On June 24th, Yongli Precision (BJSE: 920136) commenced its public subscription. The issue price is set at 19.28 yuan per share, with a maximum subscription limit of 900,000 shares. The price-to-earnings ratio is 14.99 times. The company is listing on the Beijing Stock Exchange, with Ping An Securities acting as the sponsor.
According to the prospectus, the company is a national high-tech enterprise primarily engaged in the R&D, production, and sales of precision steel tubes and tubular components for automobiles. It was one of the early entrants into China's automotive precision steel tube industry to achieve scaled production. Its subsidiary, Jiaxing Yongli, is recognized as a national-level "Little Giant" specialized and sophisticated enterprise and a champion enterprise in Zhejiang Province's manufacturing sector.
Through years of technological accumulation, the company has developed into one of the few domestic firms capable of comprehensively applying its products to core automotive sub-assemblies, including chassis systems, steering systems, and engine systems. Its main products include high-strength twin-tube and monotube shock absorber components used in automotive chassis systems. The company holds a leading market share in these products within the reporting period.
Furthermore, the company's multi-hole tubes for electronically controlled shock absorbers were among the first to be mass-produced and applied in domestically produced new-generation semi-active and active shock absorbers, significantly advancing the localization process in this field. After years of steady development, Yongli Precision has become a well-known core enterprise in the field of precision steel tubes and tubular components for automobiles.
For over three decades since its establishment, leveraging strengths in R&D, product innovation, quality management, and customer service, the company has established long-term, stable cooperative relationships with renowned industry players. Its clientele includes prominent domestic and international automotive parts suppliers and OEMs such as Tenneco, BYD, Mando, Astemo, ThyssenKrupp, Huizhong Sachs, KYB, and Jiangsu Boshun.
The company's products are ultimately used in major well-known automotive brands, including traditional fuel vehicle manufacturers like Mercedes-Benz, BMW, Volkswagen, Honda, and Toyota, as well as new energy vehicle makers like BYD, T Brand, Li Auto, and Geely. According to the company's estimates, its automotive shock absorber tubing products held approximately a 30% market share in the national vehicle OEM market during the reporting period.
The company began planning for product applications in new energy brands and models as early as 2018, participating in the development of related component systems during the early stages of new vehicle models, achieving favorable results in product compatibility. With the rapid development of the domestic new energy vehicle sector in recent years, the proportion of the company's main products applied to new energy vehicles has quickly increased to about 50% during the reporting period, essentially covering major domestic new energy vehicle manufacturers and their primary models.
Looking ahead, the company will continue to strengthen cooperation with high-quality customers and continuously expand the application areas of its precision tubing products in other core automotive components. Financially, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 5.08 billion yuan, 5.68 billion yuan, and 5.40 billion yuan, respectively. Net profits for the same periods were approximately 92.95 million yuan, 94.81 million yuan, and 109 million yuan, respectively.
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