乐鑫科技主营产品毛利率连续两年下滑大佬股东客户应收账款高

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《电鳗快报》Yang Li

On June 19th, Lexin Information Technology (Shanghai) Co. Ltd. (hereinafter referred to as Lexin Technology) successfully attended the IPO. The main business of Lexin Technology is the R&D, design and sales of Wi-Fi MCU communication chip and its module. Its chip products use 40nm process technology. The main products are ESP8266 and ESP32, which are used in smart home and smart. Lighting, smart payment terminals, smart wearable devices and other fields.

《电鳗快报》In reading the company's prospectus, I learned that in recent years, Lexin Technology's R&D investment has been declining year by year, and the gross profit margin of its main products has declined year after year. In addition, there are many “shadow big shareholders” behind the company. Will there be another capital feast after the listing?

From 2016 to 2018 (hereinafter referred to as: the reporting period), Lexin Technology's operating income was 123 million yuan, 272 million yuan, 475 million yuan, and net profit was 449,300 yuan, 29,371,900 yuan, and 93.8286 million yuan respectively.

It can be seen from the growth of operating income and net profit that Lexin Technology achieved rapid growth during the reporting period, but《电鳗快报》noted that Lexin Technology's R&D investment accounted for a significant decline for two consecutive years. The proportion of R&D investment in operating income was 24.64%, 18.16%, and 15.77%, respectively.

In fact,《电鳗快报》also noted that during the reporting period, the average R&D expense rate of the industry in which Lexin Technology was located increased by 16.27%, 18.54% and 25.91%, respectively, while Lexin Technology’s investment accounted for the opposite. But it is falling.

xx事实上,落入科创板的公司对研发投资有要求。目前,乐信科技的研发投入占科创板的要求,但在过去三年中,它已大幅下滑。投资者不得不担心这一点。该公司未来的研发投入。

响应研发投资同比下降,乐信科技综合毛利率连续第二年下降,分别为51.45%,50.81%和50.66%。一般而言,研发投入水平与产品毛利率有一定关系。我想知道乐信科技的毛利率下降是否与公司研发投资的下降有关

此外,《电鳗快报》指出ESP8266系列芯片的毛利率最为明显,占该公司收入的55%以上。报告期内,产品毛利率分别为62.33%,60.79%和56.40%。超过6个百分点。此外,占据第二高收入的ESP32系列模块的毛利率也出现了大幅下滑。报告期内,该产品毛利率分别为46.72%,44.10%和42.95%,下降近4个百分点。

两大主要产品的毛利率连续两年大幅下滑,这对于位于董事会的乐信科技来说并不是一个好的趋势。

事实上,《电鳗快报》指出,公司毛利率的下降可能与公司产品单价的下降有关。根据招股说明书,乐信科技主要产品芯片的平均销售单价在2018年下降,芯片销售是公司的主要收入来源。报告期内,乐信科技芯片销售收入占主营业务收入的比例分别为89.71%,67.68%和67.13%,而同一芯片的平均单价为4.74元/件,5.26元/件,4.79元/件。

在招股说明书中,乐信科技表示,公司产品销售价格下降1%,利润总额下降4.46%,乐信科技的毛利率连续两年下降。

根据招股说明书,除控股股东Lexin Hong Kong外,亚东臣,Shinvest和Core Dynamics投资了Lexin Technology超过5%的股权。其中,亚东臣为上海复星实业投资有限公司的全资子公司,上海复星实业投资有限公司为上海复星高科技(集团)有限公司的子公司。 p>

根据招股说明书,Core Dynamics投资了Lexin Technology 5.20%的股份,而Core Dynamics的股东包括BOE Technology Group Co.Ltd。持股比例为37.34%。英特尔投资持有Lexin Technology 3.20%股权。

此外,在乐信科技的股东名单中,您还可以看到美女和小米。根据招股说明书,美的投资持有该公司90万股,占发行前总股本的1.50%,而美的集团有限公司持有美国70%的投资。换句话说,美的集团随后持有Lexin Technology的股份。此外,招股说明书显示,金米投资持有该公司150万股股份,占发行前总股本的2.50%,小米科技股份有限公司是金米投资的最终受益者,这意味着小米间接持有Lexin Technology股份。

在这些“影子”股东中,小米的身份是最特别的,无论是Lexin Technology的股东还是客户。早在2015年,小米集团的全资子公司小米通讯就与乐信科技有业务往来。到2018年,小米通讯已成为乐信科技的第二大客户。 2016年至2018年,乐信科技通过直销模式向小米通信销售芯片和模块,销售额分别为人民币698,100元,人民币1,579,900元和人民币4,479,900元。

《电鳗快报》值得注意的是,截至2018年底,乐信科技对小米通信的销售收入不到收入的10%。然而,在同一时期,小米通讯是乐信科技最大的应收账款客户,而乐信科技应收账款的近50%来自小米通讯。 2016年至2018年,乐信科技小米通信应收账款余额分别为人民币43,485百万元,人民币1,020.92百万元和人民币214,426百万元。

可以看出,小米既是乐信科技的股东又是客户,小米通信于2018年底形成的巨额应收账款不属于关联公司?

本文来自eMule Express

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