Editor's note from China Economic Net
:On July1,Suzhou Future Electric Co., Ltd. (hereinafter referred to as "Future Electric") will be the first meeting. The sponsor is Zhongtai Securities Co., Ltd., and the sponsor representatives are Wang Xiujuan and Wang Zhiwei.Future Electric is planned to be listed on the Shenzhen Stock Exchange Growth Enterprise Market. The number of initial public offerings will not exceed35million shares, and it will raise funds of533million yuan, which will be used for the new low-voltage circuit breaker accessories project, the new technology research and development center project, and the new information system project.
OnJune21 ,2017 ,the companysubmitted the application documents for the initial public offering and listing to the China Securities Regulatory Commission, and planned to be listed on the main board of the Shanghai Stock Exchange.However,inMarch2018, Future Electric stated that after careful research and careful consideration by the company, it planned to adjust the listing plan, terminate the IPO application and withdraw the relevant documents. The company recently applied to the China Securities Regulatory Commission to withdraw the listing application materials.
From 2019to2021, the future electrical appliances realized operating income of351,183,800yuan,461,441,400yuan, and458,882,300yuan respectively; the net profit (net profit attributable to owners of the parent company) was60,972,400yuan,97,024,400yuan, and8,241.79 yuan respectively.After deducting non-recurring gains and losses, the net profit attributable to owners of the parent company was RMB62.9908 million, RMB106.4588million and RMB80.5219million respectively.
In 2021, the revenue and net profit of future electrical appliances will decline.It is calculated that in2021, the company's operating income will decrease by0.55% year-on-year, net profit (net profit attributable to owners of the parent company) will decrease by15.05% year-on-year, and net profit attributable to owners of the parentcompany after deducting non-recurring gains and losses will decrease year-on-year.24.36%.
FromJanuary to March2022, the company achieved operating incomeof 94.2279 million yuan, a decrease of17.18%compared with the same period of the previous year; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was13.7239 million yuan, a decrease of43.14%compared with the same period of the previous year.
FromJanuary to June2022, the company expects operating income to be220million yuan to240 million yuan, a year-on-year change of-2.94%to5.89%; the estimated net profit attributable to the parent is 38.50million yuan to40million yuan, a year-on-year change of-18.89%to-15.73 %; the net profit attributable to the parent after deduction is expected to be RMB38.000million to RMB39.50million, a year-on-year changeof -19.01%to-15.81%.
The main business income of future electrical appliances can be divided into intelligent terminal appliances, molded case circuit breaker accessories, frame circuit breaker accessories and others according to product categories.As the product that contributed the highest revenue for two consecutive years in2019and2020, the revenue of smart terminal appliances willdecline significantly in2021 .From 2019to2021, the revenue of smart terminal electrical appliances was157.308million yuan,232.180million yuan and160.2315 million yuan respectively, accounting for45.28%,51.31%and35.98%of the main business income respectively.
In the reply to the first round of inquiry letter, Future Electric stated that in2021, the revenue of smart terminal appliances willdecrease compared with2020 , mainly becausethe company has completed the centralized supply of energy management modules in the first half of2021and the second half of2021 .Without obtaining large orders from other similar projects, therevenue of energy consumption management modules in2021 willdecrease by RMB82.6893 million compared with2020.
In 2021, the comprehensive gross profit margin of future electrical appliances will decline.During the reporting period, the company's comprehensive gross profit margins were36.73%,41.28% ,and33.25%, respectively, and the comprehensive gross profit margins (considering the impact of transportation costs) were36.73%,40.61% ,and32.49% , respectively.
Looking through the prospectus, it was found that the gross profit margin of the main business of future electrical appliances had a data fight in the same version of the prospectus.In the risk warning of the decline in gross profit rate, Future Electric stated that in each period of the reporting period, the gross profit rate of the company's main business was36.51%,41.08%and33.30% respectively.In the analysis of the gross profit margin of the main business, the gross profit margin of the main business of electrical appliances in the future is36.51%,41.77%and34.09% respectively.It can be seen that the gross profit margin of the main businessof future electrical appliances in2019 is the same, but the data in2020and2021are different.
In the future, the turnover rate of accounts receivable and inventory turnover of electrical appliances will be lower than the industry average.At the end of each period of the reporting period, the book balances of future electrical accounts receivable (including contract assets) were139.2714million yuan,136.3175million yuan and123.4590 million yuan respectively, accounting for39.66%,30.92%and28.86%of operating income respectively.From 2019to2021, the company's accounts receivable turnover rate was2.64times/year,3.27times/year, and3.34times/year, which were lower than the average of5.76times/year,4.91times/year, and4.32times/ year for comparable companies in the same industry.year.
During the same period, the company's inventory turnover rate was3.38times/year,3.76times/year and4.14times/year, respectively, while the comparable company averages were4.97times/year,5.94times/year and4.63times/year, respectively.
In addition, the capacity utilization rate of electrical appliances is not saturated in the future, and the overall trend is declining.Future Electric said that the capacity utilization of the company's injection molding workshop and circuit board workshop was selected to reflect the company's overall capacity utilization.From2019to2021, the company's injection molding workshop capacity utilization rates were98.73%,83.24%, and85.58 %, respectively, and the circuit board workshop capacity utilization rates were91.71%,85.52%, and70.81%.
In addition,Future Electric was asked for two consecutive rounds whether it was in line with the GEM positioning.In the first round of review and inquiry letter, Shenzhen Stock Exchange required future electrical workers to combine technical advantages, product innovation, market space, market capacity, customer expansion capabilities, growth, and comparison with comparable companies in the same industry. A specific feature of “Three Innovations and Four Innovations”, optimize the disclosure of information about companies that meet the positioning of the GEM.
In the second round of review and inquiry letter, Shenzhen Stock Exchange once again required future electrical appliances to combine R&D investment, the number of R&D personnel, R&D results and their realized income, the comparison of core technology and the advanced nature of the same industry, the company's growth, industry Status and market space, projects under research and continuous research and development capabilities, technological innovation, etc., indicate whether the company's "three innovations and four new" features are prominent and whether it is in line with the GEM positioning.
However, Future Electric is not as good as comparable companies in the same industry in terms of R&D expense rate and number of R&D personnel.In each period of the reporting period, the future electrical research and development expenses were15.5831million yuan,16.9994million yuan and18.8447 million yuan, accounting for4.44%,3.68%and4.11%of the operating income respectively.During the same period, the average R&D expense ratios of comparable companies in the same industry were5.19%,5.44%, and5.22% , respectively.
In terms of the number of R&D personnel, at the end of each period of the reporting period, the number of future electrical R&D personnel was69,61and69 respectively.It ranks at the bottom in the number of R&D personnel of comparable companies in the same industry.
In addition, in terms of the education level of employees, only4 employees of Future Electrichave a master's degree or above, including the controlling shareholders Mo Wenyi and Lou Yang, both of whom have master's degrees in business administration.
As of the date of signing the prospectus, Mo Wenyi directly holds53,757,216shares of the company, accounting for51.20% of the company's total share capital, and is the controlling shareholder of Future Electric.Mo Wenyi, Mo Wenyi's father Mo Jianping, Mo Wenyi's mother Zhu Fengying, and Mo Wenyi's spouse Lou Yang collectively own90.48%of the voting rights of Future Electric and are the joint actual controllers of Future Electric.
In 2020and2021, Future Electric will distribute cash dividends of RMB 15,311,800 and RMB 15,750,000 respectively,withacumulative cash dividend of RMB31,061,800.
Low-voltage circuit breaker accessories manufacturers plan to go public on the GEMto raise533million yuan
Future Electric's main business is the research and development, production and sales of low-voltage circuit breaker accessories.The company is committed to applying low-voltage circuit breaker accessories, expanding the monitoring control and safety protection functions of low-voltage circuit breakers, improving the remote, centralization and automation level of low-voltage circuit breaker control, and making the power distribution network safer, more energy-efficient, and more intelligent.
As of the date of signing the prospectus, Mo Wenyi directly holds53,757,216shares of the company, accounting for51.20% of the company's total share capital, and is the controlling shareholder of Future Electric.Mo Wenyi's father Mo Jianping holds17,953,205shares of the company, accounting for17.10% of the company's total share capital; Mo Wenyi's mother Zhu Fengying holds8,976,602shares of the company, accounting for8.55% of the company's total share capital; Mo Wenyi's spouse Lou Yang directly holds There are3,000,000shares of the company, accounting for2.86% of the company's total share capital. At thesame time, Lou Yang is the general partner of Haoning Investment and can actually control Haoning Investment. Haoning Investment holds11,312,977shares of the company, accounting for10.77 % of the company's total share capital%; Mo Wenyi, Mo Jianping, Zhu Fengying and Lou Yang collectively own90.48%of the voting rights of Future Electric and are the joint actual controllers of Future Electric.In the past three years, the controlling shareholder and actual controller of the company have not changed.
Mo Wenyi, female, borninNovember1981, Chinese nationality,obtained permanent residency in AustraliainFebruary2022 .Senior management personnel with a master's degree in business administration.FromNovember2004toApril2011,heworkedattheEnvironmentalProtectionBureauofXiangchengDistrict,Suzhou;____;SinceMarch2015 ,he has served as the vice chairman of Future Electric, andinMarch2015 ,he has also served as the secretary of the company's board of directors.
Mo Jianping, male, borninJanuary1955, Chinese nationality, no permanent residency abroad,sinceMarch2015 ,has been the chairman of Future Electric.Zhu Fengying, female, borninJune1956, Chinese nationality, no permanent residency abroad,has served as a future electrical administratorsinceMarch2015 .Lou Yang, male, borninSeptember1981, Chinese nationality, obtained permanent residence in AustraliainFebruary2022 ,majoring in business administration, master's degree, senior economist,sinceMarch2015, he has been the director and general manager of Future Electric .
Future Electric plans to be listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, with an initial public offering of no more than35 million shares, and accounting for no less than25%of the total share capital after the issuance.The sponsor for this issuance is Zhongtai Securities Co., Ltd., and the sponsor representatives are Wang Xiujuan and Wang Zhiwei.
The company plans to raise fundsof 532.6817million yuan, which will be used for the new project of low-voltage circuit breaker accessories, the new technology research and development center project, and the new information system project.
Editor's note from China Economic Net
:On July1,Suzhou Future Electric Co., Ltd. (hereinafter referred to as "Future Electric") will be the first meeting. The sponsor is Zhongtai Securities Co., Ltd., and the sponsor representatives are Wang Xiujuan and Wang Zhiwei.Future Electric is planned to be listed on the Shenzhen Stock Exchange Growth Enterprise Market. The number of initial public offerings will not exceed35million shares, and it will raise funds of533million yuan, which will be used for the new low-voltage circuit breaker accessories project, the new technology research and development center project, and the new information system project.
OnJune21 ,2017 ,the companysubmitted the application documents for the initial public offering and listing to the China Securities Regulatory Commission, and planned to be listed on the main board of the Shanghai Stock Exchange.However,inMarch2018, Future Electric stated that after careful research and careful consideration by the company, it planned to adjust the listing plan, terminate the IPO application and withdraw the relevant documents. The company recently applied to the China Securities Regulatory Commission to withdraw the listing application materials.
From 2019to2021, the future electrical appliances realized operating income of351,183,800yuan,461,441,400yuan, and458,882,300yuan respectively; the net profit (net profit attributable to owners of the parent company) was60,972,400yuan,97,024,400yuan, and8,241.79 yuan respectively.After deducting non-recurring gains and losses, the net profit attributable to owners of the parent company was RMB62.9908 million, RMB106.4588million and RMB80.5219million respectively.
In 2021, the revenue and net profit of future electrical appliances will decline.It is calculated that in2021, the company's operating income will decrease by0.55% year-on-year, net profit (net profit attributable to owners of the parent company) will decrease by15.05% year-on-year, and net profit attributable to owners of the parentcompany after deducting non-recurring gains and losses will decrease year-on-year.24.36%.
FromJanuary to March2022, the company achieved operating incomeof 94.2279 million yuan, a decrease of17.18%compared with the same period of the previous year; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was13.7239 million yuan, a decrease of43.14%compared with the same period of the previous year.
FromJanuary to June2022, the company expects operating income to be220million yuan to240 million yuan, a year-on-year change of-2.94%to5.89%; the estimated net profit attributable to the parent is 38.50million yuan to40million yuan, a year-on-year change of-18.89%to-15.73 %; the net profit attributable to the parent after deduction is expected to be RMB38.000million to RMB39.50million, a year-on-year changeof -19.01%to-15.81%.
The main business income of future electrical appliances can be divided into intelligent terminal appliances, molded case circuit breaker accessories, frame circuit breaker accessories and others according to product categories.As the product that contributed the highest revenue for two consecutive years in2019and2020, the revenue of smart terminal appliances willdecline significantly in2021 .From 2019to2021, the revenue of smart terminal electrical appliances was157.308million yuan,232.180million yuan and160.2315 million yuan respectively, accounting for45.28%,51.31%and35.98%of the main business income respectively.
In the reply to the first round of inquiry letter, Future Electric stated that in2021, the revenue of smart terminal appliances willdecrease compared with2020 , mainly becausethe company has completed the centralized supply of energy management modules in the first half of2021and the second half of2021 .Without obtaining large orders from other similar projects, therevenue of energy consumption management modules in2021 willdecrease by RMB82.6893 million compared with2020.
In 2021, the comprehensive gross profit margin of future electrical appliances will decline.During the reporting period, the company's comprehensive gross profit margins were36.73%,41.28% ,and33.25%, respectively, and the comprehensive gross profit margins (considering the impact of transportation costs) were36.73%,40.61% ,and32.49% , respectively.
Looking through the prospectus, it was found that the gross profit margin of the main business of future electrical appliances had a data fight in the same version of the prospectus.In the risk warning of the decline in gross profit rate, Future Electric stated that in each period of the reporting period, the gross profit rate of the company's main business was36.51%,41.08%and33.30% respectively.In the analysis of the gross profit margin of the main business, the gross profit margin of the main business of electrical appliances in the future is36.51%,41.77%and34.09% respectively.It can be seen that the gross profit margin of the main businessof future electrical appliances in2019 is the same, but the data in2020and2021are different.
In the future, the turnover rate of accounts receivable and inventory turnover of electrical appliances will be lower than the industry average.At the end of each period of the reporting period, the book balances of future electrical accounts receivable (including contract assets) were139.2714million yuan,136.3175million yuan and123.4590 million yuan respectively, accounting for39.66%,30.92%and28.86%of operating income respectively.From 2019to2021, the company's accounts receivable turnover rate was2.64times/year,3.27times/year, and3.34times/year, which were lower than the average of5.76times/year,4.91times/year, and4.32times/ year for comparable companies in the same industry.year.
During the same period, the company's inventory turnover rate was3.38times/year,3.76times/year and4.14times/year, respectively, while the comparable company averages were4.97times/year,5.94times/year and4.63times/year, respectively.
In addition, the capacity utilization rate of electrical appliances is not saturated in the future, and the overall trend is declining.Future Electric said that the capacity utilization of the company's injection molding workshop and circuit board workshop was selected to reflect the company's overall capacity utilization.From2019to2021, the company's injection molding workshop capacity utilization rates were98.73%,83.24%, and85.58 %, respectively, and the circuit board workshop capacity utilization rates were91.71%,85.52%, and70.81%.
In addition,Future Electric was asked for two consecutive rounds whether it was in line with the GEM positioning.In the first round of review and inquiry letter, Shenzhen Stock Exchange required future electrical workers to combine technical advantages, product innovation, market space, market capacity, customer expansion capabilities, growth, and comparison with comparable companies in the same industry. A specific feature of “Three Innovations and Four Innovations”, optimize the disclosure of information about companies that meet the positioning of the GEM.
In the second round of review and inquiry letter, Shenzhen Stock Exchange once again required future electrical appliances to combine R&D investment, the number of R&D personnel, R&D results and their realized income, the comparison of core technology and the advanced nature of the same industry, the company's growth, industry Status and market space, projects under research and continuous research and development capabilities, technological innovation, etc., indicate whether the company's "three innovations and four new" features are prominent and whether it is in line with the GEM positioning.
However, Future Electric is not as good as comparable companies in the same industry in terms of R&D expense rate and number of R&D personnel.In each period of the reporting period, the future electrical research and development expenses were15.5831million yuan,16.9994million yuan and18.8447 million yuan, accounting for4.44%,3.68%and4.11%of the operating income respectively.During the same period, the average R&D expense ratios of comparable companies in the same industry were5.19%,5.44%, and5.22% , respectively.
In terms of the number of R&D personnel, at the end of each period of the reporting period, the number of future electrical R&D personnel was69,61and69 respectively.It ranks at the bottom in the number of R&D personnel of comparable companies in the same industry.
In addition, in terms of the education level of employees, only4 employees of Future Electrichave a master's degree or above, including the controlling shareholders Mo Wenyi and Lou Yang, both of whom have master's degrees in business administration.
As of the date of signing the prospectus, Mo Wenyi directly holds53,757,216shares of the company, accounting for51.20% of the company's total share capital, and is the controlling shareholder of Future Electric.Mo Wenyi, Mo Wenyi's father Mo Jianping, Mo Wenyi's mother Zhu Fengying, and Mo Wenyi's spouse Lou Yang collectively own90.48%of the voting rights of Future Electric and are the joint actual controllers of Future Electric.
In 2020and2021, Future Electric will distribute cash dividends of RMB 15,311,800 and RMB 15,750,000 respectively,withacumulative cash dividend of RMB31,061,800.
Low-voltage circuit breaker accessories manufacturers plan to go public on the GEMto raise533million yuan
Future Electric's main business is the research and development, production and sales of low-voltage circuit breaker accessories.The company is committed to applying low-voltage circuit breaker accessories, expanding the monitoring control and safety protection functions of low-voltage circuit breakers, improving the remote, centralization and automation level of low-voltage circuit breaker control, and making the power distribution network safer, more energy-efficient, and more intelligent.
As of the date of signing the prospectus, Mo Wenyi directly holds53,757,216shares of the company, accounting for51.20% of the company's total share capital, and is the controlling shareholder of Future Electric.Mo Wenyi's father Mo Jianping holds17,953,205shares of the company, accounting for17.10% of the company's total share capital; Mo Wenyi's mother Zhu Fengying holds8,976,602shares of the company, accounting for8.55% of the company's total share capital; Mo Wenyi's spouse Lou Yang directly holds There are3,000,000shares of the company, accounting for2.86% of the company's total share capital. At thesame time, Lou Yang is the general partner of Haoning Investment and can actually control Haoning Investment. Haoning Investment holds11,312,977shares of the company, accounting for10.77 % of the company's total share capital%; Mo Wenyi, Mo Jianping, Zhu Fengying and Lou Yang collectively own90.48%of the voting rights of Future Electric and are the joint actual controllers of Future Electric.In the past three years, the controlling shareholder and actual controller of the company have not changed.
Mo Wenyi, female, borninNovember1981, Chinese nationality,obtained permanent residency in AustraliainFebruary2022 .Senior management personnel with a master's degree in business administration.FromNovember2004toApril2011,heworkedattheEnvironmentalProtectionBureauofXiangchengDistrict,Suzhou;____;SinceMarch2015 ,he has served as the vice chairman of Future Electric, andinMarch2015 ,he has also served as the secretary of the company's board of directors.
Mo Jianping, male, borninJanuary1955, Chinese nationality, no permanent residency abroad,sinceMarch2015 ,has been the chairman of Future Electric.Zhu Fengying, female, borninJune1956, Chinese nationality, no permanent residency abroad,has served as a future electrical administratorsinceMarch2015 .Lou Yang, male, borninSeptember1981, Chinese nationality, obtained permanent residence in AustraliainFebruary2022 ,majoring in business administration, master's degree, senior economist,sinceMarch2015, he has been the director and general manager of Future Electric .
Future Electric plans to be listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, with an initial public offering of no more than35 million shares, and accounting for no less than25%of the total share capital after the issuance.The sponsor for this issuance is Zhongtai Securities Co., Ltd., and the sponsor representatives are Wang Xiujuan and Wang Zhiwei.
The company plans to raise fundsof 532.6817million yuan, which will be used for the new project of low-voltage circuit breaker accessories, the new technology research and development center project, and the new information system project.
