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During the reporting period of Yahua's electronic reporting period, the gross profit margin of the main business continued to decline due to the rise in raw material prices. Although the scale of accounts receivable was small, it was 60%overdue.

On June 24th, Shandong Yahua Electronics Co., Ltd. (hereinafter referred to as: Yahua Electronics) will pass the GEM on the Shenzhen Stock Exchange, which will be approved by Soochow Securities as a sponsor.

Public information shows that the number of public offering of Yahua Electronics does not exceed 26.05 million shares, accounting for 25%of the company's total share capital after the issuance. It is expected to raise funds of 319 million yuan, of which 153 million yuan are used for upgrading and industrialization projects of smart medical information platforms, 79 million yuan for R & D center construction projects, 47 million yuan for marketing network construction projects, and 40 million yuan for supplementation Louple funds.

However, through querying the prospectus, it was found that the cause of the gross profit margin of the main business during the reporting period of Yahua Electronics continued to decline. Although the scale of accounts receivable was not large, 60%overdue. In response to the above situation, it was found that the network sent an interview letter to the Asahua Electronics to send an interview letter to the request to be interpreted, but as of the press release, Yahua Electronics did not give a reasonable explanation.

During the reporting period, the gross profit margin continued to decline

The prospectus shows that the main business of Yahua Electronics is the research and development, production and sales of the hospital's intelligent communication interaction system. It is a comprehensive comprehensive solution provider of software and hardware integration solutions for smart communication interactive systems in China. From 2019 to 2021, the operating income of Yahua Electronics was 165 million yuan, 234 million yuan, and 288 million yuan, respectively, with a year-on-year growth rate of 24.12%, 42.25%, and 22.82%. , 555 million yuan and 073 million yuan, a year -on -year growth rate of 66.51%, 37.64%, and 31.67%, respectively.

Picture source: Wind (Yahua Electronics)

The net profit growth rate of Yahua Electronics has a slowdown trend, and its comprehensive gross profit margin has continued to decline. During the reporting period, the comprehensive gross profit margin of Yahua Electronics was 57.59%, 53.70%, and 52.29%, respectively, and the gross profit margin of the main business was 57.48%, 53.60%, and 52.13%, respectively.

Picture source: prospectus (Yahua Electronics)

According to the prospectus, the main business of Yahua Electronics mainly includes the ward intelligent communication interaction system, outpatient service interaction system and extension, accessories and other. The contribution rate is basically maintained at about 50%. The outpatient service interaction system and extension, accessories and other two major businesses are low in income and gross profit margin contribution. The income ratio does not exceed 10%, and the gross profit margin contribution rate does not exceed 5%.

It is worth mentioning that the largest business gross profit margin contributed by Yahua's electronic contribution continued to decline, and the gross profit margin of the ward's intelligent communication interaction system during the reporting period was 57.24%, 54.11%, and 52.85%, respectively. Inquiry about the prospectus found that the gross profit margin of Yahua Electronics' main business was mainly caused by rising raw material prices.

Picture source: prospectus (Yahua Electronics)

The raw materials of Yahua Electronics are mainly display modules, IC chips, electronic components, etc. Due to the influence of the semiconductor industry, the price of raw materials such as modules, IC chips has risen to varying degrees since 2020, such as the TFT LCD screen The purchase unit price is 100.95 yuan, 110.09 yuan, and 122.49 yuan, respectively, and the year -on -year growth rates in 2020 and 2021 are 8.3%and 11.26%; the purchase unit price of microcontrollers is 8.95 yuan, 9.72 yuan, and 14.53 yuan, 2020 and 2021, 2020 and 2021 The year -on -year growth rates were 8.6%and 49.49%, respectively.

Picture source: prospectus (Yahua Electronics)

And Yahua Electronics's product sales unit price growth rate has not kept up to the growth rate of raw material prices. The main source of profit for Yahua Electronics is the first -generation ward interaction system and the second -generation ward interaction system. Among them Large gap. The unit price of the second -generation ward interaction system in 2021 fell 1452.51 yuan to 2020, while the third -generation ward interaction system continued to decline. In this regard, industry insiders said that if the price of raw materials continues to rise in the future, the gross profit margin of Yahua Electronics will face the risk of further decline.

Picture source: prospectus (Yahua Electronics)

The amount of overdue accounts receivable accounted for more than 60 %

According to the prospectus, from 2019 to 2021, Yahua Electronics' accounts receivables were 49.282 million yuan, 62.735 million yuan, and 81.8768 million yuan, respectively, accounting for 26.85%, 23.07%, and 25.31%of the current mobile assets, respectively. ; Among them, the proportion of accounts receivable accounts for accounts accounts for 34.42%, 30.73%, and 32.16%, respectively. Yahua Electronics' accounts receivables are low and their proportion has declined.

Although the scale of Yahua Electronics' account receivables is not large, the company is facing the risk of a large number of accounts receivable or even unable to recover. From 2019 to 2021, Yahua Electronics' account receivables were prepared for bad accounts of 7.3594 million yuan, 9.1934 million yuan, and 10.5962 million yuan, showing a significant increase in each year.

Picture source: prospectus (Yahua Electronics)

At the same time, the return of Yahua Electronics is not optimistic. The prospectus shows that from 2019 to 2021, the amount of repayment after the electronic period of Yahua was 48.1595 million yuan, 51.9138 million yuan, and 17.5528 million yuan, respectively, and the after-date repayment ratio fell from 85.02%in 2019 to 18.98%. Picture source: prospectus (Yahua Electronics)

It should be noted that its overdue amount continues to rise. During the reporting period, Asia China Electronics's receivables were overdue, respectively, 33.559 million yuan, 35.8546 million yuan, and 60.716 million yuan, respectively, and the total amount of accounts receivable accounted for 59.25%, 49.85%, and 65.66%, respectively.

Picture source: prospectus (Yahua Electronics)

Corresponding to the high amount of overdue account receivables, Yahua Electronics explained in the prospectus that it is mainly because the company's account receivables are stricter for the company's account receivables. As a hospital and other institutions, the settlement process is slow.

Industry insiders said that the high -term rate of account receivables means that Yahua Electronics's receivables receivable receivables will be extended, and the company's bad debt loss risk will also be increased, the company's asset operation efficiency is reduced, and the company's financial status will be increased. And operating results have adversely affected.

(Reporter Luo Xuefeng Financial Researcher Tenghui said)

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