After the hottest six years, Sichuan Yingjie Elect

Six years later, half of Sichuan Yingjie Electric's IPO revenue came from the photovoltaic industry

after the IPO was rejected by the CSRC in 2012, Sichuan Yingjie Electric Co., Ltd. recently hit the gem again. Recently, Yingjie electric in the Securities Regulatory Commission because we have 10 full confidence and determination in China's composite material market, the company plans to be listed on the gem, raising about 307million yuan to invest in the upgrading and transformation projects of technology centers and the expansion and technological transformation projects of power electronic products

after the IPO was rejected by the CSRC in 2012, Sichuan Yingjie Electric Co., Ltd. (hereinafter referred to as Yingjie electric) recently hit the gem again

recently, Yingjie electric disclosed the prospectus (application draft) to the CSRC official. The company plans to be listed on the gem, raising about 307million yuan to invest in the upgrading and transformation projects of the technology center and the expansion and technological transformation projects of power electronic products

although Yingjie Electric's performance has increased in recent years, its customers are still relatively concentrated in the industry. In the first half of this year, the company's sales revenue from the photovoltaic industry reached 136 million yuan, accounting for 56.01% of its main business revenue. Yingjie Electric said that the 531 photovoltaic new deal may cause large fluctuations in the downstream photovoltaic industry market in the short term, which may lead to a decline in the company's performance contribution from the photovoltaic industry

Restart IPO after 6 years

Yingjie Electric is a company engaged in the R & D, production and sales of industrial power supply equipment represented by power control power supply and special power supply. In 2012, the company planned to be listed on the gem, but was eventually rejected by the CSRC. Six years later, Yingjie electric announced to restart its IPO

the prospectus disclosed that Yingjie electric achieved revenue of 159 million yuan, 174 million yuan, 277 million yuan and 243 million yuan from 2015 to 2017 and the first half of 2018 respectively; The net profits were 21.016 million yuan, 34.4373 million yuan, 72.1639 million yuan and 70.058 million yuan respectively. Among them, the company's revenue in 2016 and 2017 increased by 9.6% and 59.14% respectively; Net profit increased by 63.98% and 110.53% respectively

Yingjie Electric's net profit growth was significantly higher than the revenue growth. In this regard, Yingjie Electric said that it was mainly caused by the change of the company's product sales structure; In 2017, the company made a breakthrough in the sales of special power products, and the proportion of sales in the main revenue increased from 3.78% in 2015 to 21.34% last year

although the IPO will be restarted, the revenue and profit scale of Yingjie electric in recent years is even lower than that in 2011. When Yingjie electric rushed to the IPO in 2011, the company's revenue had reached 327 million yuan and its net profit had reached 104 million yuan. Last year, the company's revenue and net profit were 243 million yuan and 72.1639 million yuan respectively. However, from the performance of the first half of this year, the company's performance this year is expected to exceed the level of 2011

after the IPO of Yingjie electric was rejected in 2012, the company's performance has entered a downward channel. In 2015, the company's revenue was only 159million yuan, less than half of that in 2011; The net profit in 2015 was 21.016 million yuan, only one fifth of the net profit in 2011

want to expand sales in semiconductor and other industries

when Yingjie Electric's IPO was rejected in 2012, the gem development and examination committee pointed out that Yingjie Electric's customers were mainly concentrated in the photovoltaic industry. The continuous European debt crisis, international trade frictions and other uncertain factors will affect the development of your downstream industry in a certain period of time, and then adversely affect your company's operation and performance. Gem development and Examination Committee believes that

from 2009 to 2011, Yingjie Electric's sales revenue from the photovoltaic industry was 78.078 million yuan, 135 million yuan and 267 million yuan respectively, accounting for 66.93%, 73.95% and 81.55% of the current revenue respectively. Subsequently, Yingjie Electric's performance fell sharply, which also verified the original judgment of the development and examination commission to a certain extent

later, Yingjie Electric's sales from the photovoltaic industry declined, but it is still close to half. From 2015 to 2017 and the first half of 2018, Yingjie Electric's sales revenue from the photovoltaic industry was 64.7127 million yuan, 84.1929 million yuan, 141 million yuan and 136 million yuan respectively, accounting for 41.05%, 48.60%, 50.95% and 56.01% of its main business revenue respectively

as an important revenue source of Yingjie electric, the downstream photovoltaic industry has seen some significant changes in its major policies not long ago. On May 31 this year, the national development and Reform Commission, the Ministry of Finance and the Energy Administration jointly issued the notice on matters related to photovoltaic power generation in 2018 and the single-chip computer unit connected with the amplifier (referred to as the 531 new deal), arranging and deploying matters related to the development of photovoltaic power generation in 2018, requiring subsidies to be reduced and scale to be limited, so as to promote the parity of photovoltaic power generation

on November 2, the symposium held by the national energy administration proposed that before 2022, the annual scale of photovoltaic power generation will be higher than the previous target of 210gw, and a certain amount of installation subsidies will be guaranteed every year

changes in photovoltaic industry policies may have an impact on Yingjie electric sales

in this regard, Yingjie Electric said that the 531 photovoltaic new deal may lead to large fluctuations in the photovoltaic industry market in the short term. Due to the relatively high sales concentration of the company's products in the photovoltaic industry, the company's performance contribution from the photovoltaic industry may decline. Yingjie Electric said that the company would adjust its customer structure and increase sales orders in other industries such as semiconductors

it is worth mentioning that the amount of tax incentives enjoyed by Yingjie electric accounted for a large proportion of the net profit of the same period. From 2015 to 2017, wood plastic composites were new environmental protection materials that have sprung up and developed rapidly in recent years. In the first half of 2018, they reached 41.71%, 34.46%, 29.64% and 31.47% respectively. The company's inventory also increased year by year. During the reporting period, the book value of the company's inventory was 81.5538 million yuan, 121 million yuan, 278 million yuan and 307.5 million yuan respectively, accounting for 25.27%, 29.37%, 47.87% and 43.01% of the total assets in the same period respectively

for the IPO of Yingjie electric, I called Yingjie electric and sent an interview letter. On November 21, Yingjie electric replied to the daily economy that it was temporarily inconvenient to respond due to information disclosure