On February 16, Shandong Kuntai New material Technology Co., Ltd. (referred to as: Kuntai Co., Ltd.) officially landed on the Shenzhen motherboard.The issue price is 14.27 yuan per share, the corresponding price-to-earnings ratio is 22.98 times, and the net raised is about 354 million yuan..
N Kuntai (001260.SZ) rose 44% to 20.55 yuan per share in trading.The latest total market capitalization is about 2.363 billion yuan.
Kuntai Co., Ltd. was established in December 2009. Its main business is R & D, production and sales of automotive interior decoration materials and products. The main products include car carpets and car floor mats. The product application market is mainly oriented to the complete vehicle supporting market (that is, the pre-assembly market).
As of pre-IPO, the main shareholders holding more than 5% of the company's shares are Zhang Ming, Li Feng and Kuncheng Investment, holding 66.5275%, 22.1681% and 7.8261% of the shares respectively, of which Zhang Ming is the actual controller of the company.
In terms of performance, the company's operating income from January to June from 2019 to 2022 was 324 million yuan, 377 million yuan, 414 million yuan and 198 million yuan respectively, and the corresponding return net profit was 56.4538 million yuan, 82.8926 million yuan, 72.716 million yuan and 32.6484 million yuan respectively.There will be a phenomenon of increasing income without increasing profits in 2021.
(main data of consolidated income statement, prospectus)
From a product point of view, the company's main products include tufted carpets, needle carpets and car floor mats, of which the sales revenue of tufted carpets accounted for 64.63%, 64.21%, 58.30% and 52.32% respectively during the reporting period, which is the company's main source of income.
(composition of main business income by product category, prospectus)
During the reporting period, the gross profit margin of the company's main business was 35.80%, 38.15%, 32.92% and 29.63% respectively, showing a trend of rising first and then falling, which was higher than that of comparable companies such as Top Group, Shenda shares and Daimei share. lower than the gross profit margin of products related to interior accessories of Mingxin Xuteng and Hongda, which is between comparable companies.
(comparison of gross profit margin of main business with comparable listed companies, prospectus)
Benefiting from the resumption of work and production in many places in the second half of 2022, the company's product orders continue to grow. the company expects revenue of 446 million to 460 million yuan in 2022, an increase of 7.56% over the same period last year to 11.03%. At the same time, it is affected by chemicals such as PA6 slices and PE particles.The purchase price of raw materials has gone up.Due to the influence of factors such as the increase in depreciation and amortization of fixed assets and the increase in R & D expenses, the company's corresponding increase in total operating cost exceeds the increase in total operating income.The annual net profit of 2022 is expected to be 63.824 million yuan to 67.2487 million yuan, down 12.23% from the same period last year to 7.52%..
In addition, during the reporting period, the sales income of Kuntai's top five customers was 203 million yuan, 247 million yuan, 243 million yuan and 111 million yuan respectively, accounting for 62.51%, 65.52%, 58.61% and 56.00% of the current revenue, respectively.High degree of customer concentrationIf major customers are lost in the future, it will have a greater adverse impact on the company's operating performance.