作为行业知名的新能源汽车高压电源核心零部件供应商，公司开拓了广汽集团、长城汽车、蔚来汽车、易捷特(东风和雷诺-日产合资公司)、埃诺威(大众合资公司)、雷诺汽车、日产汽车、小鹏汽车、小米汽车、上汽集团、比亚迪、长安汽车、零跑汽车、LG 等国内外一流客户，其中，广汽集团、长城汽车、蔚来汽车、易捷特、埃诺威、小鹏汽车、上汽集团、LG 等客户已实现项目量产，雷诺汽车、日产汽车、小米汽车、比亚迪、长安汽车、零跑汽车等客户已有项目定点。Futu Technology (301607.SZ) has opened for subscription.
According to the Zhitong Finance APP, on August 26, Futu Technology (301607.SZ) opened for subscription with an issue price of 14 yuan per share. The maximum subscription limit is 0.0065 million shares, with a P/E ratio of 16.82 times. It belongs to the Shenzhen Stock Exchange, and GTJA Securities is its exclusive sponsor.
According to the prospectus, Futu Technology is a national high-tech enterprise mainly engaged in the research, development, production, and sales of new energy vehicle high-voltage power supply systems. Its main products include on-board chargers (OBC), on-board DC/DC converters, on-board power integrated products, and other on-board high-voltage power supply systems, as well as liquid-cooled supercharging station power modules, intelligent DC charging station power modules, and other non-vehicle high-voltage power supply systems.
As a well-known supplier of core components for new energy vehicle high-voltage power supplies in the industry, the company has developed partnerships with domestic and foreign top-tier customers including Guangzhou Automobile Group, Great Wall Motor, NIO Inc, Eastyle (Dongfeng and Renault-Nissan joint venture), Enervate (Volkswagen joint venture), Renault, Nissan, Xpeng, Xiaomi Auto, SAIC Motor Corporation, BYD Company Limited, Chongqing Changan Automobile, Leapmotor, LG, etc. Among them, Guangzhou Automobile Group, Great Wall Motor, NIO Inc, Eastyle, Enervate, Xpeng, SAIC Motor Corporation, LG, and other customers have achieved mass production for their projects, while Renault, Nissan, Xiaomi Auto, BYD, Chongqing Changan Automobile, Leapmotor, and other customers have designated projects.
During the reporting period, the company's main business product revenue and composition are as follows:
It is understood that Futu Technology plans to use the raised funds, after deducting issuance expenses, for the following projects:
Currently, China's new energy vehicles are entering a phase of accelerated penetration. In recent years, the penetration rate of new energy vehicles has increased from 1.81% in 2016 to 25.60% in 2022, especially in 2021-2022, the penetration rate increased by 12 percentage points. New energy vehicles are a strategic emerging industry in our country. With the background of vigorously promoting the "dual carbon" goals of carbon peaking and carbon neutrality, the future development prospects of the new energy vehicle industry are broad. The development goals of new energy vehicles at various stages are as follows:
In terms of finance, in fiscal years 2020, 2021, and 2022, the company achieved operating income of approximately 0.295 billion yuan, 0.964 billion yuan, and 1.65 billion yuan, respectively. The net income of the company is approximately -14.8137 million yuan, 57.646 million yuan, and 86.7721 million yuan, respectively.
It is worth noting that the prospectus specifically reminds investors to pay attention to the short-term debt repayment risk. As of the end of each reporting period, the company's current ratio was 1.22 times, 1.26 times, 1.27 times, and 1.33 times, the quick ratio was 0.98 times, 1.02 times, 0.99 times, and 1.02 times, and the debt-to-asset ratio was 67.39%, 70.82%, 70.38%, and 66.49%, respectively. The company's current ratio and quick ratio are relatively low compared to the average level of listed companies in the same industry, and the debt-to-asset ratio is relatively high. If the company and its major customers experience fluctuations in operations, especially if the company encounters short-term difficulties in funds recovery, it may create certain short-term debt repayment risks.
