It is understood that the IPO of Deguan New Materials' Science and Technology Innovation Board was accepted on June 29, 2020, and then passed at 65438 on February 22 of that year. Submit the registration in June this year 1 1.
Deguan New Materials is mainly engaged in the research, development, production and sales of functional films and functional master batches, providing customers with functional biaxially oriented polypropylene and biaxially oriented polyethylene film substrates and functional master batches. The main products include non-adhesive film, label film and matting masterbatch.
Electric Eel Express notes that the gross profit margin, R&D investment and patent number of Deguan new materials are far behind their peers. At the same time, the cash flow generated by the company's operating activities is relatively poor. From 20 17 to 20 19, the company's two-year cash flow was negative, and 98% of the company's real estate area was mortgaged.
In addition, we also noticed that the upstream suppliers of Deguan New Materials are relatively concentrated, and the bargaining position between the company and suppliers is relatively low. Moreover, in the face of the strictest "plastic ban" in history, the company's product sales will face great pressure in the future.
Gross profit margin, R&D investment and patent number lag behind peers.
Deguan New Materials stated in the prospectus that the company established the "Engineering Technology R&D Center" in 2003 and was recognized as "Foshan Functional BOPP Film Engineering Technology R&D Center" in 2004. In 2007, the issuer established the Enterprise Technology Center. In 2009, the establishment and construction of the Enterprise Technology Center became a new booster for the issuer's transformation and development, with the National Postdoctoral Research Center and the Guangdong Functional Polypropylene Film Engineering Technology Research Center.
At present, Deguan New Materials has obtained 19 domestic invention patents, 5 utility model patents and 6 overseas patents. The company has advanced R&D advantages in the industry, forming a variety of high-quality products to meet customer needs and ensure the steady growth of operating income.
Insiders have noticed that SDIC is one of the main competitors of Deguan New Materials in the functional membrane industry. From 20 17 to 20 19, the revenue of SDIC functional films was 46 10/000000 yuan, 473 million yuan and 504 million yuan respectively, with gross margins of 28.49%, 26.25% and 24.89% respectively. In the same period, the income of functional membrane of Deguan New Materials was 9,654.38+0,000,965.438+0.9 million and 906 million yuan respectively, and the gross profit margin of functional membrane was 65,438+05.98%, 65,438+03.66% and 65,438+05.97% respectively, far from it.
In addition, in terms of R&D investment, from 20 17 to 20 19, the total income of SDIC is12.89 million yuan,13.46 million yuan and14.33 million yuan respectively, and the R&D investment is 73.57 million yuan respectively. In the same period, the total revenue of Deguan New Materials was 946 million yuan, 65.438+0.07 billion yuan and 65.438+0.58 billion yuan respectively, and the R&D investment was 365.438+0.08 million yuan, 33.02 million yuan and 34.37 million yuan respectively, accounting for 3.28%, 328% and 325% of the operating income respectively.
It can be seen that compared with competitors, there is a big gap between Deguan New Materials' investment in R&D and its performance.