Reporter |
The new round of acceptance by the Listing Committee of the Beijing Stock Exchange has brought many companies to the stage. Youli Intelligence, which is deeply engaged in the field of photovoltaic brackets, is one of them. It is reported that the controlling shareholder of the issuer is Juli Machinery, and the actual controllers are Li Tao, Li Kailin and Zhu Hong, who control a total of 81.49% of the company's voting rights. Li Kailin and Zhu Hong are Li Tao's parents.
Youli Intelligence's operating income in 2023 will reach 658 million yuan and achieve a profit of 78.1727 million yuan, but as the demand for liquidity for development companies is also increasing, the health of payment collection will be an unavoidable topic.
Export-oriented, the top five customers include 9% of the revenue
According to public information, the sponsor of Youli Intelligence is Huatai United Securities. The company was established on April 25, 2017 with a registered capital of 30.797 million yuan, listed on the national stock transfer system on December 7, 2023, and just transferred to the innovation layer on April 18, 2024.
According to reports, since its establishment, Youli Intelligent has been deeply engaged in the field of photovoltaic brackets, focusing on the research, production and sales of core components of photovoltaic brackets, and its main products include photovoltaic bracket main support torque tube (TTU), photovoltaic bracket bearing components (BHA), photovoltaic module installation structural parts (URA), purlins (RAIL) and other core components of photovoltaic brackets. After the company's main products are assembled, they can form the "bone" of the photovoltaic power station - the photovoltaic bracket, including the tracking bracket and the fixed bracket, in which the tracking bracket and the supporting electronic control design and drive design together constitute the photovoltaic tracking bracket system.
- Photovoltaic bracket is a special bracket used for installing, placed, bearing, fixing and adjusting photovoltaic modules in photovoltaic power stations, which together with photovoltaic modules, combiner boxes, inverters and other core equipment constitute a photovoltaic power generation system. Fixed bracket means that the photovoltaic array will not change with the change of the angle of incidence of the sun, but only receives solar radiation at a fixed angle, which is the most mainstream form of photovoltaic bracket in China. The tracking bracket refers to the photovoltaic bracket that can adjust the spatial angle of the photovoltaic module according to the change of the incidence angle of sunlight, and then increase the amount of radiation of sunlight on the module to improve the power generation.
Youli Intelligent's products can be sold to Brazil, Chile, Australia, Canada, Europe, the Middle East and other countries and regions, and the proportion of export revenue in 2023 will reach 73.06% of total revenue. Since the main products are produced according to the design standards of the entire photovoltaic power generation system of customers, the corresponding design standards and process requirements of different customers are different, and the degree of customization and specialization is high. Therefore, through direct sales, Youli Intelligent directly negotiates with photovoltaic mounting system solution providers, signs orders or contracts with customers, and delivers goods according to customer project needs.
It should be pointed out that Youli Intelligence's customers are actually highly concentrated, with the top five customers accounting for 94.91% of sales in 2023, of which the company's revenue from NEXTracker, the largest customer, accounts for 61.67%. According to Wood Mackenzie data, from 2015 to 2022, NEXTracker's tracking PV bracket shipments ranked first in the world for 8 consecutive years. In view of the existing market pattern of the photovoltaic tracking bracket industry and the existing product structure of Youli Intelligence, this kind of high customer concentration is still inevitable, and even dependence on a single large customer.
Receivables were enlarged, turnover was declining, and net cash flow from operating activities was negative
From 2021 to 2023, the operating income of Youli Intelligent will be 384 million yuan, 433 million yuan, and 658 million yuan respectively, and the net profit will be 14.7768 million yuan, 42.1948 million yuan, and 78.1727 million yuan respectively.
From the perspective of the book balance of accounts receivable, with the development of Youli Intelligence, the balances were 34.4937 million yuan, 104.7453 million yuan and 196.1105 million yuan respectively, and the amount increased rapidly. At the same time, the company's accounts receivable turnover ratio was 15.17 times, 6.22 times, and 4.37 times, respectively, a significant decline. NEXTracker, the largest customer contributing more than 60% of the revenue, naturally ranks first in the list of the top five accounts receivable, with an amount of 136 million yuan in 2023, accounting for 69.33% of the total closing balance of accounts receivable, and a bad debt provision of 6.7978 million yuan.
In addition, the net cash flow generated by Youli Intelligence's operating activities will turn from positive to negative in 2023, to -5.3158 million yuan. With the development, the company's advance payment from 2021 to 2023 is also increasing, which is 32.6292 million yuan, 38.2444 million yuan, and 90.2788 million yuan. In terms of inventory, the carrying value from 2021 to 2023 will be 36.3015 million yuan, 37.2847 million yuan and 62.4262 million yuan respectively, mainly composed of raw materials, inventory goods and issued goods. In all respects, with the development of Youli Intelligence, the demand for liquidity is also increasing.
Regarding the growth of accounts receivable, Youli Intelligence has a statement.
According to Youli Intelligence, at the end of 2021, the low balance of accounts receivable was mainly due to the company's early recovery of relevant accounts receivable through Citibank supply chain financing within the 120-day credit account period given by the customer NEXTracker according to the capital needs. According to the supply chain financing agreement signed between the company and Citibank, the receivables transferred by the company are in the nature of buyouts, the bank has no recourse against the company for the purchased receivables, the company has transferred almost all the risks and rewards of the ownership of the accounts receivable, and the transfer of relevant accounts receivable meets the conditions for derecognition stipulated in the accounting standards for business enterprises, so the balance of the company's accounts receivable at the end of 2021 is relatively low.
In 2022 and 2023, the company's business scale continued to expand, and at the same time, due to the increase in domestic bank credit lines, low loan interest rates, and high discount costs of Citibank, the company adopted bank loans to supplement liquidity and reduce or postpone accounts receivable discounting, so the balance of accounts receivable at the end of 2022 and 2023 was higher. The decline in the turnover rate of accounts receivable is naturally the reason for this, which is because the company has reduced or delayed the discounting of accounts receivable.
It can be seen that the expansion of Youli Intelligence needs to combine its own liquidity and seek a balance between loans and discounts.
According to the fundraising plan of Youli Intelligence, 70 million yuan of the 358 million yuan that the company plans to raise will be used to supplement liquidity.
Industrial policy concerns
Since most of Youli Intelligence's products are exported, the company will be more sensitive to changes in overseas markets.
According to the risk warning of Youli Intelligence, the photovoltaic industry, as a global strategic emerging industry, is greatly affected by international trade protection policies. Overseas market is an important growth point of the company's revenue, if the export country adopts trade protection policies such as tariffs on products from China, it will directly affect the company's sales scale to overseas customers.
In the field of photovoltaic brackets, the United States has imposed tariffs on the export of domestic photovoltaic bracket products. At present, Youli Intelligent sells fewer products to the U.S. market, and the U.S. tariff policy has little impact on the company. In October 2023, the European Carbon Border Adjustment Mechanism (CBAM) came into effect, according to which the EU will levy corresponding fees or quotas on imported products with high carbon emissions in the import and export of goods, which currently covers cement, steel, aluminum, fertilizer, electricity and hydrogen. The bill sets a transition period until the end of 2025, during which importers will not have to pay carbon tariffs, and the tax will officially start in 2026 and be fully implemented by 2034. Before the end of the transition period, the EU will also assess whether to extend the levy to other sectors that are at risk of "carbon leakage".
Youli Intelligent said that at present, the company's products have not been subject to carbon tariffs, and the EU carbon tariff policy has not had a negative impact on the company's export revenue. However, if the Sino-US trade friction intensifies in the future, the EU carbon tariff and other international trade protection policies are implemented, the company is unable to adapt to the policy changes in a timely manner and adjust the corresponding business strategy, or overseas customers reduce the purchase of domestic suppliers, which may have an adverse impact on the overseas sales of the company's products, and then affect the company's future operating performance.