世昌股份北交所IPO：拟募资1.71亿加码新能源高压油箱

Group 1: Company Overview - Hebei Shichang Automotive Parts Co., Ltd. (referred to as "Shichang") has disclosed its initial public offering (IPO) prospectus, planning to issue up to 18.055 million shares of RMB ordinary stock, with the aim of raising 171 million RMB for a new energy high-pressure fuel tank project (Phase II) and to supplement working capital [1] - Shichang's main products are automotive plastic fuel tank assemblies, which are categorized into atmospheric and high-pressure types, with the latter used in plug-in hybrid vehicles within the new energy sector [1] - The company has established stable partnerships with over 20 well-known automotive and machinery manufacturers, including Geely, Chery, FAW, Changan, and Lynk & Co [1] Group 2: Industry Context - The automotive industry is a pillar of the economy in China, playing a crucial role in boosting domestic consumption and stabilizing industrial and economic development, and has consistently received policy support [1] - The automotive parts sector, as a supportive upstream industry, is closely linked to the development of the automotive industry, with the market size of China's automotive parts industry exceeding 5 trillion RMB [1] - The automotive parts industry is expected to experience good growth prospects due to the recovery of consumer demand in the automotive market and the rapid growth in the production and sales of new energy vehicles [1] Group 3: Financial Performance - Shichang's projected revenues for 2022, 2023, and 2024 are 282 million RMB, 406 million RMB, and 515 million RMB, respectively, with net profits of 11.82 million RMB, 51.93 million RMB, and 69.24 million RMB, indicating a continuous increase in both revenue and profit over three years [2] - For the first half of 2025, the company expects to achieve a revenue of 281 million RMB, representing a year-on-year growth of 22.05%, with a net profit of 30.84 million RMB, a year-on-year increase of 10.28% [2] - The company has focused on the plastic fuel tank industry since its inception, leveraging its efficient R&D capabilities, professional production capacity, and high product quality to strengthen partnerships with major domestic automakers [2] Group 4: Investment Plans - In this IPO, Shichang aims to raise a total of 171 million RMB, with 131 million RMB allocated for the construction of the "Zhejiang Xingchang Automotive Technology Co., Ltd. annual production of 600,000 new energy high-pressure fuel tank project (Phase II)" and 40 million RMB for working capital [3]