According to the official website of the Shanghai Stock Exchange, Hunan Wuxin Intelligent Technology Co., Ltd. (hereinafter referred to as Wuxin Technology or the issuer) was accepted on December 26, 2023. According to the prospectus, the company's IPO intends to raise 151.6 billion yuan, invested in four projects and supplementary liquidity, the sponsor is CITIC**.
According to the disclosure of the company's prospectus, Wuxin Technology is a leading provider of special equipment and system solutions for transportation infrastructure, mainly engaged in two major businesses, one is the research and development, production, sales and leasing of special equipment for road and bridge construction, and the specific products include information-based bridge component production lines, whole-hole beam templates, segmental beam templates, pier body templates and cover beam templates, hanging baskets and trestle bridges, etc.;The second is the integrated service of building safety support, which is mainly for professional subcontracting and leasing of formwork.
During the reporting period, from 2020 to 2022 and from January to June 2023, the issuer achieved operating income of 95.7 billion yuan, 104.2 billion yuan, 126.1 billion yuan and 78.7 billion yuan, with an average annual compound growth rate of 1477%。The company's net profit during the reporting period fluctuated to a certain extent, and the non-net profit was deducted by 1600 million yuan, 13.3 billion yuan, 16.1 billion and 1400 million yuan.
It is worth noting that during the reporting period, the issuer paid dividends 3 times, and the dividend in 2020 was 3968970,000 yuan, 100 million yuan in 2021, 4 million yuan in the first half of 2023, a total dividend of 143.68 million yuan.
According to the prospectus, the company's IPO intends to raise 151.6 billion yuan, invested in four projects and supplementary liquidity, of which the supplementary liquidity is as high as 400 million yuan.
Good guys, this wave of operations is really slippery, I can only sigh!
We noticed that one of the major risks of the company is that there is no actual controller, and the chairman and general manager are actually a "post-95".
According to the prospectus, as of the signing date of the prospectus, the company's controlling shareholder Xingzhong Technology directly held 73.09 million shares of the company, accounting for 91% of the company's total share capital before the issuance36%, but the shareholding structure of Xingzhong Technology is scattered, and the company has no actual controller. The Company also does not have a single shareholder, related party or person acting in concert to control the proportion of the company's voting rights to achieve absolute or relative control. In addition, the directors and shareholders of the company exercise their voting rights independently, and there is no situation where they act in concert and jointly control the company.
The largest single shareholder of Xingzhong Technology is Wang Xincheng, and Wang Xincheng also serves as the chairman and general manager of Wuxin Technology. The prospectus disclosed that Wang Xincheng is actually a "post-95", born in November 1996, with a bachelor's degree and an assistant engineer. Since April 2021, he has served as the chairman of the companySince December 2021, he has also served as the general manager of the company.
The predecessor of the issuer, Wuxin Steel Mold, was a limited liability company established by Xinyun Machinery Factory of the Fifth Bureau and Sixth Company in accordance with the relevant policies of separation of main and auxiliary enterprises and auxiliary restructuring of large and medium-sized state-owned enterprises.
In the prospectus, the issuer also disclosed the relevant risks.
Gross margin fluctuation risk.
During the reporting period, the gross profit margin of the company's main business was as follows. 00% and 3574%, somewhat fluctuating. The gross profit margin of the company's main business is affected by factors such as production costs, product prices, product structure, and market demand. During the reporting period, the rise in steel ** and labor costs led to an increase in the company's production costs, which in turn led to a decrease in gross profit marginDue to intensified competition, the sales unit price declined, and the gross profit margin of the integrated service of building safety support increased from 3735% slipped to 2050%。With the development of technology and the intensification of market competition in the road and bridge construction special equipment industry and the integrated service industry of building safety support, if the company fails to correctly judge the changes in downstream demand, stagnates its technical strength, or fails to effectively control product costs, it may lead to fluctuations in the gross profit margin of the company's main business.
Risk of declining performance.
During the reporting period, the company's operating income was 95,708210,000 yuan, 104,237560,000 yuan, 126,071$820,000 and $78,705930,000 yuan, the company's operating income grew steadily. In 2021, the overall ferrous metal industry chain will be significantly larger, resulting in an increase in the company's steel procurement costs and a decline in profitability. At the same time, the integrated service of building safety support has decreased due to intensified competition, and the sales unit price has declined, resulting in a decline in gross profit. In addition, the company's sales concentration is relatively high, and its customers are mainly large central enterprises and state-owned enterprise construction enterprises, and its business development is closely related to the downstream infrastructure construction industry. In the future, the company may have the risk of slowing down or even declining performance due to large fluctuations in raw materials, intensified market competition, adverse changes in customer operation or cooperation with the company, and poor management of the company.
Finally, we believe that the issuer is now on the main board industry seems to be a little embarrassed, the prospectus said that the issuer is a special equipment and system solutions for transportation infrastructure, mainly engaged in two major business segments, one is the research and development, production, sales and leasing of special equipment for road and bridge construction, specific products include information bridge component production line, whole hole beam formwork, segmental beam formwork, pier body formwork and cover beam formwork, hanging basket and trestle bridge, etc.;The second is the integrated service of building safety support, which is mainly for professional subcontracting and leasing of formwork.
Let's briefly summarize that the issuer's business is to provide related equipment for the construction industry or building bridge construction, so is it considered the construction industry?We don't know, it depends on how the exchange audited it, and in the future, Caishijun will continue to pay attention.