A-share subscription | Yutian Guanjia (301173.SZ) opens subscription as the second largest supplier in the domestic automotive sunroof market.

On February 20, Yutian Guanjia (301173.SZ) started its IPO at an issue price of 28.33 yuan per share, with a maximum subscription limit of 5,000 shares and a P/E ratio of 16.07 times. It belongs to the Shenzhen Stock Exchange ChiNext Board, with Guotai Junan Securities as the sponsor (lead underwriter). According to the prospectus, Yutian Guanjia is a manufacturer of automotive components specializing in sunroofs, with capabilities in design, research, and production of automotive sunroofs. They mainly serve domestic and foreign renowned automotive manufacturers in China, as well as some overseas OEMs, providing professional and comprehensive solutions for various automotive sunroofs and other automotive components as a premier tier-one supplier. The company's main products include panoramic sunroofs and small sunroofs, with panoramic sunroofs divided into top-mounted and bottom-mounted categories. Top-mounted panoramic sunroofs are products installed on the vehicle's top from the exterior, while bottom-mounted panoramic sunroofs are products installed on the vehicle's top from the interior. In 2023, Yutian Guanjia's sales of automotive sunroofs reached 2.31 million units, making it the second-largest supplier in the Chinese automotive sunroof market with a 16% market share, as indicated by a report from Head Leopard Research Institute on the global and Chinese automotive sunroof industry. Yutian Guanjia's main customers currently include Chongqing Changan Automobile, FAW Group, GEELY AUTO, Guangzhou Automobile Group, SAIC Volkswagen, Great Wall Motor, and Chery Automobile, among other well-known domestic OEMs. The raised funds, after deducting issuance expenses, will be invested in various projects based on their priority and urgency. Financially, Yutian Guanjia achieved operating revenues of approximately 1.694 billion yuan, 2.021 billion yuan, 2.491 billion yuan, and 1.08 billion yuan in 2021, 2022, 2023, and January to June 2024 respectively, with net profits of approximately 42.833 million yuan, 70.4209 million yuan, 159 million yuan, and 79.4701 million yuan during the same periods.