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There are bad debts and goodwill impairment risks in the IPO of the industrial robot R & D company Everton sprint scientific innovation board

there are bad debts and goodwill impairment risks in the IPO of the original industrial robot R & D company Everton sprint scientific innovation board

13:34 source: capital state

original title: there are bad debts and goodwill impairment risks in the IPO of the industrial robot R & D company Everton sprint scientific innovation board

on June 26, capital state news, The technology innovation board IPO application of evert Intelligent Equipment Co., Ltd. (hereinafter referred to as "evert") has been accepted. Evert plans to issue no more than 130446838 shares this time, accounting for no less than 25.00% of the total share capital of the company after the issuance. The original shareholders of this issuance will not offer shares to the public

evert's main business is the R & D, production and sales of industrial robot machines, their core components and system integration. From 2016 to 2018, evert's operating revenue was 504 million yuan, 782 million yuan and 1.214 billion yuan respectively, and its net profit was -50.9387 million yuan, -40.2468 million yuan and 2.6595 million yuan respectively. After deducting non recurring gains and losses, evert's net profits attributable to the owners of the parent company are all negative, which are -81.2317 million yuan, -126 million yuan and -140 million yuan respectively

the company said that this is related to the current development stage and business model of the company. Capital bond learned that during the reporting period, the localization rate of core parts of the complete machine business of evert industrial robots continued to increase, and self-produced replacement was carried out in an orderly manner, but there were still imported brands of core parts purchased on a certain scale; The development of system integration business is late, and the company adopts the mode of "changing lanes to overtake" to develop new industries and serve new customers, with high design and development costs; Fluctuations in the downstream market led to the overall gross profit margin of the company still at a low level. With the further improvement of the localization rate and self production rate of evert's core components, as well as the improvement of the design level of system integration business and the accumulation of implementation experience, the company's comprehensive gross profit margin will increase

picture source: evert's stock prospectus

evert's market value and financial indicators for applying for IPO and listing on the science and technology innovation board are as follows: "2.1.2" (IV) the estimated market value is not less than RMB 3billion, and the operating income in the latest year is not less than RMB 300million "

after the success of this offering, the raised funds will invest in the following projects around the main business:

picture source: evert stock offer

the company's overall development strategy is to gradually improve its core competitiveness. In the field of automobile industry, the company continues to strengthen the cooperation between its subsidiary WFC and other entities, realize the digestion, absorption and re innovation of key technologies, integrate the customer resource system, and improve the competitiveness of foreign competitors; In the field of general industry, the company takes the industry and application scenarios as constraints, forms a differentiated business model, and forms an industrial robot enterprise with global competitiveness through the development mode of "overtaking by changing lanes"

as of the end of 2018, the book value of goodwill in evert's consolidated statements was 42.25256 million yuan, mainly due to the company's acquisition of CMA, evolut and WFC since 2015. By the end of 2018, the book value of goodwill formed by the acquisition of CMA, evolut and WFC was 12.9296 million yuan, 49.186 million yuan and 360.41 million yuan respectively. Among them, CMA's business condition is relatively stable, and its goodwill has not been impaired during the reporting period; In 2018, due to the investment cycle of the automotive industry and the high trial and error costs of developing new customers, WFC suffered periodic losses. At present, orders are in good condition, business activities have not changed significantly, and goodwill has not been impaired; Evolut failed to make a profit despite the increase in business income, of which evolut made a provision for goodwill impairment of 11.1353 million yuan in 2016. Evert admitted that if there are major changes in external factors such as macro-economy, market environment and industrial policy in the future, or if WFC and evolut fail to improve the profit scale through early market development, it may have an adverse impact on the continuous operation of WFC, evolut and CMA, and the company will face the risk of goodwill impairment

in addition, evert pointed out that since 2015, the company has successively acquired CMA, evolut and WFC. Its business layout includes core parts, machine manufacturing and system integration businesses, and its business operations include many countries and regions. During the reporting period, the company integrated the existing business regional layout and industrial chain layout, gradually extended the business of overseas subsidiaries to the domestic market, and strengthened the synergy of business among subsidiaries. The business integration and synergy between domestic and overseas companies of the company are continuously advancing. "If the business integration between the company and the acquired overseas company cannot be smoothly promoted or there is a deviation, it will have an adverse impact on the company's operation."

evert's prospectus also shows that the company's intelligent manufacturing system integration service recognizes revenue by the percentage of completion method, while customers pay project funds in proportion to the project progress agreed in the contract. Therefore, the company's accounts receivable balance at the end of each period is large: the company's accounts receivable balance is 318.9547 million yuan, 597.8768 million yuan, 626.6479 million yuan, accounting for 63% of the operating revenue in the same period. The focus of basic industry reform is to relax access 32%、76.47%、47.70%。 The scale of the company's accounts receivable is large, which is related to its business model and sales scale. However, if the market changes in the future, although it is not directly facing consumers, making it difficult for customers to pay for the goods, or the company makes mistakes in the management of the steel ball of the oil outlet valve in the oil pump with a steel wire hook, the company faces the risk of bad debt loss caused by the uncollection of accounts receivable

at the end of each reporting period, the book value of evert's inventory was 150 million yuan, 331 million yuan and 542 million yuan respectively. The rapid growth of the book value of the company's inventory is related to the growth of the company's operating income. The inventory is mainly raw materials and project funds to be settled for system integration business. If the market price of raw materials fluctuates, or the internal control of the company's estimated total cost is not effectively implemented, the company will have a greater risk of inventory falling price, which will increasingly have an adverse impact on the company's future production and operation of green energy such as solar energy, wind energy and tidal energy

picture source: Oriental IC

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