Key and mouse peripherals manufacturer Zhidi Technology entry gem, give up independent brand to OEM, lenovo is increasing dependence
After six months, mouse and keyboard peripherals manufacturer Zhi Di technology again updated the prospectus.The IPO is expected to raise 500 million yuan, compared with a net asset of 294 million yuan at the end of 2021.Among them, Zhidi Technology plans to use about 246 million yuan for “computer peripherals expansion project”, accounting for 49.2% of the total amount raised.As a matter of fact, by the end of 2021, the production capacity of all keyboards and mice of Zhidi Technology is 7.1 million and 11.82 million respectively. After the completion of the raised project, the production capacity of commercial keyboard, commercial mouse, game keyboard and game mouse will increase by 1.5 million, 3 million, 4.5 million and 2.25 million each year respectively.Keyboard and mouse production capacity will continue to expand 84.51% and 44.42%.It is understood that Zhidi technology belongs to the field of computer peripherals, the company is mainly engaged in mouse, keyboard and other computer peripherals research and development, production and sales, and compared to Zhidi technology, the company is more known to the public may be “fuller” this brand.However, due to the adjustment of the company’s business focus, Zhidi Technology has stripped its own brand business after September 2019, and transferred the equity of its subsidiary Shanghai Tao Di and the brand trademark of “Fuller”.At present, Zhidi technology’s business model is mainly ODM OEM, mainly as the supplier of lenovo, Logitech, Cyrui and Cherry and other well-known peripheral brands.In fact, the downstream PC manufacturers of Zhidi Technology and game peripherals brand have very high market concentration. According to IDC statistics, in 2020, the total shipments of Lenovo, HP and Dell accounted for 63% of the global PC market share. According to Newzoo’s survey in 2016,The market share of the top three game keyboard and mouse brands in the world is also close to 40%, and the Chinese market is close to 50%.Therefore, the customer concentration of Zhidi technology itself is very high. From 2019 to 2021, the company’s revenue comes from the top five customers by 61.28%, 66.18% and 66.5% respectively. After giving up the operation of its own brands, Zhidi Technology is increasingly dependent on Lenovo and other brands.During the reporting period, Lenovo has always been the company’s largest customer. The sales volume of Zhidi Technology to Lenovo is 81.7179 million yuan, 144 million yuan and 184 million yuan respectively, accounting for 13.9%, 18.5% and 16.55% of the current operating revenue. In 2021, peripheral brand Logitech also appears in the list of big customers.In addition, due to the global sales attribute of customers, the proportion of export income in the main business income of the company in the reporting period reached 65.93%, 72.22% and 77.9% respectively, showing an increasing trend year by year.It is worth mentioning that the high dependence on export makes exchange rate fluctuations also have a decisive impact on current profits.During the reporting period, the exchange loss of the company was RMB 1,241,600 yuan, RMB 13,294,500 yuan and RMB 5,151,100 yuan, accounting for 3.23%, 16.24% and 8.25% of the total profit of the period, respectively.On the whole, during the report period, Zhidi Technology achieved operating income of 588 million yuan, 780 million yuan and 1.109 billion yuan respectively, and realized net profit of 34.3865 million yuan, 71.2817 million yuan and 59.2932 million yuan respectively.Recently, The sales share of Products under the esports game scenario of Zhidi Technology has gradually increased, accounting for 19.59%, 29.06% and 37.12% respectively in the reporting period. In 2021, the sales share of esports key-and-mouse products has been close to 40%, and the company’s sales of main esports peripherals such as Logitech are also increasing and decreasing.However, under the influence of RMB appreciation, raw material price rise and other factors, the gross profit margin of Zhidi technology business is not stable, respectively 21.12%, 22.52% and 15.02% in the reporting period. At present, the above adverse factors still exist, that is to say, the company’s gross profit margin may still have significant fluctuations in the future.The actual controller has been changed repeatedly. The company has many irregularities in financial internal control, and the time line has been extended. Zhidi Technology once submitted a prospectus to the Shenzhen Stock Exchange in 2016, when the actual controller of the company was only Xie Weimin.After nearly six years, when the gem was hit again, through the signing of a unanimous action agreement, Hsieh Weiming and Li Baisong jointly as the actual controller of the company, holding a total of 82.76% shares of Zhidi Technology.Among them, Xie Weiming directly holds 40.39% shares of Zhidi Technology, and indirectly holds 1.94% shares of the company through Zhidi Investment, with a total shareholding ratio of 42.33%.However, Li Baisong directly holds 38.81% of the shares of Zhidi Technology, and indirectly holds 1.62% of the company’s shares through Zhidi Investment, with a total shareholding ratio of 40.43%.Feedback, in fact, in 2017, the securities and futures commission in ZhiDi technology also question the controls people’s cognizance, ZhiDi change for joint-stock company limited, at the end of 2015 before the wei-min xie only as a supervisor, in December 2015, after the company chairman and general manager, at the same time the company legal person just also changes from Li Baisong wei-min xie.In addition to the changes of the actual controller, zhidi Technology also has some non-standard internal control behaviors. In 2018 and 2019, the company has been lending and using personal accounts to receive and make payments.Said in the prospectus, ZhiDi technology companies in zhuhai and Tim lang crown mould for 12 consecutive months of accumulative total purchasing amount is less than bank loans entrusted to pay the total amount, so the situation as part of the credit behavior, at the same time because of zhuhai source mau printing co., LTD. And the north sea – al 12 consecutive months of accumulative total purchase amount not less than bank loans entrusted to pay the total amount,Zidi denies any lending practices.It is worth mentioning that langguan Mold, Beihai Liansheng and Zhuhai Kappa are all affiliated parties of the company.In addition, during the reporting period, due to the need for temporary capital turnover, Zhidi Technology borrowed funds from its related party Zhidi Industry to pay for goods for suppliers and repay bank loans.And the company’s controlling shareholders, the actual controller xie Weimin, Li Baisong and other people have also paid for personal consumption and loans between friends from the company funds.Back to Zhidi Technology itself, during the reporting period, the company’s asset-liability ratio was 65.63%, 65.62% and 64.48% respectively. By the end of 2021, the company still had 194 million yuan of short-term loans, and the company’s own financial pressure is not small. Of the 500 million yuan raised this time, Zhidi Technology will also allocate 130 million yuan to supplement working capital.