A-share subscription | Jialiqi (301586.SZ) starts the subscription, focusing on the research and development, production, sales, and related services of aerospace composite materials components.

On August 19, Bestir (301586.SZ) began subscriptions, with an issue price of 18.09 yuan per share, a subscription limit of 0.55 million shares, a P/E ratio of 19.15 times, listed on the Shenzhen Stock Exchange, where China Securities Co., Ltd. is the sponsor and lead underwriter. The prospectus shows that Bestir focuses on the research and development, production, sales, and related services of aerospace composite parts, with a long-term focus on the military aviation sector, making it one of the major suppliers of aerospace composite parts in China. Since its establishment, the company has undertaken the research, design, and manufacture of numerous models of aerospace composite parts, which are widely used in key models such as fighter jets, transport planes, drones, trainer aircraft, target aircraft, and missiles. Bestir's main products are aircraft composite parts and missile composite parts. Aircraft composite parts are mainly used in aircraft fuselages, wings, tail wings, landing gear systems, vertical tails, rudders, etc., effectively reducing the weight of the aircraft and improving its performance. Missile composite parts are mainly used in missile fins and can effectively reduce the structural weight of the missile and enhance its tactical performance. In addition to selling its main products, the company also provides commissioned manufacturing and technical services using its research and manufacturing capabilities in the aerospace composite parts field. Bestir has been deeply rooted in the aerospace composite parts field for many years and is recognized as a high-tech enterprise, a national-level specialized and innovative "small giant" enterprise, one of the top 50 specialized and innovative enterprises in Anhui Province, an excellent private enterprise in Anhui Province, a technological innovation demonstration enterprise in Anhui Province, and a standardized demonstration enterprise in the industrial and information technology field in Anhui Province. The company's customers include several aircraft host factories and research institutes under the aviation industry, military research and production units, and other well-known domestic aerospace composite parts manufacturers. For five consecutive years, it has been the only company in the aerospace composite parts field to be rated as an "excellent supplier" and "gold supplier" by core aircraft host factories under the aviation industry. The company has deep cooperation with four out of the eight major host factories under the aviation industry, giving it a favorable competitive position in the aerospace composite parts market segment. Financially, in 2020, 2021, 2022, and the first half of 2023, Bestir achieved operating revenues of approximately RMB 235 million, RMB 428 million, RMB 592 million, and RMB 271 million, respectively, with net profits of approximately RMB 54.37 million, RMB 129 million, RMB 150 million, and RMB 78.54 million during the same periods. It is important to note that Bestir disclosed in the prospectus the risk of high customer concentration. In 2020, 2021, 2022, and the first half of 2023, on a consolidated basis under the same control, the company's sales to the top five customers accounted for 99.93%, 99.96%, 99.96%, and 100.00%, respectively, with revenue from aviation industry-affiliated units accounting for 99.29%, 99.57%, 99.58%, and 99.51%, respectively. The company has a high concentration of customers, leading to a certain dependence on major customers. If there are significant adverse changes in the company's cooperation with major customers in the future, or if the operating conditions or demands of major customers undergo significant adverse changes, it will have a detrimental impact on the company's operations.