Liande machinery’s revenue, production and sales volume fell last year, and the fund-raising exceeded the total assets of A-share cash dispenser?

On October 15, Hangzhou Liande Precision Machinery Co., Ltd. (hereinafter referred to as “Liande machinery”) will be the first application. The main business income of Liande machinery is mainly from compressor parts income. This time, Liande Machinery Co., Ltd. intends to issue no more than 60million shares on the main board of the Shanghai Stock Exchange, and the number of new shares issued is not less than 25% of the total share capital after the issuance. The proposed fund is 1.053 billion yuan, of which RMB 229million is used for the construction of “65000 sets of high-precision mechanical parts technical reform project with annual output”, 424million yuan for the construction of “125000 new high-precision mechanical parts technical reform project” and RMB 400million for “supplementary working capital”. The sponsor of this issue is CITIC Securities. The actual control of Liande machinery is sun yuan and zhuqinghua. Before the issuance, sun yuan and zhuqinghua held 83.23% of the company’s shares in total. Both sun yuan and Zhu Qinghua are Chinese nationality, and both have Hong Kong resident status and permanent residency right in Singapore. Sun yuan is the chairman and general manager of the company, and zhuqinghua is the vice chairman of the company. Last year, the company’s revenue fell, but its net profit increased. From 2016 to 2019, the operating income of Liande machinery was 423million yuan, 558million yuan, 7007million yuan and 682million yuan respectively, and the net profit was 86 million yuan, 111million yuan, 161million yuan and 169million yuan respectively. In the same period, the cash received by the company in the sales of goods and services was 450 million yuan, 560million yuan, 678 million yuan and 710million yuan respectively, and the net cash flow generated by operating activities was 121 million yuan, 166million yuan, 129million yuan and 190million yuan respectively. The production process of Liande machinery products mainly includes two core processes: Casting and machining. The capacity utilization of casting and machining are calculated by weight and working hours respectively. Last year, the amount of R & D expenses of Liande machinery decreased slightly. From 2017 to 2019, the R & D expenses of Liande machinery were 27.1682 million yuan, 385635000 yuan and 363293 million yuan respectively, accounting for 4.87%, 5.46% and 5.32% of the operating income respectively. The planned fund raising amount of Liande Machinery Co., Ltd. exceeds the total assets of last year. From 2016 to 2019, the total assets of Liande machinery were RMB 702million, 678million yuan, 801 million yuan and 909million yuan respectively. This time, the company plans to raise 1.053 billion yuan, of which 400 million yuan is used to supplement the working capital. However, the monetary capital of Liande machinery is relatively sufficient, and the liabilities are declining year by year, and the debt amount last year is lower than that of monetary funds. From 2017 to 2019, the monetary funds of Liande Machinery Co., Ltd. were 255million yuan, 111million yuan, 150 million yuan and 249million yuan respectively, among which bank deposits were 247million yuan, 109million yuan, 150 million yuan and 244million yuan respectively. The total liabilities of the company in the same period were 180million yuan, 190million yuan, 196million yuan and 131million yuan respectively. In addition, Liande Machinery Co., Ltd. decided to pay dividends on June 14th, 2017, July 15, 2017 and November 28, 2018 respectively, with a total dividend of RMB 153million. It is worth noting that all employees of Liande machinery reduced their salaries last year except for R & D department and independent directors. As the only department with slight salary increase, the number of R & D Department of the company decreased by 6. From 2017 to 2019, the number of directors (excluding independent directors) and senior managers of Liande Machinery Co., Ltd. was 6, 6 and 7 respectively, with an average salary of RMB 1574800, RMB 15997000 and RMB 14201 respectively. In 2018 and 2019, the company has three independent directors, with an average salary of 80000 yuan. In addition to the above management, other employees of the company are divided into posts, and the company’s management personnel are 97, 103 and 116 respectively in each period, with the average salary of 234200 yuan, 215000 yuan and RMB 189300 respectively; the sales personnel are 25, 26 and 28, with the average salary of 223200 yuan, 2583000 yuan and 238000 yuan respectively; the R & D personnel are 119, 143, 1, 1, 18300 respectively; the R & D personnel are 119, 143, 1, 1830 and 238000 respectively The average salary of 37 people is RMB 109100, 122000 and 128600 respectively; the average salary of 719, 838 and 896 workers is respectively 719, 838 and 896, with the average salary of 112600 yuan, 125400 yuan and 118200 yuan respectively. It is mainly engaged in the research, development, design, production and sales of high precision mechanical parts and precision cavity mold products, and provides one-stop service from casting to finishing. The company products include precision parts for compressor, engineering machinery, injection molding machine and food machinery. From 2017 to 2019, the proportion of compressor parts revenue to the main business income of Liande machinery was 84.19%, 74.17% and 78.45%, respectively; the proportion of construction machinery parts income was 7.67%, 18.84% and 17.15%, respectively. The controlling shareholders of Liande Machinery Co., Ltd. are Liande holding, and the actual control is sun yuan and zhuqinghua. Before this issue, Liande holdings held 44.92% of the company’s shares; sun yuan and zhuqinghua held 83.23% of the company’s shares through Liande holding, Liande international, Jiayang investment, Shuoyi investment, Xusheng investment and xuxjia investment. Both of them are Chinese nationality, and both have the identity of Hong Kong resident and the permanent residence right of Singapore. Sun yuan is the chairman and general manager of the company, and zhuqinghua is the vice chairman of the company. The resume of the two persons is as follows: [/p > < p > SUN yuan: male, born in 1959, Chinese nationality, with Hong Kong resident status and permanent residence right in Singapore, with doctoral degree. From 1985 to 1989, he served as an engineer of Shanghai Institute of materials; from 1993 to 1996, he served as the general metallurgical engineer of donsco company of the United States; from 1997 to 2000, he was the operation manager of brownstwick Industrial Company; from 2001 to now, he has served as the chairman and general manager of the issuer, and also as the holding supervisor of Liande, executive director of Liande venture capital, chairman and general manager of Tongxiang Hede, supervisor of Hongde in Haining, and langxiqi The executive director and general manager of Germany, the executive partner of Shuoyi investment and Xusheng investment executive partner. Zhuqinghua: female, born in 1977, Chinese nationality, with Hong Kong resident status and permanent residence right in Singapore, with master’s degree. From 1999 to January 2001, he served as an employee of Zhejiang Foreign Trade Co., Ltd.; since January2001, he has served as the issuer, and has been the sales director, supervisor and vice chairman of the company. He is currently the vice chairman of the issuer, and also serves as executive director and general manager of Liande holdings, the director of Liande venture capital, director of Tongxiang Hede, executive director and manager of Haining Hongde, executive partner of xunja investment and Jiayang Investment Co., Ltd Executive partner. It is proposed that Liande Machinery Co., Ltd. will issue no more than 60million shares on the main board of the Shanghai Stock Exchange, and the number of new shares issued shall not be less than 25% of the total share capital after issuance. The proposed fund is 1.053 billion yuan, of which RMB 229million is used for the construction of “65000 sets of high-precision mechanical parts technical reform project with annual output”, 424million yuan for the construction of “125000 new high-precision mechanical parts technical reform project” and RMB 400million for “supplementary working capital”. The sponsor of this issue is CITIC Securities. Last year, the company’s revenue fell, but its net profit increased. From 2016 to 2019, the operating income of Liande machinery was 423million yuan, 558million yuan, 7007million yuan and 682million yuan respectively, and the net profit was 86 million yuan, 111million yuan, 161million yuan and 169million yuan respectively. In the same period, the cash received by the company in the sales of goods and services was 450 million yuan, 560million yuan, 678 million yuan and 710million yuan respectively, and the net cash flow generated by operating activities was 121 million yuan, 166million yuan, 129million yuan and 190million yuan respectively. According to the Liande machinery prospectus, in 2019, the customers were affected by the decrease of downstream demand, and the purchase of engineering machinery parts from the company was reduced, which led to a slight decline in revenue. In addition, the capacity utilization rate of the company affected by Sino US trade friction in 2019 has declined in a short period. According to the prospectus, the United States has successively started to impose 10% and 25% tariffs on products originating in China since July 2018, and the US raised the original 10% tariff rate to 25% in may2019. The products sold by the company to the United States are listed in the list of US tariff increases, and currently bear 25% tax rate. In 2018, the company’s export sales to the United States amounted to RMB 100 million, accounting for 14.21% of the current main business income. In 2019, the company’s export sales to the United States amounted to 83.358 million yuan, accounting for 12.21% of the current main business income. The production process of Liande machinery products mainly includes two core processes: Casting and machining. The capacity utilization of casting and machining are calculated by weight and working hours respectively. Last year, the amount of R & D expenses of Liande machinery fell. From 2017 to 2019, the R & D expenses of Liande machinery were 27.1682 million yuan, 385635000 yuan and 363293 million yuan respectively, accounting for 4.87%, 5.46% and 5.32% of the operating income respectively. According to the prospectus of Liande Machinery Co., Ltd., since its establishment, the company has always regarded technological innovation as an important development strategy and established a relatively perfect technology innovation mechanism. The main reason for the low R & D cost rate in 2017 is the substantial increase in revenue. In 2018, the company added research and development projects such as processing technology research of gearbox shell parts, and addition technology research of CC series twin screw compressor parts, with more R & D investment. According to the joint venture machinery prospectus, the sales expense rate of the company and comparable company is quite different, and the overall sales expense rate of the company is higher than the average level of the comparable company, especially the lower sales cost rate than that of Haomai technology. The main reason is that the company’s customers are stable and the sales scale is large. In 2018, it realized the sales of 3.724 billion yuan, with a relatively obvious scale effect. According to the joint venture prospectus, there are product structure differences between the company and Liancheng precision, and the comprehensive cost is quite different. The gross profit rate of Haomai technology is lower than that of the issuer, mainly due to the high labor cost and raw material cost. The gross profit rate of the current shares in the reporting period is lower than that of the issuer, mainly because of the different industries. The main products of the shares are large steel castings, which are used in oil and natural gas and engineering Mining machinery. The products are of large specifications and higher order value. The production structure of the issuer is mostly small batch and variety, and customization features are more prominent, and the investment in refined processing is more than that of the products High. The planned fund raising amount of Liande Machinery Co., Ltd. exceeds the total assets of last year. From 2016 to 2019, the total assets of Liande machinery were RMB 702million, 677 million, 801 million and 909 million respectively. This time, the company plans to raise 1.053 billion yuan, of which 400 million yuan is used to supplement the working capital. But its monetary capital is relatively sufficient, and the liabilities are declining year by year, and the debt amount last year is lower than that of monetary funds. From 2017 to 2019, the monetary funds of Liande Machinery Co., Ltd. were 255million yuan, 111million yuan, 150 million yuan and 249million yuan respectively, among which bank deposits were 247million yuan, 109million yuan, 150 million yuan and 244million yuan respectively. The total liabilities of the company in the same period were 180million yuan, 190million yuan, 196million yuan and 131million yuan respectively. In addition, Liande Machinery Co., Ltd. decided to pay dividends on June 14th, 2017, July 15, 2017 and November 28, 2018 respectively, with a total dividend of RMB 153million. From 2016 to 2019, the total revenue of the top five customers accounted for 84.95%, 83.13%, 80.39% and 81.75% respectively, with the company’s customers concentrated. In each phase, Johnson Automation Group has always been the first largest customer of Liande machinery. In each period, the sales revenue of Liande machinery to Jiangsen automation group was RMB 161million, RMB 29million, 238 million and 246million yuan respectively, with sales accounting for 37.87%, 40.97%, 33.58% and 36.09% respectively. From 2017 to 2019, the total financing amount of receivables, notes receivable and receivables of Liande Machinery Co., Ltd