On July 17, the information disclosed by the Shenzhen Stock Exchange showed that the first round of audit inquiry letters had been issued to Shandong Valin Electronics Co., Ltd. (hereinafter referred to as "Valin Electronics"). At present, the review status of Valin Electronics on the Shenzhen Stock Exchange has been changed to "inquired".
According to public information, Valin Electronics submitted a prospectus on June 26, 2023, preparing to be listed on the GEM. In this sprint listing, Valin Electronics plans to raise 650 million yuan, which will be used for high-end thermal printing core module industrialization projects, industrial basic research and development center projects, and information construction projects. Dongxing Securities is its sponsor.
Tianyancha information shows that Valin Electronics was established in October 1995 and is located in Weihai City, Shandong Province. At present, the company's registered capital is 95.6 million yuan, the legal representative is Song Sen, and its main shareholders include Shandong New Beiyang Information Technology Co., Ltd., Shihezi Xinhaike Equity Investment Partnership (Limited Partnership), etc.
According to the prospectus, Valin Electronics is an enterprise specializing in the R&D, production, sales and technical services of thermal print heads. It can provide customers with thermal print heads of various series and purposes, including various printing densities, different printing speeds, and different printing widths. There are more than a thousand specific specifications.
At present, the main product of Valin Electronics is thermal print head. Among them, the thermal print head is an electronic device that uses the Joule heating effect to print information. It is the core component of a thermal printer. Its specifications and performance directly determine the output quality of information such as images and text. It is a precision electronic device that integrates functional core materials, advanced microelectronics manufacturing, and ASIC design.
Valin Electronics stated in the prospectus that its products are mainly used in finance, commercial retail, logistics, industrial manufacturing, household, medical care, transportation and other industries to print out financial receipts, catering and cash register receipts, logistics receipts, barcode labels, color photos and study and office materials, electrocardiograms and medical films, traffic tickets, etc.
During the reporting period, the end customers of Valin Electronics included Seiko (Seiko), Panasonic (Panasonic), Philips (Philips), Zebra (Zebra), Xiamen Hanyin, Xinbeiyang (002376), Libang Instrument (300206), Uboxun (300531) and other enterprises.
In 2020, 2021 and 2022, the revenue of Valin Electronics will be 471 million yuan, 590 million yuan and 598 million yuan respectively, and the net profits will be 98.1337 million yuan, 126 million yuan and 122 million yuan respectively.
It is worth mentioning that Valin Electronics has the risk of high customer concentration. During the reporting period, the top five customers of Valin Electronics accounted for 61.51%, 60.20%, and 51.81% of the company's current operating income, respectively, mainly because the company's downstream industries are highly concentrated, and manufacturers of thermal printers or thermal printer cores are relatively concentrated.
During the reporting period, Valin Electronics' overseas purchases accounted for a relatively high proportion, especially the purchase of raw materials from Mitsubishi Trading accounted for 42.69%, 45.79%, and 37.96% of the total purchase amount, and the purchase proportion in 2022 will decrease. The main reason for the aforementioned situation is that Japan's thermal printhead industry has a relatively high maturity, and the upstream raw material industry has mature technology and complete supporting facilities.
In particular, Valin Electronics has no controlling shareholder or actual controller. According to the prospectus, the company's main shareholders Xinhaike, Xinbeiyang, and Beiyang Group hold 33.95%, 26.80%, and 21.30% of the shares respectively. The company currently has no controlling shareholder or actual controller.
In addition, Itochu Corporation holds 4.71%, Lu Xinkangda holds 3.36%, Katagiri JO holds 2.65%, Jinan Chanfa holds 1.78%, Huachen Finance holds 1.56%, Haidaxin Technology holds 1.24%, Liaocheng Changrun holds 0.85%, Industry and Research Institute holds 0.70%, Jianyuan Jiaxuan holds 0.55%, Ze Jiang Zhe (SAWAE TETSUNORI) holds 0.54% of the shares.
At present, Katagiri Jo (KATAGIRI JO) is the director and general manager of Valin Electronics, Song Sen is the chairman of the company, Luan Wenhua is the director and deputy general manager, Yin Xiqiang is the deputy general manager and secretary of the board of directors, and Zhou Lingyun is the chief financial officer. Among them, KATAGIRI JO is a Japanese citizen.