Reporter | Zhao Yangge
, which failed to impact the capital market many times, has recently been approved by the Science and Technology Innovation Board Listing Committee.
Interface News reporter found that after the company failed to GEM IPO in 2018, it replaced sponsor . The new sponsor CICC affiliated suddenly acquired a stake in Jeput last year, with a shareholding ratio of 4.99%.
In addition, the company's former largest customer, Apple , has sharply reduced its product purchases from the company in the past two years, from 248 million yuan in 2017 to 154 million yuan last year, and then to a mere 8.5434 million yuan in the first half of this year.
failed to impact the capital market many times
Jipute was established on April 18, 2006 with a registered capital of 69.2764 million yuan. The legal representative, controlling shareholder and actual controller are all Huang Zhijia, and the sponsor of Jipute is CICC.
Jipute 's main business is the research and development, production and sales of laser and intelligent equipment mainly used for precision detection and micro-machining of integrated circuits and semiconductor optoelectronics-related devices. It is China's first commercial "pulse width adjustable high-power pulse fiber laser (MOPA pulse fiber laser)" manufacturer and a leading provider of intelligent equipment for photoelectric precision detection and laser processing.
The company's laser products include pulse fiber lasers, continuous fiber lasers and solid-state lasers , etc. The independently developed MOPA pulse fiber laser has been the first to achieve mass production and sales in China, filling the technical gap in this field in China. In recent years, Jeput has developed a variety of laser/optical intelligent equipment such as intelligent spectral detection machine, laser resistance adjustment machine, chip laser marking traceability system, laser marking machine, VCSEL laser module detection system, silicon optical wafer testing system, etc., which are widely used in laser precision processing, spectral detection, consumer electronic product manufacturing, patch component manufacturing and other fields.
At present, Jept 's products and services cover many well-known customers in Asia, North America, Europe and other regions. The MOPA pulse fiber laser products produced by the company provide core components for well-known laser equipment manufacturers such as Ted Laser, Lianying Laser, and Everbright Laser; the laser/optical intelligent equipment products produced by the company are adopted by well-known companies in various industries such as Apple, AMS, STMicroelectronics , LGIT, Kamaya, Guoju Co., Ltd., Housheng Electronics, Qiankun Technology, Huaxin Technology, etc.
data shows that Jipute 's operating income from 2016 to 2018 and the first half of 2019 was RMB 253 million, RMB 633 million, RMB 666 million and RMB 302 million, respectively, and the net profit attributable to the parent company's owners was RMB 6.1807 million, RMB 87.6691 million, RMB 93.361 million and RMB 39.2109 million, respectively, with relatively stable performance.
This time, Jipute plans to raise nearly 1 billion yuan and invest in seven projects including "fiber laser expansion and construction". According to Jipute , the company has made preliminary investments in the project. As of June 30, 2019, the total amount of self-raised funds invested in the fundraising and investment projects was 23.3837 million yuan.
Speaking of which, Jept 's capital market road has been twists and turns.
As early as May 2015, listed company Shuobeide (300322.SZ) issued a restructuring plan, and planned to acquire 596.4% of the equity of Jipte HTML, but this acquisition has not been completed.
On December 23, 2016, Jipute went to the National Small and Medium Enterprises Stock Transfer System Co., Ltd. for listing and publicly transferring (code 870105), but soon Jipute chose to withdraw from the New Third Board in the spring of 2017.
In June 2017, the prospectus of Jipute was disclosed on the website of the China Securities Regulatory Commission that the company originally planned to impact the GEM. The sponsor at that time was Hongta Securities, but the luck was not good. At the beginning of 2018, Jeput terminated the IPO on the GEM.
After one year, Jipute moved to the battlefield and finally successfully won the road to the Science and Technology Innovation Board in September 2019.
to Apple company sales take a sharp turn and drop
Jipute 's customer base is worth paying attention to.
According to reports, the company's revenue to the top five customers during the reporting period accounted for 35.52%, 53.68%, 44.61% and 38.04% of operating income, respectively, with relatively concentrated customers.Among them, in 2017, the company's sales revenue to Apple Company and Guoju Co., Ltd. was RMB 248 million and RMB 28.8519 million, accounting for 39.2% and 4.56% of operating income, respectively. In 2018, the company's sales revenue to Apple and Guoju Co., Ltd. was RMB 154 million and RMB 76.6766 million, respectively, accounting for 23.1% and 11.51% of operating income, respectively.
For the problem of customer concentration, Jeput reminds risks. Due to fierce competition in the downstream industry, macroeconomic fluctuations, technological updates and other factors, the demand for large customers is constantly changing and increasing. If large customers reduce the purchase volume of the company's products in the future due to other reasons such as choosing other suppliers, it may have a significant adverse impact on the company's overall business such as sales revenue, gross profit margin and net profit. This is true. In 2016, 2017, 2018 and January-June 2019, the sales revenue achieved by Jeput to Apple companies was RMB 10.8338 million, RMB 248 million, RMB 154 million and RMB 8.5434 million, respectively, respectively, showing a sharp turnaround and downward trend since 2018.
In response to this, Jept explained that in 2017, the production process and material use of screens in the new products of Apple has changed significantly from previous generations of products and needs to be replaced with a new generation of spectral detection equipment. Therefore, the company has obtained a significant increase in the number of orders and a significant increase in revenue scale. However, in 2018, due to the small changes in the production process and materials of the screen in the new products of Apple , the number of spectral detection equipment that needs to be updated has decreased, the company's shipments of optical intelligent equipment have decreased accordingly, and the revenue scale has decreased. In the first half of 2019, the production process and material changes of screens in the new products of Apple have not changed significantly. Therefore, Apple company mainly entrusts the company to upgrade and update the original equipment system to meet the testing needs of new products, and has not purchased new equipment in large quantities, resulting in a decline in the sales scale of the company's optical intelligent equipment.
In addition, Jipute also stated that the company has further cooperated with Apple . In order to improve the user experience, Apple company commissioned the company to develop intelligent spectral detection equipment for detecting Airpods2 infrared sensors, and achieved mass sales in the first half of 2019.
However, it is worth mentioning that the cooperation model of Jipute and Apple is to participate in the research and development process of its early innovative technology. It is recognized by Apple and then obtained corresponding orders. Jipute bluntly stated that if the company cannot maintain its advantages in technological innovation in the future, there may be a risk that it will not be able to obtain related orders due to the inability to obtain Apple company.
The sponsor's affiliated party suddenly invested in
During 2018, there were many institutions that suddenly invested in Jipte.
In September 2018, the total number of Jiepute shares increased from 65.338983 million shares to 68.220432 million shares, with a capital increase price of 45.91 yuan per share. Subscription objects include Talent No. 1, Songhe Growth, Shenzhen Venture Capital, Beijing Danpu, Ruilai Lerong, Suzhou Xinlin, Hangzhou Zizhou, and Zijingang No. 3, and the investment methods are all monetary investment.
In September 2018, Jipute also had equity transfers. Xiamen Zhongnan acquired 653,452 million shares of the company held by Shanghai Qingyuan at a price of 45.91 yuan per share and 731,700 shares of the company held by Ruilai Xinmao at a price of 45.91 yuan per share. The corresponding company's overall valuation is approximately 3 billion yuan.
In October 2018, China Electric Power CICC (Xiamen) Intelligent Industry Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as China Electric Power CICC) signed a "Share Transfer Agreement" with Zhang Yimin, and acquired 2.4 million shares of the company held by Zhang Yimin at a price of 38.73 yuan per share. Subsequently, China Electric Power CICC subscribed 1.056 million shares at a price of 46.6 yuan per share, with the investment method being monetary investment. In summary, China Electric Power and CICC spent a total of 142 million yuan to obtain 3.456 million shares, with an average price of 41.13 yuan per share, and took 4.99% of the bargaining chips.
In November 2018, Rizhao Longsa entered into a "Share Transfer Agreement" with Tibet Hanxin and Ganzhou Hetai, agreeing that Rizhao Longsa will acquire the shares of the latter two at a price of 45.91 yuan per share.
Among the above-mentioned capital increase and share expansion and equity transfer, CICC is particularly worthy of attention.
information shows that CICC was established on May 22, 2018.China Electric Power CICC (Xiamen) Electronics Industry Equity Investment Management Co., Ltd. (hereinafter referred to as China Electric Power CICC Electronics), the general partner of China Electric Power CICC, was established on April 12, 2018.
From the perspective of the establishment time, CICC was born at the right time.
can be further understood through Tianyan Check that CIMC Electronics is controlled by 51% of CIMC Capital Operations Co., Ltd., and CIMC Capital Operations Co., Ltd. is a wholly-owned subsidiary of 100% controlled by the sponsor CIMC.
