This article**: Times Business School Author: Lei Ying.
*|Times Business School.
Author |Lei Ying.
Edit|Sun Yiming.
On January 31 and February 24, 2024, just over a year after being listed, Polytechnic Navigation (688282SH) has issued two announcements on the possible implementation of delisting risk warning reminders for the company.
This is the first listed company on the STAR Market to announce in 2024 that it may face a delisting risk warning.
As a disciplinary company established by Beijing Institute of Technology to implement the transformation of scientific and technological achievements, Polytechnic Navigation successfully raised 143.5 billion yuan, of which 61.5 billion yuan to be paid to the sponsor CICC (601995SH) has an underwriting sponsorship fee of up to 16.3 billion yuan.
In just over a year, Polytechnic Navigation is on the verge of delisting, what happened?
On March 4, Times Business School called Polytechnic Navigation to inquire about performance losses and declining orders, and the company replied that the reasons for the performance loss in 2023 are subject to the announcement, and there are no other details to disclose.
Successive delisting risk warning announcements
According to the prospectus, Polytechnic Navigation is a disciplinary company established by Beijing Institute of Technology to implement the transformation of scientific and technological achievements. In October 2016, Beijing Institute of Technology invested in Polytechnic Navigation with intangible assets (six invention patents and four inertial navigation device product know-how), and transferred the business related to inertial navigation system from Beijing Institute of Technology to Polytechnic Navigation.
During the IPO reporting period (2018-the first half of 2021), the operating performance of Polytechnic Navigation showed steady growth. In each period of the reporting period, the company's revenue was 9267810,000 yuan, 22.6 billion yuan, 30.6 billion yuan, 14.7 billion yuan, a year-on-year increase. 93%；The net profit after deducting non-attributable to the parent company was 2020720,000 yuan, 6541760,000 yuan, 7095760,000 yuan, 3170570,000 yuan.
In 2021, the company achieved revenue of 31.8 billion yuan, and the net profit of non-attributable to the parent company was 7237360,000 yuan, a year-on-year increase. 00%, although both maintained a growth trend, the growth rate declined.
On March 18, 2022, Polytechnic Navigator officially landed on the Science and Technology Innovation Board with 65The issue price of 21 yuan shares successfully issued 22 million shares, corresponding to the raised funds of 143.5 billion yuan, corresponding to an initial price-earnings ratio (diluted) of 8087 times, relative to the company's P/E ratio of the industry at the time of its initial offering (44.27 times), investors gave the company a higher price.
Through the listing, Polytechnic Navigator received a net proceeds of 125.1 billion yuan, and the underwriting and sponsorship fees paid to the sponsor CICC amounted to 16.3 billion yuan, and the over-raised funds reached 61.5 billion yuan.
The first annual report after the listing shows that in 2022, Polytechnic Navigation will achieve revenue of 20.5 billion yuan, down 35 percent year-on-year67%；The net profit of non-attributable to the parent company was 3966990,000 yuan, down 4519%, and the net profit deducted from the non-attributable parent company in the first year of listing was nearly halved.
The first quarter, semi-annual and third quarterly reports of 2023 show that after entering the 2023 fiscal year, the business income of Polytechnic Navigation has shrunk significantly, and the net profit deducted from the non-attributable parent is in a loss state. The third quarterly report shows that in the first three quarters of 2023, the revenue of Polytechnic Navigation is only 1439050,000 yuan, deducting the net profit not attributable to the parent company for a loss of 2316420,000 yuan.
On February 24, 2024, Polytechnic Navigation released its 2023 performance report, which is expected to achieve revenue of 2175 in 2023040,000 yuan, down 89 percent year-on-year37%；Realized net profit of -4415530,000 yuan, down 211 year-on-year31%。
It can be seen from this that the audited net profit before and after deducting non-recurring gains and losses in 2023 is negative, and the operating income after deducting business income unrelated to the main business and income without commercial substance is less than 100 million yuan, which will touch Article 12 of the Listing Rules of the Science and Technology Innovation Board of the Shanghai **Stock Exchange4.2. The circumstances of the implementation of delisting risk warning for the company ** as stipulated in Item (1) of the first paragraph of Article 2.
As a result, the company** will be subject to a delisting risk alert (with *ST before the company's abbreviation) after the disclosure of the 2023 annual report.
On January 31, 2024 and February 24, 2024, Polytechnic Navigator successively issued the first and second risk warning announcements on the company's ** possible delisting risk warning, thus becoming the first listed company on the Science and Technology Innovation Board to announce that it will face the implementation of delisting risk warning in 2024.
Losses may be due to a high degree of dependence on a single client
It should be noted that on August 24, October 18, 2023 and January 30, 2024, the Shanghai Stock Exchange issued regulatory inquiry letters related to the 2023 semi-annual report, the third quarter report of 2023, and the 2023 performance forecast to inquire about the reasons for the significant changes in its performance.
Polytechnic Navigation once said in its 2022 annual report that in 2022, the company's revenue fell by 35% compared with the same period last year67%, mainly affected by factors such as the complex and severe international situation and the domestic macro environment, the production plan of the company's superior supporting units was delayed, resulting in the new demand not meeting expectations, and the number of inertial navigation system sales decreased.
This may be closely related to the company's profit model.
According to the prospectus, according to the product category, during the IPO reporting period, the main business income of Polytechnic Navigation mainly comes from the inertial navigation system, and the terminal application field is mainly in the military field. In each period of the reporting period, the company's business revenue from inertial navigation systems accounted for the proportion of the main business income in the current period. 97%。
According to the prospectus, the production or R&D unit of the military inertial navigation system is the first supporting unit. According to the supporting relationship of the industrial chain, Polytechnic Navigation, as the leading supporting unit, negotiates with military customers to determine the supply of the corresponding primary and secondary supporting production units.
From the perspective of downstream customers, the company's products are mainly sold to the largest customer, China North Industries Group, in each period of the IPO reporting period, and the company's sales revenue to the largest customer accounted for the proportion of the current operating income respectively. 71%。
According to the "2023 Annual Results Pre-loss Announcement", since the end of 2022, the company's product procurement demand for the superior supporting units of Polytechnic Navigation has declined, and the number of contract orders signed in 2023 is small, and the company's main business income scale and product gross profit margin in 2023 have dropped significantly, resulting in the company's 2023 performance pre-loss. In terms of products under development, at this stage, a number of products that the company has cooperated with a number of overall units are still in the scientific research stage and have not formed batch revenue.
According to the announcement on the reply to the regulatory inquiry letter on information disclosure in the 2023 semi-annual report, the revenue of Polytechnic Navigation in the past year mainly came from four models of inertial navigation systems and their core components, and related models accounted for more than ninety percent of the revenue. In this regard, the Shanghai Stock Exchange requires the company to list the revenue, orders and year-on-year changes of the above-mentioned model batch products in the first half of 2023.
In its reply to the announcement, Polytechnic Navigation said that from January to June 2023, the company had no revenue and orders for the aforementioned inertial navigation system products.
It should be noted that as of March 4, 2024**, Polytechnic Navigation stock price is trading at 2304 yuan shares, the relative issue price has been **6383% (pre-weighting).
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