since December, the Shanghai and Shenzhen stock markets have always maintained the rhythm of one Shanghai and one Shenzhen meeting, and this week is the same. There will be a company charging the board, a breakthrough GEM. On the side of the North Stock Exchange, the Shanghai Municipal Committee arranged interviews for two companies. It is worth noting that Jin Zeli (873712.NQ), one of the two companies, was reviewed on November 3, but the result of "suspension" was recorded at that time. What will be the result of Kim Zeli this time?

Shanghai Stock Exchange: 50% of Laplace's revenue comes from JinkoSolar

this week, the Shanghai municipal Committee of the Shanghai stock exchange is scheduled to hold its 103rd meeting in 2023 on December 27 to consider laplace's debut. It is reported that the company accepted the inquiry on June 19 and entered the inquiry in July. The inquiry was two rounds with a waiting period of half a year. The sponsor Huatai United and the financing plan was 1.8 billion yuan.

According to the manual, Laplace's main business is the research and development, production and sales of high-performance thermal processes, coatings and supporting automation equipment required for the manufacture of photovoltaic cells, and can provide customers with semiconductor discrete device equipment and supporting products and services. Laplace's photovoltaic cell process equipment has entered the market, including Longji Green Energy (601012.SH), Jingke Energy (688223.SH), Aixu Stock (600732.SH), Junda Stock (002865.SZ), Zhonglai Stock (300393.SZ), Hengdian Dongshi (002056.SZ), Zhengtai Xinneng, Hesheng Silicon Industry (606.SH250), Sxiexin), etc. In the field of semiconductor discrete devices, Laplace's equipment has completed the import of BYD and basic semiconductors.

in 2022, Laplace's operating income will be 1.266 billion yuan and net profit will be 0.118 billion yuan. In 2023, it is estimated that the operating income will be 2.9 billion yuan to 3.1 billion yuan, with a year-on-year increase of 129.1 to 144.89, and the net profit will be 0.41 billion yuan to 0.45 billion yuan, with a year-on-year increase of 246.81 to 280.64.

Source: Announcement

It should be pointed out that Laplace has a high concentration of L customers, with the top five customers' main business revenue accounting for 97.92 percent in the first half of 2023. The share of revenue from JinkoSolar was 58.07 per cent. Laplace said that high customer concentration and a single customer accounting for more than 50% of revenue may lead to a weak position in business negotiations. At the same time, changes in customers' own operating conditions may also have a greater impact on the company.

In addition, Laplace has the trouble that the goods issued cannot be accepted in time. It is reported that at the end of the reporting period, the book balance of goods issued by the company was 60.056 million yuan, 0.252 billion yuan, 1.653 billion yuan and 3.34 billion yuan respectively, showing a trend of rapid growth. Laplace said that after the company's equipment is delivered to downstream customers, revenue is recognized after installation and commissioning and acceptance is completed, so the time when the company issues goods into revenue is closely related to the pace of acceptance by downstream manufacturers. In the future, if the competition in the industry intensifies, the operating pressure of downstream customers becomes greater, or the production line of downstream customers makes slow progress due to technical and technological reasons, it will affect the company's equipment acceptance progress, and the company will face the risk that the issued goods cannot be converted into income in time and the balance of the issued goods is too high, thus occupying more operating funds and affecting the normal operation of the company.

In recent years, Laplace's net cash flows from operating activities have been-$57.6967 million,-$0.16 billion,-$0.178 billion and $0.906 billion, respectively.

Source: Announcement

Shenzhen Stock Exchange: Lanyu's largest customer starts self-production

as for the Shenzhen stock exchange, the Shanghai municipal party Committee arranged to review the initial public offering of lanyu shares on December 28. the company's sponsor is Guoxin securities, which is expected to finance 0.502 billion yuan, and its acceptance will be on September 30, 2022.

According to the data, Lanyu Co., Ltd. is mainly engaged in the research and development, production and sales of digital printing ink in line with the national energy conservation and environmental protection strategy, and is a national specialized and special new "little giant" enterprise and a national high-tech enterprise. The company is located in the industry of new materials industry, the company produces digital printing ink as a key consumables in digital printing technology, and digital nozzles, system boards and other core components and other accessories products in the digital printing equipment, mainly used in the textile field. Lan Yu's products reduce customers' dependence on imported ink and procurement costs, and promote the transformation of the textile printing and dyeing industry to energy saving, environmental protection and clean production. The company has a research and development team and management team with overseas returned doctor Guo Zhenrong as the core.

According to data, the operating income of Lanyu shares in 2022 and the first half of 2023 were 0.313 billion yuan and 0.18 billion yuan, and the net profit was 72.1002 million yuan and 45.3294 million yuan respectively.

It is worth noting that Lanyu has cooperated with Honghua Digital (688789.SH), the largest customer in the reporting period, for many years, and the two sides have formed a mutually beneficial cooperative relationship. However, during the reporting period, Honghua Digital accounted for 19.85, 14.41, 12.77 and 8.58 of the Company's operating income, respectively, showing a continuous downward trend. Honghua Digital Technology Co., Ltd. has been listed on Kechuang Board in July 2021. Part of the raised funds will be used for digital printing ink projects. In March and May 2022, Honghua Digital Technology Co., Ltd. acquired 67% of the shares of Tianjin Jingli Digital Technology Co., Ltd., which produces active ink, and 11.66 of the shares of Nanping Yiyang Ink Technology Co., Ltd., which produces paint ink. In June 2023, Honghua Digital Technology acquired 33% of Tianjin Jingli Digital Technology Co., Ltd, tianjin Jingli Digital Technology Co., Ltd. has become a wholly-owned subsidiary of Honghua Digital.

In this regard, Lanyu said that if the company cannot maintain its leading position in the industry through R & D investment and technological innovation in the future, and further improve technical barriers and reduce product costs, it may face the risk of loss of orders caused by customers such as Honghua Digital Branch expanding to the upstream of the industrial chain.

Beijing Stock Exchange: suspended Jin Zeli sprints again

this week, the municipal party Committee of the north stock exchange will consider Wuxi dingbang (872931.NQ) and Jin zeli on December 28 and 29 respectively.

Wuxi dingbang accepted the proposal in June and soochow securities sponsored it to raise 0.205 billion yuan. The company focuses on the research and development, design, manufacturing and sales of heat exchange equipment. The products include two series of heat exchangers and air coolers, which are widely used in the petrochemical field. As the process equipment in the preparation of crude oil, olefins, aromatics and other basic chemical raw materials, the medium is heated or cooled to the temperature set in the next process, which plays the role of heat exchange, waste heat recovery and safety guarantee. According to the manual, Wuxi Dingbang has been widely recognized by Sinopec, PetroChina, CNOOC, Sinochem Group, Yanchang Petroleum Group, Zhejiang Petrochemical, Hengli Petrochemical, Shenghong Petrochemical and other large domestic enterprise groups. Wuxi Dingbang has also been recognized by Shell (Shell), ExxonMobil (ExxonMobil), French Air Liquide Group (AirLiquide) and other large international enterprise groups, and gradually cooperate. From January to September 2023, Wuxi Dingbang's operating income was 315.4812 million yuan, an increase of 29.99 percent over the same period last year; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 32.508 million yuan, an increase of 35.38 percent over the same period last year.

Jin Zeli was accepted on June 27 and was reviewed on November 3, but the result of "suspension" was recorded at that time. Now it is "two into the palace". According to the data, Jin Zeli's sponsor is Caixin Securities, which plans to raise 0.142 billion yuan. It is a high-tech enterprise mainly engaged in the research and development, production and sales of corrosion-resistant soft magnetic alloys, heat-resistant steel, high-temperature alloys and other special alloy products. The products are mainly used in refrigeration, automobiles, small household appliances, fluid control and pneumatic control, Specifically used for solenoid valves, pneumatic valves and electromagnetic pumps and other automation controller products, it has been extended to new fields such as new energy vehicle thermal management system, with a wide range of downstream applications, and has established long-term cooperation with Sanhua Intelligent Control, Dunan Environment, Yadke International Group and other manufacturing enterprises that are at the leading level in the industry at home and abroad.

according to the on-site inquiry on November 3, the supervisory authorities mainly asked questions about Jin zeli's two situations. One is the decline in performance. From January to June 2023, the company's operating income and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses were 0.113 billion yuan and 9.8556 million yuan respectively, down 15.47 and 41.15 respectively from the same period last year.%. Regulators asked the company to elaborate. The second is about research and development expenses. The regulatory authorities require the company to supplement the labor costs of non-research and development department employees in each period of the reporting period, but the proportion of research and development hours in the whole year is more than 50% of the total working hours. In combination with the number of research and development personnel, salary composition, subordinate departments and changes in work content, it is explained whether there is any mixing of research and development personnel and production personnel, and the production costs are included in research and research and development expenditures.