Chongqing's 8th new stock this year! Specialized and New "Little Giant" Meixin Yishen Released on October 30

On October 27, Meixin Yishen (873833) published a prospectus, intending to initially issue 12 million new shares on the Beijing

Chongqing's 8th new stock is coming this year.

On October 27, Meixin Yishen (873833) published a prospectus, intending to initially issue 12 million new shares on the Beijing Stock Exchange (13.8 million shares if the over-allotment option is fully exercised), with an issue price of 10 yuan per share and an issue price-earnings ratio of 15.97 Times, online subscription on October 30, the issue code is "889898".

Upstream news reporters learned that Meixin Yishen will introduce a war investment in Chongqing Yufu Capital Operation Group Co., Ltd. to subscribe for 24 million yuan.

For Fuling enterprise, it is a national giant.

According to the prospectus, Meixin Yishen Company was established on June 29, 2012. Its legal representative is Xu Zhengming. Its residence is located on Julong Avenue, Lidu New District, Fuling District, Chongqing. It focuses on the research and development, production and sales of precision mechanical parts. Its main products include compressor crankshaft, general crankshaft, motorcycle crankshaft, scroll and its accessories such as bushings and connecting rods. In 2020, the company was recognized by the Ministry of Industry and Information Technology as a specialized new "little giant" enterprise, is the industry's well-known international precision machinery parts manufacturing experts.

In addition, the company has successively won the titles of "Chongqing Technological Innovation Demonstration Enterprise", "Chongqing Digital Workshop" and "Chongqing Enterprise Technology Center.

With advanced and mature manufacturing technology, sophisticated production and inspection equipment, experienced technicians and strong R & D and innovation capabilities, the company has long maintained a close and stable cooperative relationship with Emerson Group, BS Group, Chongqing Kohler, Zonsen Group, Runtong Group, Trane and other well-known mainframe manufacturers at home and abroad.

In order to better respond to the global needs of downstream customers, the company has established production bases in Chongqing Fuling, Chongqing Nan'an, and Mexico. It has global product supply capabilities and products are exported to the United States, Mexico, Thailand, Ireland, Belgium, etc. Countries and regions.

Yufu Capital 24 million Yuan Shares

According to the prospectus, from 2020 to the first half of 2023, the operating income of Meixinyishen was 0.407 billion yuan, 0.529 billion yuan, 0.502 billion yuan and 0.238 billion yuan respectively, and the net profit attributable to its parent was 57.2761 million yuan, 61.4093 million yuan, 51.3088 million yuan and 27.7652 million yuan respectively, and the earnings per share were 0.86 yuan, 0.92 yuan, 0.77 yuan and 0.40 yuan respectively.

The issue price of 10 yuan/share, in the absence of the exercise of the over-allotment option, the corresponding 2022 net profit after deduction of non-diluted P/E ratio of 15.97 times; if the full exercise of the over-allotment option is 16.33 times, are lower than the same industry comparable company 2022 average static P/E ratio of 49.73 times.

It is worth noting that Chongqing Yufu Capital Operation Group Co., Ltd. will promise to subscribe for 24 million yuan as a strategic investor.

Meixinyi applied for this listing, CITIC Securities and Daiwa Securities as joint sponsors (joint lead underwriters).

The raised funds are to be invested in high-efficiency compressor precision parts upgrade project, high-power general internal combustion engine precision parts upgrade project, research and development center and digital upgrade project and supplementary working capital, all of which are related projects of the company's main business, which are the expansion of main business capacity, optimization of structure and extension of business chain. After the implementation of the project, it will significantly improve the company's production capacity, optimize product structure, improve the level of R & D and innovation, strengthen technical reserves, form a new profit growth point, and comprehensively enhance the company's core competitiveness.

(This article was published in Upstream News on October 27, 2023)