First, the review situation
Xiaobing Investment Banking Team, Weekly Review Weekly DiaryFrom December 18th to December 22nd, a total of 3 IPO companies were deliberated at the meeting, and all of them were successfully passed, the details are as follows:
Second, the enterprise highlights
Xiaobing Investment Banking Team, Weekly Review Weekly DiaryOneBrite Semiconductor (Shanghai) Co., Ltd. *** Science and Technology Innovation Board
1. Main businessThe company is an integrated circuit design service enterprise focusing on providing one-stop chip customization, and has formed a comprehensive technical service system with large-scale SOC custom design technology and semiconductor IP development technology as the core. The issuer was deferred from its meeting on 18 October 2023. Actual controllerIn the case that SMIC holds more than 30% of the shares for a long time and is the largest shareholder of the issuer, SMIC has not been (had) identified as the controlling shareholder or actual controller of the issuer. The issuer has no controlling shareholder or actual controller. The issuer's equity is relatively dispersed, and the total shareholding ratio of Zhuang Zhiqing, the largest shareholder, and its concerted actors is 1982%, the relationship between the shareholders of the issuer and the relationship of concerted action have not substantially changed the state of the issuer's equity dispersion. Gross margin fluctuationDuring the reporting period, the gross profit margin of the company's chip design business was as follows. 00% and 2566%。The fluctuation of the gross profit margin of the company's chip design business is mainly affected by the scale, design difficulty, project cycle and other factors of customized projects. IIFujian Tietuo Machinery Co., Ltd. *** Beijing Stock Exchange
1. Main businessTietuo Machinery is a professional manufacturer of asphalt mixing equipment and its supporting equipment integrating R&D, production, sales and service. 2. Issue the risk of lag in commodity acceptanceAt the end of the reporting period, the carrying value of the goods issued by the company was 2,594260,000 yuan, 5,164140,000 yuan, 6,678690,000 yuan and 7,286310,000 yuan, the amount is larger, and the proportion of inventory is respectively. 59% and 5652%, mainly due to the equipment that has been shipped by the company but has not yet completed the installation and acceptance. If the domestic customer fails to accept the goods in time after receipt, the company will bear the risk of working capital being tied up and the risk of delayed revenue recognition. 3. The risk of fluctuation in operating performanceDuring the reporting period, the company's operating performance fluctuated greatly, and the company's original recycling integrated mixing equipment and asphalt mixture plant mixing and hot recycling equipment accounted for the proportion of main business income. 14% and 4517%, and mainly concentrated in domestic sales, need to be recognized after customer acceptance. Affected by factors such as the complexity of product installation and commissioning, the customer's installation site conditions, etc., there are certain differences in the cycle of the company's equipment from delivery to acceptance. Therefore, the acceptance cycle and revenue recognition time point of the company's above-mentioned products are uncertain, resulting in the company's operating performance being greatly affected by the size and quantity of revenue recognition orders in the current period. 4. The reasonableness of large fluctuations in performance and the opposite trend of changes of comparable companies in the same industryDuring the reporting period, the issuer's operating income was 34,448600,000 yuan, 24,434280,000 yuan, 35,941730,000 yuan, the change rate of income in each period was respectively. 67%, deducting the rate of change of non-attributable to the parent company. 21%, the trend of performance changes of comparable companies in the same industry is opposite to that of the issuer, and D&G Technology's revenue in 2021 increased by 1327%, the issuer's revenue for the year decreased by 2907%, the issuer explained that it was mainly affected by the slowdown in downstream customer demand. 5. The authenticity of cooperation with the financial leasing company in which the shares are sharedIn 2020 and 2022, Fujian Haixi Financial Leasing Co., Ltd. (hereinafter referred to as "Haixi Financial Leasing"), the issuer's largest customer, participated in 292% of the customers disclosed in the form of related party transactions, during the reporting period, the proportion of the issuer's revenue from sales in the form of financial leasing was respectively. 92%, of which the counterparties of financial leasing are basically Haixi Financial Leasing, and the sales to Haixi Financial Leasing from January to June 2023 declined to 1,500000,000 yuan. 6. Accounts receivableSome of the issuer's contracts do not stipulate a credit period;The overdue loss rate for issuers overdue for three to four years and overdue for four to five years is 9853%, while under the new financial instruments standard, the issuer's expected loss rate of accounts receivable in 3-4 years is 50%, and the expected loss rate in 4-5 years is 90%, and the proportion of bad debt provision of issuers is lower than that of comparable companies in the same industry. IIIFuling Technology Co., Ltd. is the main board of the Shenzhen Stock Exchange
1. Main businessFuling Co., Ltd. is a high-tech enterprise mainly engaged in the research and development, production and sales of plastic tableware and biodegradable material tableware. 2. Fuling Global is listed on the NASDAQ exchangeOn July 28, 2015, Fuling Global filed a registration form for listing application with the U.S. Securities and Exchange Commission. The listing application became effective on October 26, 2015, following the SEC review. In November 2015, Fuling Global completed its initial public offering** at a price of 5US$00** issued a total of 4,038,423 shares of common stock (of which 38,423 shares were subscribed by the underwriters with an oversubscription option**) In early 2020, considering the Chinese company's ability to raise funds in the U.S. stock market and the company's future strategic development plan, the founding shareholders intended to privatize Fuling Global and delist it from the NASDAQ exchange. 3. Industry policy and business performanceDuring the reporting period, the issuer's revenue from plastic tableware was 99,137120,000 yuan, 117,085040,000 yuan, 181,807580,000 yuan, 64,936430,000 yuan, accounting for the proportion of main business income respectively. 47%；The revenue of biodegradable material tableware was 846420,000 yuan, 16,826460,000 yuan, 15,001210,000 yuan, 5,173020,000 yuan, accounting for the proportion of main business income respectively. 41%。The issuer expects a year-on-year change in operating income of -18 in 202377% to -949%, net profit attributable to the parent company changed -23 year-on-year64% to -1190%。Since 2019, a number of plastic restriction policies have been introduced at home and abroad.