On July 26, Xi'an Xtest Technology Co., Ltd. (hereinafter referred to as "Xtest", SZ: 301306) was listed on the GEM of the Shenzhen Stock Exchange. In this listing, the total number of shares issued by Xtest is 21.1 million shares, the issue price is 43.23 yuan/share, and the issue price-to-earnings ratio is 59.88 times.
Based on this calculation, the total amount of funds raised by Xichai in this listing is 912 million yuan. The prospectus shows that the funds raised by Xtest will be mainly invested in the construction project of the Xi’an headquarters testing base of Xtest, the equipment purchase and expansion project of the Chengdu testing base, the construction project of Xtest R&D center and supplementary working capital.
The prospectus shows that Xizhi is a third-party inspection and testing service organization engaged in inspection and testing of military equipment and civil aircraft products. It provides customers with inspection and testing services such as environmental and reliability testing, electronic component testing and screening, and electromagnetic compatibility testing. At the same time, it carries out the research and development, production and sales of testing equipment, as well as electrical installation business.
According to reports, the customers of the Western Test are mainly subsidiaries and research institutes of military industry groups such as the Aviation Industry, China Aerospace, China Electronics, Ordnance Industry Group, China Aviation Development Group, and China Shipbuilding Industry Group. In 2019, 2020 and 2021, the sales revenue from the top five customers accounted for 77.48%, 72.37% and 67.20% of the company's operating revenue respectively.
In terms of performance, Xichai’s revenue in 2019, 2020, and 2021 were 165 million yuan, 202 million yuan, and 246 million yuan respectively; net profits were 33.1653 million yuan, 49.9303 million yuan, and 67.5419 million yuan respectively. yuan; net profits after non-deduction were 29.4529 million yuan, 46.3576 million yuan, and 60.9266 million yuan respectively.
The prospectus shows that Xichai’s main business components include testing and inspection services, testing equipment sales and electrical installation business. In 2019, 2020, and 2021, the inspection and testing service revenue of the Western Test was 143 million yuan, 189 million yuan, and 228 million yuan respectively, accounting for 87.41%, 94.43%, and 93.72% of the main business revenue respectively.
From January to March 2022 (first quarter), Xtest’s revenue was 50.1208 million yuan, an increase of 16.60% compared with the same period in 2021; net profit was 7.9254 million yuan, a decrease of 13.41% compared with the same period in 2021; deductions The non-post net profit was 7.2263 million yuan, an increase of 19.87% compared with the same period in 2021.
Xichai expects operating income in the first half of 2022 to be approximately 121 million to 126 million yuan, a year-on-year increase of 22.85% to 27.93%; the net profit attributable to the parent is expected to be 23 million to 25 million yuan, a year-on-year increase of 20.97 % to 31.49%; the net profit attributable to the parent company after non-deductions was 20 million yuan to 22 million yuan, a year-on-year increase of 23.96% to 36.36%.
As of the signing date of the prospectus, XIC’s inspection and testing services have formed 17 patents and 86 software copyrights. The company's 49 R&D personnel account for 7.85% of the total number of employees. In addition, XAC Test also participated in the formulation of two national standards and obtained the test qualification certificate from the Commercial Aircraft Corporation of China Co., Ltd.
According to Wisdom Ya’s data, Xichai has 20 patent application information, all of which are invention patents or utility model patent applications. Through algorithm analysis, XIC’s patent layout is mainly concentrated in technical fields such as testing devices, electronic testing, vibration devices, test boxes, and control units.
Before this listing, Li Zexin directly held 54.98% of West Test’s shares, indirectly controlled 9.48% of the company’s shares through Huarui Zhichuang, and indirectly controlled 6.82% of the company’s shares through Huarui Zhichuang. Therefore, Li Zexin directly and indirectly controls 71.28% of Xichai's shares and is the company's controlling shareholder and actual controller.
Among them, Li Zesheng and Li Weihe hold 54.29%, 11.00% and 9.33% of the shares of Huarui Intelligent Innovation respectively, and Xu and Xu hold 99.93% and 0.07% of the shares of Huarui Intelligent Innovation respectively. According to reports, Xu Yu, Li Zesheng, and Li Wei are in a mother-son relationship, while Li Zesheng and Li Wei are brothers.
Currently, Li Zexin is the chairman and general manager of Xichai, Li Zesheng is the company's director and deputy general manager, and Li Weihehe is the director and director of the comprehensive security department.
In contrast, Xu does not hold a position in Xichi, but is a limited partner of Huarui Intelligent Innovation.
Xichai stated that in the future, it will continue to take "assisting China's intelligent manufacturing and improving equipment quality" as its mission, "ensuring equipment quality, national defense security and the lives of comrades" as its corporate responsibility, and "accurate data, reporting "Authenticity" is the corporate integrity criterion and is committed to building a well-known brand in the field of military equipment and civil aircraft product inspection and testing.