How Tianying, a major customer and the largest supplier, ensures fair prices
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No. 1 customer and No. 1 supplier, how Tianying shares ensure fair prices Source: IPO Daily Original Deng Haotian Recently, Beijing Xinya Tianying Film Technology Co., Ltd. (hereinafter referred to as “tianying shares”) submitted a prospectus, Intending to list on the GEM, public offering of no more than 13.36 million shares, accounting for 合肥夜网 no less than 25% of the total share capital after issuance.
The IPO Daily found that Tianying may experience a decline in its performance and rely on China Film Barco and its affiliates.
Performance may be understood. Tianying Co., Ltd. is a service provider that provides a one-stop overall solution for the film projection industry. It provides theaters with theater system integration (including cinema hall planning and design, optimization of projection equipment configuration, supply, circuit layout).And installation, etc.), light source supply and guarantee services, theater equipment operation and maintenance services, etc.
Public information shows that from 2016 to 2018 and from January to June 2019, Tianying shares achieved operating income of 24,176.
0.94 million yuan, 32042.
390,000 yuan, the net profit attributable to mother is 1169.
190,000 yuan, 4119.
60,000 yuan, 4596.
It can be polished. From 2016 to 2018, Tianying shares showed a continuous upward trend in both revenue and net profit.
But the IPO Daily found that the company’s performance in 2019 is likely to happen.
Tianying shares stated in the prospectus that the company’s performance has obvious substitution characteristics. The Spring Festival file in the first quarter and the National Day file in the fourth quarter are usually the peaks in the income of theater equipment technology services.
In this regard, a previous person told the IPO Daily that from the above situation, Tianying shares have peak seasons in the first half and the second half, so the performance in the first half and the second half may not be much different.
From January to June 2019, Tianying’s operating income was 16,942.
330,000 yuan, net profit attributable to mother is 1823.
According to preliminary calculations, the initial possible operating income of Tianying in 2019 is 3.
4 trillion yuan, net profit attributable to mother is about 40 million yuan, which is not a small gap compared with the same period in 2018.
In addition, some of the above-mentioned persons also pointed out that the recent new crown pneumonia incident has brought a penetrating impact on offline theaters and will inevitably have a certain impact on the performance of Tianying.
In fact, the growth rate of the previous movie market has started to decrease significantly, which may also affect the Tianying shares that provide cinema services.
Data show that from 2016 to 2018, the total box office of national movies was 45.7 billion, 55.9 billion and 609.
76 trillion, only 9 in 2018.
06%, the growth rate has been all the way down.
In general, 2016-2018 has been negative growth for three consecutive years, with a decrease of 14 respectively.
1%, 8% and 8.
3%; the average attendance rate for theaters was 17 in 2015.
37% dropped to 12 in 2018.
49%, single seat returns from 0.
The Dependence IPO Daily also found that Tianying shares relied on China Film Barco and its related parties.
It is understood that according to the reported amount, the amount of purchase by Tianying Co., Ltd. from China Film Barco and its related parties was 12,942, respectively.
580,000 yuan, 13153.
09 million yuan, 10491.
630,000 yuan, 5045.
09 million yuan, respectively accounting for 57 of the total purchase amount of the current period.81%, 52.
74%, China Film Barco and its affiliates always accompany the title of the largest supplier of Tianying Shares.
In progress, Tianying said that if the main supplier’s product is insufficient, reducing or even canceling business cooperation with the company or the quality of projection equipment and light sources will affect the stability of the company’s related business and adversely affect its profitabilityinfluences.
In addition to being the largest supplier of Tianying, China Film Barco and its affiliates are also important customers of the company.
The prospectus shows that according to the reported amount, the sales revenue generated by Tianying Co., Ltd. to China Film Barco and its related parties was 3603, respectively.
470,000 yuan, 4165.
560 thousand yuan, 4516.
610,000 yuan, 2287.
It can be polished. China Film Barco and its affiliates were the second largest customers of Sky Film in 2018. During the rest of the period, China Film Barco and its affiliates have been occupying the title of the largest customer of Sky Film.
In other words, in most time periods, China Film Barco and its affiliates were both the largest customer and the largest supplier of Tianying.
Therefore, a chief person told the IPO Daily that, in general, the company’s 杭州夜生活网 largest customer and the largest supplier are the same company, then it is easy to cause whether the price of its transaction is fair.
Then, is the transaction price of Tianying shares with China Film Barco and its related parties fair?