The China Securities Regulatory Commission's audit committee recently reviewed the IPO application of Shunrong, an auto parts manufacturer. Since 2010, thanks to the rapid development of the domestic automotive market, auto industry giants ranging from car accessories, headlights to steel wheels, transmissions and other auto parts have been listed for financing.
Shun Rong shares are collectively referred to as Wuhu Shunrong Auto Parts Co., Ltd., which plans to issue 17 million shares. It is expected that the raised funds will be invested in the expansion and expansion of auto plastic fuel tanks. The total investment of the project is 250 million yuan. The company’s prospectus’s submission shows that currently the company’s existing capacity utilization rate is basically saturated, and the original production capacity is insufficient to severely restrict market share. After this raised investment project is completed, the production capacity of auto plastic fuel tanks will reach 600,000 from the end of 2009. Only increase to 1.8 million/year.
The situation of Shunrong shares is quite common. For instance, the application for Xingyu’s headlights in the recent meeting has been approved, and Jiangsu Minda, a domestic manufacturer of seat fabrics for automobiles and other vehicles, has recently landed on small and medium-sized boards. According to the prospectus plan, the maximum limit for Xingyu’s car lights is 60 million shares, and the raised funds will be used for an annual output of 1 million sets of car lights. The total project investment is 450 million yuan. Jiangsu Minda has successfully issued 50 million shares and raised 260 million yuan to invest in 2 projects. Both companies have mentioned in their prospectuses the need to increase production capacity.
Since 2010, many auto parts companies have entered the capital market. The first Xingmin rims and Longji Machinery were listed on the market. They were engaged in the production of automotive steel wheels and brake discs, and truck brake hubs. Since then, Songliao Co., Ltd., a manufacturer of Wanliyang and cylinder liners engaged in the production of transmissions, and Songzhi Co., Ltd., which is engaged in the production of air conditioners for automobiles, has been listed on the small and medium-sized boards and is engaged in the production of parts and components such as car seat systems and interior and exterior systems. Then landing GEM. Analysts pointed out that the production of automobile parts, such as wheels, is a scale, capital, technology, and labor-intensive industry, and will not be eliminated if it does not follow the needs of the entire vehicle market. Through the expansion of scale, some auto parts companies can continue to reduce costs and increase their technological strength.
However, despite the overall good news of the auto parts industry in 2010, there are certain uncertainties in 2011. Due to the fact that raw material prices did not increase significantly in the first half of 2010, the net profits and gross profit margins of parts and components companies were relatively high, while in the second half of the year, net profit decreased year-on-year due to the same period last year, but profitability of parts and components companies in 2010 is expected. Still stronger than 2009. As for 2011, it will depend on the lagging effect of vehicle sales and rising raw material prices.
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