Source: China Economic Network
On August 25, Shijiazhuang Shangtai Technology Co., Ltd. (hereinafter referred to as "Shangtai Technology") will be launched at the meeting. The sponsor is Guosen Securities Co., Ltd., and the sponsor representatives are Zhang Wen and Li Longxia. Shangtai Technology plans to list on the main board of the Shenzhen Stock Exchange, and publicly issue no more than 64.9437 million ordinary shares, and the issuance amount accounts for no less than 25% of the company's total share capital after issuance. The company plans to raise 1543.6385 million yuan of funds to be used for the Shangtai Technology North Jiangsu headquarters project and supplement working capital respectively.
In 2018, 2019, 2020 and January-June 2021, Shangtai Technology's operating income was RMB 468.8089 million, RMB 546.7848 million, RMB 681.9247 million, and RMB 736.9779 million, RMB 736.6779 million, RMB 115.399 million, RMB 88.4329 million, RMB 152.5563 million, and RMB 174.8541 million, RMB 120.8435 million, RMB 118.2783 million, RMB 151.9192 million, and RMB 174.3866 million, respectively.
From 2018 to January-June 2021, Shangtai Technology received cash from selling goods and providing services of RMB 254.7978 million, RMB 282.4881 million, RMB 304.2754 million, and RMB 428.4084 million, RMB 428.4084 million, RMB 15.925 million, RMB -70.8737 million, RMB -148.1833 million, and RMB -25.0255 million, respectively. From 2019, 2020 and January to June 2021, the net cash flow generated by Shangtai Technology's operating activities was negative continuously.
After calculation, from 2018 to January to June 2021, Shangtai Technology's cash rate was 0.54, 0.52, 0.45 and 0.58 respectively.
Shangtai Technology said in response to an interview with China Economic Network that the company is mainly in the lithium battery artificial graphite negative electrode material industry chain. The upstream raw material suppliers are refineries and their agents. They have strong bargaining power and high payment requirements, and usually require advance payment; at the same time, the electricity required for the company to produce also needs to be paid through bank transfers, wire transfers, etc. The downstream customers are mainly large domestic power battery manufacturers, and usually have a payment credit period of 120-150 days, and they mainly use bank acceptance notes to pay. The settlement characteristics of this industry cause the company to face a longer payment recovery cycle than the purchase payment cycle, which makes the net cash flow of operating activities negative.
During the reporting period, the company distributed a total of RMB 16.04 million in cash dividends.
In each period of the reporting period, the company's negative electrode materials sales revenue was RMB 106.4436 million, RMB 349.558 million, RMB 495.8701 million and RMB 586.0646 million, respectively, accounting for 23.06%, 64.98%, 73.98% and 80.96% of the main business revenue, respectively, and is the company's main source of income.
From 2018 to January-June 2021, the average sales unit price of Shangtai Technology negative electrode materials was 30,400 yuan/ton, 31,200 yuan/ton, 25,800 yuan/ton, and 26,000 yuan/ton, respectively. From 2019, 2020 and January to June 2021, the average sales unit price change rate of negative electrode materials was 2.72%, -17.44%, and 0.96%, respectively.
Shangtai Technology's gross profit margin is higher than the average level of its peers. From 2018 to January-June 2021, Shangtai Technology's gross profit margin was 35.83%, 40.63%, 38.02%, and 36.66%, respectively, and the average gross profit margin of companies in the same industry was 29.25%, 29.15%, 30.36%, and 32.42%, respectively.
During the reporting period, the capacity utilization rate of Shangtai Technology's negative electrode materials was 89.17%, 74.34%, 66.64%, and 115.95%, respectively, and the capacity utilization rate of diamond carbon sources was 91.11%, 98.03%, 78.08%, and 76.84%, respectively. The production and sales rates of negative electrode materials are 95.99%, 87.81%, 92.92%, and 101.70%, respectively, the production and sales rates of diamond carbon sources are 99.58%, 94.07%, 111.15%, and 95.33%, respectively, and the production and sales rates of graphitized coke are 99.39%, 87.60%, 107.48%, and 85.66%, respectively.
Company accounts for a high proportion of sales to CATL and its subsidiaries. From 2018 to January-June 2021, the sales amount of Shangtai Technology's top five customers accounted for 51.23%, 68.39%, 71.27% and 74.24% of the current operating income, respectively, of which the sales amount of CATL and its subsidiaries accounted for 16.77%, 59.01%, 57.73% and 57.90% of the current operating income, accounting for 73.88%, 92.30%, 79.39% and 72.80% of the current negative electrode materials sales amount.
At the end of each period of the reporting period, the company's book balance of accounts receivable was RMB 132.787 million, RMB 224.0456 million, RMB 318.5648 million, and RMB 430.2944 million, and the book value of accounts receivable was RMB 125.723 million, RMB 212.39 million, RMB 302.6365 million and RMB 408.7426 million, respectively, accounting for 18.77%, 22.16%, 20.12% and 19.29% of the total assets in the current period, respectively, accounting for a relatively high proportion of total assets.
At the end of each period of the reporting period, the total amount of the top five accounts receivable customers of Shangtai Technology was RMB 112.714 million, RMB 203.0345 million, RMB 299.6985 million and RMB 390.502 million, accounting for 84.88%, 90.62%, 94.07% and 90.75% of the balance of accounts receivable, respectively. Among them, the accounts receivable of CATL accounted for 60.94%, 82.87%, 74.09% and 68.16% respectively.
At the end of each period of the reporting period, the company's total book balances of notes receivable and receivable financing were RMB 94.7768 million, RMB 52.6929 million, RMB 141.9731 million and RMB 240.0901 million, RMB 93.9197 million, RMB 51.9134 million, RMB 141.3107 million and RMB 239.4218 million, respectively, accounting for 14.02%, 5.42%, 9.39% and 11.30% of the total assets, respectively.
From the end of 2018 to the end of June 2021, Shangtai Technology's inventory balance was RMB 58.7539 million, RMB 188.3365 million, RMB 208.5657 million and RMB 318.6002 million, respectively, accounting for 14.92%, 35.53%, 25.01% and 27.74% of current assets, respectively.
During the reporting period, the company's R&D expenses were RMB 17.5095 million, RMB 20.0668 million, RMB 22.1543 million and RMB 21.0316 million, respectively, accounting for 3.73%, 3.67%, 3.25%, and 2.85% of operating income, respectively. The R&D expense ratios of listed companies in the same industry were 4.48%, 4.78%, 5.05%, and 4.72% respectively. Shangtai Technology's R&D expense ratio is lower than the average of comparable companies.
According to the prospectus, the company was established in 2008 to the withdrawal of Ma Fengliang and Min Guangyi in 2017, and the company held equity on behalf of others. In September 2008, Shangtai Co., Ltd. was established, with Ouyang Yongyue actually enjoying 66.67% of the shares, and Ma Fengliang actually enjoying 33.33% of the shares; in May 2012, Shangtai Co., Ltd. added 20 million yuan in registered capital, which was subscribed by Ouyang Yongyue, and the investment method was currency; in May 2013, Ma Fengliang and Ouyang Yongyue transferred part of the shares to Min Guangyi; in September 2017, Shangtai Co., Ltd. added 95 million yuan in registered capital, and all the new registered capital was subscribed by Ouyang Yongyue. The above capital increase and other situations are all held by equity. In response to an interview with China Economic Network, Shangtai Technology stated that as of the date of signing the prospectus, all stock holding matters have been restored and cleaned up.
Artificial graphite anode material manufacturer plans to raise 1.544 billion yuan on the Shenzhen Stock Exchange's IPO
Shangtai Technology's main business is the research, development, production, processing and sales of lithium-ion battery anode materials and carbon products. The company is mainly engaged in the independent research and development and production of artificial graphite negative electrode materials, and provides the entrusted processing business of the graphitization process of negative electrode materials around the key production equipment of graphitization furnaces. The company is also engaged in the production of diamond carbon sources for carbon products, as well as other entrusted processing businesses related to carbon products. Graphite coke is an auxiliary product in the production process of graphitization furnaces. Due to the large scale of graphitization production of the company, it has become one of the company's main products. As an emerging supplier of negative electrode materials, the company focuses on artificial graphite negative electrode materials and has outstanding advantages in terms of independence and integration. It has independently designed and developed key equipment and produced by itself in the entire process, creating an integrated production base for negative electrode materials.
As of the date of signing the prospectus, Ouyang Yongyue held 48.9281% of the company's shares and was the company's controlling shareholder and actual controller.
Ouyang Yongyue, chairman and general manager, born in March 1966, Chinese nationality, Australian permanent residence. Graduated from Hunan University in 1988 with a bachelor's degree. From July 1988 to November 2000, he served as an engineer at Shanghai Carbon Factory (now Shanghai Carbon Factory Co., Ltd.); from October 2001 to November 2018, he served as executive director and manager of Shanghai Shangtai; from September 2008 to December 2017, he served as executive director and manager of Shangtai Co., Ltd.; from December 2017 to August 2020, he served as chairman and general manager of Shangtai Co., Ltd.; from August 2020 to the present, he served as chairman and general manager of the company.
Shangtai Technology plans to list on the main board of the Shenzhen Stock Exchange, with no more than 64.9437 million shares of common shares publicly and the issuance amount accounts for no less than 25% of the company's total share capital after issuance. The sponsor of this issuance is Guosen Securities Co., Ltd., and the sponsor representatives are Zhang Wen and Li Longxia.
Company plans to raise 1543.6385 million yuan, of which 1063.6385 million yuan will be used for the Shangtai Technology North Jiangsu headquarters project and 480 million yuan will be used to supplement working capital.
Net operating cash is negative for two and a half years
From 2018 to January-June 2021, Shangtai Technology received cash from selling goods and providing services of RMB 254.7978 million, RMB 282.4881 million, RMB 304.2754 million, and RMB 428.4084 million, RMB 428.4084 million, RMB 15.925 million, RMB 70.8737 million, RMB 148.1833 million, and RMB 25.0255 million, RMB 1,592.
Discount of 16.04 million yuan during the reporting period
On December 12, 2018, Shangtai Co., Ltd. held a board of directors and decided to pass Shangtai Co., Ltd. pays a cash dividend of 16.04 million yuan to the company's shareholders based on the profits available for distribution on December 31, 2017, and submits it to the shareholders' meeting for deliberation. On December 28, 2018, Shangtai Co., Ltd. held a shareholders' meeting and reviewed and approved the dividend distribution plan. The dividends of these shareholders have been paid and the personal income tax will be withheld and paid by the company.
Except for the above dividend distribution matters, the company did not make other dividend distributions during the reporting period.
negative electrode material sales revenue accounts for 80%
gross profit margin is higher than the average level of peers
From 2018 to January-June 2021, Shangtai Technology's gross profit margin was 35.83%, 40.63%, 38.02%, and 36.66%, respectively, and the average gross profit margin of companies in the same industry was 29.25%, 29.15%, 30.36%, and 32.42%, respectively.
During each period of the reporting period, the gross profit margins of the company's main business were 39.25%, 37.08%, 35.38% and 35.11%, respectively, showing a slight downward trend year by year. Among them, the gross profit margins of negative electrode materials products are 35.83%, 40.63%, 38.02% and 36.66% respectively.
021 negative electrode material capacity utilization rate in the first half of 2021 115.95%
During the reporting period, the capacity utilization rate of Shangtai Technology negative electrode material was 89.17%, 74.34%, 66.64%, and 115.95%, respectively, and the capacity utilization rate of diamond carbon sources was 91.11%, 98.03%, 78.08%, and 76.84%, respectively.
During the reporting period, the production and sales rates of Shangtai Technology negative electrode materials were 95.99%, 87.81%, 92.92%, and 101.70%, respectively, the production and sales rates of diamond carbon sources were 99.58%, 94.07%, 111.15%, and 95.33%, respectively, and the production and sales rates of graphitized coke were 99.39%, 87.60%, 107.48%, and 85.66%, respectively.
Accounts receivable at the end of June 2021 was 430 million
Shangtai Technology told China Economic Network that due to the continuous rapid development of the downstream new energy industry, the company's negative electrode materials achieved revenue in the first half of 2021 is equivalent to that of the whole year last year, so accounts receivable that were in the credit period at the end of the period increased accordingly. At the end of each period of the reporting period, the company did not make any single provision for bad debt receivables, and the accounts receivable were mainly within 1 year, accounting for 99.65%, 99.75%, 100.00% and 99.94% respectively. The company's accounts receivable are of good quality.
At the end of each period of the reporting period, the total amount of the top five customers of the company's accounts receivable was RMB 112.714 million, RMB 203.0345 million, RMB 299.6985 million and RMB 390.502 million, accounting for 84.88%, 90.62%, 94.07% and 90.75% of the balance of accounts receivable, respectively. Among them, the accounts receivable of CATL accounted for 60.94%, 82.87%, 74.09% and 68.16% respectively.
During the reporting period, Shangtai Technology's accounts receivable turnover rates were 5.32, 3.23, 2.65, and 4.14, respectively, and the average accounts receivable turnover rates of comparable listed companies in the same industry were 3.59, 3.76, 3.03, and 4.25, respectively.
During the reporting period, notes were one of the main ways for the company to settle with customers. At the end of each period of the reporting period, the total book balances of the notes receivable and receivable financing of Shangtai Technology were RMB 94.7768 million, RMB 52.6929 million, RMB 141.9731 million and RMB 240.0901 million, RMB 93.9197 million, RMB 51.9134 million, RMB 141.3107 million and RMB 239.4218 million, respectively, accounting for 14.02%, 5.42%, 9.39% and 11.30% of the total assets, respectively.
021 Inventory of 320 million
At the end of each period of the reporting period, Shangtai Technology's inventory balance was RMB 58.7539 million, RMB 188.3365 million, RMB 208.5657 million and RMB 318.6002 million, respectively, accounting for 14.92%, 35.53%, 25.01% and 27.74% of current assets, respectively.
At the end of each period of the reporting period, the company's inventory was mainly composed of raw materials, in-products, semi-finished products and inventory goods. The above four accounted for 78.34%, 89.60%, 91.05% and 87.28% of the inventory respectively.
During the reporting period, Shangtai Technology's inventory turnover rate was 6.32, 2.74, 2.18, and 3.57, respectively, and the average inventory turnover rate of comparable listed companies in the same industry was 2.69, 2.73, 2.50, and 3.63, respectively.
In the first half of last year, sales to CATL and its subsidiaries accounted for 57.9%
From 2018 to January-June 2021, the sales amount of Shangtai Technology's top five customers accounted for 51.23%, 68.39%, 71.27% and 74.24% of the current operating income, respectively. Among them, the sales amount of CATL and its subsidiaries accounted for 16.77%, 59.01%, 57.73% and 57.90% of the current operating income, accounting for 73.88%, 92.30%, 79.39% and 72.80% of the current negative electrode materials sales amount.
Shangtai Technology stated that in 2019 and 2020, the company's sales to CATL were at a high proportion, at 59.01% and 57.73% respectively. From January to June 2021, the company's sales to CATL reached 57.90%, which remained at a high level, mainly related to CATL's market share in the downstream industry. During the reporting period, CATL's domestic power battery market share continued to increase, reaching 56.30% and 62.50% in 2019 and 2020 respectively. The company has been delivering samples to CATL since September 2017. After small trials, large trials, field reviews and other links, it achieved mass supply in July 2018. As the company's production capacity continues to expand and its technical level continues to improve, it has in-depth cooperation with CATL, and the corresponding sales revenue and sales volume have increased rapidly.
R&D expense ratio is lower than the comparable company average
During the reporting period, the company's R&D expenses were RMB 17.5095 million, RMB 20.0668 million, RMB 22.1543 million, and RMB 21.0316 million, respectively, accounting for 3.73%, 3.67%, 3.25% and 2.85% of operating income, respectively.
During the reporting period, the proportion of R&D expenses of listed companies in the same industry to operating income was 4.48%, 4.78%, 5.05% and 4.72% respectively.
Shangtai Technology's R&D expense ratio is lower than that of most comparable companies in the same industry. The main reason is that the products of comparable companies have a wide range of products, the product structure is relatively complex compared with the companies, and the R&D expenses are invested in all aspects. For example, Shanshan Co., Ltd. operates lithium-ion battery electrolyte, positive electrode material, negative electrode material, photovoltaic business, energy storage business and other businesses; Bertray's products include not only artificial graphite, but also natural graphite, silicon-based composite anode materials, new anode materials, positive electrode materials, etc.; Putailai includes negative electrode material business, membrane material business, lithium battery equipment business, etc.; while the company mainly engages in the research and development, production, processing and sales of lithium-ion anode materials. Relatively speaking, the company's R&D resources and investment are not as scattered as the above-mentioned comparable companies, focusing on the research and development of artificial graphite anode materials; as a late-generation artificial graphite anode materials manufacturer, the company's product development and market development time is limited. Based on its cost control advantages, the company has gained the favor of customers at a market-competitive price, and its operating income has increased significantly in the past two years.
Equity holding situation
According to the prospectus, it was established in 2008 to the withdrawal of Ma Fengliang and Min Guangyi in 2017, and the company had equity holding situations.
In September 2008, Shangtai Co., Ltd. was established, Ouyang Yongyue actually enjoyed 66.67% of the shares, and Ma Fengliang actually enjoyed 33.33% of the shares; in May 2012, Shangtai Co., Ltd. had an additional registered capital of 20 million yuan, which was subscribed by Ouyang Yongyue, and the investment method was currency; in May 2013, Ma Fengliang and Ouyang Yongyue transferred part of the shares to Min Guangyi; in September 2017, Shangtai Co., Ltd. had an additional registered capital of 95 million yuan, and all the newly added registered capital was subscribed by Ouyang Yongyue. The above capital increase and other situations are all held by equity.
In 2017, in order to resolve the matter of equity holding and hidden shareholders, to make the equity structure clear, and to avoid potential disputes and disputes, Ouyang Yongyue, Ma Fengliang and Min Guangyi decided to deal with historical equity holding matters. Because Ma Fengliang is older, he is preparing to retire and is worried about the company's transformation into the business risks of lithium battery negative electrode materials, so he decided to withdraw from Shangtai Group and transfer his shares in Shangtai Group.
Shangtai Technology stated in response to an interview with China Economic Network that as of the date of signing the prospectus, all stock holding matters have been restored and cleaned up. The above-mentioned holding and holding matters of the termination of the holding matters of the above-mentioned holding matters and the termination of the holding matters are based on the true intention of both parties. There are no disputes, potential disputes or other outstanding matters, and do not constitute a substantial obstacle to this issuance and listing. In addition to the above disclosed situations, Shangtai Limited's establishment and previous equity changes have complied with the company's internal approval procedures and have completed the industrial and commercial change registration procedures in accordance with the law. The establishment and previous equity changes have been real, legal and valid. (Source: China Economic Network)
