Bozhong Seiko, the hottest automation equipment ma

Bozhong Seiko, an automation equipment manufacturer, tests the water in the new energy industry

Bozhong Seiko is an automation equipment provider, whose business covers consumer electronics, automotive, new energy and other fields. This time, the company plans to raise 1.103 billion yuan for the construction project of automatic equipment expansion in the consumer electronics industry; Auto and new energy industry automation equipment industrialization construction projects and R & D center upgrading projects

positioning system integrator

Bozhong Seiko, which started from the production of tooling and fixtures, has turned to the R & D and integrated application of automation equipment, fixture products and core component products in recent years

according to the prospectus, in 2016, 2017, 2018 and 2019 (hereinafter referred to as the reporting period), the company's operating revenue was 1.55 billion yuan, 1.991 billion yuan, 2.518 billion yuan and 849 million yuan respectively, and the net profit attributable to the parent company was 276 million yuan, 80.38 million yuan, 323 million yuan and 97.77 million yuan respectively. The R & D expenses were 197 million yuan, 253 million yuan, 288 million yuan and 118 million yuan respectively, accounting for 12.72%, 12.72%, 11.43% and 13.84% of the revenue

in terms of whether it has core technology, the Shanghai Stock Exchange asked Bozhong Seiko to disclose the income, profit and proportion of various products sold in each period of the reporting period in the first round of inquiry; The positioning and importance of the company in the industrial chain; In combination with the matching degree of the industry and technology development trend with the national strategy, the progressiveness of technology, and the actual situation of relying on core technology to carry out production and operation

Bozhong Seiko replied that the company is positioned as an automation equipment manufacturer downstream of the industrial chain, that is, a system integrator. Compared with the ontology suppliers of robots (14.320, 0.06, 0.42%), the system integration business needs to have the ability of product design, process understanding of the application needs of end customers, relevant project experience, etc., and provide standardized and personalized complete sets of equipment that can adapt to different application fields. Therefore, the assembly, testing, debugging and other processes adopted by the company are essential to meet the equipment needs of downstream customers, It is an indispensable link in the whole industrial chain

for the future development, Shandong Huayu will take this opportunity to further clarify the development direction strategy. The company table Dongsheng new materials company won the first batch of national intellectual property advantage enterprises, indicating that it will focus on the basic research and development and subsequent production and sales of automation core parts, as well as the research and development, production and sales of special machines and standard machines based on self-developed key technologies and key parts. In addition, it will also provide integrated construction services for the overall solution of digital chemical plants based on automated equipment, automated flexible production lines, and intelligent warehousing, as well as pre research on service robots based on artificial intelligence

the specific listing criteria selected by the company is that the estimated market value is not less than RMB 1billion, the net profit in the last two years is positive and the cumulative net profit is not less than RMB 50million, or the estimated market value is not less than RMB 1billion, the net profit in the last year is positive and the operating income is not less than RMB 100million

more dependent on Apple industrial chain

during the above reporting period, the sales revenue of the company's top five customers accounted for 81.44%, 83.72%, 74.35% and 77.12% of the current operating revenue respectively. Among them, the sales revenue of Apple accounted for 59.09%, 64.45%, 47.21% and 53.08% of the current operating revenue respectively. The company said that apple not only signed orders directly with the company, but also signed orders with the company for some products through designated EMS manufacturers. During the reporting period, the sales revenue of apple and its designated EMS manufacturers accounted for 81.10%, 84.84%, 71.74% and 77.76% of the current operating revenue respectively

in the prospectus, the company pointed out that it faces the risks of relying on Apple's industrial chain, including the risk that the main income comes from Apple's industrial chain, the risk of Apple's own business situation, and the risk of technological iteration of business cooperation between Apple companies

in reply to the inquiry letter of Shanghai Stock Exchange, the company pointed out that the high concentration of customers is in line with the general characteristics of the industry

it is noteworthy that IDC's intelligent tracking report in the first quarter of 2019 shows that Apple's iPhone product shipments fell 30.20% year-on-year in the first quarter of 2019. According to Apple's financial report for the first quarter of 2019, Apple's iPhone product revenue in the first quarter of 2019 was $31.051 billion, down 17.33% from the same period in 2018. In this regard, the Shanghai stock exchange requires Bozhong Seiko to analyze whether Apple has undergone major adverse changes relative to the company

Bozhong Seiko pointed out that the company mainly provides apple with automatic testing equipment, automatic assembly equipment, production fixtures and accessories for the production process of various products of apple. There is no strict matching relationship between the purchase volume of Apple's automation equipment and its product sales. The recent failure of Apple's iPhone product sales to meet expectations is mainly due to its high pricing. Apple's core competitiveness has not undergone major adverse changes. As a supplier of Apple's core automation equipment, it is limited by the impact of Apple's failure to meet expectations. At the same time, the company's products cover many apple products, which has a negative impact on the iPhone product sales by connecting them with polyester strips

test water new energy equipment

the prospectus shows that the company is constantly expanding in the field of new energy vehicle equipment. In 2018, Weilai automobile became the second largest customer of the company, contributing 210million yuan of revenue in the whole year. Judging from the purpose of the funds to be raised in the IPO, of the funds raised of about 1.1 billion yuan, 91.9783 million yuan was used for the industrialization of automation equipment in the automotive and new energy industries

in terms of new energy, during the reporting period, the company mainly sold automatic power station equipment to Weilai automobile. Public information shows that Weilai automobile is a company engaged in the R & D, production and sales of high-performance intelligent electric vehicles. The first mass production vehicle es8 has been listed in December 2017 and has been delivered since June 2018. It is the first batch of mass production and delivery of new vehicle enterprises in China. As for the first volume production vehicle es8 of Weilai automobile, its production capacity continues to climb at present. According to the disclosure of Weilai automobile prospectus, as of August 31, 2018, Weilai automobile has delivered 1381 es8, with more than 15700 on hand orders. In 2018, 11300 es8 using computer technology were delivered throughout the year

in the process of competition with other car companies, Weilai automobile has launched a differentiated competition strategy of changing the power station of the car. Its power station can automatically complete the replacement of the car's power battery within 3 minutes, effectively solving the pain point of waiting too long for the charging of electric vehicles. The company is the main equipment supplier of Weilai automobile power station. Bozhong Seiko pointed out that with the development of Weilai automobile, its demand for the company's equipment will also grow synchronously

affected by the decline of new energy vehicle subsidies and recall events, in the second quarter of 2019, the delivery of welai es8 was only 3140 vehicles, with a month on month decrease of 21%. In the second quarter, the operating revenue was 1.51 billion yuan, with a month on month decrease of 7.5%, of which the vehicle sales was 1.41 billion yuan. According to the analysis of CICC's recent research report, Weilai automobile will face great pressure on its future revenue, limited short-term self hemopoiesis ability, and face problems such as reshaping its business model

Bozhong Seiko pointed out that as of June 30, 2019, the balance of accounts receivable of Weilai automobile was 59.14 million yuan, the post period collection was 22.6 million yuan, and the remaining balance of accounts receivable was 36.55 million yuan. The aging was within 9 months. The company signed a repayment plan with Weilai automobile. It will return 21.22 million yuan by October 22, 2019, 5 million yuan by November 30, 2019, 10 million yuan by December 31, 2019, and the remaining part by January 31, 2020. The company believes that there is no sign of significant credit impairment of the above accounts receivable, and the issuer has withdrawn 5% of the bad debt reserves of accounts receivable in accordance with the accounting policies, and the bad debt reserves are fully withdrawn. The company also said that although Weilai automobile has taken measures to improve its business conditions, it is unclear whether the series of measures implemented by Weilai automobile are effective