"Harbor Business Watch" Shi Zifu Wang Lu
After two rounds of review and inquiry letters, Shandong Taipeng Smart Home Co., Ltd. (hereinafter referred to as Taipeng Intelligent) will usher in the first meeting of the Beijing Stock Exchange on September 8.
From the perspective of operation, the risk of revenue decline caused by Taipeng Intelligence's excessive reliance on export sales and large customers is undoubtedly quite large.
Taipeng Intelligent is an enterprise specializing in the design, research and development, production and sales of patio tents and other outdoor leisure furniture products. During the reporting period, the revenue of the company's hard top tent, soft top tent, PC top tent and other patio tents accounted for 86.68%, 89.27% and 91.76% of the main business income, respectively.
01
The negative effects of export dependence are obvious
From 2020 to 2022 (reporting period), the company achieved revenue of 287 million yuan, 472 million yuan and 408 million yuan, and net profit of 18.515 million yuan, 26.647 million yuan and 44.095 million yuan respectively.
It is not difficult to see that in 2022, the company's revenue will decline and its net profit will increase. Taipeng Intelligent said that in 2022, the company's main business income decreased by 13.42% compared with 2021, mainly due to the decline in the company's sales revenue in the European market. Affected by market fluctuations and wars, the European economic development slowed down in 2022, the people's spending power declined, in order to save expenses, the European people extended the use cycle of non-daily necessities, which led to a decrease of 81.4746 million yuan in the company's sales in the European market.
Over the years, relying on export sales, both success and decline may also rise and fall, which undoubtedly requires Taipeng Intelligent vigilance.
The prospectus disclosed that the company's business income mainly comes from export sales, and in 2020, 2021 and 2022, the company's export revenue was 271 million yuan, 460 million yuan and 397 million yuan, accounting for 94.89%, 98.08% and 97.86% of the company's main business income respectively, accounting for a relatively high proportion.
In addition, during the reporting period, the sales revenue of the company's products exported to the United States was 169 million yuan, 250 million yuan and 250 million yuan, accounting for 58.98%, 53.34% and 61.44% of the company's main business income in the year.
The negative effect still affects Taipeng Intelligence's revenue this year. According to the prospectus, affected by the decline in the macroeconomic boom in Europe and the United States, the company's operating income from January to June 2023 decreased by 28.66% compared with the same period in 2022. If the subsequent global macroeconomic recovery is slow, the company's market development and new product development are not as expected, the company may have the risk of revenue decline.
It is worth noting that according to Taipeng Intelligence, in 2022, the import scale growth rate of major products of outdoor leisure furniture and supplies in the United States will decrease from 32.76% in 2021 to 12.17%. If the growth rate of the US market continues to decline in the future, there may be a risk that the market digestion capacity of the investment project may be insufficient.
Taipeng Intelligent plans to raise 120 million yuan this time, of which 80 million yuan will be used for the high-end intelligent outdoor home production line project and 10 million yuan for the high-end outdoor smart home R&D center project, both of which have a construction period of 20 months, and the rest of the supplementary working capital is 30 million yuan.
Some market participants believe that if the market environment of the core sales origin is not good, the fundraising project cycle is long, or there is a risk that the product cannot match the market demand after it comes out.
02
Prepare to expand the domestic market, and re-lend hundreds of millions of yuan in two years
Taipeng Intelligent said that while expanding the international market, the company also pays more attention to the development of the domestic market and actively expands domestic sales channels. Compared with developed countries in Europe and the United States, mainland outdoor leisure products started late, with the improvement of residents' living standards and the improvement of residents' living environment, the market demand for domestic outdoor leisure furniture and supplies began to show huge growth potential.
Like the dependence on foreign sales and the United States and Europe, Taipeng Intelligent also has the risk of high customer concentration.
The main customers of Taipeng Intelligent are large retailers such as Lowe's, Home Depot, and Walmart. During the reporting period, the sales revenue of the company's top five consolidated customers was 214 million yuan, 349 million yuan and 312 million yuan, accounting for 74.73%, 74.46% and 76.94% of the main business income in the current period, respectively, and the customer concentration was relatively high. If the company's major customers reduce their purchases of the company's products due to adverse changes in their own operating conditions or due to the emergence of new competitors, etc., it will adversely affect the company's business scale and operating results.
In terms of compliance, Taipeng Intelligent has hundreds of millions of yuan in relending behavior in two years.
It is understood that in 2020 and 2021, the company will be selected from Feicheng Branch of China Construction Bank Co., Ltd., Tai'an Branch of Bank of Communications Co., Ltd., Feicheng Branch of Agricultural Bank of China Co., Ltd., Feicheng Branch of Industrial and Commercial Bank of China Co., Ltd., Feicheng Branch of Bank of China Co., Ltd., Feicheng Branch of Bank of China Co., Ltd., The working capital loans obtained by eight banks, including Feicheng Sub-branch of Postal Savings Bank of China Co., Ltd. and Shandong Feicheng Rural Commercial Bank Co., Ltd., conducted loan turnover without real transaction background through Feicheng Lixing Machinery Processing Center (hereinafter referred to as "Lixing Machinery"), Feicheng Shuyu Electrical Welding and Processing Department (hereinafter referred to as "Shuyu Electric Welding"), Feicheng Yizhi Trading Co., Ltd. (hereinafter referred to as "Yizhi Trading") and Shandong Shengwei Metal Products Co., Ltd. (hereinafter referred to as "Shengwei Metal"). In 2020 and 2021, the company's loan turnover through the aforementioned suppliers without real transaction background was 84.000 million yuan and 40.95 million yuan, respectively.
"The company has established a standardized financial accounting and internal control system, the financial department has complete positions, fixed posts and responsibilities, and strictly implements the principle of incompatible separation of duties in each key position; Through internal control means such as bookkeeping, verification, implementation of job responsibilities, separation of duties, and file management, ensure the standardization and accuracy of accounting work and the preparation of financial reports. It has actively rectified through the recovery of funds, improved the system, strengthened internal control, etc., established a targeted internal control system and effectively implemented it, and no new non-compliant capital transactions have occurred since January 1, 2022. Taipeng Intelligent said. (Produced by Harbor Finance)