A-share subscription | Engitex (301622.SZ) has started subscription and has become one of the main suppliers of rare earth permanent magnet materials application devices for companies such as Apple and Microsoft.

On November 22, YingSiTe (301622.SZ) initiated its subscription process with an issue price of 22.36 yuan per share, a subscription limit of 80,000 shares, a price-earnings ratio of 21.63 times, and is listed on the Shenzhen Stock Exchange. Huatai United Securities is the sponsor (lead underwriter). The prospectus shows that YingSiTe is a high-tech enterprise mainly engaged in the research and development, production, and sales of rare earth permanent magnet materials application devices. The company focuses on the development of terminal application technology of magnetic devices, providing customers with comprehensive solutions such as magnetic circuit design, precision machining, surface treatment, and intelligent assembly. According to the demand of end customers for new products in terms of functionality and design, the company also participates in the development of new products for magnetic devices, providing complete technical support for the design, trial production, testing, and optimization of magnetic devices. The company's main products include single-magnet application devices and magnetic component application devices, which are used in laptops, tablets, smartphones, electronic accessories, smart home products, etc. Currently, most of the domestic rare earth permanent magnet materials production enterprises are small in scale, low in technical level, and backward in process equipment, producing mainly mid-to low-end products with serious homogenization and fierce competition. In the high-end market, there are only a few domestic manufacturers that can stably produce high-performance neodymium iron boron permanent magnet materials, including Beijing Zhong Ke San Huan High-tech, Jl Mag Rare-Earth, Ningbo Yunsheng, Yantai Zhenghai Magnetic Material, Innuovo Technology, and Earth-Panda Advanced Magnetic Material. In the international market, China is leading in mining, separation, metal smelting, and manufacturing of rare earth permanent magnet materials. Since its establishment, YingSiTe has been focusing on the consumer electronics application field, accumulating a large number of high-quality international well-known customers with a rich product line and good product quality, becoming one of the main suppliers of rare earth permanent magnet materials application devices for many international well-known consumer electronics brands such as Apple, Microsoft, Xiaomi, Huawei, Lenovo, reMarkable, and Logitech. In 2021, the company was awarded the "2021 Best Partner Award" by the iDSBG Division of Foxconn Technology Group and the "2021 Quality Excellence Award" by Alpha Assembly Division of BYD Company Limited. In 2022, the company was awarded the "2022 Best Partner Award" by the iDSBG Division of Foxconn Technology Group and the "2022 Outstanding Supplier Award" by Luxshare Precision Industry. In 2023, the company was awarded the "2023 Best of Year Award Winner" by the iDSBG Division of Foxconn Technology Group and the "2023 Quality Excellence Award" by Alpha Assembly Division of BYD Company Limited. In terms of finances, YingSiTe achieved operating income of approximately 670 million yuan, 1.134 billion yuan, 952 million yuan, and 236 million yuan in 2021, 2022, 2023, and January-March 2024, respectively, with corresponding net profits of approximately 128 million yuan, 199 million yuan, 138 million yuan, and 19.6064 million yuan during the same period.