Brief Analysis of the Countermeasures for the Machine Tool Enterprise
The establishment of the science and technology board and the pilot registration system is a major reform of the capital market. It provides a rare opportunity for enterprises with the characteristics of science and technology in many real economy, and it is an uncompromising capital market system dividend. Science and Technology Board encourages real economy enterprises with hard technology to land. It does not use profit as the only indicator, but uses “industry + market value†as the core indicator to establish a multi-level indicator system. The concept of audit under the registration system has also undergone major changes, and the speed and pace of review is expected to be greatly accelerated.
Since the Shanghai Stock Exchange officially began accepting materials in March 2019, more than 100 companies have accepted applications, including semiconductors, information technology, and biomedicine. At present, there is no enterprise declaration for the machine tool industry, which is consistent with the fact that the machine tool industry has a low securitization rate. According to incomplete statistics, there are only four listed IPM listed companies in the last three years, namely 2016 Haitian Seiko IPO and Weihong IPO, 2017 Yuhuan IPO, and 2018 Yujing IPO. Since 2015, only Yawei shares (2015: 140 million yuan acquisition of Wuxi Kechuangyuan), Rifa Seiki (2015-2016 acquisition of Italy MCM company, 2018 acquisition of group company assets JJ Investment in 2018), Huazhong CNC ( In 2016, 280 million yuan was acquired by Jiangsu Jinming. The capital operation was carried out, and the capital market was significantly less active than other sectors. This does not match the basic position of the machine tool industry in the national economy and the huge market volume. Faced with the registration system of science and technology board, machine tool industry enterprises should change their thinking mode, strive to seize the opportunity, take advantage of the science and technology registration system, and make full use of the financing function and brand effect of the capital market to promote enterprise development.
1. The registration system of science and technology board is a major opportunity for securitization of machine tool industry
(1) The machine tool industry is the most typical real economy, which is in line with the industry orientation of the science and technology board.
Kechuang Board gives priority to supporting enterprises that conform to the national strategy, have key core technologies, have outstanding scientific and technological innovation capabilities, rely mainly on core technologies for production and management, have a stable business model, have high market recognition, have a good social image, and have strong growth. The machine tool industry belongs to the middle and high-end manufacturing industries of the six major industries of the science and technology board. As the industrial mother machine, the machine tool is the foundation of the entire manufacturing industry. It upgrades the industrial structure of the national economy, improves the quality and level of the manufacturing industry, and ensures the safety of the key industries in the country. Controllable is of great significance and an important starting point for import substitution. It is the most typical real economy. Among them, high-end CNC machine tools are used in key fields such as aerospace military industry. They are characterized by high, precise and pointed features. They are in line with the national innovation and development strategy and the military-civilian integration strategy, and are highly consistent with the standard requirements of science and technology innovation.
(2) Science and technology machine tool enterprises need strong support from Science and Technology Board
China's machine tool industry is the largest in the world, but it is big but not strong. Most of the high-end machine tools are occupied by foreign companies. At present, domestic enterprises with strong technological innovation capability and high growth are often committed to high-end machine tools. They have the characteristics of large investment in research and development, leading technology, and rapid development. However, such enterprises are also facing the competition of international advanced enterprises and face greater competition. Competitive pressure requires further investment in brand building, R&D investment, and talent team building.
From the point of view of the capital market, on the one hand, there are fewer listed companies for machine tools, and on the other hand, the resources for listing of machine tool industry, especially high-end CNC machine tools, are relatively scarce. Second-tier market investors will give higher valuations, which is also a machine tool. The industry has made a good opportunity to land in Science and Technology.
(3) Relevant departments of the state give positive encouragement policies to the machine tool industry
Machine tool products, especially high-end CNC machine tools, are national strategic materials. At the national level, they have attached great importance to the support of relevant ministries and commissions such as work letters, science and technology, and financial policies. Priority support is given under the same conditions. In October 2018, the CSRC further added mergers and acquisitions to review the exemption/fast track industry types, including high-end CNC machine tools and robots, aerospace equipment, offshore engineering equipment and high-tech ships, and advanced rail transit equipment. And other industries required by the State Council to speed up integration, transformation and upgrading. From the specific operational level, to strengthen the capital market to serve the real economic capabilities, and further serve the national strategy and major needs, Kechuang Board also strongly encourages the declaration of machine tool enterprises that meet the standards.
Second, how the machine tool enterprise can effectively connect with the science and technology board registration system
(1) Establish confidence and plan as early as possible
Many companies believe that the machine tool industry belongs to traditional machinery manufacturing. Compared with the Internet industry, there is no imagination space, and there is no such high public attention as semiconductor integrated circuits. Even compared with other manufacturing industries, it seems to be small in scale and effective in efficiency. It often does not have the confidence and plan to land in the capital market. It still uses bank financing or self-accumulation as the main method, and cannot facilitate financing and brand improvement through the capital market. Impact, in the face of changes in downstream demand, also lacks a capital market platform to help with risk.
In fact, the annual consumption of the machine tool industry exceeds 300 billion yuan, and the overall industrial chain scale is nearly one trillion yuan. It is a big industry that has never been compromised. After years of development, many excellent enterprises have the conditions to land in the capital market. In recent years, there have been many invisible champions in the industry. There are many highlights in many sub-segments, such as the high-speed, high-precision, composite, intelligent and other high-end CNC machine tools in the field of aerospace military industry and 3C industrial chain machine tools, etc. Highlights such as import substitution, military-civilian integration, and innovative development are very popular with the capital market.
To judge whether a machine tool enterprise has the concept of technological innovation, it can be observed from the following factors:
1. The degree of matching between the segmented products and their technological development trends and national strategies;
2. The position of the core technology owned by the enterprise in the domestic and overseas development level;
3. The specific characteristics of core competitiveness and level of scientific and technological innovation, such as the professional qualifications and important awards obtained, the scientific research ability of core technicians, the investment of research funds, the progress of research and development and the results. The core technical staff usually includes the company's technical leader, R&D leader, key members of the R&D department, inventors or designers of major intellectual property and non-patent technologies, and drafters of major technical standards.
4. Maintain specific mechanisms for the continuous innovation of technology, technical reserves and technological innovations;
5. Relying on core technology to carry out the actual situation of production and operation.
Therefore, machine tool companies with good growth properties and KCC's attributes can make plans ahead of time and lay out in advance. It is recommended to contact with professional capital markets and sponsor institutions, accountants and lawyers to sort out the company's business in advance, standardize operations, and avoid detours affecting the reporting time.
(2) Practicing internal strength, becoming stronger and bigger, and actively expanding business scale
Providing shareholders with sustained growth returns is the core requirement of the capital market for listed companies. The larger the company, the higher the industry status, the stronger the ability and the strength to withstand risks, and the more beneficial it is to enhance the company's influence in the capital market. Although the science and technology registration system does not use profit as the sole criterion, it is expected that the market value will eventually settle down to the scale and profit of the company. In the long run, the value of an enterprise depends on the size and performance of the company. Therefore, before deciding to go public, it is necessary to ensure that the company's future scale and operating performance will continue to grow steadily. This is the premise of landing in the capital market and the eternal theme of enterprise development.
(3) Attaching great importance to R&D investment and establishing and improving internal control related to R&D
R&D investment content usually includes R&D personnel salary, direct input expenses, depreciation expenses and long-term deferred expenses, design expenses, equipment commissioning fees, amortization expenses of intangible assets, commissioned external research and development expenses, and other expenses. In this period, the R&D investment is the sum of the R&D expenses of the current period and the capitalized development expenditures of the current period.
Kechuang Board puts forward clear requirements for the human and financial management system and internal control norms of technology research and development, and clarifies the scope, standards, approval procedures, and the starting point, basis and internal control process of R&D expenditure capitalization. At the same time, the R&D expenditure should be accounted for in accordance with the R&D project.
Intermediaries such as brokerage firms are also required to conduct the following checks in accordance with the requirements of the China Securities Regulatory Commission and the Exchange:
1. Does the issuer establish a tracking management system for R&D projects, effectively monitor and record the progress of each R&D project, and reasonably evaluate the technical feasibility;
2. Whether to establish a human property management mechanism corresponding to the R&D project;
3. Whether the scope and standards of R&D expenditure have been clearly defined and effectively implemented;
4. In the report period, whether the relevant projects are strictly listed according to the purpose and nature of R&D expenditure, and whether there are any expenses that are not related to R&D expenditure in the R&D expenditure;
5. Whether to establish a R&D expenditure approval process.
The issuer shall disclose the internal control degree of R&D and its implementation in the prospectus, and disclose the confirmation basis, accounting method, amount of R&D investment in the last three years, detailed composition, and accumulated R&D investment in the last three years. The proportion of operating income and its comparison with comparable companies in the same industry.
(4) Improve the image of the company's scientific and technological innovation from multiple angles
In particular, Kechuang Board emphasizes the assessment of the technological innovation capability of enterprises. Whether the company has the ability to innovate in science and technology can be examined from the following perspectives:
First, whether the enterprise has independent intellectual property rights is the basis;
Second, is there a set of research and development systems, including the system of personnel equipment management;
Third, whether there are better research and development results or research and development patents, or awards issued by state agencies;
Fourth, whether there is a relative competitiveness, whether there is a status in the industry, that is, it belongs to the industry's quality enterprises;
Fifth, whether it has the conditions for converting business results into sustainable operations, there are no research and development results, and basic factories and facilities.
Enterprises and intermediaries need to fully discuss the above points. At the same time, they need to be certified by third-party authoritative organizations and units to provide supporting evidence with relevant enterprise innovation capabilities. Sometimes entrepreneurs are busy with bowing officers, and when they are ready to declare or review, they find that many of the advantages are self-explanatory. There is no evidence from authoritative organizations and units to support them. In combination with the requirements of the capital market and the specific conditions of the machine tool industry, it is recommended that machine tool enterprises should start from the following aspects in advance to enhance the company's technological innovation image.
1. Do a good job in mining and filing patent projects to obtain invention patents as the highest priority
The listing review department pays attention to the application, the timeliness and the sustainability of the invention patents. This represents the company's continuous research and development capabilities, and it also pays attention to whether the invention patents can be transformed into products and production. At the same time, it should be emphasized that if the number of invention patents is large, but the time for obtaining authorization is long, the number of invention patents obtained in recent years is too small, which may affect the supervisory level's judgment on the company's ability to continuously innovate.
2. Strive for high-level R&D and engineering agency certification
At present, the more authoritative enterprise R&D institution system certification mainly comes from enterprise technology centers, engineering laboratories, engineering technology centers, academician workstations, etc. awarded by municipal, provincial and national science and technology and credit departments. These certifications have detailed requirements for the talent structure, continuous investment, R&D equipment scale, system construction, and results transformation of the R&D institutions. The higher the level, the more difficult the application, the higher the gold content in the industry, and the ability to become a company. Important points for project declaration, IPO, talent introduction and other links.
3. Strive for national-level science and technology projects and technology awards
The machine tool industry has national science and technology major projects of “high-grade CNC machine tools and basic manufacturing equipmentâ€, as well as related special projects such as the Ministry of Industry and Information Technology and the Ministry of Science and Technology, and strive to strive for it when conditions are met. At the same time, the “Spring Yan Award†and advanced member selections selected by the industry associations are also quite authoritative and persuasive. Machine tool enterprises can actively declare and will be able to fully demonstrate the status of the company to the regulatory authorities and public investors when applying for declarations. Technological innovation capabilities.
4. Actively participate in the formulation of industry and national standards
"First-class enterprises do standards, second-rate enterprises do brands, third-rate enterprises make products." The standard enterprise is the benchmark and leader of the industry, and is the game rule maker. The audit department also judges the technical level and industry status of science and technology enterprises through the number and level of industry and national standards that they participate in.
5. Actively participate in industry statistics of government departments and authorities
The authoritative institutions referred to here, including government departments and industry associations, often have independent, objective and rigorous characteristics, and are highly recognized by the auditing department. When accepting the statistics and research of authoritative organizations, many enterprises generally hold the psychology of “involving trade secrets, inconvenient disclosure, perfunctory coping, and making a big fortuneâ€, and avoid or falsely report such research. In this way, the audit department did not find the basis of the company's own discussion when it publicly inquired about the relevant information of the authority, or the information was scarce, lacked the judgment basis, and increased the difficulty of IPO interpretation. The annual yearbook and professional magazines compiled by the Machine Tool Association are good carriers and are easily recognized by the regulatory authorities and the capital market.
In addition, scientific and technological achievements evaluation report, comparison test report with performance parameters of the same type of products at home and abroad, gross profit margin level, customer situation (whether the customer includes industry giants, national key departments, national defense and military customers, etc.) can be used as technological innovation. Evidence of the evidence.
(5) Handling the relationship between development and norms
In the early stage of development of machine tool enterprises, management and business processes were not standardized. If you are going to land in the capital market, you should start to pay attention to internal norms, such as regulating taxes, regulating social security, reducing personal and cash transactions, retaining good purchases, and selling original documents. Eliminate the purchase or sale of large shareholder personal substitute companies, all business is carried out by the company, etc., which helps to improve the approval rate. Enterprises listed as public companies need to be accountable to the public. Based on the perspective of protecting investors, the regulatory authorities have formulated a strict information disclosure system and standardized operational requirements. Enterprises need to strike a balance between development and regulation.
In short, on the one hand, enterprise development must be practical to do a good job in the main business, on the other hand, it must also have strategic judgments, and actively use the leverage of the capital market to make the enterprise bigger and stronger. By docking the capital market, it can greatly expand the financing channels, enhance the corporate reputation, create a good brand image, and further enhance the competitiveness of enterprises.
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