Investor.com" Jordan.
Recently, Han's Laser (002008SZ) announced that it has decided to terminate its plan to spin off its subsidiary, Shenzhen Han's Packaging & Testing Technology Co., Ltd., hereinafter referred to as "Han's Packaging & Testing Co., Ltd.") to be listed on the Growth Enterprise Market (GEM), and has withdrawn the relevant listing application documents. Behind this decision, the main reason is that the current market environment has undergone great changes.
Previously, the road to listing for Han's closed beta was not smooth. In the process of applying for IPO, Han's Closed Testing has gone through several rounds of strict inquiries and reviews, and although Han's Closed Testing has certain advantages in terms of technology and market, it still faces growth problems in terms of performance. At the same time, with the intensification of industry competition and changes in the market environment, the parent company Han's Laser is also facing many difficulties.
Behind the termination of the IPO
According to the prospectus, Han's Packaging & Testing focuses on the R&D, production and sales of LED and semiconductor packaging and testing equipment, and its core product is wire bonding machine. Han's Laser, as the controlling shareholder, holds 5928% equity. However, the IPO road of Han's closed beta can be described as twists and turns.
Han's Closed Beta IPO plans to raise 2600 million yuan, aiming to expand the production capacity of high-speed and high-precision wire bonders, and promote the construction of R&D centers. However, during the IPO period, Han's Closed Beta went through three rounds of strict inquiries, involving various aspects such as main business, performance fluctuations, accounts receivable, pledge risk of controlling shareholders and solvency.
According to the prospectus, although the performance of Han's Sealing Test showed a growth trend, the net profit fluctuated greatly, and the gross profit margin continued to be lower than the level of the same industry. At the same time, its accounts receivable show a rapid growth trend, and the impairment risk cannot be ignored. In addition, the company's cash flow situation is also not optimistic, which undoubtedly raises market concerns about the profitability and future development prospects of Han's Sealed Testing.
Specifically, from 2020 to the end of June 2023, the revenue of Han's Closed Testing was 1500 million yuan, 3400 million yuan, 4300 million yuan, 1900 million yuan, while the net profit was -6.65 million yuan, 51.75 million yuan, 51.6 million yuan and 18.35 million yuan respectively.
In terms of profitability, the comprehensive gross profit margin of Han's Sealing and Testing increased from 36 in 20205% to 35 in the first half of 202301%。This trend is particularly obvious compared with the three companies in the same industry: Xin Yichang, ASMPT, and K&S. The gross profit margins of these three companies in 2021 and 2022 are stable above 40%, and show a year-on-year trend. Although in January-June 2023, the gross profit margin of Xin Yichang decreased slightly, falling to 3798%, but it is still higher than the level of the same period in Han's closed beta. The gross profit margin of ASMPT and K&S remained above 40%.
The above data also makes the market doubt about the future development of Han's Closed Testing. While revenue growth, does the fluctuation and decline in net profit and gross margin mean that the company has problems in cost control, product pricing or market competition? In addition, the turnover rate of Han's Sealing and Testing is also decreasing year by year, and the book value of accounts receivable and notes receivable continues to grow, accounting for a high proportion of current assets.
From 2020 to the end of June 2023, the book value of accounts receivable and notes receivable of Han's Sealed Testing totaled 93.78 million yuan, 97.13 million yuan, and 3200 million yuan and 300 million yuan, accounting for the proportion of current assets respectively47% and 4901%。
At the same time, the cash flow situation of Han's Sealing Test is also becoming increasingly tight, and the net operating cash flow is significantly negative. From 2020 to the end of June 2023, the net operating cash flow of Han's Sealing and Testing was 857860,000 yuan, 778880,000 yuan, -14.4 billion yuan and -42.71 million yuan.
In this context, the listing can undoubtedly bring financial support and brand enhancement to Han's Closed Beta. However, after more than a year of waiting and three rounds of rigorous inquiry, Han's Laser finally decided to terminate Han's closed beta listing plan. This is undoubtedly a regrettable decision, and it is worth noting that there is still a risk of VAM agreement in Han's closed beta.
According to the information disclosed in the prospectus, in February 2022, investors such as Hillhouse Yurun and High-tech Investment Venture Capital signed an Investment Agreement with Han's Sealing and Testing and its existing shareholders, stipulating that the aforementioned new shareholders will be valued at a total of RMB 2800 million yuan to subscribe for 28.6 million new shares of Han's Sealing and Testing. According to the VAM agreement, if Han's Closed Beta fails to achieve a qualified listing or other material default events before December 31, 2026, the aforesaid new shareholders have the right to require Han's Laser to repurchase the shares held by them. This has undoubtedly increased the financial pressure and uncertainty of Han's Laser.
For Han's Laser itself, the failure of Han's Closed Test has undoubtedly brought a lot of blows to it, and its own situation is not optimistic.
**Asset monetization
Han's Laser focuses on the R&D, production and sales of intelligent manufacturing equipment and its key components, with a wide range of product lines, covering three categories: general component products, industry special machine products, and extreme manufacturing products, and downstream industries involve consumer electronics, PCB, lithium battery, photovoltaic, semiconductor and other industries.
In 2022, Han's Laser's performance suffered a "Waterloo", with revenue and net profit declining by 8% and 39% year-on-year, respectively. Entering 2023, this decline has not been reversed, but continues to intensify. According to the financial report for the first three quarters, the company's revenue decreased by 11% year-on-year, and net profit fell sharply by 37% year-on-year59%。This dismal performance is mainly due to the weak demand of downstream customers and the sharp decline in orders, which has brought heavy operating pressure to the company.
At the same time, Han's Laser's operational efficiency also showed a downward trend. As of the third quarter of 2023, the company's accounts receivable reached 7.4 billion yuan, a year-on-year increase of 7%. More severely, the number of days of accounts receivable turnover rose further to 2249 days, compared to 172 at the end of 202266 days, a surge of 52 days. This means that the company's capital has slowed down and its liquidity has been severely constrained.
By the end of September 2023, Han's Laser's net operating cash flow further decreased to 2100 million yuan, compared to 131.2 billion yuan and 6Compared with 500 million yuan, the financial pressure can be seen.
In addition, the equity pledge of Han's Laser's controlling shareholder, Han's Holdings, and its actual controller, Gao Yunfeng, is also not optimistic. As of the end of September 2023, Han's Holdings and Gao Yunfeng held a total of .15%, of which the number of pledged shares of Gao Yunfeng accounts for 92% of its shareholding, and the proportion of pledged shares of Han's Holdings is 66%. This high proportion of equity pledge undoubtedly increases the company's financial risk.
In the face of intensified operating pressure, Han's Laser is making the most of its assets. According to the announcement issued by Han's Laser on February 19, it signed the "Equity Transfer Agreement" and the "Equity Transfer and Capital Increase Agreement" with 16 investment entities, including Siru Quanyong and Zhuhai Chengrong4.6 billion yuan of **, to the above 16 investment entities to transfer the holdings of Han's Special 65375% equity. Recently, Han's Smart has completed the industrial and commercial change registration procedures, marking the official implementation of Han's Laser's strategic adjustment and injecting a certain amount of liquidity into it. (Produced by Thinking Finance).