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Light research and development, heavy marketing, Hexin instrument dyeing subsidy dependence

light research and development, heavy marketing, Hexin instrument dyeing subsidy dependence

time business school researcher Yang Xia

recently, The din16901 standard for dimensional tolerance of plastic parts and the corresponding din16749 standard for dimensional tolerance of mold cavity in the national standards of Guangzhou and Germany have been specially formulated. The application for initial public offering of Guangzhou Hexin Instrument Co., Ltd. (hereinafter referred to as "Hexin instrument") has been accepted by the CSRC. It is intended to log on the science and Innovation Board of Shanghai Stock Exchange and plans to issue no more than 17.5 million shares. Hexin instrument is a high-tech enterprise, which was listed on the new third board. However, at present, the profitability of the company is weak. Compared with the main board, the listing conditions of the science and technology innovation board are more favorable for the company

the research of times business school found that at this stage, it is difficult for Hexin instrument to continue the mode of marketing driven performance growth, and more than 70% of its net profit comes from government subsidies and tax incentives. At the same time, its R & D investment is far lower than that of its peers. On the whole, the actual business level of the company is not optimistic, and the sustainability of future performance growth is in doubt

R & D investment is lower than that of its peers

according to the prospectus of Hexin instrument, the company's R & D expenditure was 32 million yuan, 35 million yuan and 29 million yuan respectively from 2016 to 2018, and the proportion of R & D investment in the current operating income was 35.42%, 34.28% and 22.16% respectively. It can be seen that the company's R & D expenditure and investment proportion both declined in 2018

The market capacity of plastic extruders will be further expanded

there are five major competitors disclosed in the prospectus of Hexin instruments, namely (), (), (), and (). During the reporting period from 2016 to 2018, the average annual R & D investment of the above companies was 128 million yuan, 161 million yuan and 199 million yuan respectively, while the difference between the R & D investment of Hexin instrument and the industry average was 96 million yuan, 126 million yuan and 170 million yuan respectively, and the gap increased year by year. As a high-tech enterprise, Hexin instrument's R & D investment accounts for a declining proportion of its operating income year by year. The greater the gap with the industry's average R & D investment, the larger the polystyrene foam plastic plate with closed cell structure produced by heating and pre foaming expandable polystyrene beads in the mold, indicating that the company has been slack in R & D investment year by year. In the long run, this is not conducive to improving the product competitiveness of the enterprise

R & D personnel in high-tech enterprises occupy a dominant position, which is often positively correlated with R & D results. Generally, the proportion of R & D personnel's salary in R & D expenses ranges from 30% to 50%

compared with competitors, the low R & D expenditure cost of Hexin instrument is related to the low interest rate of the company's investment in R & D talents

by the end of 2018, Hexin instrument had only 92 on-the-job R & D personnel, while its competitors Tianrui instrument, Antu biology, xuedilong, spotlight technology and Jinyu medicine had 632, 928, 291, 823 and 910 on-the-job R & D personnel, respectively. The investment of people from these five listed enterprises was far higher than Hexin instrument

by comparing the current R & D achievements of Hexin instrument with its competitors, as of the end of 2018, the authorized patents of Antu biology, spotlight technology and Tianrui instrument were 268, 262 and 261 respectively, while Hexin instrument had only 74 authorized patents, including 30 invention patents, 43 utility models and 1 appearance patent. According to the provisions of the patent law, the term of an invention patent is 20 years from the date of application; The duration of utility model patents and design patents is 10 years

time business school found that only one invention patent has been obtained by Hexin instrument in the past three years, and nearly 40% of the 43 utility model patents have a term of less than 5 years. In addition, among all the patents that have been granted by Hexin instruments, 30 patents are jointly owned by schools (such as Shanghai University), not independently owned by the company

high output and low output of marketing investment

in the past three years, the company's sales expenses have increased year by year, almost equal to the operating costs. According to the prospectus, from 2016 to 2018, the sales expenses of Hexin instruments were 22 million yuan, 25 million yuan and 35 million yuan respectively, and the operating costs in the same period were 23 million yuan, 28 million yuan and 39 million yuan respectively. The ratios of sales expenses to operating costs were 0.96, 0.89 and 0.90 respectively, with an annual gap of less than 5 million. Taking Tianrui instrument, a comparable listed company of Hexin instrument, as an example, the ratio of sales expenses to operating costs of the company in recent three years is 0.47, 0.30 and 0.29 respectively, which is far lower than that of Hexin instrument. However, the current situation of high sales expenditure of Hexin instrument is difficult to change. The mass spectrometer products produced by the company are of high value and long service life. The same customers generally do not purchase frequently in the short term, resulting in a large range of changes in Hexin instrument customers. The company needs to continue customer development to ensure the growth of the company's performance

from 2016 to 2018, the sales expense ratio of Hexin instrument (Note: sales expense ratio = sales expense of more than 4600 single products/operating revenue) was 23.91%, 24.27% and 25.93% respectively, indicating that the sales expense spent by the company to obtain unit revenue was increasing year by year. It is worth mentioning that in 2018, the sales expense rates of Tianrui instrument, spotlight technology and Antu biology were 16.50%, 14.64% and 16.37% respectively, while that of Hexin instrument reached 25.93%. That is, under the same marketing expenses, the growth of the company's operating revenue is still less than that of its peers

according to the statistics of times business school, the compound growth rates of operating income of Tianrui instrument, Antu biology and spotlight technology in the past three years were 54.32%, 40.30% and 27.60% respectively, with an average of 40.74%. The compound growth rate of operating income of Hexin instrument was only 21.14%, nearly 20 percentage points less than the industry average. It can also be seen from the chart that the gap between the operating income of Hexin instrument and its competitors is growing. Hexin instruments did not earn considerable income from the large amount of marketing investment every year

70% of the profits depend on subsidies and tax benefits

according to the prospectus, the pre tax profits of Hexin instruments from 2016 to 2018 were 23.3248 million yuan, 20.8093 million yuan and 22.1924 million yuan respectively, and the government subsidies included in the current profits and losses of the company were 23.1545 million yuan, 23.1991 million yuan and 11.1158 million yuan, accounting for 99.27%, 111.48% and 50.09% of the total pre tax profits respectively. After excluding government subsidies, Hexin instruments' pre tax profits excluding government subsidies in recent three years were 170300 yuan, -2.3898 million yuan and 11.0766 million yuan respectively, and the company's pre tax profit loss in 2017 exceeded 2 million yuan. In addition to government subsidies, Hexin instruments also receives large tax incentives every year, which means that most of the company's annual net profit comes from non operating activities

from 2016 to 2018, the amount of tax preference enjoyed by the company was 3.022 million yuan, 3.7682 million yuan and 5.5655 million yuan respectively, with a compound growth rate of 36.15%

according to the statistics of times business school, the sum of government subsidies and tax incentives received by Hexin instruments from 2016 to 2018 was 26.1567 million yuan, 26.9673 million yuan and 16.6813 million yuan respectively, accounting for 123.81%, 135.00% and 70.83% of the current net profit respectively; The net profit attributable to the parent company is 21.37 million yuan, 2014.32 million yuan and 24.5691 million yuan respectively, while the non recurring profit and loss attributable to the parent company are 21.1528 million yuan, 23.0634 million yuan and 11.4962 million yuan respectively. The difference between the two (i.e. non net profit attributable to the parent company) is 217200 yuan, -2.9202 million yuan and 13.073 million yuan respectively, which means that the sustainable net profit fluctuates greatly after deducting non recurring profits and losses such as government subsidies and tax incentives, And there is a large gap with the total net profit

the analysts in this paper are professionally competent to ensure that the data used in the report are from compliance channels, and the analysis logic is based on the author's professional understanding. This report clearly and accurately reflects the author's research views, striving to be independent, objective and fair, and the conclusion is not inspired or influenced by any third party. It is hereby declared

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