Reporter | Zhang Qiaoyu
Some time ago, Lin Zhiying's car accident caused widespread concern about the safety of batteries in new energy vehicles. How to make new energy vehicles run farther by reasonably maintaining the battery temperature involves the work of the automotive thermal management system.
Recently, suzhou Zhongjie Auto Parts Co., Ltd. (hereinafter referred to as": Zhongjie Auto), a manufacturer whose main business is the research and development, production and sales of precision processed parts for automotive thermal management systems, has submitted a prospectus to the ChiNext board of the Shenzhen Stock Exchange, and is currently in a suspended state due to the investigation of China Water Zhiyuan Asset Appraisal Co., Ltd.
In this listing, Zhongjie Automobile plans to raise 422 million yuan, of which 285 million yuan is used for the construction and expansion of digital intelligent factories, 56.6066 million yuan is used for new R&D centers, and 80 million yuan is used to supplement working capital.
Before the listing, the company first paid a cash dividend of 46 million yuan.
Holding on behalf of the company is convenient for the reduction of holdings
Zhongjie Automobile was established in 2010, jointly funded by Ding Fenghua, Xu Huaying, Wang Haiyan and Shanghai Shigong, the registered capital of the company at the time of establishment was 10 million yuan, paid up in installments, the first phase of paid up capital was only 3 million yuan, and the remaining 7 million yuan of registered capital was not disclosed.
In this round of listing, Zhongjie Automobile has not been favored by capital. Prior to the issuance, Zhongjie Automobile had a total of 13 shareholders, of which 12 shareholders were natural persons, and the remaining 1 shareholder of the company, Zhongnuojing, was also the actual controller of the company, Sun Wenwei, as the executive partner.
Prior to the issuance, Sun Wenwei directly held 36.80% of the total share capital of the company and indirectly held 4.80% of the total share capital of the company through Zhongnuojing. The voting shares controlled by Sun Wenwei account for 41.60% of the total share capital of the company.
The interface news reporter noted that in the history of Zhongjie Automobile, there were a large number of holding situations.
When Zhongjie Co., Ltd. (the predecessor of Zhongjie Automobile) was established, the investors Wang Haiyan and Ding Fenghua were all acting on behalf of the shares, of which Wang Haiyan was a listed company, Suzhou Chunxing Seiko Co., Ltd. (002547. SZ) Chairman and General Manager Sun Jiexiao shareholding; Ding Fenghua held shares on behalf of his son Sun Wenwei.
In January 2014, Zhou Meiju, a shareholder of the company, also entrusted He Zhengyu to hold shares on behalf of the company through equity transfer.
In November 2017, when Zhongjie Limited increased its capital, Chen Jie subscribed for 7.875 million yuan of new registered capital for 9.5625 million yuan, accounting for 9.00% of the company's registered capital after the capital increase; Zhang Dan subscribed for 6.375 million yuan of new registered capital of 5.25 million yuan, accounting for 6.00% of the company's registered capital after the capital increase, and both of them existed on behalf of each other.
Among them, 875,000 yuan (accounting for 1.00% of the registered capital of Zhongjie Limited) of the 7.875 million yuan of The capital increase of Zhongjie Limited by Chen Jie was entrusted by Xuzhen to hold.
Zhang Dan subscribed to the limited capital increase of 5.25 million yuan, of which 1.75 million yuan (accounting for 2.00% of the registered capital of Zhongjie Limited) was entrusted by XuZhen to hold, and 3.50 million yuan (accounting for 4.00% of the registered capital of Zhongjie Limited) was entrusted by Sun Jiexiao.
Interestingly, the background of Zhongjie Automobile for Zhang Dan and Chen Jie is explained as Xu Zhen and Sun Jiexiao arranged for the convenience of reducing holdings after the limited listing of Zhongjie.
Before the listing of the plan to reduce holdings, PwC people told the interface news reporter: nominee holding can be dispersed equity, listed companies have restrictions on the reduction of major shareholders, major shareholders may disperse equity to each proxy holder, and there are many fewer restrictions on reducing holdings.
Lack of growth
In the industry, since 2018, under the influence of factors such as the slowdown in domestic macroeconomic growth, the switching of environmental protection standards, the decline of new energy subsidies, the change of vehicle purchase tax policy, and the escalation of Sino-US trade frictions, the production and sales of mainland automobiles have declined, breaking the record of sustained growth since 1990, and the automobile industry has gradually entered a period of adjustment.
In 2019, mainland automobile sales of 26.0219 million units, down 8.83% year-on-year, in 2020, mainland automobile sales of 25.5379 million units, down 1.86% year-on-year, in 2021, the mainland in the active promotion of the resumption of work and production, vigorously promote automobile consumption, the automobile market has recovered, last year's mainland automobile sales of 26.6968 million units, an increase of 4.54%.
Downstream automotive demand performance also has a direct impact on upstream auto parts sales.
During the reporting period, the main products of Zhongjie Automobile include automotive air conditioning heat exchangers and piping systems, oil coolers, heat pump systems, battery coolers, automotive engine systems and other automotive parts.
From 2019 to 2021, the operating income of Zhongjie Automobile was 364 million yuan, 443 million yuan and 593 million yuan, respectively, and the net profit was 50.5851 million yuan, 47.6122 million yuan and 48.6014 million yuan, respectively. If the social insurance and housing provident fund of 2.7932 million yuan payable by the company in 2021 are deducted, the profitability of Zhongjie Automobile has declined continuously in the past two years, and it is difficult to meet the inherent requirements for the high growth of listed companies on the ChiNext board.
It should be pointed out that the company also incurred a cash dividend of 46 million yuan in 2021, accounting for 94.6% of the net profit of the year.
Raw material and transportation costs are rising
Interface news reporter noted that Zhongjie auto products are not sold directly to the automaker, but sold to the first-tier suppliers of auto parts that provide solutions or their designated traders, such as Han Ang, MAHLE, Moding, etc., most of the downstream customers are distributed in overseas markets, during the reporting period, the company's overseas market sales accounted for 83.05%, 84.13% and 78.83% of the main business revenue, respectively.
The proportion of export sales is large, and the company's transportation costs cannot be ignored. Affected by the repeated impact of the new crown epidemic, overseas labor costs have risen, and the international container shipping capacity has been tight in the past two years. Especially since the fourth quarter of 2020, there has been a shortage of containers in domestic ports, tight shipping warehouses, and rising sea freight costs.
The new revenue standard implemented from 2020 will include transportation costs as contract performance costs, making transportation costs an important part of the company's operating costs.
In 2020 and 2021, the transportation costs of Zhongjie Automobile were 7.9655 million yuan and 17.843 million yuan, accounting for 2.55% and 4.23% of the main business costs, respectively, and the transportation costs in 2021 increased by 124.00% compared with 2020, with a large increase.
It is worth noting that the upstream raw material aluminum is also rising in price. During the reporting period, the average price of aluminum profiles purchased by the company was 17252.71 yuan / ton, 17942.57 yuan / ton and 22117.58 yuan / ton, respectively, and the average price of aluminum profiles in 2021 increased by 23.27% compared with 2020.
The unit price of automotive thermal management system parts, which accounts for more than 90% of the main business income, is 4.81 yuan / piece in 2020, up only 0.09% year-on-year, and the unit price in 2021 is 4.58 yuan / piece, not only did not rise but fell by 4.80% year-on-year. Under the squeeze of upstream and downstream prices, the comprehensive gross profit margin of Zhongjie Automobile in the reporting period was 28.23%, 23.54% and 21.39%, respectively, showing a sharp downward trend.
What is the color of the new energy field?
The "New Energy Vehicle Industry Development Plan (2021-2035)" proposes that by 2025, the sales volume of new energy vehicles and new vehicles will reach about 20% of the total sales of new vehicles; After 15 years of continuous efforts, pure electric vehicles have become the mainstream of newly sold vehicles, and the development vision of full electrification of vehicles in the public sector.
Under the guidance of policy promotion and downstream demand, parts and components car companies have begun to move towards the new energy field. Zhongjie Automobile is no exception.
It should be pointed out that compared with traditional fuel vehicles, the thermal management structure of the air conditioning system and the three-electric system of new energy vehicles is more complex, not only adding a battery thermal management system, but also bringing the replacement and upgrading of parts, and the value of the vehicle thermal management system has been greatly improved.
According to data from the Zheshang Securities Research Institute, according to the difference in whether to use heat pumps and refrigerant models, the value of the thermal management system of new energy vehicles ranges from about 5,000-11,500 yuan, which is about 3 times the value of traditional fuel vehicles.
From 2019 to 2021, the proportion of sales revenue formed by Zhongjie Automobile's new energy auto parts products to the main business income increased year by year, 11.11%, 20.85% and 22.74% respectively.
The company said that the valve body of the heat pump system of the new energy vehicle and its components have been successfully developed and entered the mass production stage, and the sales revenue during the reporting period was 2.0964 million yuan, 44.0169 million yuan and 57.7601 million yuan, mainly adapted to the Volkswagen MEB platform and modern new energy vehicles.
It is worth noting that the gross profit margin of new energy vehicle-related parts of Zhongjie Automobile also showed a downward trend.