This article was first published on the official account: Investment Banking Practice
On the evening of January 26, the listed company Jucan Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Jucan Optoelectronics") disclosed its 2023 annual report, which also became the first listed company in the two cities to disclose the 2023 annual report.
January has not been finished, and the annual report has been disclosed in only the past 26 days, and if it is efficient, it will naturally cause heated discussions among netizens:
However, since the accountant can issue a report and Jucan Optoelectronics dares to disclose, it must have considerable confidence in the quality of the annual report. Today, let's take a look at the company's disclosed annual report, and by the way, let's talk about a series of situations since the listing of Jucan Optoelectronics.
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The total loss in 7 years of listing is 180 million yuan
Jucan Optoelectronics is mainly engaged in the R&D, production and sales of LED epitaxial wafers and chips, and its main products are GaN-based high-brightness blue LED epitaxial wafers and chips. On October 16, 2017, Jucan Optoelectronics was successfully listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, and the actual controller of the company, Pan Huarong:
In fact, the financial situation of Jucan Optoelectronics was not very strong when it was listed, and the author looked back like this, and it was completely lucky that Jucan Optoelectronics would be successfully listed:
Why? Because before October 2017, the IPO issuance review experienced a considerable wave of rapid progress, even if it would be under the approval system, both the number of IPOs and the passing rate that year set a record since the implementation of the approval system:
According to statistics, in 2017, the pass rate of the Issuance Examination Committee was as high as 79.33%, but in 2017, all this should be divided into two stages, before and after October, after October, the new Issuance Examination Committee came to power, at that time, the situation of the issuance and examination situation changed abruptly, and the passing rate was only 50% or even less than 50%, and the famous July 1st, August 1st, and May Day events (1 of 7, 1 of 8, and 1 of 5) were all set at that time:
At that time, as a newcomer to the capital market, the author really felt the cold winter of the capital market when he first entered the industry.
Back to Jucan Optoelectronics, when did it meet, September 6, 2017, I have to say, it's really lucky, if it is 1 and a half months late, it is unceremonious to say that Jucan Optoelectronics is definitely lying in the list of rejections:
So it's still the same sentence, the listing should be as early as possible, and the standardization should be as early as possible.
However, after all, the performance was not much good when it was listed, and the company has disclosed 7 annual reports since its listing in 2017, but in addition to 2023, the year of listing, that is, 2017, is almost the peak of Jucan Optoelectronics' performance:
From 2018 to 2020 and 2022, the company will be in a state of loss, and the total non-net profit deducted in the 7 years of listing will be -180 million yuan!
Moreover, even in 2023, when it has turned losses into profits, a considerable part of its performance growth will rely on the interest income of monetary funds brought by the funds raised by private placement of shares.
If we only look at the company's operating gross profit and gross profit margin, the company's specific situation since 2015 is as follows:
As shown above, the gross profit margin of Jucan Optoelectronics during the IPO review period is basically at the level of more than 20%, but the company's gross profit margin plummeted to about 10% after listing, especially the gross profit margin in the second year of listing was only 7.43%, and the reduction of gross profit margin can be said to be a major reason for the deterioration of the operating situation after the listing of Jucan Optoelectronics.
The company explained the sharp decline in gross profit margin as being caused by the impact of intensified competition and the adjustment of product prices. But the author can't help but ask, why the competition before listing is not so fierce, since the listing has such a great impact on the company, why the company should go public.
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Since its listing, it has raised funds with one hand and reduced its holdings with the other
Since the company is focused on listing, it must be a lot of benefits of listing, the most obvious is the floating profit of the book stock, the company's stock price has gone out of several waves of market since the listing, but because the company's profitability is worrying, the stock price has fallen back in the end:
Moreover, the growth of the stock price has also attracted the reduction of holdings and cashing out of the original shareholders from all walks of life. According to statistics, since its listing, the company's important shareholders have traded shares as follows:
As mentioned above, since the listing, the company's important shareholders are reducing their holdings, among the above-mentioned shareholders, Pan Huarong is the actual controller of the company, Xu Yinggai is the company's initiator and director, Wang Hui is the company's vice president, and Jingfu Investment is the shareholder of the company's IPO declaration one year before the company's IPO declaration:
Therefore, if you go public to reduce your holdings and cash out, you can pocket so much money, and if you don't go public or reduce your holdings after listing, it will only be paper wealth after all, and it is the most real thing to hold in your hands.
On the one hand, major shareholders continue to reduce their holdings and cash out, and on the other hand, listed companies continue to draw capital blood from the market:
Only 7 years after listing, Jucan Optoelectronics has raised funds in the market 3 times, totaling nearly 2 billion yuan! Over the years, the dividend has only been less than 100 million yuan, after all, the company has lost more and earned less since its listing for many years:
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summary
Although the company has been mired in losses for many years, and shareholders are busy reducing their holdings, some of the company's operating indicators are still good, such as the net cash flow from operating activities has been positive for many years, the hematopoietic ability of the main business is still worth affirming, and the revenue has continued to grow over the years.
On the other hand, the amount of R&D investment has continued to increase over the years, but after all, R&D takes time to reflect the results, and it is not easy to conclude whether the company is really R&D or pure R&D, and the impact of R&D can only be slowly shown over time.
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