Net profit attributable to parent companies has increased by 1.87 times in the past three years. Author: Zheng Minfang Editor: The high prosperity of the Songhe semiconductor industry has given downstream distributors the opportunity to rush into the capital market. On July 14, t

html In 2003, the net profit attributable to the parent company increased by 1.87 times

Author: Zheng Minfang

Editor: Song He

The high prosperity of the semiconductor industry has given downstream distributors the opportunity to rush into the capital market.

html On July 14, the Shenzhen Stock Exchange IPO of Shenzhen Haoshanghao Information Technology Co., Ltd. (hereinafter referred to as "Haoshanghao") will be reviewed at the meeting. As an electronic component distributor,

's good performance has also taken off with the development of the semiconductor industry - operating income increased from 4.308 billion yuan in 2018 to 5.261 billion yuan in 2020; net profit attributable to the parent company It also surged from 38 million yuan to 109 million yuan.

In this IPO, Haoshanghao plans to issue no more than 24 million shares and raise 747 million yuan, which will be invested in "expanding sales product lines", "headquarters and R&D centers" and "design and manufacturing of IoT wireless modules and smart home products" Construction of the project and replenishing working capital.

is currently authorized by many well-known semiconductor companies including MediaTek Technology Co., Ltd. (hereinafter referred to as MediaTek ), Morningstar Semiconductor Co., Ltd., Power Integrations International, Ltd. (hereinafter referred to as PI) and other well-known semiconductor companies.

has become the original agent of these original manufacturers and has also achieved good results in the industry-according to the ranking of local electronic component distributors published by " International Electronic Business Information ", Haoshanghao ranked 12th in 2021 .

However, as a distribution link with limited value, Haoshanghao still faces many problems.

On the one hand, Haoshanghao’s gross profit margin is not only difficult to exceed 10%, but also lower than the average level of comparable companies in the same industry; on the other hand, as a high-tech enterprise, Haoshanghao’s R&D expenses did not exceed 1% during the reporting period. There is still a certain gap between the data of

and the rigid requirement of "not less than 3%" in the " High-tech Enterprise Recognition and Management Measures " (hereinafter referred to as the "High-tech Measures") jointly issued by the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation. Since tax preferential policies have a certain contribution to good performance, this issue may bring potential variables to it.

01

The gross profit margin is difficult to explain

The net profit attributable to the parent company in 2019 was only 50 million, which was "in the early teens". In 2020, it suddenly experienced a performance blowout.

In 2020, Haoshanghao's operating income increased to 5.261 billion yuan based on the previous year's 4.119 billion yuan, while the net profit attributable to the parent company directly exceeded the 100 million yuan mark, reaching 118 million yuan. This performance of

is mainly due to the explosion of electronic components distribution business - this revenue increased from 4.110 billion yuan in 2019 to 5.247 billion yuan in 2020, a year-on-year increase of 27.66%. The distribution scope of

Haoshanghao includes SoC chip , power supply and power devices, etc., and some of these products have achieved "both volume and price" in 2020.

Due to the surge in demand for TVs, set-top boxes, , and cameras, the sales price of good SoC chips increased from 27.35 yuan/piece in 2019 to 29.86 yuan/piece in 2020, and the sales volume during the same period increased from 59.703 million pieces to 68.5374 million pieces. This product also achieved revenue of 2.047 billion yuan in 2020, a year-on-year increase of 25.33%.

But behind the high growth of income is "crisis". As an agent for major electronic component companies,

’s customer base depends on the number of authorized original manufacturers it has obtained.

currently represents well-known semiconductor companies such as MediaTek, PI, Xingchen Technology, and Nordic Semiconductor. Among them, MediaTek has always been the largest supplier of Haoshanghao - from 2018 to the first half of 2021, the amount of SoC chips purchased by Haoshanghao from MediaTek was 1.232 billion yuan, 1.380 billion yuan, 1.972 billion yuan and 1.037 billion respectively. yuan, accounting for 26.37%, 31.53%, 34.17% and 26.32% respectively.

's reliance on leading companies such as MediaTek and its lower bargaining power have put Haoshanghao's gross profit margin growth at a bottleneck - from 2018 to the first half of 2021, the gross profit margin of Haoshanghao's electronic components distribution business was 6.71%. , 6.50%, 5.53% and 6.05%.

And this gross profit margin is also much lower than that of its competitors. Just taking 2020 as an example, the median gross profit margin of five comparable companies in the same industry, including Runxin Technology (300493.SZ) and Shenzhen Huaqiang (000062.SZ), is 6.24%, which is 0.71 higher than the same period. %.

is trying to get rid of this situation, but the results are limited. At present, its business has expanded to two areas with higher gross profit margins: Internet of Things product design and manufacturing and chip customization. In 2020, the gross profit margins of these two businesses reached 32.04% and 40.74% respectively.

Despite this, the total revenue of the above two businesses is only 13 million yuan, accounting for only 0.25%. The

chip customization business has also put Haoshanghao and the original manufacturers it represents into an embarrassing situation of "competing with suppliers" to a certain extent.

In this regard, Haoshanghao explained that the chip customization products it chose will not conflict with the original cooperative manufacturers, but this may also make it more difficult to break through the scale of this type of business.

02

"High-tech" certification disputes

As a distributor with the label of "High-tech Enterprise", it has a good proportion of R&D expenses, but it has always been in conflict with this certification. The prospectus of

shows that in October 2017, Haoshanghao obtained the "High-tech" certificate jointly issued by Shenzhen Science and Technology Innovation Commission , Shenzhen Finance Commission , Shenzhen Municipal State Taxation Bureau and Shenzhen Municipal Local Taxation Bureau Technology Enterprise Certificate" (hereinafter referred to as the certificate). The certification period of

is 3 years. After it expired in 2020, Haoshanghao will re-obtain the certificate.

It is worth mentioning that there is a certain gap between the proportion of R&D expenses disclosed in Haoshanghao's prospectus and the indicators required by the above certificate.

The fifth point of Article 11 in Chapter 3 of the "High-tech Measures" clearly states: "For enterprises with sales revenue of more than 200 million yuan in the most recent year, the proportion of total research and development expenses to total sales revenue in the same period is not equal to Less than 3%. "

However, the proportion of R&D expenses during the reporting period hovered at 1% - from 2018 to 2020, the proportions were 0.92%, 1% and 0.69% respectively.

This difference may be related to the caliber difference in two different dimensions: application qualifications and financial auditing.

An investment banker in Beijing told Trade Wind (ID: TradeWind01) that the collection of R&D expenses in the identification of high-tech enterprises is relatively loose. For example, in the identification of high-tech enterprises, as long as the costs related to R&D in can be attributed to R&D investment, but only materials and other expenses consumed in R&D activities can be calculated in accounting.

Industry insiders also have different views on the huge differences between Haoshanghao and Haoshanghao under the two calculation calibers.

"If the difference between the data calculated by the two calibers is not big, it is actually okay, but such a difference of tens of millions still needs a reasonable explanation." A Shenzhen investment banker said.

"Because different regulations are involved, each department is basically in charge of its own affairs and does not interfere with each other. This generally does not cause obstacles to corporate IPOs." said an investment banker in Beijing.

However, the person also pointed out: "But it does require a detailed analysis of the specific situation, because this will involve whether the R&D expenses are pieced together in order to evaluate the high-tech enterprise certification."

It is worth noting that the high-tech enterprise certification is not just a A simple title can also bring "real money" to the company. For example, through this certification, Haoshanghao enjoys a 15% preferential corporate income tax treatment.

From 2019 to the first half of 2021, the tax preferential amounts obtained by Haoshanghao under the 15% tax rate were 1.3101 million yuan, 5.9071 million yuan, 9.1430 million yuan and 7.0241 million yuan respectively, accounting for 3.77% of the current net profit. , 11.17%, 7.73% and 7.32%.

This also means that once the recognition of high-tech enterprises is cancelled, it will also have a certain impact on good performance.

The "High-tech Measures" also pointed out that if an enterprise is found not to meet relevant qualification requirements during the daily review process, not only will its high-tech enterprise qualifications be revoked, but it will also need to pay taxes.

"For recognized high-tech enterprises, if the relevant departments find that they do not meet the recognition conditions during the daily management process, they should submit it to the certification agency for review. If it is confirmed that it does not meet the certification conditions after review, the certification agency will cancel its high-tech enterprise qualifications. And notify the tax authorities to recover the tax benefits they have enjoyed since the year they did not meet the identification conditions."The "High-tech Measures" pointed out.

Haoshanghao has also been involved in tax issues before. Haoshanghao's branch, Shenzhen Beigaozhi Chengdu Branch, failed to declare "VAT (software services)" on time in May 2018. " and "Enterprise income tax ( taxable income )" were punished by the National Taxation Bureau of Chengdu High-tech Development Zone, Sichuan Province.