Narui radar bidding or tricky, information disclosure defects

2022-05-01 0 By

Source | after learning the news comprehensive securities market weekly, finance and kilter financial on February 17th, municipal party committee will be held on the Shanghai stock exchange kechuang board 2022 ninth review meeting, will review the guangdong’s farce radar technology co., LTD. (hereinafter referred to as the “radar”) of the first application.Founded in May 2014, Naray Radar is a high-tech enterprise driven by scientific and technological innovation, focusing on providing all-polarization active phased array radar detection system solutions. The company currently produces x-band dual-polarization (dual-polarization) active phased array radar and supporting software and hardware products.Nari Radar plans to issue no more than 38.6668 million new shares to raise 968 million yuan, which will be invested in the r&d and innovation center of fully polarized active phased array radar, industrialization projects and supplementary working capital, according to the prospectus. Citic Securities is the sponsor of nari Radar.Financial data show that from 2018 to June 2020, the operating income of Nari Radar was 958,300 yuan, 10,4,955,771 yuan, 13,1,287,400 yuan and 5,0527,400 yuan, respectively.Net profits for the same period were 2,819,500 yuan, 79,973,100 yuan, 66.591,400 yuan and 13.773,300 yuan, respectively.According to the prospectus, nari Radar and Jiangmen Meteorological Bureau of Guangdong Province signed the “X-band Dual-polarization phased array weather radar procurement project of Jiangmen Monsoon heavy Precipitation monitoring network” on December 30, 2020, with a contract amount of 11.04448 million yuan.Refer to the bid announcement at that time, AXPT0364 radar a set, radar software a set, the cost of these two total 8 million yuan, and more than 3 million yuan for the project construction, maintenance costs.In February 2019, Narui radar also won the bid for the jiangmen radar project. At that time, a set of radar system was still 8 million yuan, but the total bid amount was 9.1886 million yuan.In December 2021, Nari Radar won the bidding of “X-band Dual-polarization Phased array Weather Radar Procurement Project of Nanhai District, Foshan City”, with the same products, software and related supporting services, with a total amount of 9,815,600 yuan.Consulting the quotation list of 2021, it can be seen that the related construction and maintenance costs are only 1,259,800 yuan.Thus, in December 2020, jiangmen radar project, there is a million cost is questionable, I do not know where to use the extra cost?Is there any benefit transmission between nari radar and the local meteorological bureau?In addition, in the targeted projects of Narui Radar in the past one or two years, the company has been bidding together with an enterprise named Guangzhou Runyu Technology Co., LTD. The company was just registered in 2019, and its major shareholder was only a major shareholder of a construction engineering company before its establishment.I wonder if such a company has radar technology and bidding qualification?And why do they always bid with nari radar?Is there any fraud, illegal behavior?As of the signing date of the prospectus, XIAOJUN BAO (BAO XIAOJUN) and SU LING LIU (LIU Suling) jointly control 55.42% of the shares of Nari Radar through CanzTO, and are the joint actual controllers of the company.According to the prospectus, Guangdong Astronomical Lightning Protection Engineering Co., LTD. (hereinafter referred to as “Astronomical company”) became a shareholder of Nari Radar in December 2019 and no longer holds equity in the company after capital reduction in October 2020.Public information shows that the sole shareholder of Astronomical is the Guangdong Meteorological Public Safety Technical Support Center, which is directly under the Guangdong Meteorological Bureau, while Nari radar’s major customers are basically the meteorological bureaus in Guangdong province.Guangdong Meteorological Bureau has been an indirect shareholder of Narui Radar for nearly a year, while its subordinate Meteorological Bureau is also a major customer of Narui Radar. Does this constitute a correlation?Moreover, in the radar procurement project of Jiangmen Meteorological Bureau in March 2020, Narui Radar participated in the bidding together with guangdong Institute of Meteorological Computer Application and Development, and the Institute of Meteorological Computing is also a unit directly under Guangdong Meteorological Bureau.I do not know whether the above bidding is just a formality?Does naron radar and local meteorological office violate relevant laws and regulations?Do most of the projects in Guangdong province won by Nari radar have interest transmission and local protection?It is understood that Narui radar not only faces the risk of over-concentration of sales area and big customers, but also faces the market competition from many established enterprises such as Guorui Technology and Sun Create Electronics.In this situation, Nari radar has to speed up the pace of listing, and 848 million yuan of the proposed fund will be invested in the r&d innovation center and industrialization project of fully polarized active phased array radar, in order to enhance the market competitiveness of the company’s products.But in absolute terms, the nari radar is not a huge development investment.From 2018 to 2020, the company’s R&D expense ratio was 1,784.4%, 21.01%, 17.44% and 34.64%, respectively, consistently above the industry average, according to the prospectus.Narui Radar said that during the reporting period, the proportion of r&d expenses of the company is higher than that of other companies in the same industry, and there are certain differences between the main companies and comparable listed companies in r&d direction, r&d content, and r&d progress;In addition, the size of the company is relatively small, but also objectively caused by a relatively high cost of research and development.In terms of absolute value, during the reporting period, the r&d expenses of Nari radar were only 17 million yuan, 22 million yuan, 23 million yuan and 18 million yuan, which is not a high level of R&D investment.Three years of cumulative RESEARCH and development investment is only 0.8 million yuan, but the fund raised 968 million yuan, such a high amount of funds may also trigger a lot of imagination outside.It is worth noting that the prospectus disclosed that “dual/multi-channel DA/AD mutual calibration system and method without reference” is a core technology of Nari Radar, which is independently developed by the company.According to public information on the patent, its inventors include chairman Bao Xiaojun and Gu Jianfeng, who was not disclosed in his prospectus.According to relevant public information, gu Jianfeng, the party secretary and director of chongqing Meteorological Bureau, has also been engaged in radar project research for many years.I wonder whether gu Jianfeng, the inventor of the core patent mentioned above, and the director of chongqing Meteorological Bureau are the same person?Does Gu Jianfeng hold a post in Narui Radar and receive relevant remuneration?Why is there no disclosure in the prospectus?Jingjian News, an honorary publication of China Enterprise Newspaper, welcomes your contributions and letters: Jingjian News, chief legal adviser: Lawyer Xu Jinzhou of Guangdong Shuangzi Law Firm