至信股份募资12亿首日涨213% 拳头产品毛利率存疑

Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. (Zhixin Co., stock code: 603352.SH) was listed on the Shanghai Stock Exchange, with a closing price of 68.58 yuan, marking a 213.44% increase on its first day of trading, and a total market capitalization of 15.545 billion yuan [1] Company Overview - Zhixin Co. specializes in the development, processing, production, and sales of automotive welding parts and related molds [1] - The company is controlled by Chen Zhiyu and Jing Bing, who hold a combined 83.75% of the voting rights [1] Financial Performance - The company reported revenues of 2.091 billion yuan, 2.563 billion yuan, and 3.088 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 70.69 million yuan, 131.85 million yuan, and 203.96 million yuan for the same years [5] - For the first half of 2025, the company achieved revenues of 1.604 billion yuan and net profits of 94.48 million yuan [6] - The company expects 2025 revenues to be between 390 million yuan and 405 million yuan, representing a growth of 26.30% to 31.16% compared to 2024 [8] Capital Raising and Use of Proceeds - Zhixin Co. raised approximately 123.99 million yuan in its IPO, with a net amount of 112.66 million yuan after expenses, which is 20.29 million yuan less than originally planned [3] - The funds will be used for expanding production capacity and technical upgrades of welding production lines, as well as for working capital [4] Market Position and Competitive Landscape - The company’s main product, welding parts, accounted for approximately 90.74% to 95.93% of its main business revenue from 2022 to the first half of 2025 [9] - The gross margin for the main business has shown an upward trend, with figures of 14.49%, 14.11%, 16.43%, and 16.59% from 2022 to the first half of 2025, compared to industry averages [9] Future Outlook - The company anticipates continued growth in demand for welding parts driven by the rising trend of lightweight and integrated die-casting in the automotive sector [9] - The company has indicated that the increase in gross margin is supported by a decrease in raw material prices and improvements in product structure [9]