IPO dynamics: Daming Electronics 28.8 billion dividends, vice chairman was the largest customer.
Daxian Electronics*** hereinafter referred to as"Electrons are displayed") will be reviewed by the Exchange's Listing Committee on 2 February.
***ic.com
According to the prospectus, Daming Electronics focuses on the field of automotive electronic parts and components, and is a professional company dedicated to the design, development, production and sales of integrated solutions for body electronic and electrical control systems.
From 2020 to the first half of 2023, Daming Electronics achieved operating income of 113.9 billion yuan, 148.2 billion yuan, 171.3 billion yuan and 89.9 billion yuan, and the net profit attributable to the parent company in the same period was 09.6 billion yuan, 09.9 billion yuan, 15.1 billion yuan and 06.7 billion yuan.
Daming Electronics' customer concentration is relatively high, and the company's sales revenue to the top five customers during the above period accounted for the proportion of the main business income in the current period. 42% and 6562%, of which Changan Automobile contributed separately. 36% and 3444% of the revenue, and remained stable in the reporting period, Daming Electronics was the largest customer of Daming Electronics in the reporting period.
***prospectus
It is worth noting that from 1991 to 2009, Zhang Xiaoming, vice president of Daming Electronics, worked at Chongqing Changan Automobile Electric, a subsidiary of Changan Electric, from 1996 to 2009"Xugang Electronics"and served as the general manager of Xugang Electronics, responsible for the work of Xugang Electronics.
The Shanghai Stock Exchange required Daming Electronics to explain the background, reasons and process of Zhang Xiaoming's cooperation with Daming Electronics; The background and process of the company's cooperation with Changan Automobile, combined with Zhang Xiaoming's position and investment, explain its main role and role in establishing and maintaining the cooperative relationship; Whether there is any non-competition and conflict of interest in Zhang Xiaoming's relevant employment and investment.
In this regard, Daming Electronics said that Chongqing Daming subsidiary entered the supporting system of Changan Automobile in 2004 and began to cooperate with Changan Automobile. In June 2010, Zhang Xiaoming's department joined the Chongqing Daming subsidiary, and the company's cooperation with Changan Automobile was long before Zhang Xiaoming joined the subsidiary.
From 2019 to the first half of 2022, the cash dividends of Daming Electronics were 35 million yuan and 5929 yuan80,000 yuan, 19.2 billion yuan and 2 million yuan, with a total dividend of 28.8 billion yuan, exceeding the total net profit of 2$8.3 billion.
From 2020 to 2023, the company's asset-liability ratio in the first half of the year is: 76% and 6516%;The average gearing ratios of comparable companies in the industry during the same period were: 16% and 3657%。
Through this IPO, Daming Electronics also plans to raise 100 million yuan to supplement working capital. The debt ratio remains high, and while the total dividends exceed the net profit, and on the other hand, it is necessary to raise funds to supplement working capital. As for the outcome of this meeting, Caijing will pay close attention.