A-share subscription | Guoke Tiancheng (301571.SZ) opens subscription, focusing on infrared thermal imaging and other optoelectronic fields.

On August 12th, Guoke Tiancheng (301571.SZ) started its IPO with an issue price of 11.14 yuan per share and a maximum subscription limit of 10,500 shares. The price-to-earnings ratio is 15.76 times, and it belongs to the Shenzhen Stock Exchange, with Guotai Junan Securities as its exclusive sponsor. The prospectus reveals that Guoke Tiancheng is mainly engaged in research and development, production, sales, and service of high-tech enterprises in the field of infrared thermal imaging and other optoelectronic fields. In addition to the optoelectronic business, the company also conducts other businesses such as remote sensing data application, information system development, and satellite navigation receiver development as supplements. During the reporting period, the company's optoelectronic business is mainly positioned in the middle of the industrial chain, with downstream customers mainly consisting of civil machine or system manufacturers. The company mainly provides customers with cooling-type infrared cores, machines, circuit modules, and other infrared products, sells cooling-type detectors, lenses, and other components, and accepts customer commissions for research and development services in the field of infrared imaging and other optoelectronics. The products and services are mainly used in fields with high-performance requirements such as optoelectronic pods, satellite optical payloads, infrared seekers, law enforcement equipment, commercial aerospace, and scientific research. In addition, the company also introduces non-cooling infrared products represented by infrared aiming cores and machines, mainly targeting outdoor hunting, outdoor observation, and other applications with high requirements for cost-effectiveness and portability. During the reporting period, the main operating income of the issuer is as follows: It is understood that after deducting the issuance expenses, Guoke Tiancheng plans to use the raised funds for the following projects: Financially, in 2021, 2022, and 2023, the company's operating income is expected to be approximately 328 million yuan, 530 million yuan, and 702 million yuan respectively. The net profit is expected to be approximately 74.217 million yuan, 97.175 million yuan, and 124 million yuan respectively. In 2022 and 2023, the company's optoelectronic business income is expected to increase by 46.50% and 43.45% respectively, with the company's visibility and market position in the domestic cooling infrared market continuing to rise. It is important to note that the prospectus specifically warns investors to pay attention to the risks of the company's dependence on detector suppliers. Detectors are one of the core components of infrared thermal imagers. The company has developed T2SL cooling detectors and non-cooling detectors in 2023 and has begun to purchase equipment for self-built production lines. However, during the reporting period, the detectors required for production and sales were mainly acquired through external purchases. In this period, the purchased detectors were mainly InSb cooling detectors, used for cooling cores and machines, detector and other infrared products and components businesses, as well as some optoelectronic research businesses. During the reporting period, the purchase of Z0001 InSb detectors by the company accounted for 88.23%, 99.87%, and 98.23% of the total InSb detectors purchased in the same period, respectively, and accounted for 74.11%, 90.86%, and 89.11% of the total cooling detectors purchased in the same period. The products and service revenue from Z0001 InSb detectors accounted for 38.52%, 54.23%, and 59.93% of the main operating income in the same period, and the gross profit accounted for 38.83%, 68.95%, and 58.48% of the main operating profit in the same period. The company's high proportion of purchases of Z0001 InSb detectors, products, and services using Z0001 InSb detectors, and higher gross profit ratios, indicate a significant dependency on Z0001 at the present stage.