On February 28, Nanjing Kent Composite Materials Co., Ltd. (hereinafter referred to as "Kent Co., Ltd.") was listed on the Growth Enterprise Market (GEM), and the sponsor was Guotai Junan **, which issued **1943 yuan shares, the issue price-earnings ratio is 2281 times, close to 2282x industry P/E. As of press time, its share price has risen by more than 302%, and the latest market value has exceeded 6.5 billion yuan.
Kent Co., Ltd. focuses on the research and development, production and sales of high-performance engineering plastic products and components. In terms of equity structure, before the issuance, Yang Wenguang, the actual controller of the company, directly or indirectly controlled the company366% of the voting rights of the shares. In addition, Yang Wenguang and the company's shareholders Hu Yamin, Wang Dangsheng, Pan Guoguang, Cao Jianguo, Yang Ye and Sun Keyuan signed the "Concerted Action Agreement", and Yang Wenguang and his concerted actors directly or indirectly controlled the company in total7177% of the voting rights of the shares.
The funds raised by this IPO are mainly used for the expansion project of seals and structural parts, the expansion project of PTFE membrane, the expansion project of corrosion-resistant pipe fittings, the construction project of R&D center, and the project of supplementing working capital.
Use of fundraising, ** prospectus.
In terms of performance, from 2020 to January to June 2023, Kent shares achieved revenue of about 24.5 billion yuan, 31.7 billion yuan, 37.2 billion yuan, 19.9 billion yuan, net profit was 4262970,000 yuan, 5332580,000 yuan, 7330710,000 yuan, 4210780,000 yuan.
From January to September 2023, Kent shares achieved an operating income of about 29.6 billion yuan, an increase of 449%；The net profit attributable to shareholders of the parent company was 5917380,000 yuan, an increase of 4 over the same period last year01%。
According to preliminary estimates, the annual operating income of Kent shares in 2023 will be 40.5 billion to 4500 million yuan, a year-on-year increase of 880% to 2089%；The net profit attributable to shareholders of the parent company is expected to be 81 million yuan to 91 million yuan, a year-on-year increase of 1049% to 2414%。
The company's main financial data and financial indicators, ** prospectus.
Specifically, the main products of Kent Co., Ltd. include six categories: seals and components, insulating parts and components, functional structural parts, corrosion-resistant pipe fittings, granulating materials and tetrafluorine membranes. During the reporting period, the revenue of seals and assembly accessories accounted for more than 50%, which is an important income of the company**.
The composition of the company's main business income according to product categories, ** prospectus.
The company's products have excellent performance such as high pressure resistance, high and low temperature resistance, corrosion resistance, wear resistance, creep resistance, etc., and the end products can be widely used in general machinery manufacturing such as valves and compressors, communication equipment manufacturing, high-speed rail and rail transit equipment manufacturing, automobile manufacturing, instrument manufacturing, medical equipment, semiconductor equipment, environmental protection equipment, wind power equipment and other fields.
During the reporting period, the gross profit margins of Kent's main business were as follows. 65% and 40%, there are certain fluctuations, of which the gross profit margin of the company's main business from 2020 to 2022 is lower than the average of comparable companies in the same industry, and slightly higher than the average of comparable companies in the same industry in the first half of 2023.
Comparison of the gross profit margin of the company's main business with comparable companies in the same industry, ** prospectus.
Kent shares have the risk of core customer revenue accounting for a relatively large proportion. The company mainly provides high-performance engineering plastic parts and components for high-end equipment manufacturing enterprises such as Commscope, Bray, Emerson, REGO, Schlumberger, China Academy of Railway Sciences, CRRC, etc., during the reporting period, the sales revenue of the company's top five customers accounted for the proportion of the current operating income respectively. 61% and 3579%, accounting for a relatively concentrated proportion, if the company's relationship with major customers changes, it may affect the company's operating performance.