Dig the Internet on December 31,Sichuan Qiaoyuan Gas Co., Ltd(“Qiaoyuan Gas” for short)Venture BoardThe issuance of listing documents was accepted. Sichuan Qiaoyuan, once listed on the Shenzhen Stock Exchange Venture Board, is a company focusing on R&D, production, sales and service of high-purity gases. Revenue for the first half of this year was 331 million yuan, profit was 98.012 million yuan, cashdividendsIt is 352 million yuan. The company's gross margin was higher than that of comparable companies in the same industry. The first half of the year was about 20 percentage points higher than that of the same industry. Furthermore, the company's R&D expenses were empty in the financial data, but by the time the prospectus was signed, the company had 25 utility model patents.
This time, it is proposed to publicly issue no more than 4 million shares, and it is proposed to raise 1 billion yuan, which will be used for the 30TPD high-purity special gas technology improvement project, the 1100TPD nitrogen recovery environmental protection and energy saving technical improvement project, the supporting industrial gas project in Ganmei Industrial Park, a comprehensive intelligent management platform, and additional working capital.
The gross margin was about 20 percentage points higher than that of comparable companies in the same industry in the first half of the year
The company is a comprehensive gas supplier focusing on R&D, production, sales and service of high-purity gases. The company's products cover various gases such as high-purity oxygen, high-purity nitrogen, high-purity argon, medical oxygen, food nitrogen, industrial oxygen, carbon dioxide, hydrogen, various electronic gases and gas mixtures. The company's consolidated gross margin last year and this year was 59.50% and 54.17%, respectively, while the average gross margins of comparable listed companies during the same period were 39.31% and 34.86%, respectively.
Oxygen, nitrogen, argon, etc. are the company's main products. From 2017 to the first half of 2020, the gross margins of the company's main business were 54.96%, 59.87%, 60.27%, and 55.08%, respectively.
On the profit side, product differentiation makes gross margin higher. Judging from profitability, the scale of production capacity makes the company's gross margin higher than that of comparable companies in the same industry. selectHeyuan gas, Jinhong Gas,Kaimei special gas, Walt Gas,Hangoxi Co., Ltd.As a comparable company in the same industry, from 2017 to the first half of 2020, the average gross margins of the bulk (common) gas business such as oxygen, nitrogen, argon, and carbon dioxide were 38.37%, 41.91%, 41.90%, and 38.55%, respectively.
Behind such a high gross margin, oxygen revenue contributed the most to it, but it also concealed the risk of price cuts. From 2017 to the first half of 2020, the revenue ratio of the company's main business during the reporting period was 61.60%, 66.75%, 66.35%, and 63.99%, respectively. Judging from the unit price of the product, the unit price in 2017 was 572.5 yuan/ton, and the unit price in 2019 was 826.42 yuan/ton. In the first half of 2020, the price was reduced to 735.79 yuan/ton.
The degree of regional centralization of sales was high, and Sichuan and Chongqing accounted for about 68% of sales in the first half of the year
Qiaoyuan Gas currently has three production bases in Wenchuan, Fuzhou, and Dujiangyan. Among them, the Wenchuan base and the Fuzhou base are the main systems, and the Dujiangyan base is the backup system. This also determines the characteristics of the high degree of regional concentration of Qiaoyuan gas sales. The sales regions are mainly concentrated in the Sichuan and Chongqing regions and Fujian Province. Last year and the first half of this year, sales in Sichuan and Chongqing accounted for 69.74% and 67.68% of revenue, respectively, while sales in Fujian Province accounted for 26.95% and 29.15% of revenue, respectively.
Regarding the situation where the sales area is highly concentrated, Qiaoyuan Gas explained in the prospectus that bulk industrial gas is not easy to store and transport, and has sales radius restrictions, so downstream customers are usually concentrated in production bases and surrounding areas. The company's main production bases are located in Aba Prefecture in Sichuan Province and Luoyuan County in Fujian Province, and the main customers are also concentrated in Sichuan, Chongqing, and Fujian. The company's concentrated customer area is in line with industry characteristics and is reasonable.
Furthermore, in addition to the high degree of regional concentration of sales, Qiaoyuan Gas's customers and suppliers also showed overlapping characteristics. In the first half of this year, Fujian Luoyuan Minguang Steel Co., Ltd. was the company's largest customer, with sales volume of 75.182,500 yuan, accounting for 22.73% of current revenue. At the same time, the company was also the third largest supplier of Qiaoyuan gas. In the first half of this year, its purchases were 443.93 million yuan, accounting for 18.19% of total purchases.
What is the cash dividend for the first half of the year for 0 R&D and 25 patentsnet profitofthe3.59 times
As of the date of signing of this prospectus, the company has obtained 25 patents, all of which are utility model patents. However, in the financial data disclosure information, R&D investment was empty. There is no information on R&D expenses in Qiaoyuan Gas's prospectus; it is only mentioned that the company has 16 R&D personnel.
In addition, in the financial indicators, Qiaoyuan Gas disclosed the cash dividend situation. The company began implementing a cash dividend system in 2018. From 2018 to the first half of 2020, the cash dividends were 154.947 million yuan, 178.935 million yuan, and 351.8633 million yuan respectively. The profits for the same period were 228.3784 million yuan, 26,2036 million yuan, and 98.012 million yuan, respectively. The cash dividend for the first half of this year was 3.59 times the profit.
