Reporter |
On December 19, Lingyunguang (688400. Hunan Chiopt Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Chiopt") voluntarily withdrew its listing application documents on the Science and Technology Innovation Board. The review of the company's initial public offering and listing on the Science and Technology Innovation Board was terminated, and the sponsor was Haitong Securities.
Prior to the issuance, Lingyunguang held a 2.23% stake in Chiopt. In addition to Lingyunguang, BYD also laid out in advance and became the seventh largest shareholder of Chiopt, with a shareholding ratio of 4.08%. Chiopt was established in March 2010, and the actual controller of the company and a number of senior executives have worked for Sunny Optics (2382.HK) during the same period. HK), of which Li Siqing was the chief operating officer of Sunny Optics.
According to Lingyunguang's announcement on December 21, due to factors such as the capital market environment and policies, and future strategic development considerations, Chiopt decided to adjust its listing strategy, and after careful study and careful consideration, decided to withdraw the application documents for the initial public offering of shares and listing on the Science and Technology Innovation Board.
The core products are exchanged for price and volume, and they want to enter the high-end consumer market such as cinema lenses
Chiopt's main products are machine vision products, with industrial lenses as the core, covering industrial cameras, digital security lenses, precision optical lenses, testing equipment, accessories and other products. Among them, the proportion of industrial lens revenue in the main business income was 63.58%, 73.06% and 64.49% respectively.
In each period of the reporting period (2020 to 2022), Chiopt's operating income was 139 million yuan, 208 million yuan and 248 million yuan respectively, and the net profit attributable to the parent company after deducting non-profits was 13.7853 million yuan, 23.3536 million yuan and 38.0915 million yuan respectively.
There are many market participants in the machine vision industry, and the development time of its domestically produced industrial lenses is relatively short, and it is mainly concentrated in the low-end field to participate in market competition. In the field of machine vision lenses, overseas machine vision industrial lens segments developed earlier, Schneider, Computar, Moritex and other old lens manufacturers, with strong technology accumulation, great brand influence, great advantages in the high-end market, and occupy the world's main market share. In 2021, 58.43% of the market share of China's machine vision market came from domestic manufacturers.
According to the "2021 China Machine Vision Market Research Report" released by the Prospective Industry Research Institute, according to the calculation of 10% of the sales of industrial lenses in machine vision products, the market size of China's industrial lenses in 2021 will be 1.78 billion yuan, and Chiopt's industrial lens sales revenue in 2021 will be 147 million yuan, according to which the company's market share of industrial lenses in China will be 8.26%.
It should be pointed out that the gross profit margin of the company's industrial lenses has declined year after year, from 2020 to 2022, they will be 57.58%, 51.68% and 50.76% respectively, of which the gross profit margin in 2021 will decline mainly because the average price of industrial lenses will decline from 393.65 yuan/piece (piece) in the previous period to 361.81 yuan/piece (piece).
The company explained that it was due to the opportunity brought about by the changes in the macro environment at home and abroad, and appropriately benefited customers to rapidly expand market share. This move also succeeded in making the company's industrial lens sales increase by 75.26% year-on-year.
In 2022, under the condition that the main raw materials of Chiopt are all raised, Chiopt will also correspondingly raise the average industrial lens to 377.16 yuan/piece (piece), and the sales volume of this product will decline by 2.31% accordingly that year.
Chiopt said frankly in the prospectus that under the guidance and support of the national industrial policy, intelligent manufacturing and industrialization have developed rapidly, the localization process of industrial lenses in mainland China has accelerated, and the broad market space has attracted a number of enterprises to enter this field, which may lead to further changes in the competition pattern of high-end precision optical markets, or the price of related products will be reduced.
According to the prospectus, Chiopt has extended to high-end consumer products such as cinema lenses and video conference lenses by virtue of its R&D and design experience and manufacturing and testing capabilities accumulated over the years in the field of industrial lenses.
Cinema lens is an emerging product line developed by Chiopt, but at present, well-known foreign brands still dominate the market, and there is still uncertainty about the development of emerging markets for cinema lenses. In 2022, compared with 2020, the revenue of consumer products will increase from 18.6316 million yuan to 28.2602 million yuan, with a compound growth rate of 23.16% in the past three years, which is lower than the compound growth rate of 32.26% in the same period of machine vision products.
12 customers overlapped with suppliers, some of whom were shareholders
Industrial lens is the core hardware responsible for optical imaging in the machine vision system, in the manufacturing and testing process of new energy power batteries, semiconductor wafers, photovoltaic silicon wafers, display panels and 3C electronic products and other fields, the machine replaces the human eye, which can detect the measured object in high-speed, high-precision and high-stability industrial scenarios, and improve the detection efficiency, accuracy, speed and reliability of various manufacturing production lines.
Chiopt's industrial lens products have entered the supply chain system of well-known brand customers at home and abroad, including BYD, Omron, Xinqi Micro Packaging, Lingyunguang and so on.
According to the prospectus, Chiopt has a total of 12 purchase and sales businesses in the reporting period that are both customers and suppliers, and the sales and purchase amounts are more than 100,000 yuan, namely Omron Sentech, Siix H.K.Ltd, Bozhon Japan Co., Ltd., Techno HorizonCo., Ltd., Sumita Optical Glass, Inc., Lingyunguang, Kangshida, Zhongke Nanguang, Yutong Optics, Yueye Metal, Haikang Intelligence, Xujin Optoelectronics.
Among them, Lingyunguang was the company's first or second largest customer in the reporting period, Techno Horizon Co., Ltd. and Yutong Optics were among the company's top five customers, and Omron Sentech was among the company's top five suppliers.
Chiopt believes that during the reporting period, the main reason for the overlap of customers and suppliers is that in the process of business development, the company and partners in the industry purchase their own advantageous products to meet customer needs based on their business and product complementary needs due to their own product structure differences. The above situation is reasonable, in line with industry practice, and there is no abnormality.
It is worth noting that Lingyunguang is also a shareholder of Chiopt, holding 2.23% of the shares of Chiopt before its issuance, and the sales amount of Chiopt to Lingyunguang accounted for 8.11%, 10.47% and 6.04% respectively during the reporting period. In addition, BYD, the company's major customer, is also a shareholder of the company.
According to the prospectus, BYD will acquire the shares of Li Siqing, Li Songyan, Kaidong Industrial, and Dai Xianzhi at a price of 12.42 yuan/capital contribution in 2022 to become shareholders of Chiopt, and as of the signing date of the prospectus, BYD holds 4.08% of the shares of Chiopt and is the seventh largest shareholder of Chiopt.
In the year of its shareholding, BYD became the third largest customer of Chiopt, contributing 13.8767 million yuan in sales to Chiopt in 2022, accounting for 5.59% of the company's operating income.
Specifically, in 2022, the company and BYD will reach a trade business of 64.8743 million yuan for industrial cameras and camera cables and a transaction of 1.9596 million yuan for the self-production of industrial lenses.
It should be pointed out that the company's trade business with BYD has a total of 58.8734 million yuan of industrial cameras and camera cable products, which are purchased by Chiopt from Lingyunguang and resold to BYD.
In this business, Chiopt has changed the form of goods without processing, and the overall inventory risk and payment settlement risk borne by Chiopt are small, and the time to control the goods is shorter.
Chiopt said that the main purpose of this move is to strengthen the cooperative relationship with BYD, so as to develop cooperation with core products such as industrial lenses, and in essence, the company will play more of an agent role. Based on prudent considerations, the company recognized the revenue of 5.9162 million yuan according to the net method of the transactions totaling 58.8734 million yuan. In 2022, the total revenue recognized by BYD's trading business will be 11.9171 million yuan, and the total revenue recognized by BYD's trading business and self-produced business will be 13.8767 million yuan.