products of Yu pupil optics is 2.39 yuan per piece, and the purchase unit price of Yu Hitomi Optics is slightly higher than that of Liding Optoelectronics.
This also means that the core raw materials on which the final lens products of the two companies rely are not very different, in this context, what is the reason for the price difference between the final products that are several times, and Liding Optoelectronics can have a multiple of the gross profit margin of Yu hitomi optics?
For this sensitive issue, Liding Optoelectronics did not explain in detail in the prospectus, only lightly saying that "it is mainly affected by many factors such as the market, application fields, customers, competitors, major products and their technical level". This is actually equivalent to not saying anything.
The doubts of Liding Optoelectronics are very large, and the production of similar products has a sales price and gross profit margin that far exceed those of the same industry, which is not impossible, but unreasonable, and requires the company to give a reasonable explanation and a valid reason.
Inventory turnover is lower than other comparable companies in the same industry
According to the prospectus, at the end of each reporting period, the book value of Liding Optoelectronics inventory was 60.0077 million yuan, 71.4286 million yuan, 93.9935 million yuan and 67.4754 million yuan, accounting for 27.69%, 19.54%, 15.83% and 10.64% of the total assets, respectively. As the company's business scales, the number of customers increases, and the downstream application areas expand, so does the inventory that the company needs to provision. The company's inventory is mainly raw materials and inventory commodities, and the above two inventories accounted for 73.78%, 67.46%, 78.05% and 74.70% at the end of each reporting period.
According to the actual situation during the reporting period, Liding Optoelectronics made provisions for inventory price decline of 1.8006 million yuan, 2.8008 million yuan, 11.8210 million yuan and 13.6685 million yuan respectively.
Liding Optoelectronics said that the main reason for the company's inventory impairment is that customers cancel orders or product upgrading, resulting in sluggish finished products and related raw materials. The Company regularly conducts a full assessment of materials that show signs of sluggishness, and on the basis of the assessment, makes provision for the decline in the price of the inventory. Since the main raw materials of optical lenses, such as glass lenses and structural parts, have basically no realizable value, the issuer has made a full provision for impairment of sluggish materials that have been confirmed to be unsalable or reused.
During the reporting period, the inventory turnover rate of Liding Optoelectronics was 2.52, 2.84, 2.75 and 2.34 respectively, and the average values of comparable companies in the same industry were 4.22, 4.42, 4.36 and 3.83, respectively. Liding Optoelectronics said that due to the variety of optical lenses and their main raw materials glass spherical lenses, the production cycle is longer, the production steps are more, the production process is more complex, etc., resulting in more raw materials and higher balances of raw materials and inventory commodities, the inventory turnover rate is lower than that of other comparable companies in the same industry.
The asset impairment loss in 2019 was all due to the loss of inventory price decline
The asset impairment losses of Liding Optoelectronics during the reporting period were -4.3846 million yuan, -3.6952 million yuan, -10.3783 million yuan and -3.0003 million yuan, respectively.
Liding Optoelectronics said that from 2016 to 2018, the company's asset impairment losses were mainly bad debt losses and inventory price losses. Bad debt losses are provisions for bad debts based on the principle of prudence, and the company's accounts receivable are of good quality, and the actual likelihood of bad debts is less likely.
During the reporting period, some of the inventory of Liding Optoelectronics showed signs of impairment, so a provision was made for the decline in the price of inventory, and in 2019, the company's asset impairment loss was all due to the loss of inventory price decline. In addition, in 2016, the Company made an impairment charge for the saleable financial assets in which it held a 20% stake in Jian'ou Tianxiang Machinery Manufacturing Co., Ltd. During the reporting period, the company did not find any signs of impairment in the construction projects and fixed assets during the reporting period, so no provision for asset impairment was made.
Capacity utilization declined
In 2016, 2017, 2018 and January to June 2019, the capacity utilization rate of Liding Optoelectronics was 96.32%, 90.58%, 91.03% and 79.15% respectively.
One of the investment projects raised by Liding Optoelectronics is the "Optical Lens Intelligent Manufacturing Project", the main body of the project is Liding Optoelectronics, and the implementation site is H2018G01G plot on the northwest side of the intersection of Haijing Road and Haijing North Road in Haicang District, Xiamen City, Fujian Province, with a total investment of 458 million yuan, all of which are planned to be invested in the raised funds. The construction period of this project is a total of 12 months, and it is expected that T4 years (including the construction period) will be fully completed. After the project is fully completed and completed, it is expected that the annual sales revenue will reach 426 million yuan.
Regarding the necessity of project construction, Liding Optoelectronics pointed out that in recent years, limited by the existing production scale, the company's capacity utilization rate has been at a high level, and the company's production capacity has gradually become difficult to adapt to the rapid growth of order scale and quantity. In addition, in order to keep up with the development of the industry, glass-plastic hybrid lenses with both glass lenses and plastic lenses have become the company's key direction in the future.
Liding Optoelectronics said that the company plans to use part of the raised funds to invest in the "optical lens intelligent manufacturing project", on the basis of the existing main business, the new production capacity of glass-plastic hybrid lenses mainly used in security video surveillance, in-vehicle imaging systems, emerging consumers and other fields.
Operating data such as output procurement are obviously contradictory
Securities Market Weekly reported that when reading the prospectus, it was found that the operating data disclosed by Liding Optoelectronics not only had a lot of differences between the procurement data and the sales data disclosed by the supplier, and the accounts payable and the accounts receivable data disclosed by the supplier could not match; there were also many contradictory statements.
According to the prospectus, from 2016 to 2018, Sanming Fordke Optoelectronics Co., Ltd. (hereinafter referred to as "Sanming Fordke") has been the largest supplier of Liding Optoelectronics, and the procurement methods include direct procurement and commissioned processing, including semi-finished lenses and finished lenses, with purchases of 9.7669 million yuan, 21.0658 million yuan and 24.6578 million yuan respectively; at the same time, in the ranking of the balance of accounts payable at the end of the period, Sanming Fordke has also been ranked first. The corresponding accounts payable balances were RMB5.4807 million, RMB8.7839 million and RMB6.8874 million, respectively.
Sanming Fordke is Fujian Fordco Optoelectronics Co., Ltd. (hereinafter referred to as "Fujian Fordke", stock code: 833682. OC' wholly-owned subsidiary, Fujian Fordke's annual report shows that from 2016 to 2018, Liding Optoelectronics has been one of the five major customers of Fujian Fordke, with sales of 10.5553 million yuan, 20.566 million yuan and 24.4659 million yuan, respectively, and has always been the largest customer with the balance of accounts receivable at the end of the period, with the balance of accounts receivable at the end of the period being 6.5219 million yuan, 9.4842 million yuan and 7.4596 million yuan, respectively.
In addition, the prospectus makes it clear that the disclosure of supplier purchases is based on consolidated purchases under the same control. As a transaction transaction, the two parties to the transaction have completely different statements about the transaction amount, and there is no explanation for this in the prospectus, is It compliant for Liding Optoelectronics?
The information disclosed in the prospectus of Liding Optoelectronics not only has the situation that it cannot match the information that is publicly available from the outside, but also has many inconsistencies in the previous and subsequent expressions. Liding Optoelectronics claimed in the prospectus that due to production capacity constraints, the company will solve the problem of insufficient production capacity by directly purchasing finished lens products or entrusting the processing of finished lens products.
"Procurement of main raw materials" shows that because the lens processing capacity can not meet the production needs, so it is necessary to purchase semi-finished glass spherical lens and finished lens products, from 2016 to the first half of 2019, the number of glass spherical lens products directly purchased by Liding Optoelectronics was 10.9654 million pieces, 26.6781 million pieces, 36.0566 million pieces and 1.7274 million pieces, respectively.
However, in the "price changes of major raw materials", it is shown that the purchase quantity of finished lens products of Liding Optoelectronics in the first half of 2016-2019 was 8.7426 million pieces, 21.2545 million pieces, 28.7774 million pieces and 1.3035 million pieces, respectively.
Also in the "procurement of major raw materials", it is shown that from 2016 to the first half of 2019, the number of finished glass spherical lens pieces commissioned by Liding Optoelectronics was 4.9673 million pieces, 2.1934 million pieces, 1.9381 million pieces and 415,400 pieces, respectively.
However, only a few pages apart, the "commissioned processing situation" provides another set of entrusted mirror finished products, from 2016 to the first half of 2019, the number of glass spherical lens products commissioned by Liding Optoelectronics was 4.2164 million, 2.0435 million, 1.7037 million and 387,100, respectively.
This kind of paradoxical expression is also reflected in the expression of optical lens output. Through the search, it was found that in the nearly 600-page prospectus, there were five descriptions of the output data of optical lenses (including fixed focus lenses and zoom lenses) in the first half of 2016-2019, of which four were consistent, that is, in the first half of 2016-2019, the output of optical lenses was 4.5801 million pieces, 8.8433 million pieces, respectively. 10,437,800 pieces and 3,475,900 pieces, the fifth place to describe the production appears when analyzing the ratio between power consumption and optical lens production, and the output of optical lenses used here in the first half of 2016-2019 is 4,580,100 pieces, 8,843,300 pieces, respectively. 10.4378 million pieces and 3.5636 million pieces, comparing these two sets of data, it can be found that the production data for 2016-2018 is the same, and the inconsistency is the production data for the first half of 2019, and the difference between the two is 87,700 pieces, which should not be a negligible difference.
The number of exited customers is higher than the number of new customers
The number of customers of Liding Optoelectronics has decreased year by year. In 2017, 2018 and January to June 2019, the number of trading customers of Liding Optoelectronics was 797, 691 and 522 respectively.
In 2017, 2018 and January to June 2019, the number of new customers of Liding Optoelectronics was 380, 290 and 194, and the number of exit customers was 312, 396 and 363, respectively. The main reason for the addition and withdrawal of customers is that the procurement of some customers is mainly small batch procurement and trial sample procurement, and the procurement frequency and amount of the above customers are low, resulting in a large number of withdrawals and new customers of the issuer during the reporting period.
In 2017, 2018 and January to June 2019, the sales amount of new customers of Liding Optoelectronics was 10.0516 million yuan, 7.4952 million yuan and 5.1183 million yuan, accounting for 2.38%, 1.42% and 2.24% of the current operating income, accounting for a relatively low proportion.
In 2017, 2018 and January to June 2019, the sales amount of Liding Optoelectronics' exit customers in the previous year was 12.5277 million yuan, 7.7016 million yuan and 39.4575 million yuan, accounting for 5.24%, 1.83% and 7.50% of the operating income of the previous year of the exit year, respectively. The main reason for the increase in the sales amount and proportion of the previous year from January to June 2019 is that the top ten customers of Yuansheng Technology in 2018 withdrew due to the adjustment of EMS manufacturers by terminal brand customers Ring.
Continuous downsizing since 2018
From 2016 to 2018 and from January to June 2019, the number of employees of Liding Optoelectronics was 659, 997, 916 and 895 respectively. The number of employees at the end of 2018 decreased by 81 compared with the end of 2017, and the number of employees at the end of June 2019 decreased by 21 from the end of 2018.
Liding Optoelectronics said that the number of employees at the end of 2017 increased compared with the end of 2016, mainly because the number of customer Arlo orders increased at the end of 2017, and the company hired more than 100 production employees for overtime production, so the production personnel increased at the end of 2017. At the end of 2018, the number of employees of the company decreased by 81 people compared with the end of 2017, mainly because the company added a number of automated production equipment in 2018, and the improvement of the company's automated production level made the company's production personnel decrease.
In 2017, the average number of sales staff was 62 people per month, 35 people at the end of 2017, and more sales staff left in 2017, due to the active expansion policy adopted by the company's sales department in 2017, more fresh graduates were recruited, but some new employees left in 2017 due to business difficulties and other factors, and the sales staff in 2018 was relatively stable.
In 2017, the production personnel were relatively stable, the average number of production personnel in 2018 was 915 people, 645 people at the end of 2018, and the production personnel left more in 2018, which was due to the fact that most of the company's new batch of automated production equipment began to be gradually put into production in the second half of the year, so that the number of production personnel decreased at the end of the year; in addition, the production personnel in the grass-roots, auxiliary front-line production employees and other departures are more, the above personnel mobility is more common in the labor-intensive manufacturing industry, Considering that the above-mentioned position employees can basically grasp the job operation requirements after short-term induction training, the relevant position personnel are highly replaceable, and the recruitment is relatively easy, so it will not have a significant adverse impact on the company's production and operation and continuous operation ability.
Only 1 R & D personnel is a master Xu Jinlong, deputy manager of the R&D department, has a college degree
As of June 30, 2019, Liding Optoelectronics has 138 R&D personnel, including 1 master's degree, accounting for 0.72%; 23 undergraduates, accounting for 23.19%; 18 junior colleges, accounting for 13.04%; and 87 secondary schools and below, accounting for 63.04%.
Liding Optoelectronics said that the number and proportion of master's degree personnel in the company's R&D personnel are relatively low, which is determined by the development orientation of the R&D system and the role of production support: the R&D system oriented to market demand and product application; one of the important roles of the R&D system is to support mass production.
The prospectus pointed out that there is no full-time manager in the R&D department, and Wu Fubao, chairman and general manager, concurrently serves as the manager of the R&D department; the deputy manager of the R&D department is Xu Jinlong.
Xu Jinlong: Born in August 1987, Chinese nationality, no right of permanent residence abroad, college degree. He once served as a quality inspector of Jintaiyuan Paper (Shanghai) Co., Ltd., the deputy leader of the production department of Xiamen Taisong Precision Electronics Co., Ltd., a technician, assistant engineer, deputy director of the structural design department and deputy manager of the R&D department of Liding Limited, and is currently the deputy manager of the R&D department of Liding Optoelectronics and the chairman of the supervisory board.
Director Wang Xiongying involved in traffic accidents: caused 1 death and many injuries
The prospectus shows that Wang Xiongying, director of Liding Optoelectronics, was involved in a traffic accident case. Wang Xiongying: Born in August 1966, Chinese nationality, no right of permanent residence abroad, master's degree. He is currently the vice chairman of Yiweida Investment, the chairman of Xiamen Dinghongchuang, the director of Xiamen Xinliding, the director of Haicang Liding, the director of Zhangzhou Yiweida, the director of Zhangzhou Liding, the director of Xinliding of High-tech Zone, the director of Huiding of High-tech Zone, the director of Xiamen R&F or Mu, the director of Xiamen Yunzhituo, the supervisor of Shangrao Liding, the director of Xiamen Ruiying, and the director of Liding Optoelectronics. Indirectly holds 7.9508% of the equity of Liding Optoelectronics.
According to the prospectus, at about 08:35 on December 15, 2017, Wang Xiongying drove a Min D81T07 mini car (carrying Wu Debao, Su Haizhong and Chen Song) along Yuanshan Avenue from the intersection of Caosaka Expressway to Baihuacun to the section of the Accident Road (intersection at the entrance of the China League Science and Technology Park), and collided with the Min E393KG mini car (carrying Lin Damin, Jiang Jianmin, Chen Huaqiang, Zhu Xiaoqing) driven by Lu Shengjie along Jingcheng Avenue from Pinghe to National Highway 319 along the right intersection, causing damage to two vehicles. Lin Damin was injured and died after rescue was ineffective, and Lu Shengjie, Jiang Jianmin, Chen Huaqiang, Zhu Xiaoqing, Wang Xiongying, Wu Debao, Su Haizhong, Chen Song and others were injured in traffic accidents.
Analysis of the causes of the accident: Wang Xiongying drove a motor vehicle on the road to exceed the maximum speed indicated by the speed limit sign, did not stop and look at the intersection without traffic signal control and no traffic police command, did not let the oncoming car on the right side of the road go first, and his behavior violated the provisions of Article 42, Paragraph 1 of the Road Traffic Safety Law of the People's Republic of China and the provisions of Article 52, Item 2 of the Implementing Regulations of the Road Traffic Safety Law of the People's Republic of China, which was the main cause of the traffic accident Lu Shengjie drove a motor vehicle on the road exceeding the maximum speed indicated by the speed limit sign, and his behavior violated the provisions of the first paragraph of Article 42 of the Road Traffic Safety Law of the People's Republic of China, which was the secondary cause of the traffic accident; the parties Lin Damin, Jiang Jianmin, Chen Huaqiang, Zhu Xiaoqing, Wu Debao, Su Haizhong and Chen Song were the occupants and were not at fault in the traffic accident.
Wang Xiongying assumed the main responsibility for the accident, and the Public Security Bureau of Nanjing County, Fujian Province, filed a case for investigation on Wang Xiongying's suspected traffic accident, released Wang Xiongying on guarantee pending further investigation on December 24, 2018, and transferred wang Xiongying to the People's Procuratorate of Nanjing County, Fujian Province, for review and prosecution on January 10, 2019 after the investigation was concluded. On February 16, 2019, the Public Security Bureau of Nanjing County, Fujian Province, decided to release Wang Xiongying on guarantee pending further investigation.
After the incident, director Wang Xiongying actively cooperated with the investigation of the public security organs and procuratorial organs, properly negotiated with the family of the deceased/injured person, compensated for economic losses, obtained the forgiveness of the deceased's family/injured person, and obtained a decision not to prosecute issued by the Nanjing County People's Procuratorate.