The reason for the failure of Jingfeng Mingyuan was that the CSRC pointed out several major doubts. 1. In the report period, the distribution revenue accounted for a relatively high proportion, and the discounted sales revenue accounted for a relatively high proportion and increased gradually; The comprehensive gross profit margin of the people increased slightly, which was lower than that of the comparable listed companies in the same industry. The gross profit margin of the leading products fluctuated; 3. The balance of the inventory at the end of each reporting period increased by the issuer. The main inventory storage location was in the middle test factory, the warehouse of the test and test factory, and the inventory. The ratio of the falling price reserve to the book balance of the inventory is lower than that of the comparable listed company; 4. In the history of the issuer, there is a case of entrusted shareholding due to the equity incentive, and the equity of Shanghai Jingzherui also exists.
Jingfeng Mingyuan, a LED chip design company, from the financial data point of view, the total net profit for 2015-2017 is 125,276,300 yuan, which is in line with the IPO '3 years to earn 100 million' invisible minimum requirements. However, compared with peers The decline in part of its cost expenditure in 2017 and the increase in net profit far exceeded that of its peers.
Invisible red line with net profit below 80 million yuan
Recently, the market has rumored that the financial threshold for IPO audits has once again increased. Since June, the profits of IPO companies have been basically lower than or close to the GEM of 50 million yuan, and the main board of 80 million yuan has deducted the invisible red line of non-net profit. The enterprises are all above the so-called invisible red line.
Jingfeng Mingyuan's 2017 net profit was 76.119 million yuan, less than 80 million yuan invisible red line. This is the threshold for IPO companies, although the audit also involves other aspects, but Jingfeng Mingyuan obviously has not crossed the threshold. .
Jingfeng Mingyuan's initial public offering prospectus is filed on September 22, 2017. The IPO review time is July 31, 2018, and the queue length is 312 days. Jingfeng Mingyuan is obviously relative to other IPO companies in the queue length. Faster, but this does not mean that there is any looseness in the strict review criteria.
Family holding
According to Jingfeng Mingyuan's disclosure of the prospectus on the website of the China Securities Regulatory Commission, the company intends to issue no more than 15.4 million shares on the Shanghai Stock Exchange. The total share capital after the issuance will not exceed 61.6 million shares. The sponsor institution is GF Securities.
According to the disclosure, Jingfeng Mingyuan will raise 550 million yuan in this IPO plan, of which 140 million yuan will be used to supplement the working capital, and the rest will be invested in the development and industrialization of general LED lighting driver chips and intelligent LED lighting chip development and industrialization projects.
In terms of shareholding structure, as of the signing date of this prospectus, the actual controllers of Jingfeng Mingyuan are Hu Liqiang and Liu Jiechi, who directly and indirectly control the company's 64.69% voting rights. Among them, Hu Liqiang directly holds the company's shares of 16.564.5 million shares, through Shanghai Jingzhe Rui And Suzhou Ao Yin indirectly held 187,200 shares of the company, holding a total of 16,675,700 shares, accounting for 36.26% of the company's total share capital, and is the controlling shareholder of the company.
Core product prices continue to fall
According to the prospectus, the general LED lighting driver chip and the intelligent LED lighting driver chip are the two main products of Jingfeng Mingyuan. From 2014 to 2016 and the first quarter of 2017, the sales revenue of these two products accounted for the entire revenue of the company. More than 99%. Among them, the general LED lighting driver chip is the main product, sales revenue accounted for more than 80% of the total sales revenue.
It is worth noting that with the iterative upgrade of LED chips, the unit price of Jingfeng Mingyuan has dropped significantly. In the first quarter of 2014-2016 and 2017, the price of general-purpose LED lighting driver chips is 0.41 yuan per piece, 0.28 yuan, 0.22. Yuan, 0.22 yuan; 2015, 2016 and 2017 first quarter, the price of intelligent LED lighting driver chip is 0.38 yuan, 0.37 yuan and 0.35 yuan per grain.
According to the disclosure, in the first quarter of 2014-2016 and 2017, the company achieved operating income of 337 million yuan, 357 million yuan, 571 million yuan and 153 million yuan, net profit of 66.889 million yuan, 192.4451 million yuan, 29.99.51 million yuan and 119.04 million yuan. It can be found that although the operating income has increased steadily, the profit has been slow. Especially in 2015, although the company achieved a small increase in operating income, its net profit was less than one-third of that in 2014.
For the sharp decline in net profit in 2015, the prospectus explained that although the sales volume of the company's general LED lighting driver chip increased by 33.33% compared with the previous year, the unit price of sales decreased by 31.36% compared with the previous year. The decline in the unit price of sales was the decline in the company's profit that year. main reason.
From the first quarter of 2014 to the first quarter of 2017, Jingfeng Mingyuan's purchases from the top five suppliers were 233 million yuan, 254 million yuan, 387 million yuan and 106 million yuan, accounting for 96.37% of the total purchases in the same period, 89.05. %, 85.88% and 77.55%, the concentration of procurement is relatively high. Jingfeng Mingyuan said that if the company's suppliers are unable to provide relevant products and services to the company due to internal and external reasons, it will have a greater impact on the company's production and operation. Adverse effects.
Accounts receivable and inventory increase year by year
During the reporting period, Jingfeng Mingyuan's net accounts receivable were 27.30 million yuan, 65.061 million yuan, 815.577 million yuan and 97.652 million yuan, accounting for 10.61%, 23.60%, 29.38% of the total assets at the end of each period. 31.06%; the book value of the inventory was 44.847 million yuan, 41.78 million yuan, 368.985 million yuan and 55.605 million yuan, accounting for 17.42%, 15.15%, 13.94% and 17.69% of the total assets.
In this regard, the prospectus stated that although the company's accounts receivable accounted for less than half a year in the report period and the company has formulated a reasonable bad debt provision policy and effectively implemented it, if the company's downstream customers are not operating well or cannot be caused by other reasons, Paying the purchase price on time will have an adverse impact on the company's receivables collection.
In addition, LED chips are currently being updated at a faster rate. If the inventory price falls or cannot be sold smoothly in the future, it will have an adverse impact on the company's operating performance and cash flow.