Canoway Shenzhen main board IPO application was accepted by the CSRC a few days ago. The company plans to issue no more than 77936900 shares in the initial public offering, accounting for no less than 25% of the total share capital after the issuance, and the total share capital after the issuance does not exceed 311747600 shares. The sponsor broker is Guoyuan Securities Company Limited(000728) .
According to the prospectus, ganoway focuses on the R & D, production and sales of wood-based panels, and its main products include fiberboard and particleboard. After deducting the issuance expenses, the funds raised from the initial public offering will be mainly used for three projects, with a total investment of 600 million yuan. The funds raised are planned to be 600 million yuan, including 360000 cubic meters of super particleboard project, information construction project and supplementary working capital.
Among them, the total investment of the super particleboard project with an annual output of 360000 cubic meters is 450 million yuan. The project will build new plants, purchase advanced equipment, recruit production and auxiliary personnel. The planned construction period is 24 months. After completion, it will further expand the company’s production capacity, gradually solve the problem of the company’s production capacity bottleneck, optimize the product structure, consolidate and improve the company’s market share and brand influence in the wood-based panel industry.
The total investment of information construction project is 512065 million yuan and the construction period is 36 months. A set of information management system that meets the requirements of the company’s sustainable development and matches its development ability will be built. After the completion of the information construction project, it will integrate and reconstruct the company’s business flow, capital flow and information flow, optimize the procurement, marketing and logistics system, and create a modern supply chain management system; Strengthen the parent company’s centralized management and dynamic monitoring of subsidiaries, optimize resource allocation, realize information sharing, quickly respond to changes in the business environment, improve the timeliness and accuracy of real-time decision-making, reduce the overall operating cost, improve the core competitiveness, and provide powerful means and guarantee for the realization of the company’s strategic objectives.
According to the prospectus, the operating revenue of the company in 2019, 2020 and 2021 was 7275384 million yuan, 7561041 million yuan and 10283043 million yuan respectively, and the net profit was 974245 million yuan, 839441 million yuan and 877598 million yuan respectively. During the reporting period, the gross profit margin of the company’s main business was 22.32%, 18.28% and 13.35% respectively. The gross profit margin of the company’s main business showed a downward trend, which was mainly caused by the comprehensive influence of factors such as the purchase price of raw materials and the sales price of products.
The company said that the fund-raising investment project is closely related to the company’s main business. After the successful implementation of the fund-raising investment project, it will expand the company’s business scale, optimize the product structure, improve operating efficiency, reduce operating costs, optimize the financial structure, reduce financial risks and enhance the company’s core competitiveness. The implementation of investment projects with raised funds will have a positive impact on the company’s financial situation and operating results.
