Editorial Department of this journal |Liu Jie
According to wind statistics (as of December 29, 2023), in the first week of 2024, there will be 3 "new" targets for investors to choose from, they are Xidian New Energy, Xueqi Electric, and Yun Xingyu. From the perspective of sectors, the above-mentioned new shares are planned to be listed on the main board of the Shanghai Stock Exchange, the main board of the Shenzhen Stock Exchange and the Beijing Stock Exchange. In terms of industry distribution, the first two IPOs were in the electrical machinery and equipment manufacturing industry, while the latter was in the software and information technology services sector.
Xidian New Energy has significant technical advantages
The market share of core products is not low
The main business of Xidian New Energy is the R&D, design, production and sales of electrical connection products, including battery connection systems and composite busbars, which are widely used in new energy vehicles, electrochemical energy storage, rail transit, industrial frequency conversion, new energy power generation and other fields.
After years of development, Xidian New Energy has accumulated high-quality customers such as CATL, BYD, Farah Electronics, CRRC, Sungrow, Guoxuan Hi-Tech, Westinghouse Brake, Rockwell, Toshiba Mitsubishi, etc., and its product quality and reputation have been highly recognized by customers.
In terms of market share, in the field of new energy vehicles, the market share of Xidian Xinneng electronic control busbar products from January to June 2023 exceeded 30%, and the market share of battery connection system products was close to 15%.
Xidian Xinneng has 47 authorized patents, including 4 invention patents, 41 utility model patents and 2 design patents. It was rated as "2022 Provincial Specialized and Special New Small and Medium-sized Enterprise" by the Jiangsu Provincial Department of Industry and Information Technology, and was awarded the "Jiangsu New Flexible Laminated Bus Engineering Technology Research Center" by the Jiangsu Provincial Department of Science and Technology.
Through independent design and manufacture of key production equipment, Xidian New Energy has formed a unique process manufacturing advantage.
On the one hand, it can meet the customized production needs of the company's products and reduce production costs: the battery connection system and composite busbar are all customized products, and the specifications and models are quite different, and the self-made key equipment can meet the customized production needs of various productsAt the same time, the company has mastered the independent development and design technology of key equipment, and can flexibly transform the equipment according to the feedback needs of the production process, continuously improve the automation level and production stability of the equipment, and reduce the cost of product manufacturing.
On the other hand, it can quickly respond to the needs of downstream customers for product optimization and upgrading: at present, new energy vehicles are still in the stage of rapid technology iteration, the development cycle and life cycle of new models are significantly shorter than that of fuel vehicles, and many upgrades may be carried out during the duration of the model.
L'Oréal hair dye raw materials ** listed on the market
Be vigilant against risks related to environmental protection
Looking back at the official listing and issuance of new shares this week (December 25-29, 2023), several new stocks have risen remarkably on the first day of listing, among which C Dali has the highest increase relative to the issue price, reaching 22573%, followed by Lysai Laser with 17212%, C International Fu, C Dinglong, and C Chenyi respectively. 32%。
Among the several new stocks listed this week, C Dinglong has attracted much attention from investors because it is the leading supplier of hair dye raw materials for well-known companies such as L'Oreal, Henkel, and Cotiwina.
C Dinglong is mainly engaged in the research and development, production and sales of fine chemical products, the main products are chemical product intermediates, rich in product types, according to the downstream application field can be divided into hair dye raw materials, special engineering materials monomer, plant protection materials, etc., mainly used in the production of hair dyes, special engineering plastics, high-performance fibers, plant protection products, etc., widely used in cosmetics, automobiles, aerospace, military, plant protection and other industries.
The hair dye raw material industry as a whole presents a "small and scattered" situation, and the industry concentration is low. With the continuous growth of the market demand for hair dyes, the demand for raw materials for hair dyes has increased accordingly, and enterprises with complete product categories and strong R&D capabilities are expected to gain greater development space.
In terms of market position, C Dinglong's core business is mainly concentrated in the field of hair dye raw materials, and large well-known enterprises L'Oreal, Henkel, Cotiwina have signed a cooperation framework agreement, the cooperative relationship is lasting and stable, the company's related products in the aforementioned major customers accounted for about 30%-50% of the share, the market competitiveness is strong, the products are widely recognized by customers, is one of the world's major hair dye raw material manufacturers.
It is worth noting that C Dinglong's export sales account for a relatively high proportion, and from 2020 to the first half of 2023, the proportion of its overseas main business income to the current main business income is respectively. 79% and 8540%。It said that the company's overseas sales areas are mainly concentrated in Europe, Asia, North America and other regions. The economic and political situation of some countries or regions in the above-mentioned markets is complex and changeable, and it is easy to have an adverse impact on the national economy and household consumption due to factors such as international oil fluctuations, political turmoil and sharp depreciation of the national currency.
In addition, the industry in which C Dinglong is located is the fine chemical industry, and it is facing the problem of "three wastes" emission and comprehensive treatment in production and operation.
From 2020 to the first half of 2023, its emissions and comprehensive treatment investment were 2,396370,000 yuan, 2064020,000 yuan, 2684310,000 yuan and 1010450,000 yuan, accounting for the proportion of the current operating costs. 66% and 433%, the amount and proportion are relatively large. With the comprehensive promotion of the national sustainable development strategy, the society attaches more and more importance to environmental protection, and more stringent environmental protection standards may be introduced in the future. In the prospectus, it said that the company needs to further increase investment in environmental protection and increase related operating costs, which may have a certain impact on the company's production and operation.
(This article was published in the December 30 issue of Market Weekly.) ）