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Author | Peng Rong
Edit | Peng Xiaoqiu
It was learned that recently,hotly discussed information Aishi Technology took the initiative to withdraw from the listing application. It submitted a prospectus to the Science and Technology Board on June 30 this year.No reply.On November 30, the road of IPO's IPO was announced.
The R & D, production and sales of new energy power technology products is the new "little giant" enterprise in Jiangsu Province.The main products include photovoltaic grid -connected inverters, energy storage inverters, and intelligent charging piles, which are widely used in scenarios such as households, industry and commerce.
In terms of performance, from 2020 to 2022, Aishi's revenue was 788 million yuan, 981 million yuan, and 2.15 billion yuan, respectively, with a compound growth rate of 65.14%in the past three years.Yuanhe 102 billion yuan.In 2022, Ai -Wei's performance broke out, achieving double revenue and non -net profit of deductions. According to the prospectus, it was the reason why business expansion and shipments increased significantly.
Behind the brilliant performance, the value of the account receivable and inventory book of Aiwei also increased year by year. The accounts receivable increased from 200 million yuan in 2020 to 833 million yuan in 2022. The inventory book value also ranged from 153 million yuanIncreased to 904 million yuan.In 2022, the above payments accounted for 58.53%of the total assets of Aiwei.In this regard, Aiwei admits the risk of the backlog of inventory in the prospectus.
In addition, Aishi's performance in cash flow is not good.From 2020 to 2022, the operating net cash flow was -0.06 billion yuan, -074 million yuan, and 56 million yuan, respectively. It was negative for two consecutive years.The actual business efficiency is not high.
As one of the core equipment of the photovoltaic power generation system, the grid -connected inverter is the core product of Aiwei.From 2020 to 2022, the revenue of these products achieved 625 million yuan, 869 million yuan, and 2.047 billion yuan, respectively, accounting for 80.46%, 89.76%, and 95.78%, respectively. The scale and proportion of revenue increased year by year.
In 2022, Ai Wei's energy storage inverter product successfully achieved sales and contributed a revenue of 23 million yuan.In addition, in the semi -finished product, charging pile and other products, the scale of revenue decreased year by year, from 19.54%in 2020 to 3.16%in 2022, which is related to the decrease in downstream orders and the shortage of upstream materials supply.
In terms of customers, from 2020-2022, the top five customers of Aiwei cover well-known photovoltaic companies at home and abroad, including domestic Zhengtai Electric, Tiantu Optical Energy, and Skyworth Group. Overseas customers are mainly German Enterprise SMA Group and Siemens.
Three consecutive years of occupying the largest customers are SMA Group (S92.DF).SMA Group is an old inverter company and has dominated the global inverter market for many years.In 2015, the SMA Group gave the throne of the first shipping volume to Huawei.
In the past three years, the transaction volume of Aiwei and SMA Group has fallen significantly. From 760 million yuan in 2020 to 392 million yuan in 2022, the proportion also decreased from 96.33%to 18.22%.The reduction of downstream demand of SMA Group is related.
The prospectus revealed that local companies have an important position in the global inverter market. In 2021, the top five shipments are Chinese companies, namely Huawei, Sunshine Power (300274.SZ), Guwatt, Jinlang Technology (300763 (300763).Sz) and Guedway (688390.SH), these five local companies occupy about 63%of the global markets.
Huawei and Sunshine Power have a great competitive advantage in the global inverter market, accounting for 23%and 21%of the market share in 2021, respectively.In the case of giant crushing and crowded track, there are few market share left to Aiwei, only 2%.
The predecessor of Aiwei was Jiangsu Aisuo New Energy, and the relationship with the big customer SMA Group was closely related.In 2013, SMA acquired 72.5%of Jiangsu Aiso's equity and became the largest shareholder.In 2019, with the reorganization of SMA's business in China, Dr. Zhang Yong, then president of China, became the actual controller of Aiwei, and now controls a total of 81.67%of the shares.Zhang Yong once worked in Huawei and Siemens, and joined the SMA Group China in 2012.
It is worth noting that Skyworth Group is one of the shareholders of Aiwei.In 2022, Tianjin Skyworth, Nanjing Skyworth, Fujian dry water, and Hengqin Jingrong entered the bureau under Skyworth, with a total investment of 82 million yuan and a valuation of 5 billion yuan.At present, Skyworth controls a total of 1.58%of the shares and is the fourth largest shareholder.
ASIA has a total of 7 holding subsidiaries and 4 branches. Not only has the research and development centers and manufacturing bases in Shanghai, Jiangsu, and Xi'an, but also set up subsidiaries in Australia and the Netherlands.In this listing, Ai Shi intends to raise 1.5 billion yuan. In addition to supplementing mobile funds, it is mainly used to expand and develop and upgrade.