Beijing Jingyeda Digital Technology Co., Ltd. (hereinafter referred to as Jingyeda) recently updated its prospectus.
According to the prospectus, Jingyeda intends to issue no more than 26.50 million shares and raise 797 million yuan. The funds raised from this offering will be invested in the research and development and industrialization of the cloud-integrated intelligent interconnection teaching system. Among them, the construction project of Jingye Dahuailai Science and Technology Park invested 284 million yuan and supplemented the operating capital of 180 million yuan.
Before the issuance, Qian Rui held 39.03% of the company's shares, Jiang Yuandong held 34.43% of the company's shares, and the two were husband and wife, holding a total of 73.46% of the company's shares, which was the controlling shareholder and actual controller of Jingyeda.
Jingyeda's main business is to provide R&D, production, sales and service of industry informatization products and solutions for the field of education informatization and urban rail transit security, and to expand into the field of smart cities.
In the education informatization business, Jingyeda has provided products and services for thousands of primary and secondary schools and hundreds of universities, and has completed the construction and transformation of more than 200,000 standardized examination rooms and tens of thousands of multimedia classrooms, and also provided vocational training and safe campus related products and services.
In the urban rail transit security business, Jingyeda has participated in the construction and transformation of rail traffic security in more than ten cities such as Beijing, Jinan, Qingdao, Xi'an, Changsha, Urumqi, Guiyang, Hangzhou, Changchun, Hohhot, Harbin and Xuzhou.
Smart city solutions, Jingyeda has undertaken the pilot project of Internet of Things application for urban safe operation in Haidian District, Beijing, participated in the supply of the new urban IoT private network platform project in Jiading District, Shanghai, and will further expand to other Internet of Things applications such as public transportation and heavy-duty truck status monitoring.
According to the prospectus, during the reporting period, The operating income of Jingyeda was 326 million yuan, 425 million yuan, 516 million yuan and 376 million yuan, and the net profit was 44.464 million yuan, 52.7611 million yuan, 105 million yuan and 102 million yuan, respectively.
In the education informatization business, in addition to Jingyeda, the market segment enjoys a high degree of visibility of the enterprise's basic situation is as follows:
In the urban rail transit security business, the basic situation of Jingyeda's peers is as follows:
From the perspective of revenue scale, the revenue scale of Jingyeda in the education informatization business is comparable to that of Jiafa Education, but the revenue growth rate is weaker than that of the opponent; in the urban rail transit security business, there is still a big gap between the revenue scale of Jingyeda and the opponent.
Since Jingyeda is engaged in the research and development of related products and solutions, and the main investment projects of the raised funds also include system research and development, let's take a look at how Jingyeda invests in research and development.
From the above table, it can be found that in terms of research and development, the proportion of jingyeda investment shows a downward trend, and it is also significantly weaker than competitors in the subdivision field. Taking 2018 as an example, the proportion of R&D expenses to revenue was 6.3%, which was significantly lower than the industry level. In the first half of 2019, the proportion of J&D expenses was as low as 4.12%, while the proportion of sales expenses and management expenses in the same period was as high as 10.18% and 5.17%, respectively.
Next, let's take a look at the income of Jingyeda R&D personnel.
From the above table, it can be found that the average salary of J&D personnel is barely higher than that of the company's administrative staff, but it has been lower than the company's sales and pre-sales personnel.
According to the prospectus, during the reporting period, the comprehensive gross profit margin of Jingyeda was 47.12%, 49.07%, 52.05% and 51.58% respectively, maintaining a high level.
Hopefully, such high gross profit is based on the obvious competitive advantage of the product, rather than the continuous compression of product research and development investment!