Zhongtai Securities Co.Ltd(600918)
about
Suzhou ousheng Electric Co., Ltd. initial public offering and listing on the gem
Listing recommendation
Sponsor (lead underwriter)
(No. 86, Jingqi Road, Shizhong District, Jinan City, Shandong Province)
February, 2002
Statement
Zhongtai Securities Co.Ltd(600918) (hereinafter referred to as " Zhongtai Securities Co.Ltd(600918) ," sponsor "or" recommendation institution ") and its recommendation representative have been 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 the measures for the administration of securities issuance and listing recommendation business The measures for the administration of the registration of initial public offerings on the gem (for Trial Implementation) (hereinafter referred to as the measures for the administration of registration) and the rules for the examination and approval of the issuance and listing of shares on the gem of Shenzhen Stock Exchange, as well as the relevant provisions of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") and the Shenzhen Stock Exchange (hereinafter referred to as the "Shenzhen Stock Exchange"), are honest, 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. If there are false records, misleading statements or major omissions in the documents prepared and issued by the recommendation institution for the issuer's initial public offering, which cause losses to investors, the recommendation institution will compensate investors for the losses according to law.
Unless otherwise specified in this listing recommendation letter, relevant terms have the same meaning as in the prospectus of Suzhou ousheng Electric Co., Ltd. for initial public offering and listing on GEM (Registration draft).
catalogue
Declare that 1 catalog two
1、 Issuer profile three
2、 Issuance of shares applying for listing nine
3、 The recommendation representative designated by the recommendation institution and his practice ten
4、 Description of whether the recommendation institution has any situation that may affect the fair performance of recommendation duties V. business relationship between the sponsor and its related parties
Come on eleven
6、 Matters that the recommendation institution should promise in accordance with relevant provisions twelve
7、 Recommendations for this offering twelve
8、 Decision making procedures performed by the issuer IX. whether the sponsor complies with the Listing Rules of Shenzhen Stock Exchange gem
Description of market conditions thirteen
10、 Work arrangement during continuous supervision of the company 17 Xi. Contact address, telephone number and other communication methods of the recommendation institution and relevant recommendation representatives eighteen
12、 Other matters that the recommendation institution believes should be explained eighteen
1、 Issuer profile
(I) basic information of the company
1. Company Name: Suzhou ousheng Electric Co., Ltd
English Name: Suzhou Alton Electrical & Mechanical Industry Co., Ltd
2. Registered capital: RMB 136955661 million
3. Legal representative: Weidong Lu
4. Date of establishment: September 25, 2009 (changed to a joint stock limited company on March 29, 2017)
5 domicile: North of Linhu Avenue and east of laixiu Road, FenHu hi tech Development Zone, Jiangsu Province
6 zip code 215211
7 Tel: 051282876660
8 fax 051282876903
9. Company website: www.altonindustries.com cn.
10 e-mail [email protected].
11 responsible for information disclosure and Securities Investment Affairs Department
Department of capital relationship
12 person in charge and telephone number: Bai Wei, 051282876660
(II) main business and core technology of the company
The company's main business is the R & D, production and sales of aerodynamic equipment and cleaning equipment. Its main products are small air compressors and dry and wet vacuum cleaners.
The company is one of the leading manufacturers of aerodynamic equipment and cleaning equipment in China with comprehensive advantages. It is a "high-tech enterprise" jointly recognized by the Department of science and technology, the Department of Finance and the tax bureau of Jiangsu Province. It is a "Technology Center for enterprises recognized by Jiangsu Province" jointly recognized by the economic and Information Technology Commission, the development and Reform Commission, the Department of finance, the Department of science and technology, the tax bureau and Nanjing Customs, It is "enterprise technology center recognized by Suzhou Municipal People's government", a member of compressor branch of China General Machinery Industry Association and Shanghai rehabilitation appliance Association. With strong research and development and independent innovation ability, as of December 31, 2020, the company has 53 invention patents, 94 utility model patents, 63 design patents, as well as "portable hand push small air compressor", "low-noise electronically controlled air compressor", "high-power silent dry and wet vacuum cleaner", "anti-static vacuum cleaner" and other high-tech products recognized by the Department of science and technology of Jiangsu Province. With a strict quality control system, the company has passed ISO9001 quality management system certification, and its products have passed a number of international and Chinese standard certification, including global CB certification, American ETL certification, Canadian CSA certification, EU CE certification, Australian SAA certification, Japanese PSE certification, Chinese CCC certification, etc. In addition, the company has the industry-leading experimental equipment and product testing capability, and the company's laboratory has become a satellite laboratory recognized by Intertek.
Since its establishment, the company has been focusing on the technical research of small air compressor and wet and dry vacuum cleaner, accumulated a solid technical foundation, and gradually established the industry leading position of the company in product performance, quality and motor efficiency. In recent years, the company has introduced a large number of excellent technical talents and has a highly skilled R & D team, realizing the whole process of R & D from concept research to large-scale production. According to different regional consumption habits, the R & D Department of the company is constantly committed to strengthening the combination of technology and customer needs. In recent years, the R & D Department of the company has designed more than 50 new products in small air compressor products every year, and mastered the new belt transmission technology, air compressor noise reduction technology, the application technology of new brushless DC motor in air compressor, the design of piston positioning mode and production technology Motor cooling and heat dissipation technology is the application technology in air compressor.
The R & D Department of the company designs more than 60 new products in terms of dry and wet vacuum cleaner products every year, and has mastered the filter self-cleaning technology of mechanical impact and external air recoil, the fast locking and quick disassembly technology of dry and wet vacuum cleaner filter device, the shaking and ash removal technology of vacuum cleaner filter, the anti-static technology of vacuum cleaner metal dust bucket, the directional winding and paying off technology of vacuum cleaner, low noise technology, AC / DC vacuum cleaner technology Wireless Bracelet remote control technology. Through years of technology accumulation, the company has promoted the transformation of the company's products to high-grade and high added value, and effectively improved the market competitiveness of the products. Based on its strong R & D and design strength, the company can quickly respond to the latest needs of the market and customers and ensure the continuous upgrading of its products. It has always been in the leading position in the industry in terms of modeling design, structural design and comprehensive efficiency.
(III) main operating and financial data and indicators of the company
According to the audit report issued by Lixin Zhonglian Certified Public Accountants (special general partnership) (Lixin Zhonglian Shen Zi [2021] d-0780), the company's recent main financial data and financial indicators are as follows:
Project 202106.30/ 202012.31 / 201912.31 / 201812.31 / January June 20212020 20192018
Total assets (10000 yuan) 11534064886263454172315176790
Ownership rights attributable to the parent company 4560891375294126838632339763 profit (10000 yuan)
Asset liability ratio (parent company) (%) 59.30 57.12 50.01 54.38
Operating income (10000 yuan) 6835467991276560977446298823
Net profit (10000 yuan) 8093121370565586301454304
The net profit of 8093121370565586301454304 yuan attributable to the owner of the parent company (10000 yuan) after deducting non recurring profits and losses
Net profit attributable to the owner of the parent company: 7531961199267599123401355 yuan
Basic earnings per share (yuan / share) 0.59 1.00 0.43 0.34
Diluted earnings per share (yuan / share) 0.59 1.00 0.43 0.34
Project 202106.30/ 202012.31 / 201912.31 / 201812.31 / January June 20212020 20192018
Weighted average return on net assets 19.47 41.78 22.49 20.22 (%)
Net cash flow from operating activities 154269820417.72867071621190 yuan
Cash dividend (10000 yuan) - 260216367558134733
Proportion of R & D investment in operating income of 2.06 2.57 3.38 4.36 (%)
(IV) main risks of the company
1. Trade friction risk
The company's export products are mainly sold to overseas markets such as North America and Europe, of which the United States is the export place. From January to June 2021, the sales amount of the company to the United States was 582398600 yuan, accounting for 86.00% of the main business income. From September 24, 2018, the United States imposed an additional 10% import tariff on US $200 billion of Chinese goods. On May 10, 2019, the United States raised the US $200 billion tariff on Chinese goods from 10% to 25%. The company's products, small air compressors and dual-purpose dry and wet vacuum cleaners, were included in the above US $200 billion tariff list. According to the exclusion list of some tariff imposed goods in China published by the office of the US Trade Representative (USTR), the company's small air compressors and a small number of dry and wet vacuum cleaners were excluded from the scope of the tariff increase list from September 24, 2018 to August 7, 2020, and the exemption was extended from August 7, 2020 to December 31, 2020. Since the validity period of excluding the additional tariff for the company's small air compressor and dry and wet vacuum cleaner has expired on December 31, 2020, as of the date of issuance of this prospectus, the company's small air compressor and dry and wet vacuum cleaner products belong to the list of 25% additional tariff. During the reporting period, the company's revenue from selling products in the United States accounted for a relatively large proportion of the company's operating revenue. For the products directly sold to the United States, the company's U.S. customers may require the company to reduce the sales price or reduce the purchase volume of the company's products in the future, which will affect the sales of the company's products in the United States. The company will face the risks of decline in the scale of export to the United States, increase in costs and decrease in gross profit margin. Due to the complexity and uncertainty of Sino US trade frictions, if Sino US trade frictions are further intensified in the future and the United States further imposes tariffs on some products of the company, the company is unable to transfer the additional tariff cost to customers in time, or customers propose to adjust the tariff bearing method and product price, which will have a significant adverse impact on the performance of the company. In addition, if U.S. customers look for other production bases with sufficient supply and competitiveness in Southeast Asia in the next 2-3 years to replace the demand for Chinese small air compressors and dry and wet vacuum cleaners, while the United States continues to impose tariffs on Chinese made small air compressors and dry and wet vacuum cleaners, and the company fails to set up production bases overseas in time in 2-3 years, Then the company will face the risk of customer transfer procurement.
2. Risk of exchange rate changes
During the reporting period, the company's overseas sales revenue accounted for 99.03%, 98.76%, 99.84% and 99.35% of its main business revenue respectively. Since the company's export sales are mainly settled in US dollars, if the RMB exchange rate is higher than the water
