Source: Yicaixin
Author: Tang Kaiyuan
Guangdong Dapu Communication Technology Co., Ltd. (hereinafter referred to as "Dapu Technology") focuses on the R&D, production and sales of clock products in the fields of core equipment of emerging infrastructure (wireless communication, transmission network, security monitoring, positioning and navigation, data center, etc.) and intelligent terminals (new energy vehicle electronics, smart three meters, energy storage, smart home, smart wearables, etc.).
In June 2023, Dapu Technology's IPO application on the Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange, and in January this year, Dapu Technology submitted a round of replies to inquiries. In this IPO issuance, the sponsor and lead underwriter of Dapu Technology is Haitong Securities, the auditor is Dahua Law Firm, and the law firm is Guangdong Cinda Law Firm.
There is a discrepancy between the official website promotion and the prospectus
Founded in 2005 and headquartered in Songshan Lake, Dongguan, Guangdong-Hong Kong-Macao Greater Bay Area, Dapu Technology has 5 domestic wholly-owned subsidiaries and 1 overseas wholly-owned subsidiary. According to the official website of Dapu Technology, "the company attaches great importance to product research and development"; As of May 31, 2023, the company and its wholly-owned subsidiaries have been approved a total of 194 core intangible assets such as domestic and foreign technology patents, soft copyrights, and integrated circuit layouts. The prospectus of Dapu Technology was signed on May 29, 2023, and the information disclosure on the company's official website should be comparable to a certain extent.
(Picture taken from the official website of Dapu Technology)
However, "Yicaixin" found that some of the 6 minutes and 43 seconds promotional video on the official website of Dapu Technology is quite different from the prospectus letter.
First of all, at 2 minutes 07 seconds and 2 minutes 08 seconds of the promotional video, it is displayed: "Up to now, Dapu has more than 150 invention patents, including more than 30 international invention patents."
(Picture taken from the official website of Dapu Technology)
According to the prospectus, as of May 29, 2023, Dapu Technology has a total of 85 invention patents, including 81 domestic patents and 4 overseas patents, and two of the 4 overseas invention patents have the same application content as domestic patents, which is quite different from the content of the promotional video on the official website. I don't know what time point the official website refers to by "current"?
(Picture taken from Dapu Technology Prospectus)
In addition, the promotional video shows that Dapu technology R&D personnel account for more than 40%, which is inconsistent with the disclosure in the prospectus. According to Dapu Technology's prospectus, as of the end of 2022, it has a total of 123 R&D personnel, accounting for 25% of the total number of employees, which is far behind the more than 40% advertised on the official website. The official website video also shows that "15% of Dapu Technology's annual sales are invested in R&D", while the prospectus shows that its R&D expense ratio in 2022 is 14.86%.
(Picture taken from the official website of Dapu Technology)
First, the production capacity of the main products is doubtful
According to the prospectus, Yang Huazhong, an independent director of Dapu Technology and a professor at Tsinghua University, only serves as a part-time independent director of Guangli Micro, a listed company. However, according to the general announcement issued by Guangli Micro on November 21, 2023, Yang Huazhong has also served as an independent director of Luke Technology (Beijing) Co., Ltd. (hereinafter referred to as Luke Technology) since July 2022, which is not mentioned in the prospectus of Dapu Technology. The prospectus of Dapu Technology was signed on May 29, 2023, which was later than Yang Huazhong's tenure at Luke Technology, but Yang Huazhong's independent director and part-time information were not fully disclosed.
(Picture taken from Dapu Technology Prospectus)
(Picture taken from the announcement of Guangli Micro Election)
Subsequently, Guangdong Cinda Law Firm has supplemented Yang Huazhong's part-time position in Luke Technology in the "Supplementary Legal Opinion (1)" disclosed in January 2024.
In the process of research, Yicaixin found that the patent achievements of Dapu technology are also worthy of attention.
"Yicaixin" checked the official website of the State Intellectual Property Office and found that the utility model patent "a circulator" (application number/patent number CN/ZL202020431963.8) transferred by Dapu Technology (parent company) to its wholly-owned subsidiary Guangdong Feiyttrium Technology Co., Ltd. (hereinafter referred to as Feiyttrium) in 2021 was requested to be invalidated by a natural person Chen Chunye in March 2021. After examination by the Intellectual Property Office, in August of the same year, the patent was partially invalidated. The prospectus disclosed that the patent was owned by Fyttrium, but did not involve the relevant content of its partial invalidation.
On the official website of the Intellectual Property Office, Chen Chunye was used as the inventor to conduct a patent search, and there were three results, all of which had nothing to do with the main business of Dapu Technology.
(Picture taken from the official website of the State Intellectual Property Office)
In addition, an EIA report by Dapu Technology mentioning the production capacity of clock chips is also worth paying attention to.
Among the main products of Dapu Technology, clock chips occupy a more important position. According to the prospectus, during the reporting period (2020 to 2022, the same below), the sales revenue of the main product clock chip contributed 8.4347 million yuan, 31.3381 million yuan and 60.7698 million yuan to Dapu Technology respectively, with a compound growth rate of 168.42% in the past three years, with a rapid growth trend. In the main business income, clock chips accounted for 6.55%, 11.83% and 19.92% respectively, and among the three main products, the gross profit margin of clock chips also stood out, reaching 68.35%, 59.56% and 53.48% respectively in the three years of the reporting period.
When disclosing the production capacity of the main products, Dapu Technology said: "Since the production and manufacturing of clock chip products are completed by professional wafer foundries and packaging and testing factories, and RTC special crystals are mainly processed by commissioning, there is no data on production capacity, only statistics on production and sales." However, one of the construction projects approved by Dapu Technology in 2021 mentions clock chip production capacity.
According to the public information on the green network, in July 2021, Dapu Technology had a "relocation, reconstruction and expansion" project that was accepted and approved in August of that year.
(Picture taken from Green Net)
According to the EIA report of the relocation and expansion project, the production capacity of Dapu Technology's clock chips was 00,000 pieces/year at that time, and it was planned to increase to 7 million pieces/year through the project, and the project construction site was relocated to "Room 301-1, Room 401 and Room 402, Building 5, No. 24, Industrial East Road, Songshan Lake Park, Dongguan City". The main project to be constructed is part of the 4th and 3rd floors of a 4-storey building, of which part of the third floor is a clock chip production workshop.
(Photo taken from the EIA report of the relocation, reconstruction and expansion project)
(Photo taken from the EIA report of the relocation, reconstruction and expansion project)
"Yicaixin" found that the registered address and main production and operation place of Feiyttrium are in Room 301 and Room 302, Building 5, No. 24, Industrial East Road, Songshan Lake Park, Dongguan City, Guangdong Province, which seems to be adjacent to the clock chip production workshop in the EIA report of the relocation and expansion project. According to the green network, the relocation, reconstruction and expansion project was accepted in November 2021, and no public information was found for the specific acceptance.
(Picture taken from Green Net)
After the acceptance of the project, whether the production capacity of 7 million pieces/year of clock chips has been achieved may need to be disclosed by the company, and whether the statement of "no capacity data" stated in the prospectus is accurate requires further verification by the sponsor.