Tengda Technology submitted a prospectus in March 2023, passed the meeting in June 2023, and went public on January 19, 2024, raising 8500 million yuan.
From the point of view of time,Tengda Technology (001379.)SZ) IPO can be described as the speed of light!
But I didn't expect that the front foot company had just been listed, and the performance of the back foot immediately changed.
According to the performance forecast, Tengda Technology expects a net profit of 96 million -1 in 20231.4 billion yuan, down 15 percent year-on-year5%-28.85%。I have to say that like the IPO at the speed of light, the company's performance has changed at the speed of light.
From 2019 to 2022, Tengda Technology's operating income will be 90.6 billion yuan, 108.2 billion yuan, 1.6 billion yuan and 218.7 billion yuan, with a compound annual growth rate of 34%; The net profit in the same period was 12.75 million yuan, 52.44 million yuan and 10.8 billion and 13.5 billion yuan, with a compound annual growth rate of 120%.
Is this a familiar plot again? As soon as the company went public, it immediately took off its vest and changed its appearance, and the super growth stock became a company with declining performance.
The issue price of Tengda Technology is 1698 yuan, once ** to 28 on the day of listing82 yuan, and then it will be continuous**; In the past four trading days, Tengda Technology has fallen for four consecutive days, and the majority of investors are miserable.
Note that the ** of this company's stock price cannot be simply attributed to the ** of the recent period.
Tengda Technology is mainly engaged in the research and development, production and sales of stainless steel fastener products, the main products include bolts, nuts, screws, washers and other productsTengda Technology is a "screw-making" company.
Of course, we are not discriminating against this industry, after all, stainless fasteners have the title of "industrial rice". So, why is Tengda Technology questioned?
We've already said the first pointIt is the company's business performance. From the common sense of the word, it is hard to imagine that a bolt company can achieve a compound annual growth rate of 120%. The only explanation can only be that the business performance before the IPO is carefully packaged, and once the listing is successful, the showdown will not be installed.
The second point,The amount of IPO funds raised and the purpose of use!
First of all, Tengda Technology is not short of money, and the monetary funds on the account as of the end of June 2023 are 600 million yuan; Secondly, in the case of not bad money, there are 2 of the purposes for raising funds500 million yuan to supplement liquidity; Moreover, the raised funds are mainly used for capacity expansion, but does the company really need so much production capacity, taking the first half of 2023 as an example, the sales of Tengda Technology's bolts and nuts have declined.
The third point,Employee benefits issues.
In 2019, the number of registered employees of the company was 784, but 190 did not pay the "five insurances", and almost a quarter of the employees did not pay; In terms of pensions, there is not a single person who pays the housing provident fund.
Note that the official reason given is:"Voluntary renunciation"!
This is interesting, almost a quarter of employees give up paying the "five insurances", and all employees give up paying the provident fund, is this reasonable?
There is one thing to say, in view of the fact that nearly 90% of Tengda Technology are production personnel, it is normal for some people to be unwilling to pay, but from 2020, that is, after the company plans to go public, Tengda Technology's housing provident fund has begun to pay again.
So, everyone thinks,Is it the behavior of individual employees or the cost-saving behavior of the enterprise?
Let's focus on capacity utilization.
Although the company claims that Tengda Technology's capacity utilization rate is at a high level, hindering the further expansion of the company's scale, in fact, before 2022, the company's sales volume is higher than production, and the capacity utilization rate is less than 90%.
In the first half of 2023, although on the surface, the capacity utilization rate has increased to 92%, but surprisingly, the capacity seems to have declined. In addition, sales not only fell for the first time, but also fell below production for the first time.
All in allWhether there is a shortage of production capacity or not, perhaps the official has the final say!
Finally, do you think that Tengda Technology, after four consecutive drops, has it really been wronged?