”Harbor Business Watch” Le Peiqi
Hydrogen energy enterprises have continued to hand their tables to the Hong Kong Stock Exchange in recent years.
On February 29, 2024, Shanghai Reinstalling Energy Group Co., Ltd. (hereinafter referred to as reinstalled energy) was delivered to the Hong Kong Stock Exchange, and the exclusive sponsor CICC.
In March 2021, after the re -enabled energy was once handed over the watch, after two rounds of inquiries, in August 2021, the company stated that after considering (including) future business strategic positioning and fund planningEssence
According to the prospectus submitted to the Hong Kong stock market, in October 2022, the re -shaped energy submitted a counseling for the led by the Shanghai Supervision Bureau of the China Securities Regulatory Commission due to the potential listing of the Shanghai Stock Exchange Science and Technology Board.The benefits of evaluating the potential listing have not submitted any formal listing application to the Shanghai Stock Exchange Science and Technology Board.
The prospectus shows that the reinsented energy focuses on the design, development, manufacturing and sales of hydrogen fuel cell systems, hydrogen energy equipment and related parts, and provides hydrogen fuel cell development services that meet customer needs.It is reported that the reinstallation of energy has received eight rounds of financing since the establishment of September 2015. Before this submitted prospectus, the re -shaped energy has completed the E round of financing.Sugin China, Gao Yan, BOC Investment, Sinopec, FAW, Yutong, Junlian Capital, etc. The lineup is strong. It can be seen that re -establishment of energy is favored by capital.
01
The cost is high, less than 1.6 billion yuan in less than three years
In the nine months ended September 30, 2021, 2022 and as of September 30, 2023 (hereinafter referred to as the reporting period), the revenue of the reinvigation of energy was about RMB 524 million, 605 million and 219 million yuan, respectively.The internal losses were 654 million yuan, 546 million yuan, and 460 million yuan, respectively, and the cumulative loss in less than three years reached 1.660 billion yuan.
In addition, during the reporting period, the reconstruction of energy gross margin was 11.8%, 8.2%, and 15.8%, respectively, and gross profit was 61.785 million yuan, 49.823 million and 34.99 million., Gross profit margin is -22.4%.
Reinstalling energy said that the annual gross profit margin decreased in 2022 and the hair loss in the first nine months of 2022 was mainly due to the increase in impairment in 2022, and due to the rapid iteration and market price decline in the high -power direction in the high -power direction, the fuel cell system also caused the fuel cell system.Increased inventory impairment loss increases.
According to the prospectus, during the reporting period, the company’s sales and marketing expenses were 90.5 million yuan, 103 million yuan and 81.5 million yuan, respectively, accounting for 17.3%, 17.0%, and 37.2%of the income.243 million yuan and 224 million yuan, accounting for 41.6%, 40.1%, and 102.1%of the revenue, and R & D expenditure was 231 million yuan, 199 million yuan, and 167 million yuan, accounting for 44.1%, 32.9%, and 76.2%of the revenue.
In this regard, re -shaping energy stated that sales and marketing expenses increased nine months by 63.7 million yuan in the same period of the previous year.The increase in overall salary levels has led to an increase in salary of employees; the increase in administrative expenses in 2022 is mainly due to the increase in depreciation and amortization of office decoration in 2022, and the increase in the overall salary level of the company;The decline is mainly because the company tests and verify the self -developed membrane electrode before mass production, and has completed the development of fuel cell systems and supporting piles with a rated power from 120kW to 130KW.Increased costs.
The prospectus shows that during the reporting period, the revenue of reinstallation of energy from 1 is mainly from 1, selling hydrogen fuel cell systems and components; 2. Provide hydrogen fuel cell development services; 3.It mainly includes providing after -sales service).
For details, the maximum source of revenue for reinstallation is the sales of hydrogen fuel cell systems and components. During the reporting period, it accounts for 98.0%, 94.9%and 94.6%of the total income.Among them, the revenue of the sales of hydrogen fuel cell systems and parts increased from 514 million yuan in 2021 to 574 million yuan in 2022. The re -shaped energy said mainly due to the company’s investment in research and development to improve product performance, reducing costs and enhancing customer pairing of customers.The trust of the company’s comprehensive solutions increases sales.
In addition, the company’s sales revenue of hydrogen fuel cell systems and parts and components has increased significantly from 92.3 million yuan in nine months by 2022 to 208 million yuan in the first nine months of 2023.After the influence, the company’s customers resumed normal business operations, and by expanding the market, the company’s product demand increased, which increased sales of sales before 2023.
During the same period, the receivables that reinstated energy continued to rise.
During the reporting period, the reconstruction of energy trade receivables and receivables (deductible impairment) were 1.2 billion yuan, 1.5 billion yuan, and 1.6 billion yuan, respectively, accounting for 47.8%, 36.7%and 42.4%of the assets.The amount of impairment of the receivables and receivables also increased significantly, which was 373 million yuan, 40 billion yuan, and 419 million yuan, respectively.They were -768 million yuan, -728 million yuan, and -625 million yuan, respectively. As of the end of the reporting period, the company’s cash and cash equivalents were 736 million yuan.The company said that if the company cannot recover the trade receivable in time, the pressure of positive cash flow in business activities may further intensify.
02
Nearly 60 % of the fundraising for hydrogen fuel, doubtful in profit prospects
In addition, the capacity utilization rate of reinstallation is also worthy of attention.
During the reporting period, the capacity utilization rate of hydrogen fuel cell system was 27.2%, 26.5%, and 21.7%, respectively, and the capacity utilization rate of fuel cell piles was 29.6%, 26.2%, and 31.9%, respectively.0, 0, and 85.3%were respectively, and the capacity utilization rates of membrane electrodes were 89.7%, 49.4%, and 56.5%, respectively.
In this regard, the reinvigation of energy said that due to insufficient product demand or unstable, the company may not be able to make full use of production capacity and may not be able to achieve the expected economic benefits or commercial feasibility.
”The company plans to increase the production capacity of existing production facilities and build additional production facilities for existing products and new product lines in multiple regions.The demand for product may not be enough, resulting in the low utilization rate of production facilities. The actual output varies depending on product demand, and then it may be affected by market trends, customer preferences, or other factors.And the lack of new customers, the production facilities may run at the expected utilization rate, which may adversely affect the company’s business, financial status and operating performance. “
Revisiting energy, in order to meet the greater demand of the market for the hydrogen fuel cell system, the company plans to expand the production capacity of the hydrogen fuel cell system and hydrogen energy equipment. In terms of hydrogen fuel cell system, the company plans to expand the annual production capacity of fuel cell piles to toAbout 20,000 units and the annual production capacity of the membrane electrode to 6 million pieces. The company also plans to raise the production capacity of the bipolar board to about 3 million pieces. In addition, the company also plans to establish a new production facility to expand the hydrogen hydrogen to expand the hydrogen hydrogen to expand the hydrogen hydrogenEquipment capacity.
”If you cannot improve production capacity as expected, or have any problems or delays in the production expansion plan, this may adversely affect the company’s financial status, business performance and business.”
It is worth noting that among the funds raised by the re -enabled energy, it is closely related to the development and expansion of the hydrogen fuel cell system.
For details, 59.4%of the fundraising will be used for research and development activities and expansion of the hydrogen fuel cell system for research and development activities and expansion of funds.Equity investment in the hydrogen industry provides funds, 17.4%of fundraising will be used for overseas market business expansion, and 5.0%of fundraising will be used for operating funds and general company purposes.
The prospectus shows that the reinvention of energy has invested more than 91.6%of the funds in the main business of the aforementioned financing.
It is worth mentioning that China ’s hydrogen fuel cells are mainly used in the field of fuel cell vehicles. Fuel cell vehicles are widely used in large commercial vehicles such as freight trucks and bus.The system is equipped with a heavy card, with 61.6%, 68.7%, and 84.3%, respectively. The company said that the operating cost of the heavy truck of hydrogen fuel cells is generally about 35%lower than the corresponding operating cost of the diesel heavy card 100 kilometers.
According to the data of Fhstanalin, according to the total output power meter of the heavy -duty hydrogen fuel cell system in 2022, the energy reinstallation ranks first in the Chinese hydrogen fuel cell market market with a market share of 25.9%.Based on the cumulative mileage (approximately 168 million kilometers) of fuel cell vehicles that have been sold on September 30, 2023, the re -enabled energy ranks first in the Chinese hydrogen fuel battery system market.
In addition, the two successful listing of hydrogen -energy battery concepts of the stock market last year, Yitong (688339.SH; 02402.HK) and Guohong Hydrogen Energy (09663.HK) are currently in a state of breaking.However, if compared with performance, the re -shaped energy does not have an advantage at present.
In detail, in the first five months of 2021, 20122 and 2023, Guohong Hydrogen Energy’s revenue was 457 million yuan, 749 million yuan and 143 million yuan, and net losses were 703 million yuan, 280 million yuan and 8830.10,000 yuan.In 2021, 2022, and 2023, Yitong’s revenue was 629 million yuan, 738 million yuan, and 801 million yuan, respectively, and net losses were 162 million yuan, 166 million yuan and 226 million yuan, respectively.It can be seen that the reinvention has a distance compared to the performance compared to the two listed companies.
Lin Boqiang, Dean of Xiamen University China Energy Research Institute, told the Securities Daily: “At this stage, hydrogen fuel cells are small because of small market size, less use scenarios, and compared with ordinary conventional batteries, the cost is high, so it is difficult to constituteCompetitiveness is difficult to achieve profitability in the short term. At present, hydrogen fuel cell companies are basically piloting promotion, and often benefits are derived from various subsidies. “
Indeed, industry watching companies have almost clear losses and losses have become the norm, and many government subsidy funds are also reality.During the reporting period, the amount of reconstruction from government subsidies was 32.178 million yuan, 34.286 million yuan, and 20.903 million yuan, respectively.
03
The top five customers are concentrated, and the main customers and main suppliers are the same?
At the same time, the top five customers of re -building energy are also worthy of attention.
During the reporting period, the revenue obtained from the five major customers from the five major customers was 393 million yuan, 434 million yuan, and 174 million yuan, accounting for about 75.0%, 71.7%and 79.4%of the total revenue.The largest customers’ income was 117 million yuan, 134 million yuan, and 65.3 million yuan, respectively, accounting for 22.4%, 22.2%and 29.8%of the total revenue of the same period.
Famous economist Song Qinghui told “Business Watch in Harbor” that for the IPO company with a higher concentration of customers, if the company’s main customers have a major adverse change or a large number of major customers’ orders are reduced, it may be on the company’s operation belt.Come to be unfavorable.
Interestingly, according to the prospectus, Beijing Hydrogenon Chuangneng Technology Co., Ltd. is the main supplier of reinventing energy, and it is also the main customer.The system’s R & D and production and Chinese companies developed by methanol hydrogen technology to establish a business relationship with the reinstallation of energy in 2020.The company purchases fuel cell piles from its subsidiaries, and the products provided to them are mainly equipped with a hydrogen fuel cell system for fuel cell piles purchased from Beijing hydrogen.
During the reporting period, the company’s purchases made by Beijing Hydrogen Chuangneng and its subsidiaries were 0, 29.3 million yuan and 5.3 million yuan, respectively. The company’s income from Beijing Hydrogen Chuangneng was 20.2 million yuan, 33.8 million yuan, and the company.21.1 million yuan.
Re -shaping energy said, “The company confirms that the trading terms of Beijing Hydrogen Chuangneng belong to normal business terms, similar to the transaction clauses of other customers and suppliers. Beijing Hydrogen Chuangneng and its final benefit owners are independent third parties.It was confirmed by the company that during the track record period, the company’s directors, supervisors, their close contacts, or the fact that the actual actual dated the actual actual date of the company’s issuance of more than 5%of the shareholders of the company had no shareholders.Can have any rights and interests. “