On March 8, Chu Tianlong issued the “Initial Public Offering Prospectus”, which plans to be listed on the Shenzhen Stock Exchange and plans to issue 78,393,100 shares. The sponsor is CITIC Securities.
According to public information, Chutianlong was established in 2002. It is a multi-field provider of high-end smart cards and supporting software, smart terminal equipment, digital files, application platform systems and security solutions. The main products are financial social security cards and standard bank ICs. Financial IC cards represented by cards, etc.
The prospectus shows that from 2017 to 2019, Chutianlong achieved operating income of 937 million yuan, 1.011 billion yuan, and 1.182 billion yuan; net profits of 95.882 million yuan, 53.495 million yuan and 122 million yuan; in the first half of 2020, Chutianlong It achieved revenue of 461 million yuan and net profit of 33.0727 million yuan.
Judging from the revenue of Chutianlong’s main business, the smart card business, which accounts for the largest proportion of Chutianlong’s sales revenue, has shown a “rearrangement” phenomenon.
From 2017 to 2019, the sales revenue of Chutianlong smart cards accounted for 93.80%, 92.24%, and 86.31%, respectively. In the first half of 2020, smart card sales accounted for 78.32%. It can be seen that the sales revenue of Chutianlong’s core product smart card is gradually decreasing.
In addition, the gross profit margin of Chutianlong smart card business has also undergone significant changes. From 2017 to 2019, its gross profit margin was 36.08%, 33.22%, and 31.86%, respectively. In the first half of 2020, the gross profit margin of smart card business dropped to 30.01%. . The decline in the gross profit margin of the smart card business has also led to a decline in Chutianlong’s comprehensive gross profit margin, which has fallen from 37.36% in 2017 to 33.68% in 2019. Although its gross profit margin has rebounded in the first half of 2020, it is still Not as good as 2017.
According to the prospectus, from 2017 to 2019, the annual sales of Chutianlong smart card products were 196 million, 301 million, and 357 million, respectively. The sales volume is increasing, but the average unit price of smart card products is 4.48 yuan / Zhang, 3.12 yuan/sheet, 2.85 yuan/sheet, showing a downward trend.