A-share Subscription | Jintai Co., Ltd. (920071.BJ) opens for subscription, mainly engaged in the research, development, production and sales of sponge titanium series products.

On August 19, Jintai Co., Ltd. (920071.BJ) opened for subscription, with an issuance price of 9.72 yuan per share, a subscription limit of 1.575 million shares, and a price-to-earnings ratio of 13.41 times. It is listed on the Beijing Stock Exchange, with China Securities Co., Ltd. as its sponsor. According to the prospectus, Jintai Co., Ltd. is a high-tech enterprise primarily engaged in the research, production, and sales of sponge titanium series products. The company has been deeply involved in high-end sponge titanium products for over a decade, becoming one of the leading domestic and internationally top-tier production bases for high-end sponge titanium, and a core member of the titanium industry supply chain in China. Currently, the companys high-end sponge titanium products are widely used in domestic aerospace, national defense, and military industries, including the Long March series rockets, new fighter jets, ships, domestically produced large aircraft, and aviation engines. The company is one of the enterprises in China that mass-produces high-end sponge titanium products for aerospace, national defense, military, marine engineering, and nuclear power sectors, having continuously supplied over 200,000 tons of sponge titanium since its inception. Sponge titanium is an important material foundation for driving innovation in strategic emerging industries and is a key core raw material that supports and secures high-end applications in aerospace, national defense, military, ship equipment, marine engineering, and nuclear power. According to the "Certificate" issued by the Titanium, Zirconium, and Hafnium Branch of the China Nonferrous Metals Industry Association (NZXH [2022] No. 10), in 2021, the companys high-end small particle size sponge titanium series products ranked first in both domestic and global market share for this type of product. In 2022, the company gradually established and put into operation a fully automated 20,000-ton sponge titanium production line with high levels of digitalization, intelligence, and automation, successfully achieving the recycling of "chlorine-magnesium." A preliminary green, low-carbon, economically and environmentally sustainable recycling ecosystem has been established, significantly promoting the high-end transformation and upgrading of Chinas titanium strategic emerging industry while ensuring the safety of the national titanium industrial chain. In terms of revenue structure, the company has a high concentration of single product types, with a relatively simple product structure. Sponge titanium products are the main source of revenue, with main business income accounting for 96.45%, 93.33%, and 93.14% of total operating income during the reporting period. The supply and demand of sponge titanium products significantly impact operational performance. Additionally, due to the industry characteristics of key sectors such as aerospace and national defense, the companys customers are primarily leading enterprises such as Western Superconducting Technologies, Western Metal Materials, and Baoji Titanium Industry, resulting in a high customer concentration during the reporting period. During the reporting period, sales to the top five customers accounted for 57.24%, 56.64%, and 57.91%, respectively. Any adverse changes in the supply relationship between the company and these customers could negatively impact the company's operations. In terms of finances, in the fiscal years of 2023, 2024, and 2025, the company is expected to achieve operating revenues of approximately 1.684 billion yuan, 1.559 billion yuan, and 1.684 billion yuan respectively; during the same period, net profits are projected to be approximately 129 million yuan, 137 million yuan, and 196 million yuan respectively.