A-share subscription | Car seat and interior and exterior manufacturer Shuangying Group (920059.BJ) opens subscription products to cover ideal L9 and other models

The Zhitong Finance App learned that on August 10, Shuangying Group (920059.BJ) began the subscription. The issuance price was 11.13 yuan/share. The maximum subscription price was 1.615,900 shares, with a price-earnings ratio of 12.99 times. It belongs to the Beijing Stock Exchange, and Guojin Securities is its sponsor.

According to the prospectus, Shuangying Group has been deeply involved in the field of car seats and interior and exterior for many years. It is a high-tech enterprise mainly engaged in R&D, production and sales of car seats, car interior and exterior parts. The company's customer base includes not only mainstream automakers such as SAIC-GM-Wuling, Changan Automobile, Geely Automobile, and Changan Crossing, as well as internationally renowned first-class auto parts manufacturers such as Faurecia, Lear, and Ecchi, etc.; the product matrix covers mainstream models in many markets, including the QG M5, M7, and M9 Towers 11, 12, 06, Qiyuan Q07, Great Wall Gun, Tank 300, 500, Ideal L7, L9, NIO ES6, Geely Xingyuan, Geely Panda Mini, Linker, Volvo, Changan Deep Blue, Changan CS Series, SAIC-GM-Wuling Bingo Series, Baojun Series, Hongguang Series, Rongguang Series, etc.

According to a research report published by Gaiser Consulting, sales of new energy vehicles reached 17.0 million units in 2024, with a compound growth rate of 42.64% from 2018 to 2024. According to a joint report issued by McKinsey and the China Electric Vehicle 100 People's Association, the global NEVs are growing rapidly. By 2030, the global passenger car market is expected to exceed 80 million units, of which the NEV penetration rate will reach about 50%.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 2.205 billion yuan, 2,580 billion yuan, and 3,743 billion yuan respectively; in the same period, it recorded net profit of about 111 million yuan, 98.9 million yuan, and 151 million yuan, respectively.

Shuangying Group indicated liquidity risk in its prospectus. At the end of each period of the reporting period, the company's bank loans (excluding discounted loans on notes and accrued interest) were $616.0614 million, $59,5659 million, and $635.67,800, respectively. The current ratios were 0.99, 1.13, and 1.08, respectively, and the quick ratios were 0.82, 0.85 and 0.76, respectively. The company's bank loan balance is large, and the overall current ratio and liquidity ratio are not high. At the end of each period of the reporting period, net cash flows from the company's operating activities were -75.8515 million yuan, -233.367 million yuan, and 145.432 million yuan, respectively. The previous two years continued to be negative, mainly due to discounting notes that did not meet the conditions for termination confirmation.