A-share IPO subscription | Nanetechnology (920124.BJ) opens for subscription, deepening its presence in the field of air conditioning compressor components.

On November 11th, NanTe Technology (920124.BJ) started its subscription, with an issue price of 8.66 yuan per share and a subscription limit of 1.6732 million shares. It belongs to the Beijing Stock Exchange, with a P/E ratio of 13.60 times, and EB SECURITIES is its sponsor institution. According to the prospectus, NanTe Technology is a high-tech enterprise mainly engaged in the research and development, production, and sales of precision mechanical components. The company has long focused on the field of air conditioning compressor components, with products covering compressor core components such as cylinders, bearings, pistons, and crankshafts. The company has established stable cooperation relationships with four of the top five air conditioning compressor companies, including Midea Group Co., Ltd, Gree Electric Appliances, Inc. of Zhuhai, Shanghai Highly, Panasonic, and other well-known domestic and foreign manufacturers. According to industry online data, the company's supply of compressor components accounts for approximately 13% and 30% of the market share of Midea Group Co., Ltd and Gree Electric Appliances, Inc. of Zhuhai, respectively. The company has become an important supplier to the leading compressor companies. Data from the National Bureau of Statistics shows that China's total air conditioning production has increased from 23.1288 million units in 2001 to 265.9844 million units in 2024, with an average annual compound growth rate of 11.20% from 2001 to 2024. With the increasing recognition of China's manufacturing industry in countries along the Belt and Road, China's air conditioning exports have maintained a good growth trend. For example, in terms of household air conditioners, according to industry online statistics, China's export quantity of household air conditioners reached 69.586 million units in 2023, accounting for over 40% of the overall sales of household air conditioners, making exports an important growth driver for China's air conditioning sales. In terms of finance, in 2022, 2023, and 2024, the company achieved operating income of approximately 834 million, 938 million, and 1.031 billion yuan, respectively; and net profit of approximately 46.6403 million, 84.1882 million, and 98.217 million yuan, respectively. Looking at inventory turnover, in 2022, 2023, and 2024, the company's inventory turnover ratios were 4.94 times, 5.41 times, and 5.86 times, respectively. The high inventory turnover rate indicates a low risk of inventory backlog or slow sales, which is in line with the company's actual situation and industry characteristics. NanTe Technology stated that the company's inventory turnover rate is slightly higher than the industry average, mainly because the company's production model is mainly based on sales orders to determine production scale, so there is generally no large amount of stockpiling. In addition, the high concentration and proximity of upstream suppliers and major customers result in relatively short procurement and sales cycles.