A-share subscription | Yalian Machinery (001395.SZ) opens subscription and successfully achieves domestic substitution of high-end equipment for artificial board production lines.

On January 16, Yalian Machinery (001395.SZ) started its subscription with an issue price of 19.08 yuan per share, a subscription limit of 7,500 shares, a P/E ratio of 17.08 times, listed on the Shenzhen Stock Exchange, and Ping An Securities as the sponsor (lead underwriter). The prospectus shows that Yalian Machinery is a supplier and service provider of complete solutions for the production equipment of artificial board. Its main business is the research and development, production, sales, and service of artificial board production lines and supporting equipment. The company's core product is continuous hot press production lines, and it also provides steel strip products and retrofit services according to customer demand, providing equipment and technical support for downstream enterprises producing fiberboard, particleboard, and other new materials. There are few companies in the industry with the capability of complete production of artificial board production lines, and the concentration is high. The domestic market for artificial board production line equipment has a competitive landscape of strong multinational companies and local advantage enterprises coexisting, with the market mainly dominated by Dieffenbacher, Shanghai Board Machine, Xinbei Kangpu, and Yalian Machinery, among which Shanghai Board Machine is a subsidiary of Dieffenbacher. Yalian Machinery has mastered key equipment manufacturing technology and system integration technology in the field of artificial board equipment manufacturing, successfully realizing domestic substitution for high-end equipment in artificial board production lines. The company has introduced industry-leading products such as the world's first thin bamboo particleboard production line, the world's first industrially produced continuous hot press reed particleboard production line, 0.8mm ultra-thin fiberboard production line, and continuous hot press production line for decorative wood-based reconstituted materials. According to data released by the Forestry and Grassland Bureau's Forestry Industry Planning and Design Institute and the Forestry Engineering and Equipment Professional Committee of the China Forestry Industry Association, Yalian Machinery's market share for continuous hot press fiberboard and particleboard production lines commissioned from 2017 to 2023 are 48.08% and 28.72% respectively, ranking first and second in the industry. In terms of financials, in 2021, 2022, 2023, and the first 6 months of 2024, the company achieved operating revenues of approximately 522 million yuan, 480 million yuan, 647 million yuan, and 442 million yuan respectively, with net profits of approximately 83.86 million yuan, 87.37 million yuan, 103 million yuan, and 81.68 million yuan during the same periods.