Self-owned production capacity is limited, and increasing income does not increase profits.
Lvlian was founded on 20 12, and started as a data line in Huaqiang North in the early years. At present, the company's main business is the research and development, design, production and sales of 3C consumer electronic products, mainly covering five series: transmission, audio and video, charging, mobile peripherals and storage.
According to the prospectus, among the five series of products of Lvlian 202 1, transmission products accounted for a large part of the revenue, reaching 654.38+23.5 million yuan, accounting for 359.3% of the main business income, and audio-visual products, charging products, mobile peripheral products and storage products achieved revenue of 873 million yuan, 788 million yuan and 332 million yuan respectively.
The strategy adopted by Lvlian in production mode is mainly outsourcing production, supplemented by independent production. According to the data in the prospectus, from 20 19 to 202 1 year, the production amount outsourced by Green Alliance accounted for 75.78%, 76. 10% and 75.62% respectively.
According to public information, since 20 19, Lvlian has been trying to build its own factory, hoping to change the situation of relying too much on upstream suppliers. However, due to the fast iteration cycle of digital accessories products, the technical productivity can't guarantee the quality and price of its own production capacity, and its own output has dropped from 24% in 20 19 to 2 1% in 202 1 year.
According to the data in the prospectus, from 20 19 to 202 1, its own output is 16379000, 16784300 and 20640700, respectively, accounting for 24%, 2 1% and 265700 of the total output.
The bottleneck of self-owned capacity improvement is directly reflected in the growth of net profit. The current situation of Lvlian 202 1 is that the growth rate of net profit has declined precipitously and the income has not increased. According to the data in the prospectus, from 20 19 to 202 1 year, the green joint venture revenue was 2.045 billion yuan, 2.738 billion yuan and 3.446 billion yuan respectively, with an average compound annual growth rate of 29.80%.
Compared with the bright revenue performance, the growth rate of net profit decreased. In the same period, the net profit of Lvlian was 227 million yuan, 306 million yuan and 305 million yuan respectively, and the growth rate in 2020 and 20021year was 34.8% and -0.3% respectively.
There are four main reasons for the growth of 202 1 net profit. First, in 20021year, the total share-based payment expenses of Lvlian Technology due to employee equity incentives were 33.337 million yuan, an increase of 24.0493 million yuan compared with 2020; Second, employees' wages have increased; Third, the cost of purchasing related materials has increased; IV. R&D expenditure in 20021year increased by 61479,400 yuan compared with the previous year.
In the prospectus, Lvlian plans to raise 654.38+0.504 billion yuan this time, including 556.5438+0 billion yuan for product research and development and industrialization construction projects, 654.38+0.10 billion yuan for intelligent warehousing and logistics construction projects, 392 million yuan for headquarters operation center and brand building projects, and 450 million yuan for supplementary liquidity.
Nearly half of the income comes from overseas markets.
The operation of Lvlian relies heavily on the e-commerce platform. Once the market share and management policies of the e-commerce platform change, it will have a negative impact on the revenue of Lvlian.
According to the prospectus, during the reporting period, the income realized by Lvlian through online e-commerce platform accounted for 82.4 1%, 82.35% and 78. 14% of the main business income respectively, and the gross profit realized through online e-commerce platform was 9 1.20%, 88.48% and 84.3649.99999999985
"Online platform operations are risky. If the market share of the e-commerce platform decreases due to market competition, changes in business strategies or the political and economic environment of the countries and regions where the e-commerce platform belongs, the company fails to adjust the sales channel strategy in time, which may have a negative impact on the company's income. On the other hand, if the registration management policy, sales policy, settlement policy and platform fee rate of e-commerce platform have significant adverse changes, the company fails to respond to the relevant changes in time and take effective adjustment measures, which will also affect the company's income and expenses. Lvlian mentioned in the special risk warning of the prospectus.
In addition, nearly half of the income of Lvlian comes from overseas markets. According to the data in the prospectus, from 20 19 to 2022, the overseas sales of the main business of the tourist association accounted for 43.49%, 47.38% and 46.09% respectively, of which Amazon was one of the main sales channels of the tourist association, and the revenue from Amazon was 64 1 10,000 yuan and 9.78 yuan respectively. In addition, in 20021year, JD.COM and Tmall ranked second and third with revenues of 20. 1 1% and 16.0 1%.
In the prospectus, the HKTA suggested that the company may face the risk of a substantial increase in logistics costs financially, but Zhongxin Jingwei noticed that the proportion of transportation costs in the main business costs is shrinking year by year.
According to the data in the prospectus, from 20 19 to 202 1 year, the logistics costs were 306.828 million yuan, 395123,200 yuan and 436.8098 million yuan respectively, accounting for 23.37%, 23.36% and 20.23% of the main business costs respectively.
The logistics cost of Lvlian Technology mainly includes transportation fee, courier fee and transportation insurance. Among them, the transportation fee mainly involves the logistics cost of transporting products to JD.COM warehouse, rookie warehouse and Amazon overseas warehouse, courier fee and transportation insurance, mainly for domestic direct mail, international direct mail and logistics cost from overseas warehouse to users.
Gao Yan Capital holds nearly 65,438+00% of the shares.
According to the prospectus, by July 3, 202654381day, the top four shareholders of LLL were Zhang Qingsen, Chen Junling, LLL Consulting, and Gao Yingxiheng, with the shareholding ratios of 50.30%, 19.28%, 14.24% and 9.37% respectively.
According to public information, in April of 2002 1, Zhang Qingsen, the founder of Lvlian, and Chen Junling, the co-founder of Lvlian, respectively transferred their original shares of 3.7% and 1.85% to Gao Yan Xiheng, a subsidiary of Gao Yan Capital, at the price of 200 million yuan and1billion yuan. According to the fund-raising activities shown in the cash flow statement of the prospectus, in June of 20021,Evergrande invested 250 million yuan in Lvlian again, and institutional investors such as Shenzhen Stock Exchange, Yuanda Strategy and Nut Capital invested 20 million yuan,150,000 yuan and150,000 yuan respectively.
Due to the lack of long-term financing, institutional investors suddenly injected capital in the first half of 20021,which was once regarded as a signal of the listing of Lvlian. (For more clues, please contact the author Niu Chao Ge: niuchaoge@chinanews.com.cn) (Zhongxin Jingwei APP)
(The views in this article are for reference only and do not constitute investment advice. Investment is risky, so be cautious when entering the market. )
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