Star ★ IPO Daily Exciting articles are pushed to
Shenzhen Stock Exchange official website shows that Ningbo Lian Technology Co., Ltd. (hereinafter referred to as "Lian Technology") has submitted an application draft and plans to apply for listing on the GEM. The sponsor and lead underwriter The business name is Haitong Securities .
IPO Daily noted that during the reporting period, the company's operating income from its top five customers accounted for a relatively high proportion, and was significantly higher than that of other comparable companies; in addition, while selling products to its largest customer Logitech Group, it also had sporadic sales with the latter. procurement.
Source: The company’s official website
Dividends on the eve of IPO
According to reports, the company is mainly engaged in the research and development, production and sales of precision injection molds and injection molding products. The main products are used in consumer electronics, toys and daily necessities, auto parts and medical equipment. Customers include Logitech Group , Hikvision Group, Spin Master, Puru Joyson, Minshi Group , Weice Biotech, Aikang Biotech, etc. The actual controllers of
Li'an Technology are Li Shifeng and Qiu Yi. Before the issuance of
, Li Shifeng and Qiu Yi directly held 16.06% of the company's shares, indirectly held 73.97% of the shares through Hafnium Bi Intelligence, and controlled 0.92% of the shares through Ningbo Chuangjiang, with a total holding ratio of 90.95%.
Judging from his resume, Li Shifeng, one of the actual controllers, has a college degree. He was a staff member of the Hangzhou Armed Police Mobile Detachment and a staff member of the Fenghua Municipal Government Affairs Bureau. From 1999 to 2012, he served as a staff member of the Fenghua Economic Development Zone Investment Promotion Center. Deputy Director. From December 2011 to May 2019, he served as executive director and manager of Lean Technology Co., Ltd. (the predecessor of Lean Technology). From May 2019 to present, he has served as the company’s chairman. Qiu Yi, another actual controller of
, was a producer of the News Department of Zhejiang Satellite TV. From 2002 to 2017, he served as the host of Ningbo Radio and Television Group . From October 2015 to May 2019, he served as a supervisor of Li An Co., Ltd. and From May 2019 to present, he serves as the director and general manager of the company.
Except for Li Shifeng and Qiu Yi, the company has no other major shareholders holding 5% or more of the shares. A new shareholder in the past year is Chaohu Qishan Zhongzhi Venture Capital Management Co., Ltd. (hereinafter referred to as "Qishan Zhongzhi"), which is a wholly-owned subsidiary of Anhui Juchao Economic Development Zone Investment Co., Ltd. and its actual controller is Anhui Juchao. Chao Economic Development Zone Management Committee. In December 2021, Qishan Zhongzhi invested in the company at a price of 35.92 yuan/share, and its shareholding ratio before this issuance was 0.99%.
It should be pointed out that the company also carried out a large dividend on the eve of the IPO.
According to disclosures, in June 2021, the shareholders meeting of Li'an Technology reviewed and approved the "Proposal on the Company's Profit Distribution Plan for 2020", based on the company's total share capital of 41,760,000 shares at the end of 2020, a cash dividend of 1 yuan per share (including tax), with a total cash dividend of 41.76 million yuan (tax included). If the shares indirectly controlled by Li Shifeng and Qiu Yi are not taken into account, and only the equity directly held by them is calculated, at least 6.7 million yuan (including tax) of this dividend may fall into the pocket of the actual controller.
has a higher customer concentration than its peers
The application draft shows that from 2019 to 2021 (hereinafter referred to as the "reporting period"), the company achieved operating income of 234 million yuan, 436 million yuan, and 468 million yuan, and the corresponding net profits were 33.1055 million yuan respectively. , 70.6437 million yuan, 67.0978 million yuan.
Among them, injection molding products generated revenue of 220 million yuan, 366 million yuan, and 400 million yuan, accounting for 95.11%, 84.74%, and 86.09% of the company's main business revenue in each period respectively; from a regional perspective, during the reporting period, the company Export products are mainly sold to North America and Southeast Asia. The proportion of export business revenue in the main business is 2.73%, 29.76% and 27.25% respectively, and the proportion has increased significantly.
In addition, Lean Technology has the characteristic of high customer concentration.
During the reporting period, the company's sales revenue from the top five customers was 221 million yuan, 397 million yuan, and 413 million yuan, accounting for 94.16%, 91.28%, and 88.24% of its operating revenue in each period, respectively. high. This customer concentration ratio is also at a high level compared with peer listed companies.
Judging from the disclosed data, taking 2021 as an example, the top five customer revenue of 6 comparable companies in the same industry, including Yokogawa Precision, Tianlong Co., , Shanghai Yahong, Shuanglin Co., , Weike Technology, and Zhaomin Technology The average revenue ratio is 52.98%. In contrast, nearly 90% of Lion Technology's this amount is much higher than that of peer comparable companies.
Among them, the company provides its largest customer Logitech Group with precision injection molds and injection molding products used in consumer electronics products such as mice and . The sales revenue was 189 million yuan, 261 million yuan, and 292 million yuan respectively, accounting for the current operating income. 80.65%, 59.99% and 62.27%. company stated that there is a risk that the company's revenue and performance will decline due to Logitech Group reducing or stopping purchases from the company. (Note: Logitech Group, founded in 1981, is a cloud peripheral equipment supplier headquartered in Switzerland. Its business involves productivity and creativity, e-sports games, video collaboration, music and smart home and other fields.)
While selling products to Logitech Group, Lion Technology also pays Logitech Group a turnover box sorting service fee. The turnover box sorting service means that after the company transports the injection molded products to the location designated by Logitech Group, Logitech Group collects, organizes and ships the turnover boxes of the injection molded products for the company. During the reporting period, the service fees incurred by the company in purchasing turnover boxes from Logitech Group were RMB 345,700, RMB 399,300, and RMB 362,000 respectively.
END
Reporter Yang Ziwei
Layout Chu Nianying
Editor Wu Mingzhou
1
2
3
4
IPO Daily
IPO Daily is a new media under the "International Finance News" and has copyright on the content published on the platform.
Unauthorized reproduction is prohibited.
Press "Share", give me some motivation
