China Galaxy Securities Co.Ltd(601881)
about
The initial public offering of shares and listing on the growth enterprise market by China Automotive Research automotive testing ground Co., Ltd
Listing recommendation
Sponsor (lead underwriter)
(101, floors 7-18, building 1, yard 8, Xiying street, Fengtai District, Beijing)
December, 2001
statement
In accordance with the company law of the people's Republic of China (hereinafter referred to as the "company law"), the securities law of the people's Republic of China (hereinafter referred to as the "Securities Law") and other laws and regulations, as well as the China Securities Regulatory Commission (hereinafter referred to as the "CSRC" and "CSRC") In accordance with the relevant provisions of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange"), we are honest and trustworthy, diligent and responsible, issue the listing recommendation letter in strict accordance with the business rules and industry self-discipline norms formulated according to law, and ensure that the documents issued are true, accurate and complete.
Unless otherwise specified in this listing recommendation letter, the relevant terms have the same meaning as in the prospectus of initial public offering of shares and listing on the gem of China Automotive Research automobile testing ground Co., Ltd.
catalogue
Section 1 basic information of the issuer three
1、 Basic information of the issuer three
2、 The issuer's main business, core technology and R & D level three
3、 Main operating and financial data indicators of the issuer fifteen
4、 Main risks of the issuer Section 2 the issuance of Securities twenty-eight
1、 Basic information of this offering twenty-eight
2、 Sponsor representative, Project Co sponsor and other members of the project team twenty-eight
3、 Description of the relationship between the sponsor and the issuer Section III commitments of the sponsor Section IV recommendations on the issuance and listing of Securities thirty-one
1、 The decision-making procedures for the performance of this securities issuance thirty-one
2、 The issuer meets the listing conditions stipulated in the securities law thirty-two
3、 The issuer meets the issuance conditions specified in the registration management measures thirty-three
4、 The issuer meets the listing conditions specified in the GEM Listing Rules thirty-eight
5、 Specific arrangements for continuous supervision after securities listing thirty-nine
6、 The recommendation conclusion of the recommendation institution on the issuance and listing of Securities forty
Section 1 basic information of the issuer
1、 Basic information of the issuer
Company name: China Automotive Research automobile testing ground Co., Ltd
English Name: catarcautomotive saving ground Co., Ltd
Legal representative: an Tiecheng
Date of establishment of the joint stock company: June 30, 2020
The registered capital is 991.8 million yuan
Testing, technical services, technology development, technology transfer and technical consultation of automobile and motorcycle products and test equipment; Self support and agency of import and export business of various commodities and technologies (except for commodities and technologies whose business scope is limited or prohibited by the state); Rental of site and workshop facilities; Conference and exhibition services; Marketing planning; Cultural and artistic exchange planning; Automobile driver training; Organization and planning of sports events. (for projects subject to approval according to law, business activities can be carried out only after approval by relevant departments)
Address: Dafenggang Economic Zone, Dafeng District, Yancheng City
Postal Code: 224100
Tel: 0515-69860935
Fax: 0515-69860935
Internet website: www.cypg.com com. cn.
Email DSH- [email protected].
Information disclosure and investor department responsible for information disclosure and Investor Relations: Office of the board of directors
Relationship leader: Xia Xiuguo
Tel.: 0515-69860935
2、 The issuer's main business, core technology and R & D level (I) the issuer's main business
The company is one of China's major automobile testing ground investment, operation and management enterprises. The company's main business is to provide on-site testing technical services for automobile manufacturers, automobile testing institutions, automobile chassis component system enterprises, tire enterprises and other customers through the construction of automobile on-site testing environment and test scenarios. At the same time, during the reporting period, the company also carried out vehicle enhanced corrosion durability testing and tire testing based on the environment of the automobile test site.
After several years of rapid development, the company relies on the complete site environment and industry-leading technical indicators (II) the issuer's core technology
The company's industry is an associated industry of the automobile industry. The test roads, supporting facilities and land occupation scale of the automobile test site are the basis for building a rich test scene system, meeting the requirements of various types of testing regulations, meeting the R & D needs of customers, and carrying out testing safely, confidentially and efficiently. The construction and operation of the automobile test site is dependent on land, assets and funds, However, the relevant dependence is only the basic condition for the automobile test site to achieve its technical service objectives, which does not mean that the design, construction and operation objectives of the automobile test site can be achieved with the corresponding land, assets and funds. The core elements of the design, construction and operation of the automobile test site are the construction operator's deep understanding of the development of the automobile industry, rich technical accumulation and operation management experience in the field of automobile site technical service business.
At present, China's automobile production enterprises and products implement the access management system, including the management system of "announcement of vehicle production enterprises and products" of the Ministry of industry and information technology, the management system of "announcement of standard models of road transport vehicles" of the Ministry of transport, the management system of "announcement of environmental protection of motor vehicles" of the environmental protection department "China Compulsory Product Certification (CCC)" of the state municipal administration of certification and Accreditation (CNCA), etc. The vehicle test site shall meet the requirements of the above management system at the same time in order to meet the relevant requirements and standards of the test site required for all regulatory certification.
The R & D and testing of automobile parts and main automobile chassis enterprises shall be carried out according to the national standards and international standards.
Advanced technology and advanced technology of the company are mainly embodied in two aspects: advanced facilities and advanced technology services.
1, advanced facilities
The technical service objects of the automobile test site are various types of vehicle manufacturers, testing institutions, tire enterprises and automobile chassis parts manufacturers. The service content of the automobile testing ground includes meeting the testing requirements of national access related regulations and certification, meeting the testing requirements of international automobile regulatory certification related standards, and meeting the requirements of enterprise independent research and development standards of different enterprises. From regulatory certification access standards to enterprise independent research and development standards, the standards are becoming more and more complex and personalized, The requirements for the technical service support ability of automobile test field are also higher and higher. The development process of China's automobile testing ground is closely related to the development process of China's automobile industry. Although China built the automobile testing ground as early as the 1980s, it mainly served the commercial vehicles with low technical index requirements in the early stage, and mainly met the testing requirements of China's access regulations with relatively low requirements. Due to the weak independent R & D ability of Chinese passenger cars in the early stage, which mainly depends on joint venture brands, there is less demand for R & D tests under enterprise standards in China. Therefore, in addition to the self built auto test sites of some joint venture brands, the comprehensive ability of China's early built auto test sites to meet the independent R & D of enterprises is relatively weak.
China automobile testing ground is invested and constructed against the background that China's automobile industry has developed to a new stage, the comprehensive strength of independent brands has increased significantly, the access regulation and certification system has been continuously improved, and the demand for independent technology research and development is becoming increasingly urgent. The construction and operation of the China automobile testing ground has achieved a strong support for the development of China's automobile industry, especially the demand for technical services independently developed by automobile enterprises, and filled a number of gaps in China. For example, China automobile testing ground has built the first professional road dedicated to the development of vehicle comfort performance and NVH test in China's third-party testing ground, the first high-speed ring road to realize the pavement paving of asphalt jointless curve section, and is the first comprehensive automobile testing ground in China to fully meet various types of testing functions such as tire noise, braking, handling and comfort.
The advanced nature of the facilities of the China automobile test site is mainly reflected in three aspects: complete functions, advanced indicators and comprehensive service capabilities.
In terms of complete functions, the inspection and test standards of the automotive industry, from the regulatory certification and test standards to the independent R & D standards of vehicle enterprises, and then to the R & D standards of tire and chassis parts manufacturers, the related test complexity and diversification level are becoming higher and higher, and the requirements for the technical service capacity of the automotive test site are also increasing. In addition to meeting the test requirements of national regulatory certification and testing standards, the China automobile test site can also meet the independent R & D needs of most vehicle manufacturers and some tire and chassis parts manufacturers. In the process of construction, the company makes full use of its own technology accumulation and the advantages of third-party technical service institutions to have in-depth communication with large automobile enterprises and tire enterprises, understand the needs of automobile enterprises for vehicle performance in the process of localization and the test focus of tire enterprises, and understand the enterprise R & D standards of large automobile enterprise groups, Make the construction standard of the test site closer to the actual R & D needs of customers. In the process of site road construction, the company fully absorbs the characteristic needs of large automobile enterprises on the basis of ensuring the common needs of customers, so as to ensure that the test capacity can meet the needs of better technical services. From the perspective of the company's customer structure, in addition to supporting the technical service needs of traditional vehicle manufacturers and testing institutions, the company has also formed technical service support for various types of tire enterprises and chassis component manufacturers. During the reporting period, the cumulative sales revenue for automobile chassis parts system enterprises and tire enterprises accounted for more than 20% of the cumulative value of the company's main business revenue in the last three years and the first period, reflecting the complete technical service function of the company's test site. At present, in addition to the planning and construction of dehumidification ring and wet control roads, the company has built various types of site road facilities involved in China's mainstream automobile test sites, and the mileage, speed, characteristic pavement types and other technical indicators of relevant site road facilities are in the forefront of the industry.
In terms of advanced indicators, the technical team of China automobile testing ground has many years of technical research and standard setting background in the automotive industry, and has strong research and analysis ability on the technical development direction of the automotive industry. At the same time, during the construction of the testing ground, the technical team has carried out sufficient research activities on major automotive testing grounds outside China and carried out the construction of the testing ground according to the international advanced level, The company's road parameter indicators are in the forefront of China's major automobile test sites. For example, the wet grip road type of the company's linear braking road is in line with the technical standard requirements of international well-known tire enterprises, which can ensure that the pavement water film thickness is controlled within 0.5mm to 2mm according to the regulatory requirements, and the precision control of water film thickness parameters has achieved the technical leadership in the corresponding types of roads in China. The company's high-speed ring road is the only ring road type with a maximum speed of 300 km / h in 11 major automobile test sites in China. The total design length of the connecting road in the company's test site is 6.7 km, which is higher than that of the general automobile test site. In addition to realizing the basic connection function of each test road, it also helps to further optimize the test arrangement process and improve the operation efficiency and safety of the site.
In terms of comprehensive service capability, as a third-party test site, in the process of setting up the test scene, China automobile test site should not only ensure the common test needs of customers, but also meet the customized special needs of customers, but also ensure the safe and efficient transformation of the test scene in the process of operation management. Customized scenarios are often built according to the internal R & D requirements of customers. Therefore, the company needs to work with customers to study the customized test scenarios, quickly respond to customer needs, form effective technical input and complete the implementation work, so as to ensure that customers can carry out tests according to their internal R & D requirements. During the reporting period, the company provided site test technical services for more than 200 customers of various types, which can meet the personalized technical service needs of customers of various types, reflecting the strong comprehensive service ability of the company. At the same time, the company has built a complete set of auxiliary facilities, including maintenance workshop, charging station, gas station, etc., and provided customers with driving service, maintenance service and other supporting services by means of purchasing labor services, which further improved the company's comprehensive service system.
In addition, the construction of road facilities in the automobile test site is not once and for all. In terms of operation management and daily maintenance of the site roads, the company adopts the road section use mechanism, which greatly prolongs the service life of the roads. The engineering management department shall check the BPN of the test road every month μ Check the value, pavement structure depth, flatness and other parameters, grasp the road dynamics at any time through data collection, and continue to carry out road maintenance to ensure that all indicators of the road continue to meet relevant regulations and standards and customer demand standards, so as to ensure the consistency and repeatability of customer tests. At the same time, the company also needs to continue to carry out relevant road facilities transformation and technical service process optimization in combination with the technical development requirements of the automobile industry and the test needs of various types of customers. During the reporting period, the company improved the wet grip test function in terms of linear braking, built comprehensive durable roads, optimized the test rule system of each road, and ensured that the company's technical service level remained a continuous industry leader. The advanced properties of the main road facilities that the company has built and put into use are as follows:
(1) Linear performance path
The straight-line performance of the company can meet the power, economy and
