On June 17th, Chongqing New Aluminum Era Technology Co., Ltd. (referred to as New Aluminum Era) applied for IPO audit status change to 'submitted for registration' on the Growth Enterprise Market of Shenzhen Stock Exchange. Citic Securities is its sponsor, and plans to raise 1 billion yuan.
According to Zhongtong Finance App on June 17th, Chongqing New Aluminum Era Technology Co., Ltd. (referred to as New Aluminum Era) applied for IPO audit status change to 'submitted for registration' on the Growth Enterprise Market of Shenzhen Stock Exchange. Citic Securities is its sponsor, and plans to raise 1 billion yuan.
According to the prospectus, New Aluminum Era is mainly engaged in the R&D, production and sales of aluminum alloy parts for new energy vehicle battery systems, with a complete business system that includes aluminum material R&D, product design, advanced production processes and large-scale production. The company's main product is the battery box, a key component of the power battery system for new energy vehicles.
Currently, pure electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) are the mainstream technology routes in the narrow sense of new energy vehicles, while hybrid electric vehicles (HEVs) are an important path for the automobile industry to transition from traditional fuel vehicles to new energy vehicles. According to CADA data, in 2021, the market share of BEVs, PHEVs, and HEVs in the global general new energy vehicle market exceeded 99%, and the company's products cover the mainstream technology routes for global new energy vehicles.
In terms of revenue scale, New Aluminum Era has a certain gap compared to other listed companies in the same industry, mainly due to differences in business structure. Compared with other companies in the same industry, the company focuses on aluminum alloy parts for new energy vehicles such as battery boxes, which are the main source of the company's revenue. In contrast, Huayu Automotive, Lingyun Industrial Corporation, Minth Group and other listed companies are all traditional automotive parts suppliers with a wide range of business scopes and overall larger scales.
As of the end of 2023, in terms of battery box sales volume, New Aluminum Era has been at the forefront of the industry and its market position is relatively stable, but there is still a certain gap compared to Minth Group. Therefore, in order to fully leverage the company's technological advantages, further enhance the company's overall profitability and risk resistance, the company plans to use the funds raised from this issuance and listing to invest in an annual output of 800,000 sets of new energy vehicle parts project in Nanchuan District. After the implementation of this investment, the company's production capacity will be effectively increased, which is conducive to enhancing the company's competitiveness and further improving its market position.
In terms of finance, in 2021, 2022, and 2023, New Aluminum Era realized operating income of approximately RMB 618 million, RMB 1.421 billion, and RMB 1.782 billion, respectively, and net profits of approximately RMB 29.4453 million, RMB 174 million, and RMB 196 million, respectively.
According to the prospectus, New Aluminum Era has a significant dependence risk on its largest customer BYD.
According to the '5-17 Customer Concentration' in the 'Regulatory Rules Application Guidelines-Issue No.5', 'if the main business income or gross profit contribution of the issuer comes from a single customer and accounts for more than 50%, it is generally considered that the issuer has a significant dependence on the customer.' During the reporting period, the company's main source of income came from cooperation with BYD, and its revenue from BYD accounted for 70.42%, 78.87% and 80.46%, respectively. Therefore, the company has a significant dependence on BYD.
Given that BYD implements a strict, complex, and long-term certification process when selecting suppliers, which requires comprehensive evaluation and assessment of suppliers' R&D and technological innovation capabilities, mass production and supply capabilities, patents and technical processes, quality control capabilities, etc., and has established strict testing and verification procedures for products. If the company cannot maintain its advantage among BYD's new energy vehicle battery box and other parts suppliers in the future and cannot continue to maintain its cooperation relationship with BYD, the company's operating performance will be greatly affected.