Lei Jianping reported on June 8
Shenzhen Oat Technology Co., Ltd. (hereinafter referred to as "Oat Technology", stock code: 688312) was listed on the Science and Technology Innovation Board today at an issue price of 19.68 yuan, issued 35.87 million shares, and raised 706 million yuan.
Oat Technology opened at 68 yuan today, up 245.5% from the issue price; since then, the stock price has remained up more than 220%, with a market value of more than 9 billion yuan.
Great reliance on tax incentives
Oat Technology is a high-tech enterprise focusing on the research and development, design, production and sales of automated and intelligent test equipment, based on precision machinery and a variety of testing technologies in the fields of electricity, light and sound, combined with automatic control, image recognition, deep learning algorithms and other technologies, the development of test fixtures, automated test equipment, intelligent visual inspection equipment and other products.
Oat Technology's main application terminals cover consumer electronics such as mobile phones, tablet computers, and smart wearable devices, automotive electronics, and communications. After years of research and development and practical experience, the company has accumulated rich technical experience and independent innovation capabilities in the field of automated testing and intelligent testing, and has competitive advantages in software, hardware and structural design.
Oat Technology has long been committed to the research and development, design and production of test equipment in the field of FPC, through years of accumulation, the company has become a number of world-leading FPC enterprise suppliers, and developed into Apple, Google and other companies suppliers, established the company's position in the field of FPC testing.
According to the prospectus, the revenue of Oat Technology in 2017, 2018 and 2019 was 242 million yuan, 244 million yuan and 270 million yuan, respectively; the proportion of R&D investment in revenue was 14.76%, 16.91% and 16.13% respectively.
Oat Technology's dividends in 2017, 2018 and 2019 were 40 million, 10.76 million yuan and 12.91 million yuan, respectively.
In 2017, 2018 and 2019, the tax incentives of Oat Technology were 17.7 million yuan, 19.19 million yuan and 23.96 million yuan, respectively; the total profits were 37.11 million yuan, 76.59 million yuan and 10.2 million yuan, respectively, and the proportion of tax incentives in revenue was 47.7%, 25.06% and 23.55% respectively.
Oat Technology is very dependent on Apple, and during the reporting period, the total amount of Apple's direct and designated purchases was 120 million yuan, 100 million yuan and 59.27 million yuan respectively, showing a downward trend.
During the reporting period, the company's sales revenue to the top five customers accounted for 84.24%, 85.88% and 92.33% of the current operating income, respectively, and the top five customers mainly included PPC production enterprises such as Pengding Holdings, Japan Qisheng, Wearnes Group, Sumitomo Electric, and Fujikura of Japan. Among them, the sales revenue of Wearnes Group accounted for 20.03%, 27.13% and 44.99% respectively during the reporting period, and the proportion of revenue continued to increase.
Oat Technology achieved sales revenue of 39.0757 million yuan in the first quarter of 2020, an increase of 9.68% year-on-year. In the first quarter, the net profit attributable to the shareholders of the parent company was 15.0688 million yuan (of which the exchange gain was 3.2829 million yuan due to the appreciation of the US dollar), an increase of 166.20% year-on-year.
Delivery delays are expected to reduce product acceptance and revenue recognition in the second quarter, with sales revenue expected to be $85 million to $103 million in the first half of 2020, a year-on-year change of -9.88% to 9.20%, and a net profit attributable to shareholders of the parent company of $32 million to $37 million, a year-on-year change of -11.11% to 2.78%.
For Liu Yan Zhang Guofeng husband and wife shop
Liu Yan, the actual controller of Oat Technology, is the chairman of the company, Zhang Guofeng, the actual controller, is the director and general manager of the company, the partners of the employee shareholding platform Wang Liliang, Li Guangming, Yang Shenghe are the supervisors of the company, and the partner of the employee shareholding platform, Kwong Xianzhen, is the secretary of the board of directors and the person in charge of finance of the company.
Before the IPO, Liu Yan directly held 61.8240% of the shares, Zhang Guofeng controlled 4.6464% of the shares of the company through Mai Qipeng Investment and Mai Lisu Investment, Liu Yan and Zhang Guofeng controlled 3.5536% of the shares of the company through Suxuan Investment; Liu Yan and Zhang Guofeng jointly controlled 70.0240% of the company's shares.
Liu Yan and Zhang Guofeng are husband and wife, Liu Yan is the executive partner of Su Xuan Investment, Zhang Guofeng is the limited partner of Su Xuan Investment, and Zhang Guofeng is the executive partner of Mai Qipeng Investment and Mai LiSu Investment. Zhang Baohui is the niece of Zhang Guofeng and a limited partner of Mai Lisu Investment.
Shareholders Wang Liliang and Chen Yujiao are husband and wife, both of whom are limited partners of Millissau Investment. Wang Liliang indirectly holds 0.2323% of the company's shares through Mailisu Investment. Chen Yujiao indirectly holds 0.1394% of the company's shares through Millisu Investment.
In addition, Wu Xiyan held 6.6%, Fan Qi held 4.8%, Ru Ye held 4.416%, Dai Bing held 4.416%, Legend Huicheng held 3.8%, and Huaxin Chuangyuan held 3%.
After the IPO, Liu Yan directly held 46.3679% of the shares, Zhang Guofeng held 3.4849% of the shares through Mai Qipeng Investment and Mai Lisu Investment Control Company, and Liu Yan and Zhang Guofeng held 2.6651% through Su Xuan Investment.
Based on this calculation, the value of Liu Yan and Zhang Guofeng is more than 4.5 billion yuan.
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