According to the current issuance schedule, there will only be one new stock subscription next week, which is Fute Technology, a new stock on the ChiNext board.
Fute Technology, a new stock on the ChiNext board that will be subscribed for next Monday (August 26th), is a leader in automotive high-voltage power systems.
The issuance price of Fute Technology is 14 yuan per share, with a P/E ratio of 16.82 times and a reference industry P/E ratio of 19.29 times.
The number of shares issued by Fute Technology in this public offering is 27.7536 million, and the company plans to raise 926 million yuan. The actual total amount raised is 389 million yuan. The online issuance and subscription limit is 6500 shares, and the top tier subscription requires a Shenzhen market value of 65000 yuan.
According to the data, Fute Technology is an enterprise engaged in the research and development, production, and sales of high-voltage power systems for new energy vehicles. Its main products include on-board chargers (OBC), on-board DC/DC converters, and on-board power integration products, as well as off board high-voltage power systems such as liquid cooled supercharging pile power modules and intelligent DC charging pile power modules. At present, Fute Technology has achieved project mass production with partners including GAC, Great Wall Motors, NIO, Yijie Te, Xiaopeng, Xiaomi, and Renault. The designated customers for the project include Nissan, BYD, Changan, Leapmotor, Stellantis, etc.
Fute Technology has always been favored by capital, with the presence of NIO, Xiaomi, and A-share listed companies on the shareholder list.
From the current equity structure, Li Ningchuan actually controls 33.98% of the voting rights of Fute Technology, and is the controlling shareholder and actual controller of the company. Changjiang NIO Industrial Fund is the second largest shareholder of the company, holding 14.2% of the company's shares, and is an affiliated legal person of the company; Xiaomi Changjiang Industrial Fund holds 4.58% of the company's shares; In addition, there are two A-share listed companies, Changgao Dianxin and Hongda Gaoke, holding shares of 9.66% and 3.66% respectively.
Top ten shareholders of Fute Technology before this issuance
Source: Prospectus
It is worth noting that from 2021 to 2023, Fute Technology's sales revenue to the top five customers accounted for 97.86%, 95.61%, and 96.14% of its operating revenue, respectively. The top five clients of Fute Technology in 2023 are GAC, NIO, Yijie Te, Great Wall, and Xiaopeng, accounting for 56.15%, 20.28%, 9.6%, 7.61%, and 2.5% of revenue, respectively.
Source: Prospectus
In terms of performance, from 2021 to 2023, Fute Technology achieved operating revenues of 964 million yuan, 1.65 billion yuan, and 1.835 billion yuan respectively, and net profits of 58 million yuan, 87 million yuan, and 96 million yuan respectively. In the first half of this year, Fute Technology achieved a revenue of 662 million yuan, a year-on-year decrease of 24.23%, and a net profit of 58 million yuan, a year-on-year decrease of 0.55%. The company predicts to achieve a revenue of 1.866 billion yuan in 2024, an increase of 1.67% compared to the previous year; It is predicted to achieve a net profit of 93 million yuan in 2024, a decrease of 3.67% compared to the previous year.
