Abstract: Zhongrui Co., Ltd. issued a total of 36.832 million shares, raising more than 800 million yuan. According to the previous IPO information, Zhongrui Electronics originally planned to raise 894 million yuan in this sprint listing. Among them, 844 million yuan will be used for the power lithium battery precision structural parts project, and 50.9056 million yuan will be used for the R&D center construction project.
Image source: Panorama.com
On April 8, Changzhou Wujin Zhongrui Electronic Technology Co., Ltd. was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, with the stock abbreviation as "Zhongrui Shares" and the stock code as "301587".
It is reported that Zhongrui Co., Ltd. issued a total of 36.832 million shares this time, raising more than 800 million yuan. According to the previous IPO information, Zhongrui Electronics originally planned to raise 894 million yuan in this sprint listing. Among them, 844 million yuan will be used for the power lithium battery precision structural parts project, and 50.9056 million yuan will be used for the R&D center construction project.
Zhongrui Co., Ltd. is mainly engaged in the research and development, manufacturing and sales of precision safety structural parts of cylindrical lithium batteries, and its main products include power and capacity lithium battery combination cap series products. With more than ten years of unremitting efforts and accumulation in the field of cylindrical lithium batteries, the company has outstanding technical research and development strength, and has formed a large scale of production and sales.
Zhongrui Co., Ltd. adheres to the positioning in the mid-to-high-end product market, and continues to develop high-quality customers in the downstream power lithium battery industry such as new energy vehicles, power tools, electric bicycles, and smart homes. The company has established long-term and stable cooperative relations with LG New Energy, Nengyuan Technology, BAK Battery, Lishen Battery and other domestic and foreign lithium battery manufacturers and sales manufacturers. The company's products are mainly used in new energy vehicles such as Tesla Model 3 and Model Y, electric bicycles of Mavericks, Haro, Yadea and other brands, power tools of Dyson, TTI, Bosch and other brands, as well as digital 3C products, etc., with strong market competitiveness and high market reputation.
Main financial data of Zhongrui shares in 2023 (unit: 10,000 yuan)
In terms of performance, in 2023, Zhongrui Co., Ltd. will achieve an operating income of 686.8528 million yuan, a decrease of 10.07% over the same period of the previous year, mainly due to the fact that after the rapid development of the domestic lithium battery industry in the past few years, the growth rate of market demand has slowed down, and the small power market such as power tools and electric bicycles has even experienced a phased lack of demand#等型号组合盖帽产品的销售收入同比下降. In 2023, the cost of lithium battery raw materials such as lithium carbonate will fluctuate greatly, and some downstream domestic cylindrical lithium battery manufacturers will reduce their production plans, and the operating rate will not meet expectations, resulting in a decrease in the purchase volume of the company's products.
In 2023, Zhongrui Co., Ltd. achieved a net profit of 135.9662 million yuan and a net profit attributable to shareholders of the parent company of 126.0335 million yuan after deducting non-recurring gains and losses, a decrease of 25.91% and 26.01% respectively from the same period of last year, mainly due to the year-on-year decline in the production and sales of 18# and other types of combination caps, the company's capacity utilization rate declined, the depreciation cost of fixed assets increased, and the operating gross profit decreased by 16.46% year-on-year As a result, the company's total profit decreased by 24.27% over the same period last year, and the operating performance decreased compared with the previous year.
In 2023, the net cash flow generated by the operating activities of Zhongrui Co., Ltd. will be 266.2281 million yuan, a decrease of 11.42% over the same period of last year, mainly due to the decrease in cash received from the company's sales of goods compared with the same period last year and the increase in raw material procurement.
It is worth mentioning that from 2020 to the first half of 2023, the revenue of Zhongrui shares from LG New Energy was 170 million yuan, 303 million yuan, 466 million yuan and 253 million yuan respectively, accounting for 44.20%, 50.49%, 66.19% and 75.36% of the main business income respectively, and the concentration was significantly improved.
Forecast performance of Zhongrui shares in the first quarter of 2024 (unit: 10,000 yuan)
In addition, according to the preliminary estimate of the management, the operating performance of Zhongrui Co., Ltd. from January to March 2024 is expected to be 176 million yuan to 196 million yuan, a year-on-year increase of 0.47%-11.89%, and the net profit attributable to shareholders of the parent company is 33.6 million yuan to 37.9 million yuan, a year-on-year increase of 0.61%-13.48%.