To The Moon

On October 29, Guangdong Precise Numerical Control Technology Co.,Ltd. (688827.SH) opened its IPO subscription, with an issue price of 45.37 yuan per share, a subscription cap of 4,000 shares, and an issue price-to-earnings ratio of 41.86 times. The company is listed on the Shanghai Stock Exchange, with Guotai Haitong Securities serving as its sponsor.

According to the prospectus, Guangdong Precise Numerical Control Technology Co.,Ltd. is a leading player in fully direct-drive CNC machine tools in China, and is one of the few domestic enterprises that simultaneously possesses both PWM-type CNC systems and bus-type CNC systems, with both types having already achieved scaled sales. All of the company's fully direct-drive CNC machine tools adopt its self-developed PWM-type CNC systems, which can address the bottleneck constraints of high-end machine tools. During the reporting period, more than 80% of the company's CNC machine tools were applied in three major fields: precision molds, aerospace, and consumer electronics.

To date, Guangdong Precise Numerical Control Technology Co.,Ltd.'s CNC system products have cumulatively sold and been put into use more than 20,000 units, applied in areas such as precision milling machines, precision grinding machines, five-axis linkage machine tools, 3D five-axis laser equipment, force-controlled polishing equipment, and automation-like equipment. These products have substituted mainstream CNC systems from Germany's Siemens, Germany's Heidenhain, Japan's Fanuc, and Japan's Mitsubishi, and have gained a certain degree of market recognition. Among them, the U-series PWM-type CNC system successfully broke Germany's Heidenhain monopoly in the Chinese machine tool market. In the domestic machine tool market, Germany's Heidenhain and the issuer are the main suppliers of PWM-type CNC systems. In addition, due to its outstanding performance and product stability, the issuer's N-series bus-type CNC system has been successfully sold to a number of globally renowned automation solution companies, such as Fanuc Robotics.

In terms of financials, for the years 2023, 2024, and 2025, the company achieved operating revenue of approximately 253 million yuan, 317 million yuan, and 409 million yuan, respectively. Over the same periods, net profit was approximately 35.61 million yuan, 63.24 million yuan, and 76.48 million yuan, respectively.