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Source: fundamental force field
Some time ago, Innot (688253. SH) released the annual report for 2023, in which the information related to the fund-raising projects disclosed that the "IVD Product R&D and Industrialization Project (Phase I)" with a total commitment of 353 million yuan was terminated because the existing industrial scale could fully meet the market demand, and the actual cumulative investment by the end of the year was only 5.95 million yuan.
The "marketing and service network construction project" with a total commitment of 256 million yuan was terminated because the company has established a relatively complete marketing service network. As of the end of the year, the actual cumulative investment was only 8.14 million yuan
These two projects are the raised investment projects proposed by Innotel at the time of IPO. The total investment amount accounts for the total amount of the company's planned raised funds, and they are also the main raised investment projects of the company. Innotel was listed on the Science and Technology Innovation Board in July 2022. It has been less than two years since then. The projects set up at the initial IPO have almost changed.
The data also shows that in 2021, the year before listing, the company's performance declined significantly, with the year-on-year decline of 68.48% and 78.96% in revenue and net profit respectively. Such a performance report did not prevent Innotel from IPO at a price of 26.06 yuan and a P/E ratio of 32.65 times, which was higher than the industry average P/E ratio of 26.52 times at that time.
The company raised 887 million yuan of capital, and paid the issuing fee of 87.5783 million yuan to the intermediary agencies led by Huatai United Securities.
In addition, reviewing the financial performance of Innotel before its listing, the company formally applied for IPO in June 2021. Previously, the revenue scale in 2018 and 2019 was only around 100 million yuan, and the net profit fluctuated around 20 million yuan; In 2020, however, the revenue suddenly surged to the level of 1 billion yuan, and the net profit soared to 572 million yuan.
There are many overseas customers among the key customers in 2020, and the overseas revenue in 2020 is up to 521 million yuan, which is 50 times of that in 2019; But then it quickly fell back to the level of 30 million yuan in 2021, and further fell to the level of 10 million yuan in 2013, which is also the normal level in 2018 and 2019.
Such a data is here. The force field gentleman dare not assert that there must be a problem, but it is absolutely worth paying attention to.
Li Changjun said that there is a big probability of problematic data. In the prospectus, Innotel announced that the capacity utilization rate in 2021 is 97.12%, which is down from 110.36% in the previous year, and the absolute level is acceptable. But there is a detail behind this. The company's capacity in 2021 is 40241300 people, which is about 15% less than the 46.715 million people in the previous year.
At the same time, the original value of Innotel's machinery and equipment at the end of 2021 was 53.6705 million yuan, a sharp increase from 28.8193 million yuan at the end of 2020; The total number of employees at the end of 2021 will be 386, an increase of about 20% compared with 322 at the end of 2020, of which the number of production personnel will also increase from 123 in 2020 to 133 at the end of 2021.
The production equipment has also increased, the staff and production personnel have also increased, but the product capacity has significantly declined. Is that true? Anyway, Li Changjun thinks it's suspicious and worth checking.
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