Haichang Intelligent (920156.BJ) commenced its public subscription phase on April 15. The offering price is set at 20.93 yuan per share, with a maximum subscription limit of 1.0854 million shares. The price-to-earnings ratio for the offering is 14.98 times. The listing is on the Beijing Stock Exchange, with Sinolink Securities Co., Ltd. acting as the sponsor.
According to the prospectus, the company is a high-tech enterprise primarily engaged in the research and development, production, and sales of high-performance wire harness equipment. It is dedicated to providing intelligent solutions and related supporting services for the downstream wire harness manufacturing industry. Its products serve various sectors that extensively use wire harnesses, such as the automotive industry, information and communication technology, photovoltaic energy storage, and others.
Leveraging its self-developed core technologies, extensive cross-sector industry experience, stringent quality control systems, and comprehensive after-sales service, the company has established long-term, stable cooperative relationships with numerous well-known domestic and international enterprises. These include Tianhai Electronics, Aptiv, Byd Company Limited, Luxshare Precision Industry Co.,Ltd., Leoni, Lear, and Great Wall Motor Company Limited.
Since its establishment, the company has focused on the development direction of intelligent manufacturing, basing its strategy on steady operations and continuous innovation in product R&D and design. After years of deep cultivation in the industry, its product categories have continuously enriched, and its service scope has broadened. It has formed three core product series centered on manufacturing equipment, crimping molds, and information systems. The company has become a leading enterprise in the domestic automotive wire harness equipment sector and has successfully expanded into photovoltaic energy storage, information and communication, and consumer electronics fields.
The company's manufacturing equipment includes a range of main products such as fully automatic crimping machines, semi-automatic crimping machines, combined stripping and terminal attaching machines, multi-wire processing centers, stranding machines, fully automated processing production lines for new energy wire harnesses, fully automated high-speed transmission wire harness production lines, wire harness testing systems, and visual inspection systems. These devices are designed and developed based on client requirements, incorporating single or integrated functions like cutting, inserting seals, stripping, crimping, assembly, and testing, enabling automation and intelligence in wire harness processing, assembly, and inspection.
The crimping mold series products are mainly categorized into European, Japanese, and other types, compatible with European and Japanese semi-automatic and fully automatic crimping machines. The information systems primarily consist of the company's HMES series products, designed to provide customers with integrated information solutions covering the entire process from process management to wire harness production.
As a leading enterprise in the domestic wire harness equipment field, the company possesses comprehensive supporting capabilities across the entire process, including technology development, design verification, production manufacturing, sales networks, and after-sales service for its core business. Recognized as a "Henan Provincial Intelligent Factory" by the Henan Provincial Department of Industry and Information Technology, the company was named one of Henan's five outstanding growth and innovation-oriented private enterprises in 2022. It has established R&D bases in Dongguan and Kunshan and has set up a postdoctoral research workstation dedicated to R&D in cutting-edge intelligent equipment technologies. Furthermore, the company is recognized as a national-level "Little Giant" specialized and sophisticated SME, a National Quality Benchmark Enterprise, a Henan Provincial Manufacturing Champion in a Single Product Category, and a Henan Provincial Digital Service Provider for SMEs.
Regarding the Chinese automotive wire harness market, the scale has increased year by year from 2019 to 2022. In 2022, the market size was approximately 83 billion yuan, and it is projected to reach about 149.7 billion yuan by 2025. The promising prospects of the Chinese automotive wire harness market provide extensive growth space for the development of the company's wire harness equipment.
Financially, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 652 million yuan, 800 million yuan, and 1.064 billion yuan, respectively. Net profits for the same periods were approximately 121 million yuan, 115 million yuan, and 154 million yuan, respectively.
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