See the world company
Read the market situation
The cross check relationship between the purchase, requisition and inventory quantity of resin and magnetic powder cannot be established, and the purchase amount and sales volume of Dinglong cannot match the corresponding data disclosed by Dinglong. Although it has been successful, these problems in the prospectus of Hanguang technology will affect the reliability of the data disclosed.
Researcher Liu Junmei / Wen
On January 17, CSIC Hanguang Technology Co., Ltd. (hereinafter referred to as "Hanguang technology") passed the examination of the development and Audit Committee of the CSRC and successfully passed the examination. At present, it is waiting for the approval of the CSRC for issuance.
According to the information disclosed on the official website of the CSRC, as early as 2016, Hanguang technology had attended the meeting, but unfortunately it was not; since then, Hanguang technology's IPO trip has pressed the pause key. Two years later, Hanguang technology restarted IPO, submitted the prospectus in April 2019, and completed the pre disclosure update in September of the same year.
According to the prospectus, Hanguang technology is mainly engaged in the research, development, production and sales of printing and copying electrostatic imaging consumables and imaging equipment. Its main products are toner, OPC drum, information security copier and special precision processing products. Among them, toner is one of the main products of Hanguang technology. In the first half of 2016-2019, the sales revenue of toner was 387 million yuan, 480 million yuan, 518 million yuan and 286 million yuan respectively, accounting for 72.98%, 75.20%, 74.70% and 74.79% of the main business revenue respectively.
However, in the study of the purchase data of the main raw materials of toner, it is found that there are many problems in the purchase amount of the main raw materials of Hanguang science and technology, which will affect the reliability of the data disclosed by Hanguang science and technology. Therefore, despite the success of Hanguang technology, these problems in its prospectus still deserve close attention of investors.
It is difficult to establish the relationship between resin and magnetic powder purchase and inventory quantity checking
According to the prospectus, resin and magnetic powder are the core production materials of toner. Moreover, the prospectus shows in the "composition of direct materials" that during the first half of 2016-2019, the quantity of resin purchased by Hanguang technology was 8041.45 tons, 8953.69 tons, 10392.39 tons and 7199.06 tons respectively, and the quantity of magnetic powder purchased was 4427 tons, 6448.66 tons, 6033.35 tons and 4123 tons respectively.
At the same time, in the "composition of unit operating cost", the prospectus disclosed the number of resin and magnetic powder of Hanguang technology in the first half of 2016-2019 (screenshot is as follows).
It can be seen from these two sets of data that in the first half of 2016-2019, the net increase of resin, magnetic powder and raw materials in Hanguang science and technology inventory was 621.62 tons, 176.12 tons, 96.73 tons and 770.87 tons respectively, and the net increase of magnetic powder was - 80.25 tons, 586.54 tons, - 165.93 tons and 542.44 tons respectively.
So how is the stock disclosed in the prospectus?
The prospectus "inventory" disclosed the closing amount and quantity of main raw materials in the first half of 2016-2019 (screenshot below).
Based on this, it can be calculated that in the first half of 2017-2019, the net increase of resin is 89.76 tons, - 190.97 tons and 484.07 tons respectively, and the net increase of magnetic powder is 440.83 tons, - 347.04 tons and 468.87 tons respectively.
It can be seen that in the first half of 2017-2019, the net increase in the inventory of resin and magnetic powder calculated based on the purchase quantity and the received quantity and the net increase in the inventory of resin and magnetic powder calculated based on the ending inventory quantity are two completely different sets of data, especially the net increase in the inventory of resin in 2018. The change direction under the two methods is opposite. How does this mismatch occur? The prospectus can't give an answer. We can only expect Hanguang technology and relevant intermediaries to give a reasonable explanation.
Purchase and sales data that cannot be verified
The prospectus shows that in the first half of 2016-2019, Hubei DINGLONG Holding Co., Ltd. (hereinafter referred to as "Dinglong shares", securities code: 300051. SZ) is not only one of the five major customers of Hanguang technology, but also one of the five major suppliers of Hanguang technology. In the first half of 2016-2019, the sales amount of Hanguang technology to Dinglong shares was 28.1778 million yuan, 46.8765 million yuan, 45.9238 million yuan and 18.5643 million yuan respectively; in the same period, the purchase amount (excluding tax) of Hanguang technology to Dinglong shares was 20.3257 million yuan, 31.5788 million yuan, 44.5042 million yuan and 21.2424 million yuan respectively.
However, as a company with dual identities of customer and supplier, the purchase amount and sales amount of five major suppliers disclosed in its 2016-2018 annual report cannot provide corresponding data support for Hanguang technology.
First of all, look at the purchase amount of five suppliers of Dinglong.
In 2016, Dinglong's annual report showed that the purchase amount of the first largest supplier was 29.5558 million yuan, and the purchase amount of the second largest supplier was 21.5198 million yuan. In the prospectus, Hanguang technology disclosed that its sales amount to Dinglong in 2016 was 28.1778 million yuan, which was between the purchase amount of the first and second largest suppliers of Dinglong.
In 2017, Dinglong's annual report showed that the purchase amount of the first largest supplier was 39.8457 million yuan, while Hanguang technology disclosed that its sales to Dinglong in 2017 was 46.8765 million yuan, which was 7030800 yuan more than the purchase amount of the first largest supplier disclosed by Dinglong.
In 2018, Dinglong's annual report showed that the purchase amount of the largest supplier was 20.3592 million yuan, while Hanguang technology disclosed that its sales amount to Dinglong in 2018 was 45.9238 million yuan, which was 25.5646 million yuan more than the purchase amount to the largest supplier disclosed by Dinglong.
That is to say, in 2016-2018, the sales volume of Hanguang technology to Dinglong Co., Ltd. was enough to become one of the five suppliers of Dinglong Co., Ltd., but no trace of Hanguang technology was found in the annual report of Dinglong Co., Ltd.
Second, look at the sales of five major customers of Dinglong.
In 2016 and 2017, the sales volume of the fifth largest customer disclosed in the annual report of Dinglong Co., Ltd. was greater than the purchase amount of Dinglong Co., Ltd. disclosed by Hanguang technology, so it was impossible to judge.
In 2018, Dinglong's annual report shows that the sales of the fourth largest customer is 46.005 million yuan, and the sales of the fifth largest customer is 31.4119 million yuan; while Hanguang technology disclosed that its purchase of Dinglong in 2018 is 44.5042 million yuan, which is between the sales of the fourth largest customer and the fifth largest customer of Dinglong, that is, there is no place of Hanguang technology among the five largest customers of Dinglong.
At this point, we can't help but ask, what is the reason that the purchase amount and sales volume of Sinorgchem to Dinglong cannot match the corresponding data disclosed by Dinglong? What's the reason why Hanguang technology and its intermediaries can so ignore the existence of this mismatch?
We hope that Hanguang technology and its IPO intermediaries can answer questions.
Attachment: relevant intermediary institutions of Hanguang technology IPO
---------Tianxia company---------
Hello, everyone. Tianxia company is a new media product of securities market weekly. It mainly focuses on various financial, management, legal affairs, company announcements and other information of listed companies. If you haven't paid attention, you can click the blue "world company" under the title to pay attention, or you can scan our QR code. Of course, if you think the article is good, you can click the share button in the upper right corner of the article to share our article to your circle of friends, or recommend it to other friends. We pay tribute to your contribution!