King Ning “let go”, short debts surged, and Pioneer Intelligence sought a secondary listing in Hong Kong

(Photo source: Visual China)

Blue Whale News, February 27 (Reporter Shao Yuting)Under the wave of accelerated transformation of the global energy structure, the leading enterprises in China’s new energy industry chain are ushering in a second transition in the capital market.2months25onlate, the world’s largest provider of lithium battery smart equipment, Pioneer Intelligence（300450.SZ）Submit a listing application to the Hong Kong Stock Exchange, with CITIC Securities and JPMorgan Chase as co-sponsors.

As a market value once exceeded1400Billion yuan of lithium battery”，In the past two years, the performance of Pioneer Intelligence has declined, and the total market value has also evaporated by hundreds of billions from a high point. Pioneer Intelligence, whose short-term debt has surged, has turned its attention to Hong Kong stocks.

Gradually untie the Ningde era

Pioneer Intelligence was established in2002Year,The business covers lithium battery smart equipment, photovoltaic smart equipment,3CIntelligent equipment, intelligent logistics systems and other fields, deeply binding to top customers such as Ningde Times, Tesla, Yiwei Lithium Energy, and BYD.

According to Frost Sullivan, press2024Based on the annual order value,pilot intelligenceIt is the world’s largest provider of new energy smart equipment and solutions, occupying the global market9.1%, the company’s global market share in lithium battery intelligent equipment and the global market share of lithium battery intelligent logistics equipment are respectively22.4%and23.8%。

2015years5In September, Pioneer Intelligence was listed on the Shenzhen Stock Exchange with the opening price of28Yuan/30.54Yuan/shares.2021years11In June, the company’s share price reached a high87Yuan/Shares, market value exceeds1400Billion yuan was once known as lithium battery. However, since then, the company’s share price has plummeted to12.88Yuan/Shares, now hovering in20Yuan/Up and down. as of2months27At the close of the day, Pioneer Intelligence closed24.10Yuan/Shares, total market value approximately377Hundreds of millions of yuan evaporated nearly 100 billion yuan.

In the forefront of intelligence most“proudly2021Year, Ningde Era (300750.SZ) Throw an olive branch to it.2021In 2010, Ningde Times invested in Pioneer Intelligence through fixed increase in equity, holding7.14%It has long been the second largest shareholder of Pioneer Intelligence.

Not only does it bind equity, Ningde Times is also a major customer of pioneering intelligence. Financial reports show that2021years and2022In 2001, the amounts of goods sold by Pioneer Intelligence to Ningde Times and related parties were41.07100 million yuan,55.46100 million yuan, accounting for the total sales of the year40.92%、39.8%。

2023In 2009, Pioneer Intelligence’s sales data for Ningde Times suddenly dropped significantly. According to financial reports,202325.4100 million yuan, accounting for total annual sales fell to15.27%。

2024years11months29On the 20th, Pioneer Intelligence disclosed a “Strategic Cooperation Agreement” signed with Ningde Times. The agreement stated that the two parties agreed to cooperate in relevant fields and conclude strategic partnerships, including but not limited to cooperation in solid state batteries, perovskites and other fields. At the same time, both parties will also actively expand modulesPACK”Relevant cooperation in other fields.

However, on the same day, the simplified equity change report disclosed by Pioneer Intelligence showed that the shareholding ratio of Ningde Times was7.15392%dropped to4.99999%, drop to5%Below.

According to the prospectus,IPOPreviously, Pioneer Intelligence was controlled by the single largest shareholder group composed of Wang Yanqing, Lhasa Xindao, Wuxi Yuxi and Shanghai Zhuoao, with a shareholding ratio of approximately32.33%Among them, Lhasa Xindao holds shares21.46%, Wang Yanqing holds Lhasa Xin Guide94%Equity, and also directly holds the pilot smart contract0.56%Rights. Ningde era is no longer among the major shareholders.

Performance declines and short debts surge

“customers+Although the dual binding model of shareholders ensures the stability of orders, it also hides the risk of business concentration. With the release of ties with the Ningde era, the performance of Pioneer Intelligence has gradually increased income but not increased profits.

According to financial reports,2021to2023years and2024In the first three quarters of the year, Pioneer Intelligence achieved operating income of100.4100 million yuan,139.3100 million yuan,166.3100 million yuan,91.11100 million yuan, respectively, realizing net profits deducted from non-profit15.34100 million yuan,22.56100 million yuan,17.25100 million yuan,5.88100 million yuan.

2024In the first three quarters of this year, the net cash flow generated by leading intelligent operating activities was-25.89100 million yuan, year-on-year decrease76.74%, the total amount of borrowings is higher than that at the beginning of the year1.84Billion yuan surged to33.1100 million yuan, of which short-term loans are30.46100 million yuan, an increase from the beginning of the period1554.36%。The balance of cash and cash equivalents held by the company is28.83Hundreds of millions of yuan cannot cover short debts.

as of2024At the end of the third quarter of 2010, the leading smart accounts receivable reached92.79100 million yuan, the current credit impairment loss reached5.32100 million yuan, a year-on-year increase64.71%。Pioneer Intelligence said that this was mainly due to the large number of long-term accounts receivable during the reporting period. as of2024years9At the end of the month, the company’s accounts receivable turnover days increased156God.& zwnj;

The high balance of accounts receivable has always been a problem faced by Pioneer Intelligence. The prospectus shows that accounts receivable from the Ningde era account for a high proportion. Previous earnings reports showed that2021to2023In 2001, Pioneer Intelligence’s closing book balances of accounts receivable from Ningde Times and its holding subsidiaries were20.23100 million yuan,35.25100 million yuan,25.61100 million yuan, and the book balances of pilot smart accounts receivable during the same period were40.6100 million yuan,64.46100 million yuan,97.49100 million yuan, the proportion of accounts receivable from Ningde era is49.83%、54.69%、26.27%。

2024In 2001, demand in the domestic downstream market slowed down, and the performance of Pioneer Intelligence was again under pressure.

1months27On the evening of the same day, Pioneer Intelligence released a performance forecast showing that2024In 2010, the company expects to achieve net profit2.10billion Yuan to3.10100 million yuan, down year-on-year88.17%-82.53%; It is expected to realize net profit deduction from non-profit3billion Yuan to4100 million yuan, down year-on-year82.60%-76.80%。

In order to deal with the problem of overcapacity in domestic power batteries, Pioneer Intelligence said that2025In 2010, the company will continue to expand overseas markets.2023In 2009, Pioneer Intelligence accelerated the expansion of production in overseas battery factories, and the proportion of overseas orders increased. The prospectus shows that2024In the first three quarters of the year, the company’s overseas business income reached22100 million yuan, a year-on-year increase41.0%, the proportion of revenue has increased to nearly25%, gross profit margin reached36.4%, among which overseas markets reach39.8%。

This trip to Hong KongIPO，pilot intelligencetheThe purpose of raised funds is mainlyIncluding,Further promote the company’s globalization strategy and business layout, increase investment in R & D, improve the company’s digitalization and service capabilities, supplement working capital and other general corporate purposes, etc.