This article is based on publicly available information and is for information purposes only and does not constitute any investment advice.
Produced by the IPO group of the company's research laboratory
Text: Li Fu
Scantech (Hangzhou) Co., Ltd. (abbreviation: Scantech, the company) has been stagnant in the IPO process for half a year. On June 16, 2023, Scantech was accepted by the Shanghai Stock Exchange, and the company intends to be listed on the Science and Technology Innovation Board, and the sponsor is CITIC**.
On September 30, 2023, Scantech was suspended due to the expiration of the validity period of its financial information, and it was not until the recent update and submission of relevant financial information that it resumed its issuance and listing review.
Founded by three alumni of Zhejiang University, Scantech is a "3D scanner" company, with products including handheld 3D scanners, handheld scanners, etc. During the reporting period (2020 to 2022), the comprehensive gross profit margin of Scantech was above 76%, and automobile manufacturing, construction machinery and aerospace were the top three areas of the company's product applications.
The gross profit margin advantage of Scantech is obvious, but there are still many questions to be solved if you want to successfully land in the capital market. On the one hand, the company pointed out in the prospectus that the handheld laser 3D scanner used in the industrial field will rank first in the domestic market share in 2021, but the specific data of the market share was not disclosed.
On the other hand, the necessity of Scantech's fundraising and investment projects has also attracted market attention. For example, the company raised another 200 million to supplement liquidity without shortage of money and continuous cash dividends;Capacity utilization is low and production is still expanding;It is planned to use the raised funds to "build a building", etc.
In addition, the year before the IPO, 12 investors** invested in Scantech, and the company's valuation rose 45 times in two years.
01. The valuation has risen by 45 times in two years
In March 2015, Wang Jiangfeng, Chen Shangjian and Gu Zonghua jointly initiated the establishment of Hangzhou Sikan Technology with a registered capital of 8 million yuan.
Scantech is a provider of comprehensive solutions for 3D visual digitalization. The company's three founders are all graduates of Zhejiang University. In the early days of the establishment of Scantech, the three of them also intended to cooperate with Gu Zonghua, a teacher at the School of Computer Science of Zhejiang University at that time, in the business related to 3D vision digital products, but Gu Zonghua considered that the focus of his work was still on the academic side, and did not participate in entrepreneurship with Wang Jiangfeng and others.
Prior to this issuance, Wang Jiangfeng, Chen Shangjian and Zheng Jun controlled a total of 8521% of the shares, which is the actual controller of Sikan Technology.
During the reporting period (2020 to 2022), Scantech carried out a total of one equity transfer and three capital increases. It should be pointed out that the company's capital increase** has risen sharply.
In October 2022, Scantech increased its registered capital by 102000000000 yuan, the registered capital of the company after the capital increase is 160200,000 yuan, a total of 12 investors participated in the capital increase.
Among them, Shenzhen Dachen with 2843750,000 yuan contributed to subscribe to the new registered capital of 17060,000 shares;Hangzhou Dachen to 1706The capital contribution of 250,000 yuan subscribed to the new registered capital of 10240,000 shares;Shenzhen Caizhi with 450000,000 yuan contributed to subscribe to the new registered capital of 2700,000 shares;China Securities Investment subscribed to the new registered capital of 27 with a capital contribution of 45 million yuan0,000,000 shares.
In addition, Hangzhou Yunqi, Hangzhou Haibang, Taizhou Huarui, Chengdu Yaqing, Zhihui Runxin, Jiaxing Lianchuang, and Hangzhou Yuquan invested 1000 respectively000,000 yuan subscribed to the new registered capital of 60,000,000 shares. Wang Yong contributed 5 million yuan to subscribe to the new registered capital of 30,000,000 shares.
According to this calculation, the capital increase is as high as 16667 yuan shares, corresponding to a valuation of 267 billion yuan.
The company's previous capital increase was before the share reform, and in February 2021, the registered capital of Sikan Co., Ltd. increased from 12 million yuan to 1333330,000 yuan, Sikanju creation for the employee stock ownership platform with 580000,000 yuan contributed to subscribe to the new registered capital of 133330,000 yuan, this capital increase ** is 435 yuan registered capital, corresponding to the company's valuation of 5799990,000 yuan.
In the space of 8 months in a year, the valuation of Scantech has increased 45 times.
02. The market share is the first but the market share is not disclosed
Scantech's main business is the R&D, production and sales of 3D vision digital products and systems. Three-dimensional digital obtains the shape data of the item through equipment and instruments, processes and splices the obtained data, processes it through modeling, seamlessly integrates each isolated single-view 3D digital model, and forms a 3D data file after mapping and rendering.
From 2020 to 2022, the operating income of Scantech was 9150870,000 yuan, 16.1 billion and 20.6 billion yuan;The net profit attributable to the parent company after deducting non-profits was 2666420,000 yuan, 6394100,000 yuan and 7123400,000 yuan.
The company's revenue consists of handheld 3D vision digitization products (including portable 3D scanners, color 3D scanners), tracking 3D vision digitization products and industrial-grade automated 3D vision inspection systems, ancillary products and services. Among them, the revenue of handheld 3D vision digital products accounted for more than 70% of the main business income in the reporting period, which is the most important revenue of Sikan Technology**.
It is reported that the main downstream applications of 3D vision digital products can be divided into high-precision industrial-grade fields, high-efficiency professional-grade fields and cost-effective commercial-grade application fields according to the different accuracy requirements of downstream application scenarios, different implementation methods of scanning and detection, etc.
Users in the industrial-grade field are mainly from automobile manufacturing, construction machinery, aerospace, transportation and other industries, users in the professional-level field are mainly from different industries such as medical and health, teaching and scientific research, cultural relics sculpture, 3D printing, etc., and users in the commercial-level field are mainly from many sub-industries such as virtual world, game entertainment, and 3D perception.
According to the composition of the main business income disclosed in the prospectus according to the application field, the products of Scantech in the reporting period are mainly used in industrial grade and professional grade, and there is no related income in the commercial field.
In addition, in terms of market share, Scantech said: According to the calculation of the China Instrument Industry Association, in the industrial-grade field, the company's main product handheld laser 3D scanner will rank first in the domestic market share in 2021. However, the company did not disclose specific market share data, nor did it disclose the market share of products in the professional field and commercial and field.
03. The capacity utilization rate is low, and it is planned to use fundraising to build a building
It should also be noted that there are also many questions about the fundraising project of Scantech.
In this listing, Scantech plans to raise 85.1 billion yuan, of which 19.7 billion yuan for 3D vision digital products and automatic inspection system capacity expansion projects;3.4.3 billion yuan for the construction of R&D center and headquarters building;1.1.1 billion yuan for marketing and service network base construction projects;2.0 billion yuan to supplement liquidity.
First, there is no "lack of money" in the account of Sikan Technology, and is it reasonable for the company to use 200 million yuan to supplement liquidity?
According to the prospectus, as of December 21, 2022, there were 29.1 billion yuan, with an asset-liability ratio of 1404%, far lower than the average of 23 listed companies in the same industry such as Xianlin 3D, BLT, Opt, and Lingyunguang99%。At the end of the reporting period, the company had no short-term borrowings and long-term borrowings.
From 2020 to 2022, the net cash flow from operating activities of Scantech was 4253070,000 yuan, 6309940,000 yuan, 9238060,000 yuan, the cash flow from operating activities was a net inflow, and the performance was good. In addition, in 2020 and 2021, Scantech also paid cash dividends of 9.3 million yuan and 19 million yuan.
Second, the capacity utilization rate of Scantech products is generally low.
From 2020 to 2022, the production capacity of Scantech's portable 3D scanners will be 900, 1550, and 1600 respectively, and the capacity utilization rate in each period will be respectively. 87% and 7938%；The production capacity of color 3D scanners is 200, 500 and 750 respectively, and the capacity utilization rate of each period does not exceed 80%.
The capacity utilization rate of the company's industrial-grade automated 3D visual inspection system and tracked 3D visual digital products in 2021 and 2022 did not exceed 80%. After raising funds to expand production significantly, can the production capacity of Sikan Technology be digested?
Third, is it necessary for the company to use the raised funds to "build a building"?
According to the prospectus, as of the end of the reporting period, the business premises of Scantech were obtained by lease, and the funds raised this time are intended to be used to build their own production and operation sites on their own land.
The total investment in the construction project of the R&D center and headquarters building is 34.3 billion yuan, invested in 24 months. Scantech believes that after the completion of the project, it will help the company improve its own R&D level and enhance its market competitiveness.