On April 8, Changzhou Wujin Zhongrui Electronic Technology Co., Ltd. (hereinafter referred to as "Zhongrui Shares", SZ: 301587) was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. In this listing, the issue price of Zhongrui shares is 21.73 yuan per share, the number of shares issued is about 36.832 million shares, the total amount of funds raised is about 800 million yuan, and the net amount of funds raised is about 717 million yuan.
On the first day of listing, the opening price of Zhongrui shares was 40.14 yuan / share, an increase of 84.72% from the IPO issue price, and once rose to 42.66 yuan / share during the session. As of the close, the share price of Zhongrui shares closed at 37.75 yuan per share, up 73.72% from the issue price, with a total market value of about 5.562 billion yuan.
According to the prospectus, Zhongrui Co., Ltd. is a cylindrical lithium battery precision safety structural parts research and development, manufacturing and sales, the main products include power, capacity lithium battery combination cap series products, has established long-term and stable cooperative relations with LG new energy, Nengyuan technology, BAK battery, Lishen battery and other domestic and foreign industry lithium battery manufacturers and sales manufacturers.
Tianyancha App shows that Zhongrui Co., Ltd. was established in May 2001, formerly known as Wujin Zhongrui Electronics Co., Ltd., located in Changzhou City, Jiangsu Province. At present, the registered capital of the company is about 110 million yuan, the legal representative is Yang Xuexin, and the main shareholders include Yang Xuexin, Shenzhen Venture Capital, Zhongxing Venture Capital, etc.
Zhongrui said in the prospectus that the company's products are mainly used in new energy vehicles such as Tesla Model 3 and Model Y, electric bicycles of brands such as Mavericks, Haro and Yadea, power tools of brands such as Dyson (Dyson), TTI and Bosch, as well as digital 3C products.
In 2020, 2021, 2022 and the first half of 2023, the revenue of Zhongrui Co., Ltd. will be 460 million yuan, 648 million yuan, 764 million yuan and 362 million yuan respectively, the net profit will be 65.6619 million yuan, 137 million yuan, 184 million yuan and 75.658 million yuan respectively, and the net profit after deducting non-profits will be 56.4745 million yuan, 133 million yuan, 170 million yuan and 72.1956 million yuan.
It is understood that the revenue of Zhongrui shares mainly comes from the power combination cap. During the reporting period, the company's power combination cap revenue was 358 million yuan, 578 million yuan, 676 million yuan and 322 million yuan respectively, accounting for 93.00%, 96.32%, 96.05% and 96.02% of its main business income respectively.
Bedo Finance found that Zhongrui shares have the risk of high customer concentration. During the reporting period, the company's sales to the top five customers accounted for 75.62%, 78.97%, 85.26% and 88.51% of its main business revenue respectively, mainly LG New Energy, BAK Battery, etc.
It is worth mentioning that the income of Zhongrui shares is extremely dependent on a single large customer - LG New Energy. During the reporting period, the company's revenue 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.
For the sales revenue of major customers is relatively high, Zhongrui shares said in the prospectus that it is mainly related to the high market concentration of the downstream lithium battery industry and the high market share of the industry's major lithium battery manufacturers. In particular, BAK Battery's shareholder, the small and medium-sized fund, also participated in the investment in Zhongrui shares.
According to the prospectus, Yang Xuexin is the actual controller, chairman and general manager of Zhongrui shares, directly holding 73.875 million shares of the company, with a shareholding ratio of 66.86%, and indirectly holding 2.8405 million shares of the company through the shareholding platform Ruijin Investment and Ruizhong Investment, with a shareholding ratio of 2.57%, and holding a total of 76.7155 million shares of the company, with a shareholding ratio of 69.43%.
Before the IPO, Yang Xuexin directly held 66.86% of the shares, the small and medium-sized fund held 5.88% of the shares, Ruijin Investment held 3.19% of the shares, Ruizhong Investment held 2.92% of the shares, Zhonghe Chunsheng held 2.55% of the shares, Zhang Yizhou held 2.20% of the shares, Yang Yingmei held 2.12% of the shares, Wanxiang 123 held 1.94% of the shares, Ruiyang Investment and Liyang Laterite held 1.70% of the shares respectively, and Infinair Zhengqi held 1.44% of the shares.
At the same time, Infinair Shanshi holds 1.08% of the shares, Infinair Jilin holds 0.86% of the shares, Shenzhen Capital holds 0.85% of the shares, Li Hong holds 0.73% of the shares, Jiayin Ruihe and Shen Jianxin hold 0.72% of the shares respectively, Nanjing Chuangyi and Qingyuan Qishi hold 0.49% of the shares respectively, Qingyuan Zhiben holds 0.45% of the shares, Zhengqi Investment holds 0.40% of the shares, Changzhou Science and Education City holds 0.36% of the shares, Ronghaoda holds 0.22% of the shares, and Zheng Xiaoming holds 0.14% of the shares.
According to the prospectus, Zhongrui's revenue in 2023 will be about 687 million yuan, down 10.07% from 764 million yuan in 2022, net profit will be 136 million yuan, down 25.91% from 184 million yuan in 2022, and net profit after deducting non-profits will be 126 million yuan, down 26.01% from 170 million yuan in 2022.
As of the end of 2023, the total assets of Zhongrui Co., Ltd. were about 1.579 billion yuan, an increase of 5.70% from the end of 2022, the total liabilities were 353 million yuan, a year-on-year decrease of 14.43%, mainly due to the repayment of bank loans, and the total owner's equity of the company was 1.226 billion yuan, a year-on-year increase of 13.38%, mainly due to the increase in undistributed profits from profits in 2023.