Reveal the six major "mines" of the Ocean King Lighting IPO or the broken road

As early as June this year, Ocean King Lighting Technology Co., Ltd. (hereinafter referred to as "Ocean King Lighting"), which has pre-disclosed the prospectus, has not been arranged yet, which has attracted close attention from investors. The reporter's investigation found that Ocean King Lighting has problems in terms of business performance, product quality, equity investment methods, employee treatment, and senior management positions, which may bury hidden dangers for its listing.

Explosion-proof lamp sampling into the "blacklist"

According to the prospectus, Ocean King lighting products cover three series of fixed lighting equipment, mobile lighting equipment and portable lighting equipment, which are used in electric power, metallurgy, railway, oil field, fire fighting, coal and other important basic industries related to national economy and people's livelihood.

The reporter checked the website of the General Administration of Quality Supervision, Inspection and Quarantine and found that Ocean King Lighting, wearing the "China Well-known Trademark", was found to have failed the product in the results of the national supervision and inspection of the quality of explosion-proof electrical products in 2010. The model number is BFC8120150W220V. The specific reason is The field glare explosion-proof lamp housing pressure test project failed.

According to industry sources, the quality of special environmental lighting equipment has a great impact on the customer's production efficiency. The unstable product quality or high repair rate will have a greater adverse impact on the customer's safe production.

Ocean King Lighting also clearly stated in the prospectus that "the company attaches great importance to product quality. In order to improve its testing capabilities, the company has purchased a full set of facilities and equipment including battery testing equipment, battery testing equipment, and other testing and testing facilities." However, the failure of the Ocean King products to be detected by the AQSIQ was not mentioned in the prospectus.

The growth rate of the performance has been tired and the outlook for earnings is worrying
The prospectus shows that Ocean King Lighting's operating income exceeds one billion mark, which is a "big company" that is rare among small and medium-sized board companies. However, the consolidated income statement data in the prospectus shows that the company's performance growth has been exhausted, and the prospects for future performance growth are worrying.

Ocean King Lighting Consolidation Income Statement Main Data Source: Ocean King Lighting Prospectus

Data show that from 2009 to 2011, Ocean King Lighting's operating income reached 96,826,500 yuan, 1,18,638,600 yuan and 1,32,273,200 yuan, with a compound annual growth rate of 16.88%; but the growth rate of net profit was very slow. From 2009 to 2011, its net profit was 11.0165 million, 18791.31 million and 18989.85 yuan respectively. In 2011, compared with 2010, the increase was only 1.06%.

According to statistics on the financial report of some small and medium-sized listed companies, the net profit attributable to shareholders of the parent company in the medium and small board this year increased by 19.53%, and the net profit level of Ocean King was lower than the average.

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