Sega technology relies on the help of five big bosses. Will the boat of friendship turn over after ipo?

A few days ago, the China Securities Regulatory Commission approved the initial application of Sega Technology. According to the prospectus, Sega Technology intends to be listed on the Shenzhen Stock Exchange. This issuance does not exceed 20 million shares, and the total share capital after issuance does not exceed 80 million shares. The sponsor institution is Hualin Securities. The raised funds will be used for the construction project with an annual output of 6,543,800+500,000 sets of elevator car integration system and technology research and development testing center. Industry insiders said in an interview with Investment Times, "With the elevator industry, the company's main business, affected by the decline of the real estate market, it may be difficult to see the growth of sturm und drang in the future. At the same time, the company still has many problems such as the company's equity is too concentrated, the risk of accounts receivable recovery, the risk of high concentration of customers, and the unpredictable prospects of fundraising projects. " Sega Technology is a supplier specializing in the manufacture and service of precision body systems, mainly engaged in the research, development, design, production, sales and service of customized precision body systems. It is understood that Sega Technology was originally a collective enterprise. Later, after several equity changes, it became a joint-stock company led by Han Yuyu. As of the signing date of the prospectus, the actual controllers of the Company are Han Yuyu, Wang Juan and Han Huiming. Wang Juan, chairman of the company, married Han Huiming, director and general manager of the company. Han Yuyu is the daughter of Wang Juan and Han Huiming. Han Yuyu holds 35,688,000 shares of the company, accounting for 59.48% of the total share capital before this issuance; Wang Juan holds 4,978,500 shares of the company, accounting for 8.2975% of the total share capital before this issuance; Han Huiming holds 4,978,500 shares of the company, accounting for 8.2975% of the total share capital before this issuance. Han Yuyu, Wang Juan and Han Huiming are the actual controllers of the company, controlling 76.08% of the shares of the company. 20 1 1 sega limited capital increase period, the company introduced Suzhou Gaoxin Guofa, Mingxin Gaotou, Ruijing Venture Capital and Derui Hengfeng Venture Capital, and transferred 14% of the shares. "The company has the risk that the actual controller directly or indirectly controls or interferes with the company's development strategy, business decision-making, personnel arrangement and profit distribution by exercising voting rights and management rights, which harms the interests of the company and minority shareholders." An industry analyst told reporters. At the same time, Sega Technology also faces the risk that accounts receivable will increase year by year. From 20 12 to 20 14, the book value of the company's accounts receivable was 40.537 million yuan, 46.765438+0.76 million yuan and 5295.210.000 million yuan respectively. The insiders believe that if the credit status of major customers changes unfavorably, the accounts receivable may not be recovered on schedule or cannot be recovered, which will adversely affect the company's production, operation and performance. Customers are highly risk-focused. Sega Technology elevator manufacturing revenue accounted for more than 90%, and the sales revenue of the top five customers of the company once accounted for more than 95%. There is a risk of high concentration of customers. For a long time, well-known foreign elevator brands have almost monopolized more than 70% of the China market. "The company has a competitive advantage in the field of elevator manufacturing. The main service customers of elevator manufacturing are Schindler, Kone, ThyssenKrupp and Otis. The elevator sales of the above customers rank in the top four in the world. " Wang Juan, chairman of Sega Technology, said publicly a few days ago. The data shows that from 20 12 to 20 14, the company's sales to the top five customers accounted for 95.02%, 93.35% and 93.4 1% of the operating income in the same period respectively. Although Sega Technology has repeatedly stressed that the cooperative relationship between the company and its major customers is stable, the reporter carefully studied the prospectus and found that the situation is not as optimistic as Sega Technology said. Judging from the total sales of Sega Technology in 20 14 years, ThyssenKrupp became its largest customer, accounting for 46.39% of sales revenue, Schindler and Kone were the second and third largest customers, accounting for 30.27% and 13.23% of sales revenue respectively. If Schindler, ThyssenKrupp, Kone and other companies have major changes in their purchasing plans or production and operation plans, Sega Technology, which relies too much on foreign customers, will be passive. ThyssenKrupp has a long history and excellent brand, but in recent years, the company has lost money. In 20 13, the company lost1500 million euros, and in 20 12, the loss was as high as 5 billion euros. "The business is too concentrated and too dependent on big customers, which is undoubtedly not conducive to the control of the company's business risks. Once a big customer changes partners, it will be a fatal blow to the company. " An industry analyst told reporters. "At present, the company has established strategic cooperative relations with new energy quality customers such as China CSR, Yidasi, Thermo Fisher Scientific Shier, Tian Hong and L-3. To reduce the adverse impact of market and customer concentration. " Wang Juan said publicly when talking about the excessive concentration of corporate customers. At the same time, the company also faces the risk of raw material price fluctuation. The declaration shows that the company's main raw materials are stainless steel plates, steel plates and aluminum plates, and their prices often fluctuate greatly. The data shows that the average annual purchase price of 3-series stainless steel plates fluctuates between 26,600 yuan-1.95 million yuan per ton. The average annual purchase price of cold-rolled and hot-rolled steel plates fluctuates between 4880 yuan and 3948 yuan per ton; The average annual price of aluminum plate fluctuates from 22 1.000 yuan to 1.07 yuan per ton. Industry analysts believe that if the market price of stainless steel plate, steel plate and aluminum plate fluctuates greatly in the future, it will have a great impact on the company's production cost and profit. According to the risk disclosure data of fund-raising projects, from 20 13 to 20 15, the main business income of sega technology was 402 million yuan, 436 million yuan and 456 million yuan respectively, mainly for elevator car systems, accounting for 90.40% of the main business income on average. During the reporting period, the company's main business continued to grow, with a year-on-year increase of RMB33,290,300 in 20 14, mainly due to the increase in sales of elevator car system products; In 20 15, the year-on-year increase was 20,242,300 yuan, mainly due to the sales growth in the fields of special equipment car systems. "Affected by the state's regulation and control policies on commercial housing, the renewal of old elevators and the slow release of old buildings, the demand for elevators in China will reach 82 1000 and 933,000 in the next two years, and the industry has broad development space." President Wang Juan said publicly. The prospectus also shows that the funds raised by the company are planned to be invested in "annual production15,000 elevator car integrated systems and other projects" and "technical research and development testing center construction project". Among them, the project of "annual output of elevator car integration system is 6.5438+0.5 million sets" will greatly enhance the company's production capacity; The implementation of "Science and Technology R&D Testing Center Construction Project" will enhance the company's independent R&D ability and transformation ability of scientific and technological achievements. Some investors in the industry are also worried that although the company has made a detailed analysis of the feasibility of this raised funds investment project, the project implementation process may still be affected by factors such as changes in equipment purchase price, market changes and slow progress of the project. Furthermore, the scale of fixed assets investment in this fund-raising investment project is relatively large, and the completion of the fund-raising investment project * * * needs to increase the fixed assets investment by 65.438+56 billion yuan, and the corresponding depreciation will also increase substantially. As it takes a certain period of time for the fund-raising investment projects to achieve production and efficiency, the new depreciation amount is likely to adversely affect the operating performance of the company's fund-raising investment projects for a period of time after they are put into production. The insiders believe that with the implementation of investment projects with raised funds, the company will also face many challenges such as resource integration, technology development and market development. If the management can't continuously improve the management efficiency with the expansion of the company's business scale, it will restrict the company's long-term development. At the same time, the company's R&D and technical risks will also intensify. The manufacture of precision car body system needs to use various precision machining technologies to solve the technical problems of external pneumatic structure, anti-interference and easy heat dissipation of the end product. As the downstream industry of the company continues to expand into high-tech and sophisticated fields, the company needs to develop new processes, new materials and design new products according to customer needs. If the company can't continuously develop products that customers are satisfied with, it will also have a negative impact on the company's competitiveness and operating performance.