Nearly 5 months after entering the inquiry stage, backlight LED device manufacturer Gumai Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Gumai Optoelectronics") recently disclosed the first round of inquiries and responses for the GEM IPO.In the first round of inquiries, the company's R&D capabilities, GEM positioning, and the fact that Rongchuang Energy Technology Co., Ltd. (hereinafter referred to as "Rongchuang") was both a major customer and a major supplier during the reporting period were questioned by Shenzhen Stock Exchange. , the company needs to respond one by one.
GEM positioning is questioned
In the first round of inquiries, the Shenzhen Stock Exchange questioned whether Gumai Optoelectronics met the positioning of the GEM.
The prospectus shows that the main business of Gumai Optoelectronics is the research and development, production and sales of electronic components in the field of optoelectronic display. The main products are different series of backlight LED devices, optical lenses, light guide plates, plastic frames, plastic and iron integration, backlight, Liquid crystal display modules, etc., are widely used in smart phones, tablet computers, notebook computers, industrial display, home display, medical display and other fields.
From 2019 to 2021, the attributable net profit of Gumai Optoelectronics will show an upward trend.According to financial data, from 2019 to 2021, the operating income of Gumai Optoelectronics was about 289 million yuan, 462 million yuan, and 707 million yuan, respectively; the corresponding net profit attributable to about 30.1378 million yuan, 56.1452 million yuan, and 66.1171 million yuan respectively. Yuan.
However, during the reporting period, the R&D expense rate of Gumai Optoelectronics decreased year by year, and was lower than the average of comparable companies in the same industry.Specifically, from 2019 to 2021, the research and development expenses of Gumai Optoelectronics were 15.4033 million yuan, 24.5645 million yuan, and 32.5009 million yuan respectively, and the company's research and development expenses accounted for 5.33%, 5.32%, and 4.6% of the current operating income, respectively, showing an increase year by year. downtrend.
Gumai Optoelectronics selects Jufei Optoelectronics, Suijing Optoelectronics, and Ruifeng Optoelectronics as comparable companies in the same industry. From 2019 to 2021, the average R&D expense ratios of comparable companies in the same industry are 5.44%, 5.69%, and 6.03%. , not only the average value is rising year by year, but also higher than Gumai Optoelectronics.
Investment and financing expert Xu Xiaoheng said in an interview with a reporter from Beijing Business Daily that the R&D expense rate can reflect the company's emphasis on R&D to a certain extent.In a fully competitive industry, high R&D investment is one of the important factors for a company to maintain its technological innovation capability and core competitiveness.The R&D expense ratio continues to decline, and the company's intrinsic motivation for future innovation may be questioned by the market.
It is worth mentioning that as of June 30, 2021, Gumai Optoelectronics has a total of 1,192 employees, including 122 R&D personnel.Among all employees of the company, 965 people have a college education or below, accounting for 80.96% of the total number of employees.
In this regard, the Shenzhen Stock Exchange requires Gumai Optoelectronics to explain the reason why the company's R&D expense rate has been decreasing year by year and is continuously lower than that of comparable companies in the same industry; whether its own technical advantages and technical barriers are common technologies in the industry; combined with its own core competitiveness, market potential, research and development Expenditure ratio, etc., analyze and explain in detail whether its own innovation, creation, creative characteristics or one of these characteristics conforms to the positioning of the GEM.
In response to company-related issues, a reporter from Beijing Business Daily called Gumai Optoelectronics Securities Affairs Department for an interview, but no one answered the phone.
Large customer part-time large supplier
During the reporting period, Rongchuang was not only a major customer of Gumai Optoelectronics, but also a major supplier of the company, which was inquired by the Shenzhen Stock Exchange.
It is understood that Rongchuang, a company listed on the Taiwan Stock Exchange, has entered the top five customers of Gumai Optoelectronics since 2019.During the reporting period, Gumai Optoelectronics has continuously increased its sales revenue, and has become the company's largest customer since 2020.
According to the prospectus, from 2019 to 2021, the sales amount of Gumai Optoelectronics to Rongchuang was about 18.184 million yuan, 62.0584 million yuan, and 149 million yuan, accounting for 6.29%, 13.44%, and 21.09% of operating income, respectively. Ranked the third, first and first largest customer of the year respectively.
At the same time, Rongchuang is also an important supplier of Gumai Optoelectronics.The prospectus shows that from 2019 to 2021, Gumai Optoelectronics’ purchases from Rongchuang were about 7.8288 million yuan, 33.6809 million yuan, and 67.7054 million yuan respectively, which were the fifth, first and largest suppliers of the year.
The situation of the overlap between the largest customer and the largest supplier of Gumai Optoelectronics in the past two years was inquired by the Shenzhen Stock Exchange.Shenzhen Stock Exchange requires Gumai Optoelectronics to explain the reasons for the large purchases and sales with Rongchuang during the reporting period, and to explain whether the cooperation model conforms to industry practices in combination with the specific situation of comparable companies, and to explain the amount of purchases and sales to Rongchuang during the reporting period. And the increase is significantly higher than that of other suppliers and customers.
Wang Chikun, an independent economist, said that during the IPO review process, the overlap between customers and suppliers will generally attract the attention of regulators, and companies will generally need to make reasonable explanations on issues such as transaction fairness.
Gumai Optoelectronics explained that Rongchuang is a world-renowned veteran backlight LED packaging manufacturer, and it purchases backlight LED device products from the company.However, Rongchuang has stricter product quality control. The core raw materials (chips or backlight LED device bulk materials) and its auxiliary materials (carrier tapes, phosphors, etc.) used in the backlight LED device products sold by the company to Rongchuang must be provided by the company to Rongchuang. or its designated suppliers to purchase.The large purchase and large sales between the company and Rongchuang are in line with business logic and have a reasonable transaction background.
Beijing Business Daily reporter Dong Liang Ding Ning
