According to the release of the China Securities Regulatory Commission, Nanjing Magnetic Valley Technology Co., Ltd. (“Magic Valley Technology”) will be reviewed by the Listing Committee at 9:00 a.m. on June 8.The main business of Magnetic Valley Technology is magnetic levitation fluid machinery and magnetic levitation bearings, high-speed motors, high-speed drives, etc. This IPO intends to apply for a public offering of no more than 17,815,300 ordinary shares in RMB, accounting for no less than the company's total share capital after the issuance. 25%, and it is planned to raise 450 million yuan. Its main purposes are: production and construction projects of efficient and intelligent integrated magnetic levitation fluid equipment; R&D center construction projects; and supplementary working capital.The sponsor (lead underwriter) of the issuance of Magnetic Valley Technology is Industrial Securities.
Revenue depends on a single product.
The main business of Magnetic Valley Technology is the R&D, production and sales of magnetic levitation fluid machinery and magnetic levitation bearings, high-speed motors, high-speed drives and other core components; the main products are magnetic levitation centrifugal blowers, magnetic levitation air compressors, and magnetic levitation chillers. .The industry has a relatively narrow market application, and Magnetic Valley technology products are relatively concentrated. To a certain extent, the single-structure model will pose risks to its future business.Compared with other companies in the same industry, Magnetic Valley Technology started late, but its product pricing is relatively high, resulting in its low cost performance compared with the same industry in the market.
According to the prospectus, from 2018 to 2021, during the reporting period, the operating income of Magnetic Valley Technology was 163,995,700 yuan, 213,394,000 yuan, 251,230,400 yuan, 311,605,400 yuan, and net profits were 29,718,000 yuan and 41,126,300 yuan respectively. , 48,245,100 yuan, 12,011,000 yuan, although operating income increases every year, but its net profit will drop significantly in 2021.
According to the disclosure of the prospectus, its main business income mainly comes from magnetic levitation centrifugal blowers. From January to June in 2018, 2019, 2020, and 2021, the sales revenue of magnetic levitation centrifugal blowers accounted for 30% of the main business income of each period. The proportions are 99.33%, 99.13%, 99.24%, 93.34%, and the product structure is relatively single and concentrated.In order to adapt to the diversification of market demand, Magnetic Valley Technology has also launched products such as magnetic levitation air compressors and magnetic levitation chillers. Judging from its sales data, the sales volume of the newly launched products is not optimistic, and the proportion of sales revenue is very small.That is to say, up to now, almost all of Magnetic Valley Technology's operating income relies on the magnetic levitation centrifugal blower as a product, and the subsequent market changes, or the main product production problems, Magnetic Valley Technology will face a huge crisis.
At the
end of 2019, the end of 2020, and the end of 2021, the book balance of the accounts receivable of Cigu Technology was 126,622,100 yuan, 134,878,100 yuan, and 183,471,300 yuan, respectively, accounting for each period of business. The proportion of income is 59.34%, 53.69% and 58.88% respectively; the balance of notes receivable is 33.3702 million yuan, 31.748 million yuan and 36.4951 million yuan respectively; the receivables financing is 1.0259 million yuan, 461.5 thousand yuan and 495.000 yuan respectively.Based on this calculation, at the end of each period, the receivables of Magnetic Valley Technology were RMB 161,018,200, RMB 167,087,600 and RMB 220,461,000 respectively.
At the end of 2019, the end of 2020 and the end of 2021, the book values of the accounts receivable of Magnetic Valley Technology were 115,040,500 yuan, 122,794,900 yuan, and 167,108,600 yuan, increasing year by year, of which the overdue accounts receivable balances were 41,357,100 yuan and 47,041,900 yuan respectively. RMB 77.4638 million, accounting for 36.98%, 34.88% and 42.22% of the book balance of accounts receivable (excluding quality assurance funds), and overdue accounts accounted for a relatively high proportion.According to the prospectus of Magnetic Valley Technology, as of the end of April 2022, the collection rate of accounts receivable after the period at the end of 2019 was 88.10%, the rate of collection after the period of accounts receivable at the end of 2020 was 65.49%, and the rate of collection after the period of accounts receivable at the end of 2021 was 88.10%. The payment rate was 23.99%, and the collection period of accounts receivable was relatively long.
Magnetic Valley Technology stated in the prospectus that during the reporting period, the company's accounts receivable balance was relatively large, mainly due to the impact of contract payment arrangements. At present, the company's magnetic levitation blowers are mainly used in the sewage treatment industry. The customer considers the overall construction investment of the project and Industry practice, usually adopt the settlement method of payment in stages, after the signing of the contract (prepayment, about 30%), the delivery of the goods to the site (the payment for the goods, about 30%), the commissioning and acceptance (the payment for acceptance, about 30%) and the warranty period The corresponding payment will be paid after the completion of the period (quality guarantee fee, about 10%) and other stages.Among them, the recovery of prepayment and payment on arrival is relatively timely, but due to the impact of the overall project progress of the customer, the recovery period of the acceptance payment is long, and some customers have overdue payments, resulting in a large scale of the company's accounts receivable.In addition, according to the prospectus of Magnetic Valley Technology, at the end of 2019, the end of 2020 and the end of 2021, the adjusted balances of the company's accounts receivable were 126.6221 million yuan, 156.2816 million yuan, and 209.2535 million yuan respectively.
In each period of the reporting period, the turnover rate of accounts receivable of Magnetic Valley Technology was 1.86 times, 1.92 times and 1.96 times respectively, and the average of the same industry was 3.73 times, 4.07 times and 4.30 times respectively.
According to the prospectus of Magnetic Valley Technology, from 2019 to 2021, the company's overall accounts receivable turnover rate is close to that of Shaangu Power, slightly higher than that of Jintongling, and lower than that of Shandong Zhanggu and Xinlei shares. The main reason is that comparable companies are in There are certain differences with the company in terms of product structure, customer structure, and credit policy.
The nature of science and technology has been questioned
In the second round of inquiries, the Shanghai Stock Exchange raised questions on eight aspects of Magnetic Valley Technology's technological innovation attributes, R&D expenses, operating income, distribution, accounts receivable, and inventory.
It is understood that in the field of sewage treatment, the Roots blower has basically been eliminated abroad, so whether the magnetic levitation centrifugal blower launched by Magnetic Valley Technology is sufficient for the future development trend, and what is the future market space of the magnetic levitation centrifugal blower? question mark.And the proportion of foreign blower products in domestic sales is showing a downward trend. At present, Roots blowers and magnetic levitation blowers are mainly domestically produced, and blowers above 300kW are still dominated by foreign single-stage gear speed-increasing blowers. In recent years, domestic magnetic levitation centrifugal blowers, single The stage gear speed-increasing blower began to gradually replace the foreign single-stage gear speed-increasing blower.
Due to the different technical principles of different types of blowers, the most economical scenarios for various types of blowers are different. Magnetic levitation blowers can already replace traditional blowers in the aeration process of sewage treatment and biochemical treatment in different industries. In the fields with long and large air volume demand, the magnetic levitation blower has higher energy-saving benefits.At the same time, magnetic levitation blowers have been used in biological fermentation, material transportation, desulfurization and oxidation in the chemical, cement, and power industries. However, there are still some areas in which the economy of magnetic levitation blowers is poor due to short equipment running time and low power. , is still dominated by Roots blowers.
Magnetic Valley Technology replied that the main types of blowers produced by major foreign blower manufacturers include Roots blowers, single-stage gear speed-increasing blowers, air suspension blowers, magnetic suspension blowers, etc. According to the TransparencyMarketResearch blower market research report, the Roots blower market is calculated by amount The market share is 48.19%, and the market share of centrifugal blowers is 29.92%.
