A-share subscription | ZhongJie Automotive (301560.SZ) opens subscription. The company's products have covered well-known electric vehicle brands such as Tesla and BYD Company Limited.

On April 15, Zhongjie Auto (301560.SZ) started its subscription, with an issue price of 16.50 yuan per share and a subscription limit of 0.7 million shares. The price-earnings ratio is 21.30 times, and it is listed on the Shenzhen Stock Exchange, with Tianfeng as the sponsor (lead underwriter). The prospectus shows that Zhongjie Auto is mainly engaged in the research, production, and sales of precision processed parts for automotive thermal management systems. Its main products include automotive air conditioning heat exchangers and pipeline systems, oil coolers, heat pump systems, battery coolers, and automotive engine systems and other automotive components. The company has a complete range of product models, currently owning more than 3,000 types of component products, with an annual output of over 100 million pieces. In addition to its headquarters in China, the company has established manufacturing bases and sales companies in North America and Europe, with business covering major automotive markets globally. It provides global specialized services for well-known large multinational first-tier automotive component suppliers such as Mahle, Modine, Hangon, Marelli, Valeo-Conditale, whose products are mainly used in mid-to-high-end vehicle brands, including Mercedes-Benz, BMW, Audi, Porsche, Volkswagen, Ferrari, Maserati, Fiat, Renault, Ford, General Motors, Chrysler, Volvo, Jaguar, Land Rover, Toyota, Honda, Nissan, Hyundai, Geely, and other mainstream global automotive brands. In addition to the above traditional automotive brands, the company's products downstream also cover a series of well-known or emerging electric vehicle brands such as Tesla, BYD Company Limited, Canoo (USA), Rivian (USA), Lucid (USA), Ziji, BrightDrop (General Motors' electric vehicle brand). Amid an increasingly specialized division of labor, the automotive components industry has formed a "pyramid structure" with multiple levels of division of labor, including vehicle manufacturers, first-tier component suppliers, second-tier component suppliers, third-tier component suppliers, etc. Currently, there are numerous domestic manufacturers in the automotive thermal management system industry, with low concentration and relatively scattered market share, resulting in fierce competition. Since its establishment, the company has mainly competed in the mid-to-high-end market of automotive thermal management systems as a second-tier component supplier, enjoying a high competitive position in its sub-industry. The company's traditional advantage projects such as reservoir tanks, flange products, and recently developed bottom plate and valve body products have a certain market share globally. Based on calculations, in the first half of 2024, the company's market shares for reservoir tanks, flanges, bottom plates, and valve bodies are 6.41%, 3.74%-7.49%, 5.56%, and 1.34% respectively. In terms of finances, in 2021, 2022, 2023, and the first half of 2024, Zhongjie Auto achieved operating revenues of approximately RMB 593 million, 713 million, 822 million, and 472 million respectively, with net profits of 48.87 million, 78.31 million, 82.51 million, and 45.89 million respectively during the same periods.