The Top Five Suppliers Of Blue Star IPO Show The Figure Of "Sui Tianli", And The Mysterious New Customers Have Contributed More Than 50 Million Yuan In Revenue

Since the signing of the listing guidance agreement in September 2020, the IPO door of Beijing Blue Star Technology Co., Ltd. (hereinafter referred to as "Blue Star") has not been opened, but its suppliers have "hidden" Sui Tianli's "private network communication trade network" which shocked the A-share market.

According to the blue star (870790) prospectus, Shanghai Xingditong Communication Technology Co., Ltd. (hereinafter referred to as Shanghai SDT) will be its second largest supplier in 2020, with a purchase amount of 54.2025 million yuan. Shanghai Xingditong was actually controlled by Sui Tianli.

21st century economic reporter noticed that Shanghai Starcom had never been one of the top five suppliers of blue star from 2016 to 2019, but it suddenly became the second largest supplier of the company in 2020. At the same time, Nanjing huazhihong Electronic Engineering Co., Ltd. (hereinafter referred to as Nanjing huazhihong) suddenly became the largest customer of blue star in 2020. Before that, almost all customers of blue star were banks.

Revenue and receivables "fly together"

According to the data, blue star is a comprehensive provider of independent security products and video security management solutions integrating software and hardware, with the core of intelligent video technology development and application, and outstanding professional ability. Its solutions and products mainly serve the "security field of finance, education and other industries, and its main business includes security product sales, security system integration and security related services".

From 2018 to 2020, the main products of blue star are security products, with operating revenues of 198742400 yuan, 263758300 yuan and 32979797000 yuan respectively, accounting for 73.23%, 87.18% and 82.65% of the company's operating revenue respectively.

Perhaps based on the "self-confidence" of continuous growth of operating revenue and performance, blue star signed the IPO listing guidance agreement with China Securities construction investment on September 8, 2020, which started the pace of landing on the A-share market.

Blue Star IPO door has not been opened, but its suppliers have been "hidden" in the A-share market shock Sui Tianli "private network communication trade network". Visual China  

From 2018 to 2020, blue star will achieve operating revenue of 272.3664 million yuan, 304057500 yuan and 400.2375 million yuan respectively, and the net profit attributable to parent is 47.8273 million yuan, 55.095 million yuan and 71.6873 million yuan respectively.

At first glance, blue star's performance growth is "rapid", but if you look at accounts receivable and inventory, investors may be "aware".

From 2018 to 2020, the book balance of accounts receivable of blue star is 273122500 yuan, 342099500 yuan and 398089500 yuan respectively, accounting for 100.28%, 112.51% and 99.46% of the operating income of each period.

Meanwhile, at the end of each reporting period, the book balance of blue star inventory was 97.4822 million yuan, 104.6829 million yuan and 91.7718 million yuan respectively.

For the reason of high accounts receivable, blue star's explanation is "the company's business scale expansion, specific customer structure and business seasonal characteristics".

According to blue star's prospectus, in the past three years, the company's main accounts receivable customers are "large banks including Bank of China, China Construction Bank, Agricultural Bank of China, Shanghai Pudong Development Bank, etc.".

Sudden customers and suppliers

One of the important reasons why blue star's business income will rise in 2020 is that Nanjing huazhihong, a big customer, suddenly appears. The reason why it will have more customers is that one of its suppliers, Shanghai Xingditong, is recommended by suitianli, and Shanghai Xingditong is an enterprise controlled by Sui Tianli.

Before May 2021, the name "Sui Tianli" was still unknown in the A-share market. However, with the explosion of Shanghai Electric (600835. SH) on May 31, "the receivables of its 40% holding subsidiaries are generally overdue, which may cause a loss of 8.3 billion yuan of net profit in extreme cases", Sui Tianli's name began to blow up in the financial circle, Many listed companies involved in the "private network communication trade network" woven by it have been "detonated", and the "detonating area" of this incident is still expanding.

In this "special network communication and trade network", haigao communication (839211), Shanghai Xingditong and new generation private network communication technology Co., Ltd. related to Sui Tianli are the upstream suppliers of the trade network, while Aerospace Shenhe Technology (Beijing) Co., Ltd. related to suitianli is the main downstream customer in the trade network.

According to blue star's prospectus, Shanghai Star earth is its second largest supplier in 2020, with a purchase amount of 54.2025 million yuan.

Since blue star was listed on the new third board in 2017 to 2019, the name of Shanghai Star earth has never appeared in its suppliers. However, in November 2020, blue star suddenly made a large purchase from Shanghai Starcom.

As for why Shanghai Star earth communication has suddenly become the second largest supplier of the company, blue star explains that the company and Shanghai Star earth "signed the technical cooperation agreement in December 2018, stipulating that Shanghai Star earth will provide ad hoc system technical services to blue star" and "it will receive sales demand in November 2020, so it will implement procurement."

Recently, it has been revealed that Shanghai Xingditong is suspected to be in arrears with several listed companies. For example, Nanjing Huaxun, a subsidiary of * ST Huaxun (000687. SZ), still has 83 million yuan of advance payment to Shanghai Starcom.

So, how about the purchase contract between blue star and Shanghai Star earth? Will you continue to purchase in 2021?

On August 9, the 21st century economic report called the blue star Dong Secretary Chu Pei. A staff member said that she was "not in the office seat". Then the staff member left the reporter's phone number and said, "I'll get back to you when she comes back.". Up to the press release, the 21st century economic reporter has not received any reply from Chu Pei.

However, according to the information disclosed in the blue star prospectus, its procurement contract with Shanghai Starcom has been "fulfilled", but it is not known whether there will be continued cooperation in 2021.

In the same way, Nanjing huazhihong, the largest customer suddenly appearing in 2020, is also "strange". The current sales amount with the company is 53295100 yuan, but it has never appeared in the top five customers of blue star before 2019.

A copy of "Sui Tian Li mode"?

According to the information disclosed in blue star's prospectus, this business was made in this way: "in November 2020, blue star signed a product purchase and sales contract with Nanjing huazhihong, which agreed that blue star would sell wireless ad hoc network encryption management suite to South Jinghua rainbow. Therefore, in November 2020, blue star signed a "equipment sales contract" with Shanghai SDT to purchase the wireless Ad Hoc Network Suite from Shanghai Star to supply the South Jinghua rainbow after installing the encryption software of blue star. "

Is this a main business sales, or an agent procurement business?

21st century economic reporter noticed that at the end of 2015, haigao communication controlled by Sui Tianli had a similar sales, that is, haigao communications purchased equipment from new generation private network communication technology Co., Ltd. (then Sui Tianli joint-stock company) and sold them to Jiangsu Zhongli Electronic Information Technology Co., Ltd.

In the haigao communication public transfer specification, this sales is called "agent procurement of communication hardware products and supporting software development and sales business", and the contract content is "intelligent communication terminal equipment sales and software development and sales".

Blue star to China Rainbow electronic sales is "based on the independent research and development of video compression characteristics of encryption technology, to ensure the confidentiality of video data information." In this business, blue star embedded encryption technology in the purchased wireless ad hoc network suite products (provided by Shanghai Star earth communication) to realize sales. It is a supply chain intermediate link product and does not directly face the end customer.

In the prospectus, blue star said that the company's transaction with Nanjing huazhihong was "after the company's product suppliers directly sent the products to Nanjing huazhihong, the technicians of blue star provided software filling service on-site."

That is to say, blue star has never produced products from the beginning to the end. It just fills the products with software, which is almost a "copy" of the sales by suitianli's haigao communication agent.

More importantly, blue star said that the business "gross profit margin is low", which shows that the business is not its main business, but more like an agency business to earn an agency price difference.

Nanjing huazhihong signed the contract with blue star on November 23, 2020, and the delivery date was November 24 of that year. The 21st century economic report reporter noted that the signing time of blue star's purchase from Shanghai Star earth is November 19, 2020.

So, in 2021, as the largest customer of blue star, Nanjing huazhihong will continue to carry out such business with blue star?

On August 9, when a reporter of the 21st century economic report dialled the contact information of Nanjing huazhihong, which was disclosed by industrial and commercial information, the contact person said that it was Nanjing huazhihong company. But when the reporter indicated the interview, the contact suddenly said "you have the wrong number" and then hung up.

However, the 21st century economic report reporter noted that blue star and Nanjing huazhihong signed a product purchase and sales contract with a total amount of 60.2236 million yuan, mainly selling wireless ad hoc network encryption management suite products, with revenue of 53.2951 million yuan in 2020.

It can be seen that blue star and Nanjing huazhihong still have about 7 million yuan of business unfinished.

As for 2021, will blue star continue to have procurement business with Shanghai SDT? The answer may come soon.