"Merger And Acquisition Of People", "Off", Negative Profits Sprint, And Overseas Achievements, The Biggest Variable.

The outbreak of new crown pneumonia has affected all aspects of IPO. In addition to the slow progress of the preliminary review process, many companies have joined the epidemic in the prospectus. The intelligent equipment Limited by Share Ltd, which will be accepted by the board of science and technology in April 13th, has also encountered the epidemic at the critical time of listing.

For the 60% of overseas businesses, the impact of the epidemic is greater than expected. With the aggravation of the epidemic situation in Italy, Brazil, Poland and India, the local subsidiaries have been in a state of shutdown or semi shutdown. This makes it hard to see that it has expected to lose its pre tax profits this year.

It is one of the largest industrial robot manufacturers in China, which mainly serves automobile, metalworking and 3C electronics. It is born out of the equipment department of Chery, and the real controller is the SASAC of Wuhu, Anhui. Behind it, there are still a lot of star shareholders. Apart from the imperfect performance, the rest seem to be bright enough.

In 2017, -2019 lost a lot of money. At the end of 2019, the total undistributed profit was -1.55 billion yuan. The market has attributed its loss to the sweeping overseas acquisitions in recent years. The epidemic pushed these mergers and acquisitions forward and further changed the performance of the company.

Domestic robot faucet

As a new field of industrial robotics, it may not be widely known to the public, but opening up the list of shareholders will be fruitful.

The company was founded in 2007. It was formerly the equipment manufacturing section of Chery automobile equipment department. After several rounds of capital transfer, it was controlled by the SASAC of Wuhu, Anhui.

As of the signing date of the prospectus, the company has 5 state-owned shareholders, namely, Wuhu Yuhong, venture capital, Chery technology, Jianxin investment, Shenzhen Venture Capital, and 3 foreign shareholders. It is worth noting that the US group also owns 9.1% of the company.

In addition, well-known private placement also appears on the list of company shareholders. The cornerstone of the letter and the cornerstone of Ma'anshan are 15.3% and 4.6% of the company's holdings respectively, and the two are the cornerstone funds. Another famous venture capital, CDH capital, has 12.9% stake in the company.

The strong shareholder lineup shows that he has high hopes for capital.

Back to the world itself, if we want to sprint the science and technology board, what is its "hard technology" content?

In the China robot industry development report (2019), Eft, one of the 6 enterprises, ranks on the list of the first tier.

According to the statistics of China's robotics industry alliance, in 2015 -2018, the production and sale scale of the industrial robot of the more than three joints was ranked the first in the industry of autonomous brand multi joint industrial robots.

In twenty-first Century, the economic news reporter noted that in the prospectus, the 3 index of the R & D input, the number of invention patents that formed the main business income and the operating income conforming to the evaluation criteria of the CIC were listed in the prospectus.

In addition, he has taken the lead in taking part in the robotics projects of ministries and commissions, Ministry of science and technology, development and Reform Commission and other ministries, and participated in the formulation of national standards for robots.

"Whether it is from the scale of revenue, industrial chain layout or R & D investment, it is in the leading position in domestic industrial robot enterprises. Moreover, in the past two years, the opportunity for transformation and upgrading of manufacturing industry will have broad market prospects for industrial robots. If EFT can land on the KPC board, we can make further progress in the capital market. In April 8th, a mechanical equipment analyst told reporters.

Epidemic hits overseas business

However, for the problem of capital, there is a long-term need to consider how to transform the core technology and assets acquired abroad.

Throughout the development of this field in recent years, its expansion has been achieved through frequent overseas mergers and acquisitions.

Since 2015, Eft has purchased spray painting robot manufacturing and system integrator CMA, general industrial robot system integrator EVOLUT, mid and high-end car body in white welding system integrator WFC, and strategic investment motion control system design company ROBOX, in order to obtain the latter in robot spraying, polishing, polishing and welding technology.

Eft is very frank about this. The main reason for frequent M & A is to get relevant technology quickly. This strategy is called "two wheel drive" of "independent innovation + overseas acquisitions".

"In the future, the company will independently control the key technologies of the industrial robot industry chain through independent research and development, and digest and absorb foreign technology, so as to gradually enhance the core competitiveness." Xu Lijin, chairman of the company, said in an interview with the media.

The continuous overseas acquisitions made the income of the overseas business greatly improved. From 2017 to 2019, the foreign main business income of the company was 374 million yuan, 805 million yuan and 803 million yuan respectively, accounting for 48.50%, 61.91% and 64.22% of the current operating revenue respectively.

But the market's criticism is that after frequent overseas acquisitions, the company has accumulated huge goodwill.

By the end of 2019, the goodwill account value of the company was 373 million yuan. Among them, EVOLUT has accumulated a total impairment of 44 million 352 thousand and 900 yuan in goodwill and WFC 20 million 39 thousand and 900 yuan in goodwill. The book value of customer relationship acquired by WFC is 196 million yuan, and its amortization period is 16.84 years (the remaining years 14.59 years).

In 2017 -2019, net profit was -2734.84 million yuan, -2211.07 million yuan and -4268.28 million yuan. In 2019, CMA achieved net profit of 3 million 250 thousand yuan, EVOLUT loss of 20 million 85 thousand and 800 yuan, WFC loss of profitability and net profit of 25 million 290 thousand yuan.

To add insult to injury, CMA, EVOLUT and WFC are all registered in Italy. Italy is one of the most heavily affected areas abroad. The sales of three subsidiaries in Europe account for more than 40% of the company's revenue.

In the second quarter, the European region's main business operators will be greatly affected. At the same time, Poland, Brazil, India and other land control subsidiaries have gradually entered a state of shutdown or semi shutdown. If the epidemic can not be effectively controlled overseas, the company's overseas operations will not be able to return to normal, and its business performance will continue to be greatly affected, or even affect the subsequent fiscal year.

If there is no such an outbreak, the original pre tax profit will be realized in 2020.

On the one hand is the difficult problem of technology transformation. On the one hand, the demand for the downstream auto industry is reduced, and the overseas factories shut down due to the epidemic. In 2020, it is a difficult stage for the company. In this context, it is particularly important to successfully log on to create a board to feed the industry.

There is no need to be overly pessimistic. "In the short term, affected by the epidemic, the downstream start-up is delayed. The demand for industrial robots in the first quarter of this year is expected to decline. However, after the end of the epidemic, it is anticipated that the manufacturing industry's demand for automation will be enhanced to cope with human dependence in emergencies. The analyst said.

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