"CD-ROM" Amethyst Storage Listed On The First Day Of Rise, Causing Valuation Disputes Accounts Receivable Proportion Or Hidden Worries

In February 26th, Amethyst storage successfully landed on the creative board and completed the gorgeous turn from the new three boards after delisting.

Amethyst storage is an optical storage technology enterprise. Its main products include optical storage media for direct sale in consumer level market, and optical storage devices and solutions for sale at the enterprise level.

Thanks to the advent of the big data era, because of the scarcity of optical storage targets in the A share market, many brokerages have given Amethyst storage a certain valuation premium.

However, the performance of Amethyst storage after listing is still not expected by many investors. Amethyst storage and distribution price of 21.49 yuan, the first day of listing rose 264.08%, to close at 78.24 yuan, the total market value of 14 billion 895 million. The highest price in the session hit 86.98 yuan, or 3 times, far exceeding the valuation given by the broker.

"If data storage is divided according to access frequency, thermal storage is frequently accessed, while cold storage is the opposite. Now the consumption level of consumer level is less and less, the main direction is the enterprise market, that is, cold storage, demand is usually backup data. Amethyst storage company has a smaller volume, although it has achieved independent control on technology, there is still a gap with foreign countries. " In February 26th, an electronic industry analyst told reporters.

Sitting on the big data outlet

4 years ago, in another market, Amethyst storage did not have such a "fire".

At the beginning of 2016, Amethyst storage was launched. In July 2018, it delisted from the new three boards. Before the delisting, the transaction price in the new three boards was 7.54 yuan, and the total market value was 897 million yuan. During the listing period, the highest price of Amethyst storage was only 15.5 yuan.

According to the timeline, listing is a matter of Amethyst storage plan. As early as December 2016, Amethyst storage entered the counselling phase of listing, and the sponsor was Chinese national securities. The listing is scheduled to terminate on December 2018.

In February 2019, Amethyst storage was once again registered for guidance and registration, and the counselling agency for CITIC construction investment formally launched an attack on the science and innovation board.

Zheng Mu, chairman of Amethyst storage, is full of expectations for the listing of the company. He said at the listing ceremony: "we successfully issued A shares and listed, indicating that Amethyst storage will take advantage of the A share capital market, open the door to a higher and farther Road, and move towards a new development high point."

The performance of Amethyst storage on the first day of listing really made a good start for its A share.

Of course, after 4 years of development, Amethyst storage is no longer the same company. Amethyst storage ushered in the industry's "good time", the rapid growth of performance. In the 2016-2018 years and the first half of 2019, Amethyst storage revenue was 150 million yuan, 310 million yuan, 400 million yuan and 160 million yuan respectively, corresponding net profit were 33 million 78 thousand and 300 yuan, 53 million 638 thousand and 500 yuan, 104 million 931 thousand and 200 yuan and 17 million 235 thousand and 700 yuan respectively.

In the industry view, the advent of the era of big data will also become a driving force for the rapid development of Amethyst storage.

The Internet data center predicts that from 2018 to 2025, the annual compound growth rate of China's data circle will reach 30.35%, which will become the largest data circle in the world, and the data generated by enterprises will become the mainstream. Optical storage has long service life and low cost, and is more suitable for large data layering. The industry is expected to develop at a high speed.

From the perspective of Amethyst storage itself, the company has provided blue light storage medium from the early stage for the consumer market, and gradually developed toward the optical storage devices and solutions for the enterprise market.

The prospectus shows that Amethyst storage is the only optical storage upstream material, manufacturing equipment manufacturing and optical storage manufacturing enterprise selected by the Ministry of industry and Commerce in 2018. It is the only optical storage enterprise in mainland China that has been recognized by the BD-R blue chip alliance through the international blue light alliance, the only one of the nine companies in the world.

Accordingly, many institutions regard Amethyst storage as a scarce target in the A share optical storage area.

Tianfeng securities research report pointed out that only one of the listed companies is easy to record a similar optical storage business with the company, and Huasheng Tiancheng provides big data storage solutions and cloud data centers. Zhongke Shuguang provides cloud computing storage solutions and big data storage solutions, so it is also comparable with the company. Taking into account the company's underlying technological information innovation, it has self-knowledge. The scarce storage object of intellectual property is entitled to a certain valuation premium.

Accounts receivable account for 9 of the total.

Despite the valuation premium, the first day of Amethyst storage is still ahead of market expectations.

According to the research report issued by Tianfeng securities, "corresponding to the 2020 profit, amethyst is stored 45-55 times PE, the market value is 99.9-122.1 billion, corresponding to the stock price 52.5-64.1 yuan." Current Amethyst storage valuation has exceeded the upper limit given by the agency.

"Amethyst storage is to catch up with the big data outlet. In essence, it is a disc company. It is amazing to be able to fry such a high price. Today's 9:20 auction is 80 yuan, I hang up 80 yuan to guarantee the transaction, which is far beyond my expectations, but I did not expect to go up. " One of the winners of Amethyst storage said.

In twenty-first Century, the economic news reporter noted that the risk of Amethyst storage is still unclear in terms of financial data and core technology.

In the prospectus, the first thing about Amethyst storage is technology risk. At present, the optical storage industry has entered a new technology development cycle, from the blue light storage to the next generation holographic optical storage technology innovation and development, and the research of Amethyst storage is still in its early stage, there is a risk that it fails to research and develop successfully and realize industrialization.

At the same time, the international standard of Blu ray storage is promoted by overseas manufacturers, and most of the standard technology patents are controlled by overseas manufacturers. The question was also asked at the Municipal Committee meeting. However, Amethyst storage indicates that it will not be restricted or prohibited to carry out Blu ray Disc business in China.

More market concern is the financial risk of Amethyst storage. In the past 2016-2018 years, the net cash flow of its business activities was -971.64 yuan, -816.62 million yuan and 10 million 327 thousand yuan respectively. The accounts receivable amount was 107 million yuan, 181 million yuan and 373 million yuan respectively, accounting for 71.7%, 58.5%, 92.9% of income.

Amethyst storage explains that it is because of the early development stage of expanding the market scale and accumulating industry cases, it has adopted a relatively loose credit policy for accounts receivable to obtain business resources, making accounts receivable grow faster.

Compared with Yi Hua Lu of interbank company, its accounts receivable accounted for 93% of the total revenue in 2018, but it was about 40% in 2016 and 2017. The proportion of Zhongke dawning is relatively balanced, which is about 30%.

"Compared with peers, the proportion of Amethyst storage is relatively high, but the annual growth trend is more consistent. It should be noted that the company's revenue and accounts receivable are increasing substantially. It is necessary to consider whether the market development is really so fast, whether the revenue recognition is prudent or not, and also consider the progress of the subsequent repayment. An auditor from a large accounting firm in Shanghai said.

In fact, Amethyst storage also admitted that considering that the third party data center operators in downstream customers are mostly new enterprises entering the optical storage industry, and other customers such as system integrators, traders and so on are mainly small and medium-sized private enterprises. If the financial condition of the company's customers deteriorates or the economic situation changes unfavourable, the accounts receivable cannot appear on schedule or can not be recovered. The situation may lead to the risk of tight cash flow.

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