At present, all 13 companies of Beijing Exchange are ready to issue subscriptions. After Jinhao Medical, the small IPOs of Guangzhi International and Haixi Communications selected layer also passed the review. At the same time, Henghe Shares, Guangmai Technology, Hechang Aggregation, Hanxin Technology, Guangdao High-tech, Zhisheng Information, and Zhongshi Consulting 7 enterprises are ready to be reviewed. In addition, the Listing Committee of the National Stock Transfer Company will hold the 24th and 25th review meetings of 2021 on September 28. Among them, the 24th Review Conference: Concentric Transmission (833454), Yoshioka Precision (836720) attended the meeting. 25th Review Conference: Dadi Electric (870436)
That is to say, the 13 companies to be issued by the Beijing Stock Exchange are: Jinhao Medical, Guangzhi International, Haixi Communications, Henghe Shares, Guangmai Technology, Hechang Aggregation, Hanxin Technology, Guangdao High-tech, Zhisheng Information, Zhongshi Consulting, Tongxin Transmission, Yoshioka Precision, and Dadi Electric. The first ten we have done a simple analysis, today look at the latest three to see if there are good goods.
<h1 class="pgc-h-arrow-right" data-track="4" >1, Concentric Transmission: Specializing in the new "Little Giant"</h1>
Henan Tongxin Transmission Co., Ltd. (formerly Xuchang Wanxiang Automobile Drive Shaft Co., Ltd.) was established in 2001, is a joint-stock production of various types of automotive drive shaft specialized manufacturers. The company successfully landed on the New Third Board in September 2015. In December 2015, the company and Beijing University of Aeronautics and Astronautics jointly established the "Beijing University of Aeronautics and Astronautics - Concentric Transmission Efficient Power Machinery Research Center".
After several years of development, the company can now produce micro, light, medium, heavy, special automobile drive shafts, bus drive shafts and engineering machinery drive shafts a total of more than 30 series, more than 2800 kinds, and has successively entered CRRC, Zoomlion, Shaanxi Automobile Commercial Vehicles, Yutong Bus, Yutong Heavy Industry, Zhongtong Bus, FAW Jiefang Liuzhou Branch, Shandong Pengxiang, FAW Fawer, XCMG Shovel Taian Aerospace, Sanjiang Aerospace, Oil Four Machines, Xiangfan Rail, SAIC Hongyan, Chengdu Dayun, Shiyan Dayun, CIMC Lingyu, CiMC Ruijiang and other manufacturers of the supporting production system, while with the Russian Kamas, South Korea Hyundai Heavy Industries and other foreign excellent car companies signed a long-term cooperation supporting agreement, export product share has accounted for more than 40% of the company's marketing.
The company is a special new "little giant" enterprise specializing in the Ministry of Industry and Information Technology, a national intellectual property advantage enterprise, a national high-tech enterprise, the company has a series of independent intellectual property rights in the field of drive shafts, and has established a provincial engineering technology research center, after years of continuous research and development and innovation, has mastered the key process of non-constant speed drive shafts. As of the end of 2020, the company has obtained 2 invention patents and 38 utility model patents.
Tongxin Transmission released its 2021 semi-annual report, during which the company achieved operating income of 73,750,792.47 yuan, an increase of 8.58% year-on-year, and net profit attributable to shareholders of listed companies of 13,888,173.25 yuan, an increase of 6.89% year-on-year. Net cash flow from operating activities during the Reporting Period was $12,897,545.47 and net assets attributable to shareholders of the listed company of $179,261,297.53.
From 2018 to 2020 (reporting period), Tongxin Transmission achieved operating income of 123 million yuan, 116 million yuan and 140 million yuan respectively, and the net profit attributable to the mother was 15.4561 million yuan, 17.1789 million yuan and 29.608 million yuan, respectively. During the reporting period, the gross profit margin of Concentric Transmission was 30.76%, 35.96% and 34.70% respectively. Among the comparable companies in the same industry, Far East Transmission was 30.82%, 32.94% and 29.02% respectively; Guansheng shares were 23.22%, 25.38% and 22.12%; And Redick was 29.76%, 30.80% and 30.88% respectively. The average gross profit margin of the same industry was 30.74%, 31.39% and 29.77%, respectively.
The controlling shareholder of the company is Chen Hongkai, and the actual controller is Chen Hongkai and Liu Qian, who hold 55.7945 million shares and 6.2025 million shares of the company respectively, accounting for 73.08% and 8.12% of the total share capital of the company before the issuance, and a total of 81.20% of the total share capital of the company before the issuance. In addition, shareholders holding more than 5% of the shares include Chen Yuhong and Li Hongjie.
Recently, Henan Tongxin Transmission Co., Ltd. (hereinafter referred to as "Tongxin Transmission") was included in the list of abnormal operations by the National Enterprise Credit Information Publicity System due to the failure to publish the annual report in accordance with the time limit stipulated in Article 8 of the Interim Regulations on the Disclosure of Enterprise Information, which is less than two months after it passed the selection level counseling and acceptance.
The Company intends to publicly issue no more than 25 million shares (without considering the over-allotment option) at a reserve price of RMB3.95 per share. The company plans to raise 70 million yuan for the "300,000 sets of drive shaft intelligent upgrading and expansion project", "annual output of 2 million pieces of new automotive drive shaft lightweight parts project", "intelligent automotive drive shaft R & D center construction project".
<h1 class="pgc-h-arrow-right" data-track="14" >2, Yoshioka Precision: Plans to invest 310 million yuan to expand production</h1>
Wuxi Yoshioka Precision as one of the main manufacturers of domestic precision alloy die castings, the company's main products for aluminum alloy, zinc alloy die casting production, products used in cleaning electrical appliances, power tools, automobiles, electronic appliances and other fields, the core customer groups include Makita, Coworth, Cummins, BorgWarner, Canon, Denso Day, Bridgestone, Wandu, Bosch and other well-known enterprises at home and abroad.
A few days ago, Yoshioka Precision released its 2021 semi-annual report, during which it achieved operating income of 170 million yuan, an increase of 64.47% year-on-year; achieved a net profit attributable to the mother of 28.73 million yuan, an increase of 86.21% year-on-year; and achieved a net profit of 28 million yuan, an increase of 84.20% year-on-year.
The company's operating income in 2020 was 260 million yuan, an increase of 24.96% year-on-year; The net profit attributable to the shareholders of the listed company was 43.6964 million yuan, an increase of 61.04% year-on-year. As of the end of 2020, the total assets of Yoshioka Precision were 217 million yuan, an increase of 32.02% over the end of the previous year, the total liabilities were 119 million yuan, an increase of 23.09% over the end of the previous year, and the net assets attributable to the shareholders of the listed company were 97.5774 million yuan, an increase of 44.84% over the end of the previous year.
According to the prospectus, from 2018 to 2020, the operating income of Yoshioka Precision was 199.6036 million yuan, 208.2125 million yuan and 260.1827 million yuan, and the net profit attributable to the mother was 24.0223 million yuan, 27.1341 million yuan and 43.4772 million yuan, respectively. In the same period, the gross profit margin of the company's main business was 23.37%, 26.55% and 29.20%, respectively, showing a stable growth trend.
Yoshioka Precision recently issued an announcement that in order to enhance the company's business capabilities and consolidate and enhance the company's comprehensive competitiveness, the company intends to use the newly acquired land to invest in the expansion of "new energy vehicle parts, steam generators for clean electrical appliances, 5G communication accessories, precision mechanical parts and mold production and processing projects", with a total investment of 310 million yuan. The purpose of this foreign investment: This foreign investment is a comprehensive consideration of the company based on its current business needs and future development strategy, which will be conducive to the expansion of the company's business, improve the company's comprehensive competitiveness, create greater value for shareholders, and promote the company's long-term sustainable development.
On May 6, 2021, Wuxi Jigang Precision Technology Co., Ltd. bid for 1 industrial land in Wuxi at the reserve price, which was sold for 400,000 yuan / mu. No. 2021-24 plot of Tin Land (Gong) is located in shixin road east and rongqiang road north of Tang Street, northeast of Xishan District, industrial land, transfer period of 50 years, the total land area of transfer is 21649.00 square meters, and the construction land area is 21649.00 square meters.
Yoshioka Precision intends to publicly issue no more than 10 million rmb ordinary shares to unspecified qualified investors, with a reserve price of 5 yuan per share, and invest the raised funds in the "intelligent transformation project of precision machinery parts production line with an annual output of 28 million pieces" and "supplementary working capital". Before the suspension, the company's market price was 6 yuan / share.
<h1 class="pgc-h-arrow-right" data-track="24" >3, Dadi Electric: automotive vehicle wiring harness supporting supplier</h1>
Nantong Dadi Electric Co., Ltd., founded in 2002, legal person Jiang Mingquan, on November 8, 2002, the predecessor of the company, Nantong Dadi Electric Co., Ltd. was established. On August 8, 2016, the company name was changed from Nantong Dadi Electric Co., Ltd. to Nantong Dadi Electric Co., Ltd.
Dadi Electric was listed on the New Third Board on January 18, 2017, is a supplier of automotive vehicle wiring harness supporting solutions, specializing in the technical research and development, product manufacturing and technical services of automotive wiring harnesses and related components, mainly providing complete sets of wiring harnesses, engine wiring harnesses, functional wiring harnesses and other series of products research and development, production and related program design services for automotive manufacturers, engine factories and other core component manufacturers.
Dadi Electric recently released the 2021 semi-annual report, the operating income of the reporting period was 452,816,530.49 yuan, an increase of 26.22% year-on-year, and the net profit was 31,765,525.09 yuan, an increase of 24.03% year-on-year.
In 2020, Dadi Electric achieved operating income of 766 million yuan, an increase of 29.47% year-on-year; The net profit attributable to the shareholders of the listed company was 63.3133 million yuan, an increase of 167.48% year-on-year. In 2019, the company achieved operating income of 620,982,168.31 yuan, an increase of 12.44% year-on-year, and net profit attributable to shareholders of listed companies of 24,782,937.85 yuan, an increase of 2.88% year-on-year. In 2018, the company's total operating income was 552,299,053.73 yuan, down -2.89% from the same period last year (568,762,327.54), and the net profit attributable to the shareholders of the listed company was 24,089,760.54 yuan, down -17.29% from the same period last year of 29,124,490.32 yuan.
Dadi Electric intends to issue no more than 18 million RMB ordinary shares to unspecified qualified investors in this selected small IPO, and the preliminary determination of the issue reserve price is 8.68 yuan per share. The company plans to raise 156 million yuan in public offering for the "Nantong Hongzhi Automobile Connecting Component Production Project" and "Dadi Electric Automotive Wiring Harness Production Line Upgrade Project".
<h1 class="pgc-h-arrow-right" data-track="31" >4. Brief comment: Yoshioka Precision needs to pay close attention</h1>
These three companies are all engaged in industrial companies, Concentric Transmission and Dadi Electric are both auto parts companies, one for automotive drive shafts, and one for automotive wiring harness production lines. These two auto parts companies are generally in the industry, and the valuation of auto parts given by the market is not high. However, the performance growth of these two companies is not bad, and they belong to the decent industrial companies.
Yoshioka Precision needs to pay close attention. The company industry belongs to precision machining, and the market recognizes this type of company. The company's performance has grown rapidly in recent years, from more than 20 million to more than 40 million, and it has reached 28.73 million in the first half of this year. The focus is that the company has the expectation of expanding production capacity, and invests 310 million yuan to expand the production and processing project of new energy auto parts and molds. However, the expansion project has not yet begun, and the land was only obtained in May this year, and it will take a long time to release production capacity.