Shenzhen Business Daily • Reading Client Reporter Zhu Feng
On April 17, Qiaofeng Intelligent Equipment Co., Ltd. (hereinafter referred to as "Qiaofeng Intelligent") submitted a registration draft of the prospectus. The company plans to be listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, raising 1.355 billion yuan.
From the acceptance of the prospectus on June 21, 2022, to the inquiry on July 13, 2022, to the meeting on March 17, 2023, and then to the submission of registration, along the way, the road to the listing of Qiao Feng Intelligent has been long and full of twists and turns. During this period, Qiao Feng Intelligent was suspended by the Shenzhen Stock Exchange for several times due to the expiration of the validity period of financial information.
In terms of shareholding structure, Jiang Xiuhua and Wang Haiyan are the controlling shareholders and actual controllers of the company, and the two are husband and wife. As of the date of this Prospectus, Jiang Xiuhua and Wang Haiyan directly held 53.00% and 35.33% of the shares of the Company respectively, and they together controlled 88.33% of the voting rights of the Company's shares.
According to the prospectus, Qiao Feng Intelligent is a high-tech enterprise specializing in the research and development, production and sales of CNC machine tools, which are widely used in general equipment, consumer electronics, automobile and motorcycle parts, molds, construction machinery, military industry, energy, medical equipment, aerospace, 5G communications and many other downstream industries. At present, the company ranks in the forefront of the metal cutting machine tool subdivision industry in mainland China, and is the third batch of "specialized, special and new little giant enterprises" announced by the Ministry of Industry and Information Technology of the People's Republic of China.
In terms of performance, from 2021 to 2023 (hereinafter referred to as the "reporting period"), Qiaofeng Intelligent's operating income was 1309.9861 million yuan, 1548.4354 million yuan and 1453.9176 million yuan respectively, and the net profit was 235.1983 million yuan, 192.6823 million yuan and 170.0858 million yuan respectively. Among them, the company's main business income accounts for more than 90.00% of the operating income, and the main business is outstanding.
However, it must be said that the company's revenue will decline in 2023, and the net profit in 2022 and 2023 will decline year-on-year for two consecutive years, and the stability of profitability is doubtful. Qiao Feng Intelligent explained that the decline in net profit in 2022 was mainly due to the decline in gross profit margin and the increase in the expense ratio during the period, and in 2023, it was mainly due to the decline in operating income and the increase in the expense ratio during the period.
Specific to the gross profit margin, in each period of the reporting period, the gross profit margin of Qiao Feng's main business was 34.89%, 29.04% and 28.99% respectively, although it was higher than that of comparable listed companies in the same industry, but it declined year after year. Among them, the decrease in gross profit margin in 2022 compared with 2021 was mainly due to pricing adjustments and the increase in the purchase price of castings since the second half of 2021. Qiao Feng Intelligent said frankly that with the expansion of business scale and the increase in market competition pressure, there is a risk of decline in the gross profit margin of the company's main business.
In terms of R&D, during the reporting period, Qiaofeng Intelligent invested 44.6691 million yuan, 56.3415 million yuan and 63.4197 million yuan in R&D, accounting for 3.41%, 3.64% and 4.36% of the operating income in the same period. Among them, in 2021, the company's operating income grew rapidly, and the R&D expense ratio decreased year-on-year due to scale effect, which was slightly lower than the average of comparable companies in the same industry, and in 2022 and 2023, the company's R&D expense ratio was basically the same as the average level of the same industry.
In terms of sales expenses, during the reporting period, Qiaofeng Intelligent sales expense ratios showed an upward trend, which were 6.65%, 7.30% and 7.54%, respectively, and higher than the average of comparable companies in the same industry. Qiao Feng Intelligent said that the main reasons are: the company continued to improve its business layout and the number of sales personnel continued to increase, resulting in a year-on-year increase of 15.7685 million yuan in total remuneration (including share-based payment) in 2022, in 2022, the proportion of the company's revenue introduced through sales service providers increased, and the sales service fee increased by 4.8629 million yuan year-on-year, and in 2023, the company's operating income decreased year-on-year, resulting in a passive increase in the sales expense rate.
Review: Sun Shijian