Fujian Tietuo Machinery Co., Ltd. *** abbreviation: Tietuo Machinery, **873706) will be reviewed on December 22, and plans to land on the Beijing Stock Exchange, and the sponsor is Zhongtai**.
Previously, Tietuo Machinery had submitted a listing application to the GEM of the Shenzhen Stock Exchange, which was accepted in September 2020. However, after a round of enquiries, the company withdrew its listing application in February 2021.
And this "switch" to the Beijing Stock Exchange may still have many problems. During the reporting period, the performance of Tietuo Machinery fluctuated greatly, and the top five customers changed frequently, and some of them were newly established companies. In addition, the quality of its information disclosure may need to be improved.
The performance declined, and the top five customers changed frequentlyAccording to public information, Tietuo Machinery is mainly engaged in the research and development, production, sales and service of asphalt mixture mixing equipment and its supporting equipment, and is a professional manufacturer of asphalt mixture mixing equipment and its supporting equipment integrating R&D, production, sales and service.
According to the financial data, from 2020 to 2022 and from January to June 2023 (hereinafter referred to as the reporting period), the operating income of Tietuo Machinery was 34,448$600,000, $24,434280,000 yuan, 35,941$730,000 and $23,429430,000 yuan, net profit was 4,267240,000 yuan, 1,688210,000 yuan, 4,184$990,000 and $3,834$700,000.
It can be seen that in 2021, Tietuo Machinery's revenue and net profit will decline sharply. Further, the company's gross profit margin also fluctuated, and during the reporting period, the company's gross profit margin was respectively. 99% and 3357%。In addition to the instability of performance and gross profit margin, Tietuo Machinery also needs to face the problem of frequent changes in the top five customers.
According to the prospectus, during the reporting period, except for Haixi Financial Leasing and OOO TTM, the rest of the customers did not overlap in each period.
According to our statistics, in just over three years, there are as many as 18 companies that appear in the top five customer list of Tietuo Machinery.
Industry insiders believe that the top five customers change frequently, and the stability and sustainability of their company's major customers may be uncertain, which may greatly affect performance. It is worth noting that some of the top five customers are newly established companies.
According to public information, in 2022, the main customers of Heilongjiang Province Bada Municipal Engineering were established in March 2022, and Ningbo Yongxin New Materials Technology was established in July 2021In 2021, the main customers Jiangxi Xiansen Highway Project was established in March 2021, and the Rongsheng Road and Bridge Project in Wucheng County was established in August 2020, and the number of social security participants was 3.
In this regard, the Beijing Stock Exchange requires Tietuo Machinery to explain the cooperation background of abnormal customers such as newly established companies, low number of social security participants, and no paid-in registered capital, the reasons and reasonableness of becoming the company's customers when they are newly established, and explain whether the customer scale and equipment digestion capacity match the amount purchased from the company.
The resumes of directors and senior executives are questionable
For IPO companies, accuracy should be the most basic requirement. However, there are discrepancies between the work history of the directors and executives of Tietuo Machinery and the public information.
Wang Xiren, chairman of Tietuo Machinery, worked in Quanzhou Road Construction Machinery Factory in Fujian Province from July 1986 to June 2004, but according to the company's public information query, Quanzhou Road Construction Machinery Factory in Fujian Province was established in January 1993, and Wang Xiren began to serve more than 6 years earlier than the establishment of the company.
Gao Daile, director and general manager of Tietuo Machinery, worked in Fujian South Road Machinery from July 2004 to September 2006, but according to the company's public information query, Fujian South Road Machinery was established in March 2013, and Gao Daile began to serve more than 8 years earlier than the establishment of the company.
Cheng Jian, independent director of Tietuo Machinery, worked in Xiamen Detao Capital Venture Capital from July 2008 to January 2013, but according to the company's public information inquiry, Xiamen Detao Capital Venture Capital*** was established in June 2010, and Cheng Jian began to serve more than 1 year earlier than the establishment of the company.
Tietuo Machinery directors and executives joined the company earlier than the establishment of the work unit, whether it is a resume fraud, or the preparation of the prospectus is not strictly controlled, I am afraid we do not know.
There are doubts about the information disclosure of fundraising and investment projectsAccording to the prospectus, Tietuo Machinery intends to raise 20,631020,000 yuan, which will be used for the intelligent production and construction project of asphalt equipment and the construction project of R&D center.
Screenshot**: Tietuo Machinery Prospectus (last draft).
Specifically, the main body of the "Asphalt Equipment Intelligent Production and Construction Project" is Tietuo Machinery, with a total investment of 14,900580,000 yuan, 55,869 land has been purchased00 square meters, 49,770 new construction is planned00 square meters of production plant, the purchase of laser cutting machine, CNC machine tools, laser tracker, paint sandblasting line and intelligent warehousing and other production processing and testing equipment. After the completion of this project, the production capacity of asphalt mixing equipment will be increased by 50 units per year.
However, the EIA report published in March 2023 prepared by Quanzhou Haibo Environmental Protection Technology shows that the total investment of the "Asphalt Equipment Intelligent Production and Construction Project" is 14,779720,000 yuan, the introduction of advanced production and other supporting equipment, increase the production of bitumen mixing equipment 50 sets;The new project land is about 55,869 m2, and the new construction area is 48,570 m2. Among them, the total investment amount and new construction area of the project are lower than disclosed in the prospectus.
Screenshot**: EIA report.
In addition to the expansion project, the company raised funds also invested in the "R & D center construction project", Tietuo Machinery said that the project aims to build a new R & D test building, the establishment of professional laboratories, engineering design centers, the introduction of advanced R & D and testing equipment, to further optimize the R & D software and hardware environment;At the same time, we will further strengthen the construction of the technical R&D team, introduce high-end technical talents, improve the R&D system, and enhance the company's R&D strength and technical barriers.
The prospectus also disclosed that the "R&D center construction project" is an integral part of the company's "asphalt equipment intelligent manufacturing base construction project", which is the same project for the record (Min Fa Gai Bei No. 2022 C030229).
However, the EIA report published in June 2023 prepared by Quanzhou Times Environmental Protection Technology *** shows that the total investment of the "Asphalt Equipment Intelligent Production and Construction Project" is 21081530,000 yuan, the introduction of advanced production and other supporting equipment, such as welding robots, small paint sandblasting lines, etc., will increase the existing 250 asphalt mixing plants to 300 asphalt mixing plants. At the same time, .Supporting the construction of 1 experimental workshop, 1 product research and development workshop, 1 asphalt mixing equipment test and display workshop for follow-up research and development experiments. From this, we can judge that the EIA report actually includes the "asphalt equipment intelligent manufacturing base construction project" and "R&D center construction project", but the total investment amount is significantly higher than the total investment amount disclosed in the prospectus.