Dehe Technology Group Co., Ltd. *** abbreviation: Dehe Technology or issuer) is one of the companies that moved from the main board at the beginning of the year, and recently updated the first round of inquiry responses, after studying its questions, we believe that this company still has no problems, if you want to succeed in IPO, I am afraid there will be many obstacles, such as performance scale, industry positioning, etc.
According to public information, Dehe Technology is an enterprise focusing on the research and development, production, sales and installation services of high-performance thermal insulation and energy-saving materials, and is a well-known overall solution provider for thermal insulation and energy-saving projects in China, mainly including high-performance foam glass, rigid polyurethane foam and supporting products, which are widely used in industry, construction and other fields.
When it comes to the main board, there were not too many requirements for the industry before, as long as the performance was good, the growth was OK, and the company was relatively standardized, and it was basically able to be listed, but now it seems that it is not possible, there are some restrictions on the industry, in addition, there are certain requirements for performance, let's take a look at the performance of the issuer first.
From 2020 to 2022, Dehe Technology's operating income will be 48995230,000 yuan, 57,332680,000 yuan, 79,928030,000 yuan, net profit was 6777080,000 yuan, 819880,000 yuan, 7799950,000 yuan, net profit fluctuated.
According to the latest prospectus, the issuer updated its 2023 semi-annual results, and also adjusted the previous data, bringing the profit in 2021 to 819880,000 yuan was transferred to 8199870,000 yuan, 7799 in 2022950,000 yuan was transferred to 7800950,000 yuan, while the profit in the first half of this year was only 20.82 million yuan.
For a long time, the main board profit has 1 small target of the ** audit judgment, and the issuer deducted the non-0There are less than 8 small targets, and only more than 20 million in the last half year, under the current review requirements, we believe that it is still a little difficult for issuers to get on the main board.
About motherboard positioning. The issuer's main products are foam glass, rigid polyurethane foam, pipe support and hanger, moisture-proof sealing auxiliary materials and other thermal insulation and energy-saving materials, the issuer believes that the company has a number of its own core technologies, has unique technical advantages in market competition, and the company's high-performance foam glass manufacturing technology is at the leading level in China.
In recent years, the issuer has expanded into the fields of LNG, LPG, coal chemical industry, air separation, urban construction and rail transit.
From 2017 to 2021, issuer operating income increased from 11,397$890,000 to $57,332680,000 yuan;During the reporting period, the revenue scale and R&D expense ratio were generally lower than the average of comparable companies.
The issuer is requested to further analyze the issuer's future business development space and market capacity in light of the latest industry policies and competitive landscape in the main downstream application fields, and the performance fluctuations of major customers in related fields, and quantitatively analyze whether there is any significant uncertainty in the performance growth in combination with the orders in hand.
Explain the evolution path of the technical route of thermal insulation and energy-saving materials, whether the issuer's core technology has high technical barriers, the difference between it and the general technology in the industry, whether there is a risk of iteration or replacement of existing core products and related technologies, and whether the issuer has the ability and technical reserves to expand to other business areas.
Combined with the fact that the issuer's R&D expense ratio is lower than the average level of comparable companies in the same industry, it objectively explains the issuer's core technology level, competitive advantages and disadvantages and industry status, whether the R&D investment is sufficient to support future revenue growth and maintain the advanced nature of technology, and whether the basis for "high-performance foam glass manufacturing technology is at the leading level in China" is sufficient.
Quantitatively analyze whether the issuer is a large-scale high-quality enterprise based on the issuer's market share, production capacity and output, asset size, operating performance, number of employees, production base layout, sales channels and terminals, number of customers and its industry status, as well as comparison with competitors in the same industry.
Combined with the above issues, it is further demonstrated whether the issuer is in line with the maturity of the business model, stable operating performance, large business scale and representative characteristics in the industry, and whether it is in line with the positioning of the main board, and the Special Instructions on Compliance with the Positioning Requirements of the Main Board should be improved accordingly.
In addition, the issuer disclosed in the prospectus that due to reports from the masses, the Ministry of Industry and Information Technology cancelled the honor of the company's specialized, special and new "little giant" enterprise from a prudent perspective (and led to the cancellation of the honor of the first batch of key "little giant" enterprises), and still retained the honor of the company's subsidiary Jiangsu Dehe and the third batch of specialized, special and new "little giant" honors.
Analysts said that the report and cancellation, among them, may be the falsification of the application materials, the actual situation of the company and the declaration situation do not match.
In the prospectus, Dehe Technology said that the company's application documents for the second batch of specialized, special and new "little giants" and the first batch of key "little giants" are true and accurate, and there is no data fraud to deliberately defraud state funds.
For enterprises that are identified as specialized, special and new "little giants", they will receive support from relevant departments in terms of capital and technology. During the reporting period, Dehe Technology and its subsidiaries received a total of 2.87 million yuan of specialized, special and new "little giant" subsidies, and if the 2.44 million yuan obtained after the reporting period is considered, a total of 5.31 million yuan of subsidies were obtained, and the total subsidy involved was 4.81 million yuan after deducting the 500,000 yuan obtained by Jiangsu Dehe, which was not cancelled. This amount may be required to be returned.
Specialized, special and new "little giant" enterprise is not only an honor, but also a proof of the technical strength of the enterprise. Being cancelled as a "little giant" will inevitably have a negative impact on the image and credibility of the enterprise.
In recent years, the investment of employees who have left the CSRC system into IPO enterprises has been the focus of the audit committee. There is a problem in Dehe Technology, and three of the company's indirect shareholders have worked in the CSRC system.
In recent years, the direct access of the former employees of the CSRC system to the IPO enterprises is the focus of the audit committee. And this may be an obstacle to the IPO of Dehe Technology.
Once, the resignation of the CSRC system invested in the IPO of the company, and the IPO was suspended for a time. The main reason for this is to prevent the former employees of the CSRC system from using their influence to influence the IPO of enterprises and make profits from them.
Among the indirect shareholders of Dehe Technology, there are three employees who have left the CSRC system.
According to the prospectus, the ninth largest shareholder of Dehe Technology is Huzhou Jianing Equity Investment Partnership (Limited Partnership), which holds 4.16 million shares of Dehe Technology, with a shareholding ratio of 00328％。The latter is a wholly-owned subsidiary of Minsheng **, and Minsheng ** is the sponsor of the IPO of Dehe Technology. Gongqingcheng Minxin Investment Partnership (Limited Partnership), Gongqingcheng Minxin Investment Partnership (Limited Partnership) and Gongqingcheng Minlong Investment Partnership (Limited Partnership) are employee shareholding platforms for Minsheng**.
As of the signing date of the prospectus of Dehe Technology, in the above-mentioned employee shareholding platform of Minsheng **, partners Liu Yu, Wang Guiyuan and Huang Xunyun are the resignations of the CSRC system, and the total number of shares of Dehe Technology indirectly held by Minsheng ** is 11, Liu Yu was the chief staff member of the Corporate Supervision Department of the Heilongjiang Securities Regulatory Bureau, and left the CSRC system in March 2018. Wang Guiyuan was a pre-examiner of the Sixth Division of the Issuance Department of the Securities Regulatory Commission seconded by the Shenzhen Stock Exchange, and left in July 2017. Both of them became shareholders of Minsheng in July 2020**. Huang Xunyun used to be the executive manager of the Listed Company Supervision Department of the Shanghai ** Stock Exchange, left in May 2016, and became a shareholder of Minsheng ** in December 2021.
The shareholding of the three people is to participate in the equity incentive of Minsheng, and the shareholding is 1361 yuan shares.
In this regard, Dehe Technology said in the prospectus that Minsheng ** is a licensed financial institution, and its shareholder composition and previous equity changes comply with relevant regulations, and the necessary approval or filing procedures have been performed, and Minsheng ** has implemented employee stock ownership plans through Gongqingcheng Minxin Investment Partnership (Limited Partnership), Gongqingcheng Minxin Investment Partnership (Limited Partnership), and Gongqingcheng Minlong Investment Partnership (Limited Partnership) Legal compliance.
The company believes that the investment in Dehe Technology is an independent investment decision made by Huzhou Jianing's ** management of Minsheng Equity Investment, Minsheng ** and its shareholders did not participate in the investment decision-making process, and Huzhou Jianing's shareholding ** is the same as that of other investors in the same capital increase, the pricing is fair, and there is no benefit transfer behavior in the shareholding process.
In this regard, industry insiders said that although the three resignations of the CSRC system indirectly hold the equity ratio of Dehe Technology is very low, this does not deny the fact of indirect shareholding, and whether there are other interest arrangements in addition to shareholding also needs to be further explained by the issuer and the sponsor.
It has also come to our attention that the issuer has also had a security incident. According to the prospectus, on December 10, 2020, a lifting injury accident occurred at the construction site of the Nanjing Binjiang LNG Reserve (Phase I) Project in Dehe Technology Binjiang Development Zone, resulting in one death and a direct economic loss of 98280,000 yuan. On March 15, 2021, the Emergency Management Bureau of Jiangning District, Nanjing City, issued an administrative penalty decision, imposing a fine of 230,000 yuan on the company and a fine of 3 yuan on the main person in charge, Yan Tao790,000 yuan.