A-share subscription|Bo Shi Jie (301608.SZ) starts subscription. The company is the main supplier of smart travel components for the brands Hello Bike and Qingju.

On July 23rd, Boshijie (301608.SZ) started its IPO with an issuing price of 44.50 yuan per share, and a subscription limit of 0.50 million shares. The P/E ratio is 23.98 times. It belongs to the Shenzhen Stock Exchange, with Minsheng Securities as the sponsor and lead underwriter. The prospectus shows that Boshijie is a high-tech enterprise specializing in the research and development, production, and sales of IoT smart hardware products. It is a specialized and innovative "small giant" enterprise focusing on communication, positioning, and AI technologies, providing intelligent terminal products and solutions for various IoT applications based on self-developed wireless communication modules. Currently, the company's products are primarily used in three major fields: smart transportation, smart travel, and smart payment hardware. Boshijie's main products include smart car terminals, smart travel components, and smart payment hardware, with commercial vehicle monitoring terminals and passenger car positioning terminals. (1) Smart Car Terminals To meet diverse customer needs, the company has formed a comprehensive vehicle monitoring product system through product innovation and technological upgrades, accumulating high-quality clients such as CNC, Easyflow, and China Road. Currently, the commercial vehicle monitoring terminals are mainly used in heavy-duty freight, passenger and hazardous cargo, online-hailing, city-to-city freight, and bus sectors. According to the China Traffic Communication Information Center, by June 2023, Boshijie had three product models listed for heavy-duty freight vehicle terminals, the most among terminal manufacturers. Moreover, the passenger car positioning terminals are mainly used in scenarios such as automotive finance, cargo tracking, vehicle management, and insurance claims. (2) Smart Travel Components The company's smart travel components include smart horseshoe locks, smart wheel locks, BMS data communication components for electric vehicles, and smart Bluetooth dashboards. In the field of smart travel components, the company has a high market position as a major supplier for the Haolai and Qingju brands in shared bike sectors. (3) Smart Payment Hardware Boshijie's smart payment hardware includes payment cloud speakers and cloud broadcast printer. The company holds a certain market position in the field of intelligent payment hardware as a major supplier to companies like Tencent's Caifutong. Financially, in 2020, 2021, 2022, and January-June 2023, Boshijie's operating income was approximately 1.053 billion yuan, 1.336 billion yuan, 1.21 billion yuan, and 575 million yuan respectively. The net profits during the same periods were about 116 million yuan, 194 million yuan, 158 million yuan, and 86.7 million yuan respectively. Investors are reminded to pay special attention to innovation risks in Boshijie's prospectus. The company's main business is the research, development, production, and sales of IoT smart hardware products. To enhance its technological capabilities and maintain market share, the company needs to continuously increase its investment in product development and technological innovation. Despite conducting thorough market research and technical pre-research before implementing research and development, the uncertainty of the R&D project progress and results remains high. It is subject to risks such as product development cycle, launch timing, customer preferences, competitors' product strategies, market development stages, potential misjudgments in R&D directions, project failures or failure to meet expected goals, high R&D costs, etc., which could adversely affect the company's production and operations.