On December 19, according to the disclosure of the Shanghai Stock Exchange, the Shanghai Stock Exchange Listing Review Committee is scheduled to hold the 103rd Review Meeting of the Listing Review Committee in 2023 on December 27, when it will consider the initial issue of Laplace New Energy Technology Co., Ltd.
It is reported that the company accepted on June 19, and then entered the inquiry state in July, with two rounds of inquiries and a waiting period of half a year. The sponsor is Huatai United.
According to the prospectus of Laplace's listing, Laplace intends to publicly issue no more than 40.532619 million RMB ordinary shares (excluding the number of shares issued with the over-allotment option). It is planned to invest 600 million yuan respectively for " backed by photovoltaic giants Longji and Jingke.
The prospectus shows that the customer concentration of Laplace is very high, and the industry concentration of downstream customers is one of the main reasons. From 2020 to June 2023, the company's top five customers accounted for 100.00%, 99.99%, 98.67% and 97% of the total main business income, respectively .
Longji Green Energy and Jingke Energy ranked among the company's top three customers almost all the year round. From January to June 2023, Longji Green Energy ranked fourth, but JinkoSolar remained the largest customer. From 2020 to June 2023, Laplace's revenue to Jingke Energy accounted for 18.13%, 54.21%, 48.55% and 58% respectively.
According to Laplace's first round of inquiries and replies, by the end of June 2023, the company's orders in hand amounted to 11.158 billion yuan (including goods delivered, excluding tax). Longji Green Energy is 3.477 billion yuan and Jingke Energy is 1.428 billion yuan , accounting for about 43% of the total.
The prospectus shows that Liancheng CNC invested in the issuer in April 2020, and as of the signing date of the prospectus, it is a shareholder holding more than 5% of the company's equity. Zhong Baoshen, one of the actual controllers of Liancheng CNC, is the chairman of Longji Green Energy, so Longji Green Energy and Liancheng CNC are related parties of the company. Zhong Baoshen, chairman
of Longji Green Energy, signed a capital increase agreement with the company in January 2019 and invested in shares in April 2020. As of the signing date of the prospectus, the shareholding ratio of Liancheng CNC is 16.
In addition, JinkoSolar, the largest customer of Laplace, holds 2.36% of its shares through Shangrao Changxin; Linyang Energy, the fifth largest customer of Laplace in 2022, also holds 0% of the company through its wholly-owned subsidiary Linyang Venture Capital.
However, the high concentration of customers and frequent related party transactions may become a major challenge for Laplace. Related party transactions have always been the focus of regulators. According to statistics, four of the 11 enterprises that were rejected in the first half of 2023 were asked about related relationships or related transactions at the meeting of the Shanghai Municipal Committee.
Cash flow for three years of negative performance or suspected of water injection?
From 2020 to 2022, Laplace's total revenue was 41 million yuan, 104 million yuan and 1.266 billion yuan respectively, with a compound annual growth rate of 457.53%, and its net profit in the same period was-46 million yuan,-57 million yuan and 1.2023. Compared with 2022, it increased by 129.1% to 144.89%, with net profit of 410 million yuan to 450 million yuan, an increase of 246.81% to 280.
However, although Laplace has successfully turned losses into profits in 2022 and achieved a "reversal of the wind", the company's operating cash flow has been in a net outflow state. And the company's accounts receivable ratio is relatively high.
From 2020 to 2022, the net cash flow generated by the company's business activities was-0.58 billion yuan,-160 million yuan and-1.
However, by 2023, the cash flow generated by Laplace's business activities increased significantly. It
is worth mentioning that before the joint-stock reform in August 2022, Laplace still had more than 300 million uncompensated losses, but through the restructuring and the recognition of revenue and profits in the following months, by the end of December 2022. The undistributed profit on the company's account has become a surplus. 1. It can be seen that the quality of Laplace's net profit turning from loss to profit is not high. The
Company's business scale has expanded rapidly, and the amount of Laplace's accounts receivable and contract assets has also increased significantly. Since
2021, with the company's photovoltaic equipment entering the stage of batch acceptance, business income has grown rapidly, which has led to the growth of the balance of accounts receivable. At the end of each reporting period, the total book value of the Company's accounts receivable and contract assets was RMB19 million, RMB45 million, RMB469 million and RMB6.
The book value of the Company's accounts receivable was RMB15 million, RMB31 million, RMB332 million and RMB421 million, respectively. The proportion of current assets at the end of the period is 11.12%, 3.42%, 7.02% and 5.
The book balance of Laplace's inventory is 100 million yuan, 400 million yuan, 2.154 billion yuan and 3.915 billion yuan respectively, and the book value of the inventory is 76 million yuan, 373 million yuan, 2.103 billion yuan and 38 yuan respectively.
Customized order production is carried out according to the specific product needs of customers, but the company's equipment has a certain acceptance cycle from raw material procurement to customer acceptance.
In the future, with the continuous expansion of the company's production and operation scale, if the company is unable to manage the inventory in a timely and effective manner, the company's inventory backlog and value impairment will be caused by significant adverse changes in product prices, changes or cancellations of signed contract orders, failure to pass product acceptance or other unpredictable reasons. The company has the risk of inventory depreciation, which will adversely affect the company's operating results and profitability.
Photovoltaic production capacity is gradually excessive, but the involution is intensified, and the track is becoming more and more crowded. Whether Laplace can have the last laugh as he wishes and continue to turn the tables against the wind remains to be discussed.
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