Zhitong Financial APP learned that on Feb. 7, 001260.SZ began to apply for an offering price of 14.27 yuan per share, with a ceiling of 11500 shares and a price-to-earnings ratio of 22.98 times, belonging to the Shenzhen Stock Exchange, with Guoxin Securities as its exclusive sponsor.
According to the prospectus, Kuntai Co., Ltd. is mainly engaged in the research, development, production and sales of automotive interior decoration materials and products. The main products include car carpets and car floor mats, and the product application market is mainly oriented to the complete vehicle supporting market (that is, pre-assembly market). In the course of more than ten years of development, with the development opportunities such as transformation, upgrading and localization of the automotive industry, the company continues to enrich product categories, extend the industrial chain and expand downstream customer groups through product development, process improvement and market accumulation, gradually forming a multi-variety and multi-level business pattern integrating "BCF yarn-car carpet-car floor mats".
Kuntai said that with its stable product quality, high-quality product development capability and timely response service, the company has established a long-term and stable cooperative relationship with customers in the downstream auto parts industry. it has become a second-class supplier of auto carpets to many well-known auto brands, such as BMW, Audi, Mercedes-Benz, Volvo, Red Flag and so on. As well as Audi, Volvo, Buick, NIO Inc. and many other well-known automotive brands of automotive floor mats suppliers.
Kuntai shares said that in order to obtain the industrial chain synergy in R & D and production and enhance the overall competitiveness, Yantai Xintai was established in 2010 and began to engage in the research and development of tufted carpet raw material BCF yarn. Through the introduction of spinning equipment, continuous technical improvement and product trial production, Yantai Xintai has successfully developed products approved by downstream customers, realizing self-production and self-use BCF yarn, effectively ensuring the stability of raw material quality, timeliness of supply, reducing production costs and so on.
Relying on the manufacturing experience, customer reputation and industry resources accumulated in the automobile tufted carpet industry, Kuntai shares pay close attention to customer demand and gradually realize the vertical expansion and horizontal layout of the business. In 2012, the company vertically expanded its business to the field of car floor mats, and gradually entered the supply system of car floor mats of well-known automobile brands such as Audi and Volvo. In 2015, the company began to lay out needle-punched carpet products horizontally. at present, it has supplied products to BMW, NIO Inc. and other well-known automobile brands, enriching the product category. After years of development, the company has formed a multi-level business system from BCF yarn, car carpet to car floor mats, and the products can meet the needs of different grades of automobile brands at home and abroad.
In the course of more than ten years of development, Kuntai has always focused on automobile carpet products, focusing on the business of automobile interior accessories, attaching importance to the continuous optimization and upgrading of mature products, the development of new processes and new products, and the expansion of the industrial chain. Relying on the advantages in product quality, R & D and design capabilities, high-quality customer resources, collaborative production capacity of the industrial chain, service level and management, it has achieved a certain dominant position in the industry competition.
It is worth noting that Kuntai shares have the prosperity risk of the automotive industry, specifically. Since 2021, the overall development of the global automotive industry has improved, but the global chip shortage has begun to have a certain impact on the automotive industry. Some vehicle manufacturers have been forced to reduce production or stop production because of the chip shortage, which has affected the growth of the global automobile industry in the short term. According to AFS statistics, due to the chip shortage in 2021, the global automobile market has reduced production by about 10.2 million vehicles. In the future, if the development of China's automobile industry continues to slow down and the overseas COVID-19 epidemic continues to spread, automobile production and sales may decline further, which will have a greater adverse impact on the automobile interior decoration industry, and then affect the company's business performance.
Kuntai shares pointed out that after deducting the issuance expenses, the raised funds will be invested in the following projects in turn:
"Yantai Kuntai Automobile Interior Decoration Co., Ltd. industrial park project" is divided into two phases, the company has used self-raised funds for the first phase of construction, this time to raise funds of 203.3574 million yuan for the second phase construction; "annual output of 6.75 million m2 of high-grade acupuncture materials and 15000 tons of BCF yarn construction project" is divided into two phases of construction, the company has used self-raised funds for the first phase construction, this time intends to raise funds of 62.127 million yuan for the second phase construction.
In terms of finance, in 2019,2020,2021 and 2022, the operating income of Kuntai shares was approximately 324 million yuan, 377 million yuan, 414 million yuan and 198 million yuan respectively; the net profit was approximately 56.4538 million yuan, 82.8926 million yuan, 72.716 million yuan and 32.648 million yuan respectively.