In addition, compared with the larger competitors in the same industry, Boliwei's R&D investment is also lower than the average level of comparable listed companies. And this may mean that Boliwei's market share may be difficult to change.
R&D investment is lower than the average level of peers.
As a member of the lithium battery manufacturing army, Boliwei mainly produces lithium electronic batteries for light vehicles, which is also the largest project that the company plans to raise funds to invest.
According to the prospectus, Boliwei plans to raise 440 million yuan for the IPO of the Science and Technology Innovation Board, of which 3,654,380,600 yuan will be invested in the construction project of lithium-ion batteries for light vehicles, accounting for more than 70%.
However, with more and more participants in the field of lithium-ion batteries for light vehicles, Boliwei's market share in this field continues to decline. The data shows that from 20 17 to 20 19, the company's market share was 13.2 1%, 12.36% and 8.09% respectively.
Lithium-ion batteries for light vehicles are also the main source of income for Boliwei. According to the prospectus, from 20 17 to 20 19, the income of lithium-ion battery products of Boliwei light vehicle was 238 million yuan, 4170 thousand yuan and 44 10/00 thousand yuan respectively, accounting for 35.44%, 47.25% and 46.6% respectively.
It should be noted that with the continuous decline in market share, the revenue growth rate of lithium-ion batteries for Boliwei light vehicles has slowed down significantly. In 20 18 years, its year-on-year growth rate was as high as 74.83%; In 20 19, its year-on-year growth rate plummeted to 5.82%, almost stagnant.
This change is not only related to the competitive saturation of the lithium-ion battery market, but also closely related to Boliwei's own R&D investment.
According to the report of China Electronic Information Industry Development Research Institute, from 20 17 to 20 19, the global lithium-ion battery market scale increased from 34.9 billion US dollars to 45 billion US dollars, but the growth rate dropped sharply from 23% to 9%.
Behind the decline in the growth rate of the industry, it is an inevitable trend for market share to be concentrated in large-scale head enterprises. The White Paper on the Development of Lithium-ion Battery Industry (2020) shows that LG, Panasonic and Samsung ranked in the top three in the global revenue of lithium-ion battery business in 20 19. In China, Yiwei Lithium Energy and Peng Hui Energy ranked fifth and seventh respectively.
The glass enclosure is far from the castle peak. Boliwei clearly stated in the prospectus that there is a big gap between the company's current market position in the field of lithium-ion batteries and the above-mentioned enterprises.
In terms of research and development capabilities, Boliwei also has a gap that cannot be ignored with its peers.
According to the prospectus, from 20 17 to 20 19, Boliwei's R&D expenses were 29173,800 yuan, 37.024 million yuan and 456140,000 yuan respectively, accounting for 4.02% and 38,900% of the operating income respectively.
In the same period, the average R&D expense rates of three comparable listed companies were 4.9%, 5.3% and 5.6% respectively. It will further increase to 6.0 1% in the first half of 2020.
In fact, the lack of R&D investment also makes Boliwei quite dependent on external procurement. According to the prospectus, from 20 17 to 20 19, the external procurement ratio of Boliwei lithium battery cells remained above 70%.
A high proportion of external procurement undoubtedly challenges Boliwei's market competitiveness. This is particularly conspicuous in Boliwei's operating cash flow.
The data shows that from 20 17 to 20 19, the net cash flow generated by Boliwei's operating activities was 1 1972500 yuan,-1446 1200 yuan and 47430400 yuan respectively.
In the past few years, Boliwei achieved net profit of 33.4482 million yuan, 63.265438+0.9 million yuan and 70.0742 million yuan respectively, maintaining a steady growth trend.
The mismatch between net profit and net inflow of operating cash virtually restricts the operating level of Boliwei.
/kloc-more than 0/200 employees failed to pay the provident fund.
Boliwei, founded in 20 10, has gone through 10.
During the period of 10, the actual controller's control over Boliwei increased. According to the prospectus, the actual controllers of Boliwei are Zhang Zhiping and Liu Cong, who directly hold 26.5% and 6.67% of the shares of Boliwei respectively.
In addition, Zhang Zhiping and Liu Cong also hold 56.33% shares in Boliwei through Kunlun Dingtian, 5% shares in Boliwei through Boguang Juli and 5% shares in Boliwei through Jogory. Comprehensive calculation shows that He Liu actually controls 99.5% of the voting rights of Boliwei.
Not only that, Zhang Zhiping and Liu Cong served as the chairman and vice chairman of Boliwei respectively.
Boliwei also bluntly stated in the prospectus that the company's equity concentration is high. If the actual controller uses his controlling position to exert adverse influence on the company's development strategy, production and operation decision-making, personnel arrangement, related party transactions and profit distribution by exercising voting rights or other means, it may harm the interests of the company and other shareholders of the company.
A monopoly "mom-and-pop shop" makes the rights and interests of employees of Bao Boliwei an empty talk.
According to the prospectus, in 20 17 and 20 18 years, the total number of employees of Boliwei was 1 172 and 14 18 respectively, and during this period, a large number of employees of the company were in a state of unpaid five insurances and one fund.
Among them, during the period from 20 17 to 20 18, about 500 people in Boliwei were not paid wages, including social security, medical care, unemployment, work injury and maternity. In the housing accumulation fund, the unpaid employees are 1 123 and 1294 respectively, accounting for 95.82% and 9 1.26% of the total employees in 20 17 and 20 18 respectively.
This undoubtedly saved a lot of money for Bollywood. The total wages payable to Boliwei employees in 20 17 and 20 18 years were12,305,700 yuan and13,926,700 yuan respectively, but they increased to 2,063,438+09 yuan.
In fact, it was on 20 19, the critical period when the science and technology innovation board went public, that Boliwei began to pay social security for employees "urgently". According to the prospectus, this year, the number of people who have not paid social security, medical care, maternity and unemployment insurance has dropped sharply to 100, and the number of employees who have not paid work-related injury insurance has also dropped to 86.
In the same period, the number of employees who did not pay the provident fund suddenly dropped from 1200 to 2 17.
For the situation that a large number of employees failed to pay five insurances and one gold in 20 17 and 20 18, Boliwei explained in the prospectus that most employees voluntarily gave up paying. Incredibly, why did these people who voluntarily gave up the payment choose to pay five insurances and one gold on 20 19?
Can Boliwei's "voluntary" statement be recognized by the market?