Core Viewpoint - The article highlights the strong performance of newly listed stocks in the A-share market, particularly focusing on the upcoming IPO of Haocreator Technology, which is expected to attract investor interest due to its competitive pricing and favorable market conditions [1]. Company Overview - Haocreator Technology, officially known as Beijing Haocreator Electric Equipment Co., Ltd., was established in 2007 and transitioned to a joint-stock company in 2020 [1]. - The company specializes in the research, production, and sales of smart distribution equipment, with key products including smart ring network cabinets, smart pole switches, and box-type substations [1][3]. Financial Performance - The company reported revenues of approximately 560 million yuan, 672 million yuan, and 867 million yuan for the years 2022, 2023, and 2024, respectively, with corresponding net profits of about 69 million yuan, 87 million yuan, and 111 million yuan [3]. - For the first half of 2025, the company expects revenues of around 451 million yuan, a year-on-year increase of 2.97%, and a net profit of approximately 61.61 million yuan, reflecting a growth of 15.80% [4]. - The total assets of the company were reported at 711.96 million yuan, with a net profit of 111.29 million yuan for the year ending December 31, 2024 [5]. Product Revenue Breakdown - In 2024, the revenue breakdown for the main products was as follows: smart ring network cabinets accounted for 40.12% (346.07 million yuan), smart pole switches for 32.04% (276.39 million yuan), and box-type substations for 23.45% (202.30 million yuan) [2][3]. Market Position and Risks - The smart distribution equipment sector is characterized as a technology-intensive industry with significant barriers to entry, yet it remains competitive with low market concentration [10]. - The company has a high customer concentration, with sales to State Grid subsidiaries representing 88.92%, 91.99%, and 77.38% of total revenue during the reporting periods [10]. - Inventory risks are present, with inventory values at approximately 146 million yuan, 229 million yuan, and 167 million yuan at the end of each reporting period, constituting significant portions of total assets [10]. IPO Details - Haocreator Technology plans to raise approximately 477 million yuan through its IPO, with an issue price of 21 yuan per share, aimed at funding production projects and enhancing working capital [11].

Group 1: New Stock Offerings - Three new stocks are available for subscription in the A-share market this week: Shichang Co., Haocreat Technology, and YouSheng Co. [1] - Shichang Co. focuses on automotive plastic fuel tanks, serving major clients like Geely, Chery, and FAW [2][3] - Haocreat Technology specializes in smart distribution equipment and digital solutions for power distribution networks [4] - YouSheng Co. manufactures aluminum alloy automotive components, with clients including Tesla, GAC Group, and NIO [5][6] Group 2: Financial Performance and Projections - Shichang Co. projects revenues of 282 million, 406 million, and 515 million yuan from 2022 to 2024, with net profits of 18 million, 52 million, and 69 million yuan respectively [3] - Haocreat Technology anticipates revenues of 560 million, 672 million, and 867 million yuan from 2022 to 2024, with net profits of 69 million, 87 million, and 111 million yuan respectively [4] - YouSheng Co. expects revenues of 2.35 billion, 2.905 billion, and 3.95 billion yuan from 2022 to 2024, with net profits of 233 million, 321 million, and 405 million yuan respectively [6]

Core Viewpoint - The article discusses the upcoming IPOs of three companies in the A-share market, highlighting their business models, target markets, and financial projections. Group 1: Company Summaries - Shichang Co., Ltd. focuses on the research, production, and sales of automotive fuel systems, particularly plastic fuel tanks, with major clients including Geely, Chery, and FAW. The company aims to expand its production capacity and market presence in the new energy vehicle sector, projecting revenues of 282 million yuan, 406 million yuan, and 515 million yuan from 2022 to 2024, with net profits of 18 million yuan, 52 million yuan, and 69 million yuan respectively [2][3] - Haocreative Technology specializes in smart distribution equipment and digital solutions for power distribution networks. The company anticipates revenues of 560 million yuan, 672 million yuan, and 867 million yuan from 2022 to 2024, with net profits of 69 million yuan, 87 million yuan, and 111 million yuan respectively [4] - YouSheng Co., Ltd. is a manufacturer of aluminum alloy automotive components, focusing on lightweight parts for both new energy and traditional fuel vehicles. The company expects revenues of 2.35 billion yuan, 2.905 billion yuan, and 3.95 billion yuan from 2022 to 2024, with net profits of 233 million yuan, 321 million yuan, and 405 million yuan respectively [6] Group 2: Financial Highlights - Shichang Co., Ltd. projects a significant increase in revenue and net profit, with a focus on expanding its high-pressure plastic fuel tank production for new energy vehicles [3] - Haocreative Technology's revenue is expected to grow steadily, with a notable increase in net profit in the first half of 2025, indicating strong operational performance [4] - YouSheng Co., Ltd. shows robust growth in both revenue and net profit, particularly in the first half of 2025, reflecting a strong demand for lightweight automotive components [6]

Group 1: New IPOs - This week, there are three new stocks available for subscription: one on the Shanghai Main Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][5] - The Beijing Stock Exchange new stock, Shichang Co., has an issue price of 10.9 yuan and a price-to-earnings ratio of 10.74, compared to the industry average dynamic P/E ratio of 28.04 [2] - Shichang Co. specializes in feed production, offering over 100 varieties of products for livestock and aquaculture [2] Group 2: ChiNext New Stock - The ChiNext new stock, Haocreat Technology, focuses on smart distribution equipment and digital solutions for distribution networks [2] - Haocreat Technology's projected revenues for 2023 to the first half of 2025 are 672 million yuan, 867 million yuan, and 451 million yuan, with net profits of 87 million yuan, 111 million yuan, and 62 million yuan respectively [2] - The company aims to raise 477 million yuan through its IPO [2] Group 3: Shanghai Main Board New Stock - The Shanghai Main Board new stock, YouSheng Co., is a manufacturer of aluminum alloy automotive components, focusing on lightweight parts for electric vehicles [3] - YouSheng Co. has projected revenues of approximately 2.35 billion yuan, 2.91 billion yuan, and 3.95 billion yuan from 2022 to 2024, with net profits of 233 million yuan, 321 million yuan, and 405 million yuan respectively [3] - The company plans to raise 2.471 billion yuan through its IPO [3] Group 4: Upcoming IPO Meetings - Two companies, Yatu High-tech and Weite Environment, are scheduled for IPO meetings this week on September 12 [4] - Yatu High-tech specializes in the research, production, and sales of high-performance industrial coatings, with applications in various industrial sectors [4] - Weite Environment focuses on water resource pipeline leakage control technology and has become a comprehensive service provider in the field [4]

Summary of Key Points Core Viewpoint - Three new stocks are available for subscription next week, including YouSheng Co., which supplies parts to Tesla and Xiaomi vehicles [1][13]. Group 1: ShiChang Co. - ShiChang Co. has its largest customer as Geely Automobile [2]. - The subscription code for ShiChang Co. is 920022, with an issue price of 10.90 CNY per share and a P/E ratio of 10.32, compared to the industry average of 28.77 [3]. - The total issuance is 15.7 million shares, with 12.56 million shares available for online subscription, and a maximum subscription limit of 745,700 shares [4]. - ShiChang Co. specializes in the R&D, production, and sales of automotive fuel systems, primarily producing plastic fuel tank assemblies with features like lightweight, low emissions, and high safety [4]. - The company has a high customer concentration risk, with the top five customers accounting for 93.22% to 95.56% of revenue from 2022 to 2024 [4]. - Projected revenues for ShiChang Co. are 282 million CNY in 2022, 406 million CNY in 2023, and 515 million CNY in 2024, with net profits of 18.12 million CNY, 51.93 million CNY, and 69.24 million CNY respectively [4][6]. Group 2: HaoChuangRuiTong - HaoChuangRuiTong is recognized as a national-level specialized "little giant" enterprise [8]. - The subscription code for HaoChuangRuiTong is 301668, with total issuance of 27.9 million shares, including 6.7 million shares for online subscription [9]. - The company focuses on smart distribution equipment and digital solutions for distribution networks, with major clients including State Grid and Southern Power Grid [9]. - Projected revenues for HaoChuangRuiTong are 560 million CNY in 2022, 672 million CNY in 2023, and 867 million CNY in 2024, with net profits of 68.76 million CNY, 87.41 million CNY, and 111 million CNY respectively [9][12]. Group 3: YouSheng Co. - YouSheng Co. is a significant supplier of aluminum alloy components for new energy vehicles, with products including threshold beams and battery trays [14][15]. - The subscription code for YouSheng Co. is 732418, with total issuance of 48.27 million shares, including 15.45 million shares for online subscription [14]. - The company supplies to major clients such as Tesla, GAC Group, and NIO, with products for Tesla's Model Y and Model 3 [15]. - Projected revenues for YouSheng Co. are 2.35 billion CNY in 2022, 2.90 billion CNY in 2023, and 3.95 billion CNY in 2024, with net profits of 233 million CNY, 321 million CNY, and 405 million CNY respectively [17]. - For the first three quarters of 2025, YouSheng Co. expects revenues between 3.41 billion CNY and 3.51 billion CNY, with net profits between 348 million CNY and 360 million CNY [19].

New Stock Subscription Schedule - Three new stocks will be available for subscription next week, with one each from the Beijing Stock Exchange, ChiNext, and the Shanghai Main Board [1] - Subscription dates are as follows: September 9 for Shichang Co., September 11 for Haocreator Technology, and September 12 for Yousheng Co. [1] Company Profiles Shichang Co. - Shichang Co. focuses on the research, production, and sales of automotive fuel systems, primarily manufacturing plastic fuel tanks [2] - The offering price is set at 10.90 yuan per share with a price-to-earnings ratio of 10.32 [2] - Major clients include leading domestic automotive manufacturers such as Geely, Chery, FAW, and Changan [2] - Projected revenues from 2022 to 2024 are 282 million yuan, 406 million yuan, and 515 million yuan, respectively, with net profits of 18 million yuan, 52 million yuan, and 69 million yuan [3] Haocreator Technology - Haocreator Technology is a leading player in the smart distribution equipment sector, focusing on the development and production of smart distribution devices [4][5] - The company has established significant relationships with State Grid and Southern Power Grid, while also expanding its client base to include various power enterprises [5] - Expected revenues from 2022 to 2024 are 560 million yuan, 672 million yuan, and 867 million yuan, with net profits of 69 million yuan, 87 million yuan, and 111 million yuan [5] Yousheng Co. - Yousheng Co. specializes in manufacturing aluminum alloy automotive components, with a focus on the new energy vehicle sector [6][7] - The company has a diverse product range including door beams, battery trays, bumpers, and subframes, with major clients such as Tesla, GAC Group, and NIO [7] - Projected revenues from 2022 to 2024 are 2.35 billion yuan, 2.90 billion yuan, and 3.95 billion yuan, with net profits of 233 million yuan, 321 million yuan, and 405 million yuan [7]

Investment Rating - The investment rating for the company is positioned in the middle to lower range of the AHP score, with a score of 1.75, placing it in the 23.5% percentile of the non-innovation system AHP model [5][6]. Core Insights - The company focuses on smart distribution equipment and digital solutions for distribution networks, with key products including smart ring network cabinets, smart pole-mounted switches, and box-type substations. It has established a comprehensive R&D system covering structural design, hardware and software integration, and has developed several key technologies that are internationally advanced or leading [2][7][8]. - The demand for distribution equipment is expected to increase due to the ongoing investment in the national grid, with projected investments of 608.4 billion yuan in 2024 and over 650 billion yuan in 2025. The company is also expanding its customer base beyond the national grid and has seen significant growth in sales to non-grid customers [13][14]. - Compared to peer companies, the company has a smaller revenue base but faster growth rates, with a revenue CAGR of 24.47% and a net profit CAGR of 27.22% from 2022 to 2024, both exceeding the average of comparable companies [17][19]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 1.75, indicating a middle to lower performance level in the AHP model, with expected allocation ratios for different investor classes being 0.0238% and 0.0212% [5][6]. Fundamental Highlights and Features - The company has established a strong brand effect in its niche market, ranking 6th, 2nd, and 3rd in the number of bids won for smart ring network cabinets, smart pole-mounted switches, and box-type substations, respectively, in the national grid procurement [8][9]. - The company has developed new clients, including a significant sale of smart ring network cabinets to the Southern Power Grid, generating revenue of 79.595 million yuan [9]. Financial Comparison with Peers - The company’s revenue and net profit from 2022 to 2024 were lower than the average of comparable companies, but its growth rates were higher. The gross margin remained above the peer average, although it experienced slight fluctuations due to changes in product sales mix [17][19]. - The operating cash flow has been robust, with net cash flows of 30 million yuan, 101 million yuan, and 97 million yuan from 2022 to 2024, indicating good liquidity [23]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of new shares to expand production capacity for smart ring network cabinets and smart pole-mounted switches, and to establish a smart distribution R&D center [26][27]. - The expected internal rates of return for the projects are 17.62% and 27.84% for the smart ring network cabinet and smart pole-mounted switch production projects, respectively [28].

Core Viewpoint - The distribution network is becoming the core of the power system, driven by the national strategy for carbon peak and carbon neutrality, with a significant increase in demand for smart distribution equipment, projected to reach a market size of 86.724 billion yuan in 2024, a year-on-year growth of 24.28% [1][12]. Overview - The distribution network plays a crucial role in receiving and redistributing electricity to various sectors, impacting power supply reliability and quality, and is a vital public infrastructure for economic and social development [2][3]. Market Policy - The development of smart distribution equipment is supported by various national policies aimed at enhancing the safety and efficiency of the power system, including guidelines for rural power grid upgrades and promoting intelligent manufacturing [5][7]. Industry Chain - The upstream of the smart distribution equipment industry includes suppliers of electrical components, metal parts, and electronic components, while the downstream focuses on the power market, particularly in upgrading distribution networks and supporting new energy integration [8]. Current Development - The smart distribution equipment market is rapidly growing due to increasing user demands for power supply quality and reliability, with a projected market size of 86.724 billion yuan in 2024, reflecting a 24.28% increase year-on-year [12][1]. Competitive Landscape - The industry is categorized into three types of participants: large enterprises with significant capital and diversified operations, medium-sized enterprises with focused business areas, and small enterprises with limited market competitiveness [14][16]. Representative Companies - XJ Electric Co., Ltd. is a leading player in the power equipment industry, focusing on high-end technology and products across various sectors, with projected revenues of 17.09 billion yuan in 2024 [16]. - Pinggao Group Co., Ltd. specializes in high and ultra-high voltage equipment, with expected revenues of 12.4 billion yuan in 2024, primarily from its high voltage segment [18]. Development Trends - The trend towards smart distribution network upgrades is expected to accelerate, driven by increased investment in smart grid construction and user demands for improved power supply quality, with a focus on energy efficiency and environmental sustainability [20].

Core Viewpoint - The company, Haocreat Ruitong Electric Equipment Co., Ltd., has received approval for its IPO on the ChiNext board, marking a significant step towards its entry into the capital market and future growth opportunities [1][5]. Company Overview - Established in 2007, Haocreat Ruitong specializes in the research, production, and sales of smart distribution equipment and digital solutions for distribution networks, with key products including smart ring main units, smart pole-mounted switches, and box-type substations [1]. - The company is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, a national green factory, and a high-tech enterprise, indicating its strong market position and commitment to innovation [4]. Financial Highlights - The company plans to issue up to 27.9 million shares to raise approximately 477 million yuan, with funds allocated to three core projects: smart ring main unit production, smart pole-mounted switch production, and the establishment of a smart distribution R&D center [1][14]. - Over the past three years, the company has shown impressive financial growth, with revenues increasing from 560 million yuan in 2022 to 867 million yuan in 2024, and net profits rising from approximately 68.76 million yuan to 111 million yuan during the same period [8][10]. Market Potential - The smart distribution equipment industry is poised for significant growth, driven by the increasing demand for electricity and the transition towards low-carbon and intelligent energy systems. The investment in distribution network construction during the 14th Five-Year Plan is expected to exceed 1.52 trillion yuan [2][3]. - The aging of existing distribution equipment and the need for upgrades due to technological advancements present further opportunities for market expansion [3]. Technological Innovation - Haocreat Ruitong has developed a robust technological foundation with a core technology system that includes fault location and self-healing technologies, IoT integration, and high-precision power sensor technologies. The company holds 132 patents, including 15 invention patents [6][7]. - The company has significantly increased its R&D investment, with expenditures rising from approximately 17.3 million yuan in 2022 to 32.3 million yuan in 2024, reflecting a compound annual growth rate of 36.69% [7]. Customer Base and Market Position - The company has established strong relationships with major clients in the power industry, including the State Grid, which covers a vast area and serves over 1.1 billion people, indicating a high level of market concentration and recognition of product quality [12]. - Haocreat Ruitong ranks competitively in the bidding for key equipment in the power sector, achieving notable positions in the procurement of smart ring main units and smart pole-mounted switches [12]. Future Strategy - The company aims to strengthen its customer relationships while actively exploring new markets, including international opportunities along the Belt and Road Initiative, with initial collaborations in Saudi Arabia [13]. - The IPO proceeds will enhance production capabilities and R&D efforts, positioning the company to better meet market demands and improve its competitive edge [14][15].

Core Viewpoint - Beijing Haocreat Ruitong Electric Equipment Co., Ltd. (Haocreat Ruitong) has made progress in its IPO process, with its review status changing to "submitted for registration" as of July 4, 2025, aiming to raise 477 million yuan through the issuance of up to 27.9 million shares for various projects including production line construction and working capital [1][3] Financial Performance - Haocreat Ruitong exhibits a "low cost, high gross profit" characteristic, with R&D, sales, and management expense ratios approximately 5 percentage points lower than the industry average from 2022 to 2024, yet its gross profit margin remains 2-3 percentage points higher than the industry average, reaching 25.67% in 2024 compared to the industry average of 23% [1][3][9] - The company's R&D expense compound growth rate is 36.69%, but its R&D expense ratio has consistently been between 3.09% and 3.73%, nearly 40% lower than the industry average of 5.54%-5.58% [5][9] - Sales expenses have increased in absolute terms, but the sales expense ratio has decreased from 5.01% to 4.06%, significantly lower than the industry average of 7.84%-9.17%, attributed to high sales concentration with State Grid subsidiaries [6][9] - Management expense ratios have remained between 2.13% and 2.52%, about half of the industry average of 5.26%-5.74%, raising questions about the sustainability of such cost advantages [7][9] Regulatory Concerns - A notable equity transaction involving the transfer of a subsidiary's shares for 200,000 yuan to the actual controller, followed by a zero-cost transfer two years later, has drawn scrutiny from the Shenzhen Stock Exchange, which has requested explanations regarding the transaction's rationale [1][10] - The underwriting institution, Changjiang Securities, has been criticized for significant oversights during the review process, including discrepancies in reporting over 60 key issues, raising concerns about its professional quality [2][11][12]