Recently, the editor of NE-SALON learned that Xuchang Intelligent Relay Co., Ltd. (hereinafter referred to as "Xuchang Intelligent") was listed on the Beijing Stock Exchange, stock code: 831396. BJ。
According to the official website, in 2009, Xuchang Intelligent was established. According to the prospectus, Xuchang Intelligent's main business is the research and development, design, assembly, sales and service of intelligent power distribution products, as well as the general contracting business of power engineering.
On the Beijing Stock Exchange, the company plans to raise 30,000.00 yuan for the industrialization construction project of new electrochemical energy storage system, the construction project of the comprehensive energy low-carbon management and control system in the park, the construction project of intelligent photovoltaic power generation and operation and maintenance system, and the replenishment of working capital.
In recent years, the performance of Xuchang Intelligent can be described as explosive. From 2020 to 2022, Xuchang Intelligent's operating income continued to rise, with 325 million yuan, 416 million yuan, and 482 million yuan respectively, and the net profit attributable to the parent company also increased steadily in the same period, with 29.4764 million yuan, 36.3471 million yuan, and 41.8854 million yuan respectively. The company predicts that the revenue in 2023 will continue to grow, to 580 million yuan, and the net profit is expected to be 50 million yuan, reaching 45 million yuan after deducting non-profits, a year-on-year increase of more than 80%.
Such a high growth is due to the contribution of the State Grid Corporation of China (hereinafter referred to as "State Grid"). According to the prospectus, from 2020 to 2022, the State Grid is the first, first and second largest customers of Xuchang Intelligence, and the sales amount of Xuchang Intelligence to the State Grid are 71.7056 million yuan, 69.7378 million yuan and 31.3151 million yuan respectively, with a cumulative total of 173 million yuan.
However, despite being a major customer, their cooperation has had twists and turns.
Back in August 2021, a relevant person from Sichen Electric Technology Co., Ltd. revealed: As early as 2019, Xuchang Intelligent Supply State Grid Jiangxi Zhangshu Company 10kV column transformer complete set of distribution transformers found secondary quality problems, because of this, from August 30, 2019 to December 29, 2019, Xuchang Intelligent suspended the bidding qualifications. Coincidentally, Xuchang Intelligent Supply State Grid Jiangxi Electric Power Co., Ltd. Ganzhou Power Supply Branch 10kV column transformer complete set of equipment JP cabinet sampling also found quality problems, judged to be level 3, from May 1, 2020 to June 30, 2020, Xuchang Intelligent was suspended from winning the bid.
Xuchang Intelligent supplied the products of State Grid Jiangxi Electric Power Co., Ltd. in 2019, and third-level quality problems were also found after random inspection. What's even more outrageous is that the two subsequent rectifications, acceptances and re-inspections were unqualified, and the penalty period was extended for 1 year. Therefore, from February 5, 2021 to February 4, 2022, Xuchang Intelligent was suspended from winning the bid.
NE-SALON believes that it is true that the high growth of Xuchang Intelligence is undeniable, but these problems in the company still cannot be ignored. At present, the company's share price closed at 7.42 yuan / share, an increase of 61.30%, indicating that investors still have confidence in this newly listed company. But if the company repeats the same mistake in the future and breaks the negative news again, it will have a more serious impact on the company. Source: NE-SALON