A-share subscription | Shengye Electric (920128.BJ) opens subscription for a professional film capacitor enterprise.

On November 18, Shengye Electric (920128.BJ) commenced subscription with an issue price of 9.12 yuan per share and a subscription limit of 855,000 shares. The P/E ratio is 15.96 times, listed on the Beijiao Exchange, with Shenwan Hongyuan Group Securities as its exclusive sponsor. The prospectus shows that Shengye Electric is a professional film capacitor enterprise. Based on product performance and economies of scale, it provides motor capacitors, power electronic capacitors, and power capacitors to globally renowned equipment companies. In the application field of film capacitors, the company extends downstream of the industrial chain based on industry technical accumulation. It has formed a business layout with film capacitors as the core, specializing in the development of supporting products for power quality governance. The main application areas of film capacitors include household appliances, solar and wind power, new energy storage, new energy vehicles, high-voltage SVG, industrial control, rail transportation, power quality governance, etc. In China, apart from a few leading companies, most enterprises focus on one or a few applications due to reasons such as product technology reserves, market development capabilities, or their own business strategies. With a sound production process and technological reserves, Shengye Electric has built a professional and diversified product matrix. It has a relatively complete series of metallized film capacitors for high and low voltage, AC and DC categories, covering a wide range of mainstream application areas. The companys products are widely used by major customers in key application areas, giving it strong market competitiveness in the film capacitor industry. By establishing a strict brand and quality management system and continuous R&D investment, Shengye Electric has established long-term stable cooperation with many well-known domestic and foreign enterprises. Its customers include Midea Group Co., Ltd., Whirlpool, TELING, Carrier, Haier Group, General Electric, TCL, Sineng Electric, Goldwind Science & Technology, Far East Horizon, Kehua Data Co., Ltd., Mingyang Group, Beijing Sifang Automation, Shenzhen Hopewind Electric, Nidec, CRRC Times Electric, Sieyuan Electric, TBEA Co., Ltd., Daquan Group, Guodian Nanjing Automation, and Guangzhou Baiyun Electric Equipment. According to QYResearch data, in 2023, Shengye Electric ranks 2nd in the business scale of film capacitors in the fields of electric motors (including household appliances), centralized photovoltaic/energy storage inverters, and high-voltage SVG among domestic enterprises. According to the China Electronic Component Industry Association data, in 2021 and 2022, the company ranks 3rd in the domestic market for film capacitor sales in the home appliance sector. The proceeds from this stock issuance, after deducting the issuance expenses, will be invested in the following projects: Financially, in the fiscal years 2021, 2022, 2023, and January to June 2024, the company achieved operating income of approximately 446 million yuan, 510 million yuan, 573 million yuan, and 297 million yuan, respectively. The company's net profits were approximately 21.63 million yuan, 29.0 million yuan, 45.37 million yuan, and 23.83 million yuan, respectively.