Lei Jianping reported on October 27
Jingjin Electric Technology Co., Ltd. (hereinafter referred to as "Jingjin Electric", stock code: "688280") was listed on the Science and Technology Innovation Board today.
Jingjin Electric issued 99.622268 million shares at an issue price of 13.78 yuan and raised a total of 1.37 billion yuan.
The opening price of Jingjin Electric was 14.99 yuan, up 8.8% from the issue price; the closing price was 17.7 yuan, up 28.45% from the issue price; and the market value of Jingjin Electric was 10.447 billion yuan in terms of closing price.
A net loss of 300 million yuan is expected in the first nine months
Jingjin Electric is a new energy vehicle electric drive system enterprises, engaged in electric drive system research and development, production, sales and service, has been the drive motor, controller, transmission of the three major assemblies independent mastery of the core technology and to achieve a complete layout, the company to provide customers with the overall technical solutions of electric drive system.
Jingjin Electric has established long-term and stable cooperative relations with Fiat Chrysler (which has merged with Peugeot Citroen to form Theellantis Group), Karma, SAIC, Geely, GAC, Xiaopeng Automobile, BYD, Dongfeng Group, FAW Group, Weichai Group, BAIC Group, Zhongtong Bus, Xiamen Jinlong, Changan Automobile and other well-known vehicle enterprises.
According to the prospectus, the revenue of Jingjin Electric in 2018, 2019 and 2020 was 849 million yuan, 790 million yuan and 578 million yuan, respectively; the net profit was -78.93 million yuan, -256 million yuan and -379 million yuan, respectively.
Jingjin Electric's revenue from January to June 2021 was 340 million yuan, an increase of 46.98% year-on-year, mainly because:
1, From January to June 2021, with the basic fading of the impact of the epidemic and the start of mass production of some of the company's new supporting models, the revenue of the electric drive system of Jingjin electric new energy vehicles was 229 million yuan, an increase of 79.15% over January-June 2020.
2, From January to June 2021, Jingjin Electric achieved other business income of 87.4736 million yuan, mainly from the income of Zhongtong Bus New Energy Bus sold by the company's subsidiary Kanazawa Leasing to Heze Public Transport Group Co., Ltd.
On November 5, 2020, Jinze Leasing, a subsidiary of Jingjin Electric, won the bid for the new energy bus procurement project of Heze Public Transport Group Co., Ltd.
On November 10, 2020, Kanazawa Leasing and Zhongtong Bus signed the "Passenger Car Sale and Purchase Contract", stipulating that Kanazawa Leasing would purchase 100 new energy buses from Zhongtong Bus, with a unit price of 910,000 yuan including tax and a total amount of 91 million yuan including tax. On November 20, 2020, Kanazawa Leasing and Heze Public Transport Group Co., Ltd. signed the "Passenger Car Sale and Purchase Contract", stipulating that Kanazawa Leasing would sell 100 new energy buses to Heze Public Transport Group Co., Ltd., with a unit price of 920,000 yuan including tax and a total amount of 92 million yuan including tax.
From January to June 2021, the net profit of Precision Electric after deducting non-recurring gains and losses declined, mainly due to the decline in the proportion of technology development and service revenue with high gross profit margin of Precision Electric in January to June 2021, and the proportion of revenue of new energy vehicle electric drive systems increased, while the electric drive of new energy vehicles was affected by low capacity utilization and raw material price increases, and its gross profit margin was still negative, resulting in a decline in the comprehensive gross profit margin of Precision Electric.
Jingjin Electric expects revenue of about 510 million to 530 million yuan in January-September 2021, an increase of 36.85% to 42.22% from the same period last year; net profit is expected to be -280 million to -260 million, a growth rate of about -2.06% to 5.23% from the same period last year; and it is expected to deduct non-net profit of -290 million yuan to -310 million yuan, down 64.25% to 75.58% year-on-year.
Yu Ping has 59% of the voting rights
Before the IPO, Beixiang New Energy directly held 15.74% of the shares of Jingjin Electric, and held 65.13% of the voting rights of Jingjin Electric by setting special voting rights according to the company's current effective company's articles of association.
The actual controller of Jingjin Electric is Yu Ping, who is currently the chairman and general manager of the company. Yu Ping holds 99% of the shares of Beixiang New Energy, and after deliberation by the board of directors of Jingjin Electric on September 19, 2019 and the shareholders' meeting on October 14, 2019, special voting rights were granted to the shares held by Beixiang New Energy, and the ratio of the number of votes held by each special voting share to the number of voting rights held by each ordinary share was 10:1.
At the same time, Yu Ping also controlled 5.64% of the voting rights of the issuer through Sai Ulize and Best-EDrive. Therefore, Yu Ping controls a total of 67.47% of the voting rights of Jingjin Electric.
In addition, Chenghui International holds 13.61%, CITIC Industries holds 9.21%, Chaoyue Moore holds 8.61%, Licheng Saixin holds 7.67%, Fangteng Group holds 6.47%, VVCleantech holds 5.3%, and CEF holds 4.29%;
Lhasa Zhihang holds 3.8% of the shares, BestE-Drive holds 3.52%, Weidu Investment holds 2.55%, Tengmao Baian, Ansheng Hengyong and SaiyouLize hold 2.12% respectively, and Chaos Investment holds 0.54%.
After the IPO, Beixiang New Energy held 11.81% of the shares and 57.24% of the voting rights of Jingjin Electric, and Yu Ping controlled 59.29% of the voting rights of the company through Beixiang New Energy, Saiyou Lize and BestE-Drive.
Chenghui International holds 10.21%, CITIC Industries holds 6.90%, Chaoyue Moore holds 6.45%, Licheng Saixin holds 5.75%, Fangteng Group holds 4.85%, VV Cleantech holds 3.97%, and CEF holds 3.22%.
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