Xinya Cable (001382.SZ) has started accepting subscriptions.
According to the Zhito Finance APP, on March 11, Xin Ya Cable (001382.SZ) opened for subscription with an issue price of 7.4 yuan per share, a subscription limit of 0.0185 million shares, a PE of 18.71 times, and an industry PE of 18.91, belonging to the Main Board of the Shenzhen Stock Exchange, with GF SEC as the sponsor (lead underwriter).
The prospectus shows that Xin Ya Cable is a company specializing in the research, production and sales of wires and cables, with main products including electrical cables, wires and cables for electrical equipment, and overhead conductors. After years of independent technological innovation and market experience accumulation, the company's product quality is stable and reliable, with a rich variety, widely used in the fields of Electrical Utilities, rail transportation, Architecture Engineering, New energy Fund, and Intelligent Manufacturing.
In the power grid sector, wires and cables are important equipment and materials for the power network. The company has continuously served Southern Power Grid and State Grid for many years. In 2022, its leading products ranked among the top 5% in terms of winning bids from nearly 350 bidding cable companies within the two major grid companies across the country, ranking first among cable enterprises in South China. In the field of overhead conductors, the company is a strong player in both R&D and manufacturing of overhead conductor products, with sales scale ranking first among cable enterprises in South China, and its products are applied in the construction of various national and local key projects, achieving remarkable supply performance.
The actual funds raised in this offering, after deducting issuance costs, will be invested in the following projects in order of priority:
In terms of finances, for the fiscal years 2021, 2022, 2023, and from January to June 2024, Xin Ya Cable achieved revenues of approximately 2.893 billion yuan, 2.763 billion yuan, 3.013 billion yuan, and 1.177 billion yuan respectively, while the net income for the same periods were 96.4416 million yuan, approximately 0.111 billion yuan, approximately 0.164 billion yuan, and 55.2804 million yuan.
Xin Ya Cable mentioned in its prospectus that the company faces the risk of gross margin fluctuations. During the reporting period, the company's comprehensive gross margins were 9.21%, 9.85%, 11.74%, and 9.96%, showing a volatile trend, mainly influenced by raw material price fluctuations, grid customer pricing mechanism restrictions, longer contract fulfillment periods for some orders, and the fact that the raw material costs for sales orders are not fully locked in. If the company cannot take effective measures to actively respond to the changes brought about by these factors in the future, it will face the risk of gross margin fluctuations, which will further affect the stability of the company's operating performance.
