A-share subscription | Laplace (688726.SH) opens subscription There is a risk that customer concentration is high and that a single customer accounts for more than 50% of revenue

The Zhitong Finance App learned that on October 18, Laplace (688726.SH) began the subscription. The issuance price was 17.58 yuan/share. The maximum subscription price was 0.65 million shares, with a price-earnings ratio of 19.87 times. It belongs to the Science and Technology Innovation Board of the Shanghai Stock Exchange, and Huatai United Securities is its sole sponsor.

According to the prospectus, Laplace is a high-efficiency photovoltaic cell core process equipment and solution provider. Its main business is R&D, production and sales of high-performance thermal processes, coating and supporting automation equipment required for photovoltaic cell manufacturing, and can also provide customers with semiconductor discrete device equipment and supporting products and services. The company's thermal process equipment mainly includes boron diffusion, phosphorus diffusion, oxidation and annealing equipment, etc. The coating equipment mainly includes LPCVD and PECVD equipment, etc., and automation equipment is supporting loading and unloading equipment that can effectively improve the production efficiency of process equipment; the company's semiconductor discrete device equipment mainly includes a series of products with comparative advantages such as oxidation, annealing, coating and brazing furnace equipment; the company's supporting products and services are the company's supporting products according to customer needs.

In terms of core process equipment for photovoltaic cells, Laplace uses core technology applications to continuously meet the many needs of downstream customers through continuous innovation, including: using gaseous boron sources, combined with characteristics such as low pressure atmosphere and high temperature to overcome process problems, take the lead in large-scale mass production and application of boron diffusion equipment, break through bottlenecks in N-type cell mass production processes; take the lead in large-scale mass production of photovoltaic-grade LPCVD, which can meet the process requirements of high-efficiency photovoltaic cell tunneling oxidation and doped polysilicon layer preparation with high quality; Meet the production of large silicon wafers and thin silicon wafers Demand, reduce costs; independently design and produce heat fields for core components, creatively carry out asymmetric design, achieve accurate temperature control, improve the efficiency and yield of photovoltaic cells, and improve equipment reliability.

On the customer side, the company's photovoltaic cell process equipment has entered many leading companies in the photovoltaic industry, including Longji Green Energy (601012.SH), Jingke Energy (688223.SH), Aixu (600732.SH), Junda (002865.SZ), Zhonglai (300393.SZ), Hengdian Dongji (002056.SZ), Zhengtai New Energy, GCL Integrated (002506.SZ), Linyang Energy (), VSUN, etc. 601222.SH Number of deliveries and revenue at scale.

The company's fund-raising investment projects are mainly used to invest in the following projects:

On the financial side, in 2021, 2022, 2023, and January-June 2024, the company achieved operating revenue of approximately 104 million yuan, 1,266 billion yuan, 2,966 billion yuan, and 2,541 billion yuan, respectively. The company's net profit was about -571,125 million yuan, 119 million yuan, 422 million yuan, and 355 million yuan respectively.

It should be noted that the prospectus reminds investors that Laplace may have a high concentration of customers and that a single customer accounts for more than 50% of revenue. During the reporting period, the company's top five customers accounted for 99.99%, 98.67%, 93.24% and 84.02% of total business revenue, respectively, with a relatively high concentration of major customers; among them, revenue to Jinko Energy accounted for 54.21%, 48.55%, 28.01% and 24.85%, respectively, and Jinko Energy's revenue accounted for more than 50% in 2021. High customer concentration and a single customer accounting for more than 50% of revenue may cause the company to be in a weak position in commercial negotiations. At the same time, changes in the customer's own business situation may also have a big impact on the company. If the company is unable to continue to expand new customers or if the business conditions of some major customers are unfavorable, or if some customers reduce procurement of the company's products due to factors such as technical routes, it will adversely affect the company's future business performance.