A-share subscription | Changlian Technology (301618.SZ) opens subscription for the main research, development, production, and sales of stamping materials.

On September 19, Changlian Technology (301618.SZ) started its IPO at a price of 21.12 yuan per share, with a subscription limit of 16,000 shares. The price-earnings ratio is 17 times, and it belongs to the ChiNext Board of the Shenzhen Stock Exchange. Dongguan Securities is its exclusive sponsor. According to the prospectus, Changlian Technology specializes in the research, development, production, and sales of printing materials. Its main products include water-based printing pastes, water-based resins, and screen printing silicone, as well as the research, design, and sales of printing equipment, mainly used in the field of textile printing. In terms of customer acquisition, the company mainly acquires customers through industry-related exhibitions, online promotion, customer referrals, independent sales staff expansion, and customer proactive contact. The company's product sales are all on a consignment basis and can be divided into manufacturers and traders. Manufacturers purchase products for processing and production based on their own production needs, while traders purchase related products for sale based on downstream customer demand. The company implements the same sales policy for manufacturers and traders. During the reporting period, the company's major customers were CONG TY TNHH HOA LIEN TEXPRINT, Dongguan Jinmao Import and Export Co., Ltd., Dongguan Nengtong Printing Materials Co., Ltd., Dandong Younait Textile Co., Ltd., Shishi Boai NKY Medical Chemical Trading Co., Ltd., and Dongguan Huayin Network Information Technology Co., Ltd. In the field of textile printing, the company's business covers a variety of products such as water-based printing pastes, water-based resins, screen printing silicone, digital coating inks, and automated printing equipment, forming a multi-category product system. By focusing on the textile printing market and continuously improving the company's professional research and development capabilities, the company's product quality and technical service level have been widely recognized in the market, with water-based printing paste sales volume ranking among the top in the industry. According to Sullivan statistics, the issuer's domestic market share has increased from 10.3% in 2018 to 11.5% in 2022, ranking first in both 2020 and 2022. Financially, the company achieved operating income of approximately 581 million yuan, 538 million yuan, and 530 million yuan in the years 2021, 2022, and 2023, respectively. The net profit was approximately 60.19 million yuan, 79.46 million yuan, and 82.51 million yuan, respectively. According to the prospectus, the company may face customer stability risks. During the reporting period, revenue from the top five customers accounted for 19.15%, 16.65%, and 17.23% of the company's total revenue, respectively. The proportion of revenue from the top five customers is relatively low and fluctuates, with a large number of customers and a relatively diversified structure. However, if the company's main customers reduce their purchasing volume due to factors such as a decrease in their market competitiveness, or if the company fails to meet the business needs of its main customers in a timely manner through research and innovation or service improvements, or if there are quality or timeliness problems in business delivery that do not meet customer requirements and cause customers to turn to other suppliers for purchases, customer stability issues will have a negative impact on the company's continued operational capabilities.