On August 19, Jintai Shares (920071.BJ) began its subscription process, with an offering price of 9.72 yuan per share, a maximum subscription cap of 1.575 million shares, and a price-to-earnings ratio of 13.41 times. The company is listed on the Beijing Stock Exchange, with CITIC Securities acting as the sponsor.
According to the prospectus, Jintai Shares is a high-tech enterprise primarily engaged in the research, development, production, and sale of titanium sponge products. Having focused on premium titanium sponge products for over a decade, the company has evolved into one of the leading domestic and internationally renowned production bases for high-end titanium sponge, establishing itself as a key member of China's titanium industry supply chain.
Currently, its premium titanium sponge products are widely applied in domestic aerospace, national defense, and military sectors, including the Long March series rockets, new-generation fighter jets, naval vessels, China's domestically produced large aircraft, and aircraft engines. As one of the enterprises in China engaged in the batch production of premium titanium sponge for aerospace, national defense, and military applications, the company has supplied over 200,000 tons of titanium sponge to these fields, as well as marine engineering, since its inception.
Titanium sponge serves as a crucial material foundation for driving innovation in strategic emerging industries and is a key raw material supporting high-end applications in aerospace, national defense, military equipment, marine engineering, and nuclear power. According to a certification issued by the Titanium Zirconium Hafnium Branch of the China Nonferrous Metals Industry Association (Document No. 10 [2022]), in 2021, the company's premium small-granularity titanium sponge products ranked first in both domestic and global market share among similar products.
In 2022, the company's high-level digitalized, intelligent, and automated 20,000-ton full-process titanium sponge production line was gradually completed and put into operation. This successfully enabled the recycling of chlorine and magnesium, laying the groundwork for an eco-friendly, low-carbon, and circular production system. This initiative has strongly advanced the high-end transformation and upgrading of China's titanium strategic emerging industry while safeguarding the nation's titanium industry chain security.
In terms of revenue structure, the company exhibits a high concentration in a single product type, resulting in a relatively undiversified portfolio. Titanium sponge products constitute the primary revenue source, with main business income accounting for 96.45%, 93.33%, and 93.14% of total revenue during the reporting periods. Market supply and demand for titanium sponge products significantly impact operating performance.
Additionally, due to the distinctive nature of key industries such as aerospace, national defense, and military sectors in China, the company's customer base primarily consists of industry leaders like Western Superconducting Technologies, Western Material, and Baoti Group. Consequently, customer concentration remains high during the reporting periods, with sales to the top five customers representing 57.24%, 56.64%, and 57.91% respectively. Any adverse changes in the supply relationships with these customers could negatively affect the company's operations.
Financially, for the fiscal years 2023, 2024, and 2025, the company recorded revenues of approximately 1.684 billion yuan, 1.559 billion yuan, and 1.684 billion yuan, respectively. During the same periods, net profits were approximately 129 million yuan, 137 million yuan, and 196 million yuan.
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