The hottest Tianyuan Group is making a comeback. T

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Tianyuan Group is making a comeback. This time, it is bound to win

. By coincidence, in mid May, Guangdong Tianyuan Industry Group Co., Ltd. (hereinafter referred to as Tianyuan Group), which is close to JiuHeng barcode business and focuses on express e-commerce packaging and printing products, also decided to break through the A-share barrier again, and submitted a prospectus for the third time to apply for listing on the small and medium-sized board

Youdao is prosperous. When the purchase and receipt of express has become the top priority of the "seven new things", its upstream express e-commerce packaging and printing product suppliers have also been honored. Therefore, under the "blessing" of several listed express delivery giants, a competition for the "first share" of Express materials is also secretly unfolding

On June 20, Guangzhou JiuHeng bar code Co., Ltd. (hereinafter referred to as JiuHeng bar code) focusing on express logistics application materials formally submitted a prospectus to the CSRC. Coincidentally, in mid May, Guangdong Tian Industry Group Co., Ltd. (hereinafter referred to as Tian Group), which is close to JiuHeng barcode business and focuses on express e-commerce packaging and printing products, also decided to break through the A-share barrier again, submitting a prospectus for the third time and applying for listing on the small and medium-sized board

for the consideration of sprinting A shares again, The relevant person in charge of Tian Group said in an interview: "The production capacity of the company's existing production base has been basically saturated. In the future, with the rapid development of downstream industries and the continuous increase of new customers, it is expected that the problem of insufficient production capacity will be further highlighted. In order to adapt to the development trend of the industry and shorten the supply cycle, the company urgently needs to build new production lines to expand production capacity and realize the continuous growth of sales and market share. At the same time, in order to meet the growing customer demand, the company Express e-commerce packaging and printing Product lines are becoming increasingly diversified, and there is an urgent need to build a richer product production line. "

by raising funds, these needs may be met, so as to further enhance the market competitiveness of products. In the view of the industry, this has also become the main reason for express material companies to compete for listing

who will be the "first share" of Express materials? "There may still be uncertainties about which of JiuHeng bar code and Tian Group will be listed first, and JiuHeng bar code also needs to go through such a stage of being inquired by the exchange. However, from the perspective of listing costs, Tian Group's costs will rise after several twists and turns." Express expert zhaoxiaomin said in an interview

no matter who comes first, express orders and packaging boxes can also support the listing dream of two upstream express e-commerce enterprises. From the perspective of business similarity, JiuHeng bar code and Tian Group are more like a pair of "twin brothers", they are almost on the same runway

both the uncertainty of upstream raw material price fluctuation and the opportunities and risks brought by the rapid development of downstream express e-commerce need to be actively dealt with. At the same time, they also need to deal with it well: the market concentration is low, there are many small and medium-sized enterprises in the industry, and the competition is fierce; The proportion of raw material cost in the cost of main business is too high; A series of problems with high customer concentration

rapid revenue growth, and the demand for express e-commerce has become a driving force

from the perspective of the composition of main business income, JiuHeng barcode focuses on the R & D, production and sales of express logistics application material series products, commercial application material series products, and self-adhesive material series products. Among them, the express logistics application materials series, which accounts for more than 80% of the total, is undoubtedly the top priority. This series of products is further divided into three parts: electronic face list, express waybill and packaging materials. "These three pieces are the core of JiuHeng bar code, so they invested a lot here." Zhao Xiaomin analyzed

Tian Group takes the integrated service of express e-commerce packaging and printing as the core, and its main products include electronic label series, plastic packaging series, express envelope series, Bill series, buffer packaging series, multi-functional tape series, etc

regarding the IPO related issues of JiuHeng bar code, JiuHeng bar code said in reply to the interview: "see the prospectus for details."

the prospectus shows that JiuHeng barcode will issue no more than 21.256 million shares to the public, accounting for no less than 25% of the total share capital after the issuance. The capital to be raised this time is 545million

the public offering shares of Tian Group this time are no more than 44.2 million shares, accounting for no less than 25% of the total share capital after the issuance. It is worth mentioning that this amount is reduced by half compared with the amount of funds raised by the initial application for IPO

in response, the relevant person in charge of Tian Group said in an interview: "the use of the company's raised funds this time is mainly centered on the company's main business, and the amount of funds to be raised is adjusted according to the company's actual operation and the scale of the raised investment projects." Zhao Xiaomin believes that "the reduction of the amount of funds raised may improve the pass rate at the same time."

in recent years, the e-commerce and express logistics industries have maintained rapid development, driving the continuous growth of the use of packaging and printing products

statistics show that in 2018, China's express service enterprises completed a total of 50.71 billion business units, an increase of 26.6% over the previous year, and the market size continues to rank first in the world. By 2020, the National Express business volume will reach 70billion pieces, and the annual per capita use of express will reach 50 pieces/person

in this context, the revenue of JiuHeng barcode and sky group is also expected to grow

according to the prospectus data, in, the revenue of JiuHeng barcode was 801 million, 990 million and 1.416 billion respectively; The net profits were 66.9523 million, 31.0702 million and 103 million respectively. Among them, the revenue growth rates in 2017 and 2018 were 23.64% and 42.99%. The reason why the net profit fluctuated greatly in 2017, according to the prospectus information, may be related to the sharp increase in management expenses caused by the equity incentive implemented by JiuHeng bar code on core employees

in contrast, Tian Group's pursuit of listing can be described as "twists and turns". In April 2017, the prospectus was first submitted, and after inquiry and whether it was approved by the Shanghai Stock Exchange, the listing of a shares was restarted again. According to its latest prospectus, in, Tian Group achieved revenue of 671 million, 842 million and 1012 million respectively, with a year-on-year increase of 25.55% and 20.16% in 2017 and 2018; The net profits in the same period were 53.4642 million, 57.9082 million and 73.7849 million respectively

from the above data, we can see the general "Outline" of express e-commerce packaging and printing suppliers with comprehensive manufacturing capacity. Although the two are of the same magnitude, the subtle difference is that the revenue scale and net profit of Tian Group in recent three years are lower than that of JiuHeng bar code, especially the revenue growth rate in 2018. The data of JiuHeng bar code has obvious advantages

however, in terms of gross profit margin, the gross profit margin of the main business of JiuHeng bar code was 26.64%, 24.39% and 21.12% respectively, which fell relatively; The gross profit margin of Tian Group is 20.57%, 20.60% and 24.82% respectively

JiuHeng bar code explained in the prospectus that the decline in gross profit margin was not only affected by the one-way electronic face sheet iteration of express delivery, but also related to the rise in the purchase price of paper raw materials to varying degrees, resulting in the rise in the cost of raw materials

the prospectus of Tian Group said that its gross profit margin fluctuated to a certain extent, but compared with the level of the same industry, it was in line with the development of the industry. The fluctuation of gross profit margin was mainly affected by market competition, product and customer structure, raw material price fluctuations and other factors. The gross profit margin is slightly lower than the average level of Listed Companies in the same industry as a whole, which is related to the differences before purchase in product structure, business scale and sales strategy

for the main factors that may affect the sustainability and stability of profitability, both sides put the stable growth of downstream market demand in the first place. JiuHeng bar code also pays attention to the impact of raw material price fluctuations and the impact of the investment project of the raised funds, while Tian group seems to pay more attention to the continuous improvement of the supply capacity of products and services and the continuous innovation of products and services

"whether in terms of scale and market influence, or hard conditions such as investment in R & D costs, patents, plants, etc., JiuHeng barcode has more advantages." Zhao Xiaomin told that all factors combined, the listing process of JiuHeng barcode may be more smooth

packaging demand growth "undercurrent surging" in the subdivision field

behind the continuous growth in the demand for packaging and printing products of express e-commerce, the subdivision field "undercurrent surging"

more than two years ago, Tian group failed to seek gem listing, but its relevant person in charge said that the main business has not changed significantly, "constantly expanding the width and depth of the product line"

in the main business of JiuHeng bar code, the revenue of express logistics application materials series products has accounted for more than 80% in the past three years, and has gradually increased, and the proportion in the total revenue increased to 86.71% in 2018, which is the "current and future key development field" of JiuHeng bar code

specifically, the revenue structure of JiuHeng bar code express logistics application material series products has changed to a certain extent. From 2016 to 2018, the revenue of electronic face orders increased significantly, while the revenue and proportion of express waybills decreased year by year

in the same period, in terms of the gross profit margin of JiuHeng barcode segment products, with the further improvement of market recognition, the product sales unit price increased slightly, and the gross profit margin of its electronic face sheet increased steadily; Correspondingly, due to the increase in the cost of raw materials and the lower demand of downstream customers for express waybills, the price will also fall less, and the gross profit margin of express waybills will drop significantly in 2018

investigate the reason, "affected by the green trend of express logistics application materials, the traditional multi link express waybill is gradually being replaced by more resource-saving electronic waybill due to its large paper consumption." As a result, major express companies gradually adopt electronic face orders

the substitution effect of electronic face orders on express waybills is also reflected in the changes in the main business income of Tian Group

according to the revenue composition of Tian Group, the rapidly rising revenue proportion of electronic label series products (mainly including express electronic face orders, etc.) is in sharp contrast to the corresponding rapidly declining bill series products (mainly express waybills)

in this regard, the relevant person in charge of Tian Group said, "On the one hand, electronic face sheet can provide technical support for the transformation and upgrading of polymer surface material industry through logistics information electricity, sub storage and batch printing, which can replace the traditional express waybill in function, and has the advantages of convenience, efficiency, accuracy and green; on the other hand, the application of electronic labels is the need of the development of intelligent sorting technology of large express logistics companies. At the same time, with the implementation of the concept of green packaging in the country and industry in recent years, As well as the popularity and development of express packaging automatic sorting technology, more and more express logistics companies use electronic labels to replace the traditional bill series products, making the bill series market competition more intense. "

"in the face of the development trend of electronization and paperless, on the one hand, the company continued to optimize the product structure and enrich the product categories, on the other hand, it strengthened the supply capacity of electronic label series products. From 2016 to 2018, the compound growth rate of the company's sales revenue of electronic label series products was 83.50%, which was the main source of the company's revenue growth during the reporting period." The relevant person in charge of Tian group told

can "vertical and horizontal" be resisted by raw material prices?

compared with the rapid growth of business brought by downstream express e-commerce, the cost of raw materials accounts for a high proportion of production costs, but

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