On December 1st, Carlet Cloud Technology Co., Ltd. (hereinafter referred to as "Carlet") landed on the gem with China International Capital Corporation as the sponsor. This timeThe issue price is 96 yuan per share, with a price-to-earnings ratio of 63.58 times.It is higher than the industry average static price-earnings ratio (26.60 times) released by China Securities Index Co., Ltd. on November 17, 2022, with an excess of 139.01%, which is higher than the average static price-earnings ratio of comparable companies in the same industry in 2021. As of press time, the latest market capitalization is 5.7 billion yuan.
Cartwright is a high-tech company with video processing algorithms as the core and hardware equipment as the carrier to provide customers with professional display control products in the field of video images. The company's products are mainly divided into three categories: LED display control system, video processing equipment and cloud networking player, which can realize the display control, editing processing, transmission analysis and other functions of video signal and image data.
Before this issue, Zhou Jinzhi directly held 2.85% of the shares of the company, indirectly held 54.11% of the shares of the company through Sanhan Bangtai, and indirectly controlled 6.12% of the shares of the company by acting as managing partner of Nabachuan in Shenzhen. Zhou Jinzhi controls 63.09% of the shares of the company and is the actual controller of the company.
This time, it is proposed to raise 831 million yuan, mainly for the production expansion project of LED display control system and video processing equipment, marketing services and product display center construction project, Carlette R & D center construction project, supplementary liquidity.
The use of fund-raising, photo source: prospectus
During the reporting period, Cartwright realized operating income of 330 million yuan, 395 million yuan, 582 million yuan and 271 million yuan respectively, and the net profit attributed to the parent company after deducting non-recurrent profit and loss was 60.999 million yuan, 62.7555 million yuan, 103 million yuan and 494.77 million yuan respectively.
It is worth noting that the company paid a cash dividend of 90.85 million yuan in 2020. And during the reporting periodThe net cash flow generated by its operating activities fluctuates.They are 5.202 million yuan,-12.3326 million yuan, 62.8791 million yuan and 58.1274 million yuan respectively.
Fundamentals, picture source: prospectus
During the reporting period, Cartwright's comprehensive gross profit margin was 42.86%, 40.16%, 41.82% and 43.56%, respectively, with some fluctuations.
In fact, the main raw materials needed for the production of the company's products include various chips, PCB, passive components, connectors, chassis structures and other auxiliary materials. During the reporting period, the main chip raw materials used in the company's products were purchased from foreign suppliers, and the chip manufacturers were mainly American manufacturers such as Lattice, Broadcom, Texas Instruments, etc., compared with them, there are some performance differences among the related substitutes of domestic chip manufacturers.Some of the company's chip raw materials are dependent on foreign suppliers to a certain extent.. At the same time, during the reporting period, the company's raw material costs accounted for more than 80% of the main business costs, accounting for a relatively high proportion.The fluctuation of raw material price has a great influence on the product cost of the company.。
In order to improve business efficiency, Cartwright is mainlyImport purchasing chips through agent procurement of supply chain companies. During the reporting period, the company mainly procured chips through Shenzhen Boko supply chain Management Co., Ltd., and the proportion of chips purchased through them accounted for 87.29%, 84.90%, 84.94% and 75.14%, respectively, with a high degree of concentration. In the future, if the Brocade supply chain can not meet the company's chip procurement requirements in time due to changes in its own operating conditions, it may adversely affect its production and operation.
During the reporting period, Cartwright's total sales revenue to the top five customers (merger caliber) accounted for 36.29%, 56.06%, 60.56% and 52.44% of the company's operating income, respectively. Among them, the sales revenue of Qiangli Lottery accounted for 10.70%, 35.14%, 39.16% and 26.80% respectively, and the company added important customers during the reporting period.
At the same time, at the end of each period of the reporting period, the net books receivable of the company were 85.7769 million yuan, 124 million yuan, 156 million yuan and 156 million yuan respectively, accounting for 36.13%, 20.49%, 21.88% and 20.74% of current assets, respectively. In recent years, the company's business has developed well, and its operating income has grown rapidly, and the company has given a certain credit period to its major customers, resulting in a rapid increase in the balance of accounts receivable during the reporting period. Cartwright has made full provision for bad debts, but if there is a significant adverse change in the operating conditions of downstream customers, the company is at risk that receivables cannot be recovered.