Shenzhen Haobo Window Control Technology Co., Ltd. (hereinafter referred to as "Haobo Window Control"), whose main business is system door and window control devices, has only one investment project for this IPO, namely the Haobo Window Control Intelligent System Industrial Park project. The company has The investment income of this fundraising project with a construction period of 2 years should be quite promising. The estimated annual sales revenue and net profit after reaching full production are as high as 1.454 billion yuan and 157 million yuan respectively. The company's best performance in a full year will be in 2022. , revenue and net profit were only 800 million yuan and more than 90 million yuan respectively.
However, Haobo Window Control did not disclose the new production capacity of the investment projects, so it is impossible to observe the rationality and necessity of the investment projects based on the company's existing production and sales. In fact, the Shenzhen Stock Exchange's inquiry letter was also concerned about this, and the company did not disclose the new production capacity of the raised investment project in its reply on the grounds that it did not have standardized production capacity.
"Popular Securities News" reporter reviewed the environmental impact assessment documents of Haobo Window Control's investment project and found that both the environmental impact assessment report and the environmental impact assessment approval document disclosed in detail the annual output of the company's investment project. In addition, the construction area and construction period of the company's investment projects are different from the environmental impact assessment documents. The total construction area is more than 11,000 square meters more than the data disclosed in the company's prospectus. Even the construction area of the main project in the environmental impact assessment report is larger than the company's data. More than 5,000 square meters more. The company's authenticity, accuracy and completeness of the rationality and necessity of the investment projects and the related information about the investment projects are eye-catching.
does not mention new production capacity on the grounds that there is no standardized production capacity
does not mention new production capacity
For a manufacturing company, production capacity, output, sales, production capacity utilization rate, and production and sales rate are unavoidable observation points. The main product of
Haobo Window Control is the door and window control device, which is a set of transmission devices composed of many hardware parts. The company said that its "production model determines that there is no standardized production capacity of machinery and equipment measured by manufacturing and processing equipment, and there is no clear production capacity limit. The company predicts sales of products within a certain period of time and organizes appropriate production personnel and equipment to achieve a full set of The production purpose of assembly”.
Therefore, in the prospectus, the company did not disclose production capacity, only output, sales volume and production-to-sales ratio. Among the complete years during the reporting period, 2022 is basically the year with the highest output and production and sales rate of the company. The production and sales data of the main products are as follows:
1. Integrated window screen products, hinge production is 4,288,270 pieces, sales volume is 4,427,383 pieces, and production and sales rate is 103.24 %; the output of transmission shells is 4444607 pieces, the sales volume is 4472094 pieces, the production and sales rate is 100.62%; the output of lock rod lock seats is 14207006 pieces, the sales volume is 14908184 pieces, the production and sales rate is 104.94%.
2. Inward-opening and inner-folding products, the hinge-type production is 204,921 sets, the sales volume is 243,594 sets, the production and sales rate is 118.87%; the hidden type production is 2,175,240 sets, the sales volume is 1,945,613 sets, the production and sales rate is 89.44%; the quick-loading production is 24,406 sets , sales volume was 29,261 units, with a production-to-sales rate of 119.89%.
3. The output of hanging outward opening products was 319,210 sets, the sales volume was 287,862 sets, and the production and sales rate was 90.18%.
4. For swing door products, the output of door hinges is 432,449 pieces, the sales volume is 392,118 pieces, the production and sales rate is 90.67%; the output of door lock bodies is 144,170 pieces, the sales volume is 139,140 pieces, the production and sales rate is 96.51%; the output of door handle components is 158,821 Pieces and sales volume were 166,714 pieces, with a production-to-sales rate of 104.97%.
5. The output of handle products was 4,760,566 units, the sales volume was 5,018,254 units, and the production and sales rate was 105.41%.
During the entire reporting period, the production, sales and production-to-sales ratio of each of the above-mentioned products of the company whose production base is located in Shenzhen have almost grown steadily, and the production-to-sales ratio has reached a very high level. The investment project raised by
Haobo Window Control's IPO is the Haobo Window Control Intelligent System Industrial Park project, with a total investment of 578.5917 million yuan, of which 570 million yuan is planned to be raised. The environmental impact assessment approval document number is Zhaohuan Fourth Construction (2023) 21 Number. Of the total investment in the project, the construction investment is 525.4072 million yuan, including 29.740 million yuan in reserve funds; the initial working capital is 53.1844 million yuan.
However, the company's prospectus did not disclose the new production capacity of the investment project, only stating that "the production capacity has reached saturation, and the existing production scale cannot meet the growing market demand."To this end, the company plans to purchase advanced intelligent production equipment and mold processing equipment, use the company's advanced technology to expand the production line, improve the company's product production capacity, solve the production bottleneck problem caused by the rapid growth of product demand, and enhance the company's Profitability and competitive strength.
Judging from the investment income calculation, Haobo Window Control is not without confidence in the investment project - after reaching full production, the average annual sales revenue will be 1,453,570,900 yuan, the average annual net profit will be 157,404,800 yuan, and the internal income The investment rate (after tax) reached 20.34%, and the static investment recovery period (after tax) including the 2-year construction period was only 6.30 years. It can be seen that 2022, the year with the best performance among the complete years during the reporting period, was operating. The revenue and net profit are only 800 million yuan and more than 90 million yuan respectively.
Environmental impact assessment documents reveal that the investment or substantial expansion of production
The environmental impact assessment report and environmental impact assessment approval document of the Haobo window control investment project clearly give the details of the investment project. Increased annual output. The environmental impact assessment approval document released by the government website where the
Haobo Window Control investment project is located shows that the company's investment project "is mainly engaged in the production of metal door and window spare parts and intelligent products, and will produce 17.1 million handles after completion. (sets)/year, transmission shells 17.1 million pieces (sets)/year, lock rod lock seats 25.6 million pieces (sets)/year, transmission components 4.3 million pieces (sets)/year, hinges 12.8 million pieces ( sets)/year, hinge components 4.3 million pieces (sets)/year, door and window electronic control systems 96,000 pieces (sets)/year (see Figure 1).
Figure 1: Screenshot of the environmental impact assessment approval of the Haobo Window Control Investment Project
It should be noted that the annual output shown in the environmental impact assessment document after the company's investment project is completed and reaches production, is compared with the company's product production and sales roughly corresponding to 2022 as follows:
1. The company's hinge output is 4.2883 million pieces, and the sales volume is 4.4274 million pieces. The newly added annual output of hinges in the raised investment project is 12.8 million pieces (sets), and the annual output of hinge components is 4.3 million pieces (sets); the output of lock rod lock seats is 14.207 million pieces, and the sales volume is 14.9082 million pieces. The new raised investment project The annual output of lock lever lock seats is 25.6 million pieces (sets).
2. The company's handle output is 4.7606 million pieces, and the sales volume is 5.0183 million pieces. The door handle output is 158,800 pieces, and the sales volume is 166,700 pieces. The annual output of handles added by the raised investment project is 17.1 million pieces (sets).
3. The company's transmission shell output is 4.4446 million pieces, and the sales volume is 4.4721 million pieces, while the annual output of new transmission shells added by the raised investment project is 17.1 million. The annual output of pieces (sets) and transmission components is 4.3 million pieces (sets). The new annual output of the
investment project does not include hinge components. The 12.8 million pieces of hinges are equivalent to the company's 2022 output and sales respectively. Nearly three times; the 25.6 million pieces of lock rods and lock seats are equivalent to about 1.7 times the output and sales in 2022; the 17.1 million pieces of handles are equivalent to the total output and sales of handles and door handles in 2022. About 3.4 times; excluding transmission components, the 17.1 million pieces of transmission shells are equivalent to about 3.8 times the company's output and sales in 2022.
From 2020 to 2022, the sales volume of Haobo window control hinges has increased by 80.13%, the sales volume of handles (excluding door handle components) has increased by 144.50%, the sales volume of lock rod lock seats has increased by 83.55%, and the sales volume of transmission shells has increased by 83.55%. An increase of 62.30%. However, with the entire real estate industry facing major adjustments, whether the company can fully absorb the new output of raised investment projects in the future will inevitably attract attention.
In fact, the Shenzhen Stock Exchange’s previous inquiry letter required the company to explain the measures to digest the new production capacity and its effectiveness based on capacity utilization, the scale of new production capacity of the raised investment projects, etc., but the company did not disclose the raised investment projects in the reply. Regarding the new production capacity, it only stated: "The company's production model determines that there is no standardized production capacity for machinery and equipment measured by manufacturing and processing equipment, and there is no clear production capacity limit. The company forecasts sales of products within a certain period and organizes appropriate production personnel and equipment to achieve the purpose of fully equipped production. "
Also, Haobo Window Control stated in its reply that after the construction of this fundraising project is completed, in addition to the new production line, the company's production capacity in Shenzhen will also be moved. In the industrial park, the output of related main products after the relocation is expected to be 6.4 million sets of integrated window screen products, 4.08 million sets of inner-opening and inner-folding products, 990,000 sets of hanging outward-opening products, and 100,000 sets of smart products.
The construction area and construction period
are inconsistent with the environmental impact assessment document
What is noteworthy about the letter disclosure of the Haobo Window Control investment project is that the construction area and construction period of the investment project disclosed are inconsistent with the environmental impact assessment document. The prospectus of
shows that the company's investment project implementation entity is Guangdong Haobo, a wholly-owned subsidiary. The implementation location is Fuxi Industrial Park, Dasha Town, Sihui City, Zhaoqing, and the construction period is 2 years. The project has a total construction area of 114,600 square meters, including corporate workshops, office buildings and staff dormitories. It will purchase production equipment, mold R&D and manufacturing equipment, information construction equipment and software, R&D testing equipment and software, intelligent warehousing and logistics equipment, etc., and build integrated products An independent intelligent system industrial base with complete functions such as design, R&D, production, testing, supply chain control, intelligent inventory, information platform, comprehensive office, and exhibition hall. The "Announcement of Approval Documents for the Construction Project of Haobo Window Control Intelligent System Industrial Park" published on the website of the local government where the
investment project is located on April 28, 2023 shows that the environmental impact assessment approval document number is the same as the company's prospectus, and the announcement clearly discloses that "the total number of projects The investment is 500 million yuan, including 1 million yuan in environmental protection investment, with a land area of 60,339.07 square meters and a construction area of 125,696.49 square meters (see Figure 1)."
By comparison, the construction area of the project is more than 11,000 square meters more than the 114,600 square meters disclosed in the company's prospectus. Interestingly, the investment amount shown in the announcement is 78.5917 million yuan less than the amount disclosed in the company's prospectus. The environmental impact assessment report of the
Haobo Window Control Investment Project also specifically shows that the main construction project, public and auxiliary projects total 119,644 square meters. Among them, the 5# administrative office building is a 9-story building with a construction area of 20,592 square meters. It is mainly used for administrative offices (see Figure 2).
Figure 2: Screenshot of the building area of Haobo Window Control Environmental Impact Assessment Report
The company's prospectus disclosed that the main building area of the raised investment project is 114,604 square meters, which is 5,040 square meters less than the environmental impact assessment report. A detailed review found that its administrative office building area is 15,552 square meters. square meters, decoration construction amount is 66.8736 million yuan, and the construction area is exactly 5,040 square meters different from the environmental impact assessment report data. The number and construction area of the remaining 3 factories, experimental exhibition halls, and 2 dormitory buildings are the same as those in the environmental impact assessment report (see Figure 3 ).
Figure 3: Screenshot of Haobo Window Control’s investment project prospectus
Also, Haobo Window Control’s prospectus disclosed that the construction period of the investment project is 2 years, while the environmental impact assessment report shows that the construction period is 18 months (see Figure 4). There is a 6-month difference between the two.
Figure 4: Screenshot of the environmental impact assessment report of the investment project of Haobo Window Control
The project implementation progress disclosed by Haobo Window Control shows that the geological survey and construction drawing design work were completed in the first quarter of the construction period, and the civil work was completed from the second quarter to the sixth quarter. For engineering and factory decoration, the purchase and installation of software and hardware equipment, personnel recruitment and training will be completed from the 5th to the 8th quarter, and the project trial operation and completion acceptance will be carried out in the 8th quarter (see Figure 5).
Figure 5: Screenshot of the construction project raised by Haobo Window Holdings in its prospectus
Even if the company's prospectus states that construction will start in the second quarter and will be completed in the eighth quarter, the actual construction time is only 21 months, which is still longer than the environmental impact assessment report 3 months.
Many questions surround Haobo Window Control
Obviously, a series of questions surrounding the investment project surround Haobo Window Control:
In addition to the environmental impact assessment document disclosing the annual output of Haobo Window Control's investment project, the company cited no standardized production capacity No relevant disclosures have been made. Compared with the output of the investment projects shown in the environmental impact assessment documents, under the current situation of the real estate industry, are the investment projects that the company may significantly expand production reasonable and necessary enough? The company estimates the annual sales revenue and net profit after reaching production. How likely is profit to be realized? If the calculated benefits of the investment project cannot be effectively realized, then what is the efficiency and necessity of raising more than 500 million yuan to build new production capacity? Is there any blindness?
Also, related The environmental impact assessment report disclosed on the government's official website shows that the total construction area of the company's main investment projects is 119,644 square meters, but the company's prospectus shows it is 114,604 square meters. The difference between the two is 5,040 square meters. The specific visible difference should come from the environmental impact assessment report showing that the administrative office building construction area is 20,592 square meters. square meters, while the prospectus shows 15,552 square meters. What is the reason for the difference of 5,040 square meters in the construction area of the administrative office building disclosed in the company's prospectus and the environmental impact assessment report, and whether the reason is true and reasonable.
In addition, the environmental impact assessment report shows that the construction period of the investment project is 18 months, and the prospectus states that the construction period is 24 months. Specifically, the first quarter is surveying, drawings and mapping, etc., and construction starts in the second quarter. That is to say, even if Judging from the 21 months from the start of construction to the completion of the project, there is a difference of 3 months from the 18 months in the environmental impact assessment report. Why is this? Are the reasons for the difference true and reasonable?
A reporter from "Popular Securities News" previously sent an interview letter to the company via email regarding the above questions, but had not received a reply as of the time of publication.
In fact, although Haobo Window Control has not raised funds to supplement its current flow, the total amount of preliminary and preparatory funds in the fundraising projects is close to 83 million yuan. It is also worth noting whether there is an intention to expand fund-raising and supplement its current flow.
This newspaper will continue to pay attention to other noteworthy situations in Haobo Window Control. Reporter Chen Gang
