On December 26, Zhejiang Jingyang Mechatronics Co., Ltd. (Hereinafter referred to as "Jingyang Mechatronics" or the company) submitted a prospectus (declaration) for initial public offering and listing on the GEM, which has been accepted by the Beijing Stock Exchange.
It is reported that Jingyang Mechatronics intends to issue no more than 17.05 million shares to non-specific qualified investors (without considering the option of over-allotment).
The raised funds will be used to add 300 sets of photovoltaic monocrystalline silicon growth furnace construction projects, R & D center projects and supplement the working capital related to the main business.
in 45.2020-2022 and January-June 2023 (hereinafter referred to as the "reporting period"). They are Zhejiang Jingwei (cancelled in October 2023) and Qinghai Jingyang.
Jingyang is a high-tech enterprise specializing in R & D, manufacturing and sales of crystal growth equipment in photovoltaic and semiconductor industries. Its products are mainly used in manufacturers of photovoltaic silicon materials, silicon wafers and semiconductor materials.
In recent years, 
prospectuses show that during the reporting period, Jingyang's electromechanical business income was 105.8 million yuan, 124.2 million yuan, 175.2 million yuan and 157.9 million yuan respectively ; The net profits were RMB 11.3 million, RMB 18.9 million, RMB 19.3 million and RMB 0 respectively.
It can be seen that Jingyang Mechatronics has achieved steady profit growth for four consecutive years.
The company's comprehensive gross profit rate was 23.39%, 31.60%, 27.01% and 29% respectively. In this regard, Jingyang Mechatronics said that the main reason was that the company's main business income fluctuated in pricing and cost due to different customization needs of major customers. The main business income
of Jingyang Mechatronics mainly comes from single crystal growth furnace and silicon core furnace products, and the total income accounts for 100% of the main business income in each reporting period.
With the gradual expansion of business scale, the positive effect brought by continuous operation, the improvement of cash flow, the continuous capital increase of the company and the further improvement of solvency, the asset-liability ratio of Jingyang Mechatronics showed a downward trend in general, but the debt ratio was still relatively high. During the reporting period, the company's asset-liability ratio (parent company) was 82.77%, 63.88%, 64.78% and 64% respectively.
However, it is worth mentioning that, as a high-tech enterprise and a specialized, special and new small and medium-sized enterprise in Zhejiang Province, Jingyang Mechatronics is somewhat lacking in R & D. According to
the prospectus, during the reporting period, the company's R & D expenses were 5.0472 million yuan, 6.7916 million yuan, 8.1732 million yuan and 5.987 million yuan, respectively. The proportion of R & D investment in operating income is 4.77%, 5.47%, 4.66% and 3.
Compared with comparable listed companies in the same industry, such as Jingsheng Machinery and Electricity, Tiantong Stock, Liancheng CNC, Beijing Express and Ottway, the proportion of R & D investment in operating income is lower than average of other listed companies in the same industry.
Jingyang Mechatronics said in the prospectus that, on the one hand, the scale is relatively small and the financing channels are relatively limited, so during the reporting period, the company has some fluctuations in R & D project investment after considering factors such as order production demand and working capital planning; On the other hand, in the second quarter of 2022, due to the restrictions on personnel flow and logistics caused by macroeconomic environmental factors, there were some delays in the testing and testing process of R & D projects, so the proportion of R & D investment in business income in 2020 and 2022 was relatively low.
Although the performance of Jingyang Mechatronics is in a steady growth state, it may still face "three high" risks. The high
amount of accounts
receivable prospectus shows that at the end of each reporting period, the balance of accounts receivable of the company is 14.3 million yuan, 47 million yuan, 39.1 million yuan and 0.
Its accounts receivable, notes receivable and accounts receivable financing are relatively large, accounting for 47.84%, 91.66%, 63.24% and 66
% of the total operating income in the same period during the reporting period, respectively. The book value of Jingyang Mechatronics inventory is 49.5 million yuan, 150 million yuan, 159.4 million yuan and 222.2 million yuan respectively, accounting for 28.47%, 38.62%, 31.51% and 39% of the company's total assets respectively.
The main reason is that the company's main business income recognition and carry-over cost time point is qualified for acceptance, and the acceptance time is relatively long, which will occupy a large amount of working capital of the company and bring greater risks to the company's operation. During the reporting period of high
customer concentration, the sales amount of the top five customers in the main business of Jingyang Mechatronics accounted for 100.00%, 95.05%, 89.52% and 100
% of the company's current main business income, respectively. Gaojing Solar has been the largest customer for three consecutive years, and the sales amount (excluding tax) of Jingyang Mechatronics for the single crystal growth furnace of Gaojing Solar has increased year by year, which is 38.9 million yuan, 67.9 million yuan and 0. Or the company's sales business growth space for Gaojing Solar Energy is limited, which will have a certain adverse impact on the company's operating performance.
However, Jingyang Mechatronics said in the prospectus that the company does not have a single major customer as a related party or a customer with significant uncertainty. From the perspective of the operation and development history of the Company, the cooperative relationship between the Company and its customers has a certain historical basis, and the Company has a long-term and stable cooperative relationship with its major customers. Moreover, the Company independently acquires business in an open and fair manner, and the relevant business is stable and sustainable. The high concentration of customers will not lead to significant uncertainty in its ability to continue as a going concern in the future.
At present, in the environment of tightening IPO and economic downturn, many enterprises choose to terminate IPO when they are in front of the door. Can Jingyang Mechatronics be listed smoothly?
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