Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [45]. Core Insights - The company, Aomeisen, specializes in intelligent manufacturing equipment, focusing on the research, design, production, and sales of smart production devices and lines, primarily serving the air conditioning, environmental protection, and new energy sectors [1][29]. - The intelligent manufacturing equipment industry in China is expected to grow from approximately 3.2 trillion yuan in 2023 to 3.6 trillion yuan in 2024, driven by increasing demand in downstream sectors [2][11]. - Aomeisen has established significant technological advantages in core areas such as forming processes, workpiece transfer, and intelligent control, which contribute to its competitive edge in the industry [3][39]. Summary by Sections 1. Industry Overview - The intelligent manufacturing equipment industry in China is in a growth phase, with increasing demand from enterprises for smart manufacturing solutions [11]. - The household appliance sector, a key application area for Aomeisen's products, is transitioning towards technology-driven competition, with a focus on quality and efficiency improvements [17]. 2. Company Overview - Aomeisen's main products include intelligent equipment for heat exchanger production and pipeline processing, with a strong customer base among leading appliance manufacturers like Gree and Midea [4][29]. - The company reported revenues of 279 million yuan, 325 million yuan, and 358 million yuan for 2022, 2023, and 2024 respectively, with a projected revenue of 191.38 million yuan for the first half of 2025, reflecting a year-on-year growth of 17.75% [1][35]. 3. Technological Innovation - Aomeisen has developed proprietary technologies such as a non-shrinkage expansion tube process, achieving over 99.6% qualification rates and reducing energy consumption by 70% [3][39]. - The company holds 467 valid patents, including 195 domestic invention patents, which protect its core technologies and enhance its market position [40]. 4. Market Position and Growth Potential - Aomeisen's core products are expected to generate significant revenue, with intelligent equipment for heat exchangers projected to account for 69.89% of its main business revenue in 2024 [4][41]. - The company is expanding into environmental protection and new energy sectors, with products like SRF/RDF production lines and lithium battery equipment, positioning itself as a multi-domain intelligent equipment service provider [6][41].

Core Viewpoint - Aomisen has successfully listed on the Beijing Stock Exchange, with its stock price rising by 349.82% on the first day of trading, indicating strong market interest and confidence in the company's growth potential [1][2]. Fundraising and Financials - The company raised 165 million yuan through the issuance of 20 million shares at an initial price of 8.25 yuan per share, with plans to use the funds for expanding production capacity and building a research and development center [2][4]. - Aomisen's revenue for 2022, 2023, and 2024 is projected to be 279 million yuan, 325 million yuan, and 358 million yuan, respectively, with net profits of 19.39 million yuan, 49.81 million yuan, and 55.82 million yuan [4][5]. - For the first half of this year, the company reported a revenue of 191 million yuan and a net profit of 32.64 million yuan [5]. Business Structure and Product Advantages - The company's core products include intelligent equipment for heat exchangers, which accounted for 68.92% of revenue in 2024, and pipeline processing equipment, which made up 15.33% [6]. - Aomisen holds 467 valid patents and has invested 9.37%, 8.43%, and 8.02% of its revenue in R&D for the years 2022, 2023, and 2024, respectively [6]. - The company aims to leverage national policies on equipment upgrades and recycling to enhance its R&D efforts and expand its product offerings in emerging sectors such as environmental protection, lithium batteries, and wind power [6].

Core Viewpoint - Aomeisen Intelligent Equipment Co., Ltd. has successfully listed on the Beijing Stock Exchange, with a significant opening price increase and high trading volume, indicating strong market interest and investor confidence in the company’s growth potential [1]. Company Overview - Aomeisen specializes in the manufacturing of intelligent equipment, focusing on the research, design, production, and sales of smart production devices and production lines, including heat exchanger production equipment and customized intelligent devices [1]. - The company’s major shareholder, Zhongshan Aomeisen Industrial Technology Co., Ltd., held 45.75% of the shares before the IPO, which decreased to 34.31% post-issuance (before overallotment) [1][2]. Financial Performance - Aomeisen's revenue for 2022, 2023, and 2024 was reported at 278.68 million yuan, 324.94 million yuan, and 358.41 million yuan respectively, with net profits of 20.13 million yuan, 49.76 million yuan, and 58.81 million yuan [7][11]. - The company’s operating cash flow has shown a positive trend, with net cash flow from operating activities increasing from 29.39 million yuan in 2022 to 116.85 million yuan in 2024 [8][9]. Fundraising and Use of Proceeds - Aomeisen plans to raise approximately 16.51 million yuan through the issuance of shares, with funds allocated for the construction of a digital forming equipment production base and a research and development center [5][6]. - The total investment for these projects is estimated at 43.27 million yuan, with the company covering the remaining costs through its own funds [6]. Shareholder Structure - The actual controllers of Aomeisen are identified as Long Xiaobin, Long Xiaoming, Guan Yinqiu, and Lei Lin, with a combined direct and indirect control of 73.77% of the company’s shares [2]. - Post-IPO, the controlling shareholders will maintain significant influence over the company, holding 55.32% of the shares (before overallotment) [2]. Market Position and Competitiveness - The company has been questioned regarding the sustainability of its revenue growth and the authenticity of its financial performance, particularly in relation to industry peers [4]. - Aomeisen's gross profit margin has been noted to be higher than that of comparable companies, raising inquiries about the reasons behind this discrepancy [4]. Future Projections - For the year 2025, Aomeisen anticipates revenue between 37 million yuan and 42 million yuan, with net profit projections ranging from 6 million yuan to 7 million yuan, indicating a growth rate of 7.48% to 25.40% [11].

Market Overview - The A-share market experienced narrow fluctuations on October 10, with significant adjustments in the ChiNext and Sci-Tech 50 indices, closing with the Shanghai Composite Index down 0.51%, the Shenzhen Component Index down 1.85%, and the ChiNext Index down 3.40% [1][6] Margin Trading - As of October 9, the margin trading balance in the Shanghai, Shenzhen, and North markets reached 24,455 billion, setting a new historical high, with a single-day increase of approximately 514 billion, marking the second highest single-day growth on record [3][4] - The financing balance also reached a record high of 24,292 billion, with a single-day increase of about 508 billion, also the second highest single-day growth [4] Stock Performance - The ChiNext Index saw a significant drop, with some constituent stocks like XianDao Intelligent falling over 14%, while the Sci-Tech 50 Index dropped more than 4% during the session, with stocks like Jinghe Integrated and Baiwei Storage leading the declines [5][7][6] - Several brokerage firms adjusted the margin trading collateral ratios for multiple stocks, including SMIC, to 0, following exchange regulations regarding risk warnings and high static P/E ratios [7] New Listings - A new stock, Aomeisen, was listed today, experiencing a peak increase of over 380% during trading. The company specializes in intelligent equipment manufacturing, focusing on the R&D, design, production, and sales of smart production equipment applicable in various industries [8]

Market Overview - The A-share market experienced narrow fluctuations on October 10, with the ChiNext Index and the Sci-Tech 50 Index showing significant adjustments during the session. The Shanghai Composite Index fell by 0.51%, the Shenzhen Component Index dropped by 1.85%, and the ChiNext Index decreased by 3.40% [1][4]. Margin Trading - As of October 9, the margin trading balance in the Shanghai, Shenzhen, and North markets reached a historical high of 24,455 billion yuan, with a single-day increase of approximately 514 billion yuan, marking the second-highest single-day growth on record since October 8, 2024 [2][3]. - The financing balance also hit a record high of 24,292 billion yuan, with a single-day increase of about 508 billion yuan, which is the second-highest single-day growth level recorded [3]. Sector Performance - The Sci-Tech 50 Index saw a decline of over 4% during the session, following a recent four-year high. Notable declines were observed in stocks such as Jinghe Integrated, which fell by over 11%, and other stocks like Baiwei Storage and SMIC also led the downturn [5]. - In terms of sector performance, the building materials, textile and apparel, coal, and beauty care sectors showed gains, while the power equipment, electronics, and computer sectors experienced declines [5]. New Listings - A new stock, Aomeisen, was listed today, with its price surging over 380% during the session. Aomeisen specializes in intelligent equipment manufacturing, focusing on the research, design, production, and sales of smart production equipment and lines, applicable across various industries including electrical appliances and renewable energy [6].

Core Viewpoint - The A-share market experienced a narrow fluctuation on October 10, 2023, with significant adjustments in the ChiNext and Sci-Tech 50 indices, leading to declines in major indices [1][5]. Margin Trading Scale - As of October 9, 2023, the margin trading balance in the Shanghai, Shenzhen, and North markets reached 24,455 billion, setting a new historical high. The single-day increase on October 9 was approximately 514 billion, marking the second highest single-day growth in history [3][4]. - The financing balance also reached a record high of 24,292 billion, with a single-day increase of about 508 billion on October 9, which is the second highest level recorded [4]. Index Performance - The ChiNext index saw a decline of over 3% during the session, with stocks like XianDao Intelligent dropping more than 14% [6]. - The Sci-Tech 50 index experienced a more significant drop, exceeding 4% at one point, following a recent peak that marked a four-year high [7][8]. Stock Adjustments - Several brokerage firms adjusted the margin trading collateral ratio for multiple stocks, including SMIC, to 0, based on exchange regulations regarding risk warnings and financial metrics [9]. Sector Performance - In terms of sector performance, the building materials, textile and apparel, coal, and beauty care sectors saw gains, while the power equipment, electronics, and computer sectors faced declines [10]. New Stock Listing - A new stock, Aomeisen, was listed on the market, with its price surging over 380% during the session. The company specializes in intelligent equipment manufacturing, focusing on smart production devices and lines applicable across various industries [11][12].

Core Viewpoint - Aomeisen (920080) has been listed on the Beijing Stock Exchange, focusing on intelligent equipment manufacturing, particularly in smart production devices and production lines [1][2]. Company Overview - Aomeisen specializes in the research, design, production, and sales of intelligent production equipment, including heat exchanger production equipment, pipeline processing equipment, and other customized intelligent devices such as environmental equipment and lithium battery hot-pressing equipment [2]. - Before the issuance, Aomeisen Technology held 27.4486 million shares, accounting for 45.75% of the total share capital, making it the controlling shareholder [2][3]. Shareholding Structure - After the issuance, Aomeisen Technology's shareholding will decrease to 34.31% (before the exercise of the over-allotment option) and 33.07% (after the exercise of the over-allotment option) [2]. - The actual controllers of the company are Long Xiaobin, Long Xiaoming, Guan Yinqiu, and Lei Lin, with Long Xiaobin and Long Xiaoming being brothers, and Long Xiaobin and Guan Yinqiu being spouses [2][3]. Voting Rights and Control - Aomeisen Technology's shareholding allows it to significantly influence shareholder meeting resolutions, holding 73.77% of the total share capital when considering direct and indirect control by the actual controllers [3]. - Post-issuance, the actual controllers will directly or indirectly control 55.32% (before the over-allotment option) and 53.32% (after full exercise of the over-allotment option) of the shares [3]. Fundraising and Use of Proceeds - The total amount raised from this issuance is 165 million yuan, with a net amount of 141.6538 million yuan after deducting non-tax issuance costs [3]. - The funds will be used for the construction of a production base for digital forming equipment for metal pipes and other customized intelligent equipment, as well as for the establishment of a research and development center [3].

Core Viewpoint - Aomen Sen (920080.BJ) has been listed on the Beijing Stock Exchange, specializing in intelligent equipment manufacturing, particularly in smart production equipment and production lines for various industries, including electrical appliances, environmental protection, wind power, and lithium battery new energy [1][2]. Company Overview - Aomen Sen focuses on the research, design, production, and sales of intelligent production equipment, which is essential for achieving automation, intelligence, and efficiency in manufacturing [1]. - The company has established itself as a leader in the fields of heat exchangers and pipeline processing technology since its founding in 2003 [2][3]. Financial Information - The initial offering price was set at 8.25 yuan per share, with a market capitalization of 1.2 billion yuan [2]. - The company has a projected earnings growth rate of 200% for 2023, indicating strong performance compared to previous years [2]. Investment and Development Plans - Aomen Sen plans to invest 0.90 billion yuan in the construction of a digital forming equipment production base and 0.75 billion yuan in the establishment of a research and development center [2]. - The company aims to expand its product offerings into environmental protection, wind power, and lithium battery new energy sectors, with notable products including SRF/RDF production lines and lithium battery thermal pressing equipment [3][4]. Client Relationships - Aomen Sen has established long-term partnerships with major domestic and international electrical appliance manufacturers, including Gree Electric, Midea Group, and Daikin, positioning itself as a "hidden champion" in the intelligent equipment sector [3][4]. - The company has also secured contracts with clients in the environmental and new energy sectors, such as China Power Construction and BYD [4].

Core Viewpoint - Aomen Sen (920080.BJ) has been listed on the Beijing Stock Exchange, focusing on intelligent equipment manufacturing, particularly in sectors such as electrical appliances, environmental protection, wind power, and lithium battery new energy [1][5]. Company Overview - Aomen Sen specializes in the research, design, production, and sales of intelligent production equipment and lines, which are essential for achieving automation and efficiency in manufacturing [1]. - The company has developed key products including heat exchanger production equipment, pipeline processing equipment, and customized intelligent devices for various industries [4]. Financial Information - The initial offering price was set at 8.25 yuan per share, with a projected market capitalization of 1.2 billion yuan [3]. - The company has a price-to-earnings ratio of 12.52, significantly lower than the industry average of 36.54 [3]. - Aomen Sen's net profit for 2021 was 4 billion yuan, with a projected growth rate of 200% [3]. Investment and Development Plans - The company plans to allocate 0.90 billion yuan for the construction of a digital forming equipment production base and 0.75 billion yuan for a research and development center [3]. - Aomen Sen aims to expand into environmental protection, wind power, and lithium battery sectors, with products already recognized by major clients such as BYD and China Power Construction [5]. Technical Achievements - Aomen Sen has achieved international advanced levels in several key technology projects, including digital design and manufacturing of heat exchanger equipment [4]. - The company is recognized as a "hidden champion" in the domestic intelligent equipment sector, maintaining long-term partnerships with leading appliance manufacturers [4]. Market Position and Clientele - Aomen Sen has established a strong client base in the air conditioning manufacturing sector, collaborating with major companies like Gree Electric, Midea Group, and Haier [4]. - The company is also expanding its reach into other industries, with notable products for environmental and new energy applications [5].

Group 1: New IPOs and Offerings - This week, there is one new stock available for subscription, specifically the new stock from Aomeisen, which will start subscription on September 22 [2][9] - Aomeisen's offering price is set at 8.25 yuan per share, with an issuance price-to-earnings ratio of 12.99 times, compared to the industry average dynamic price-to-earnings ratio of 35.86 times over the past month [2][3] Group 2: Company Overview - Aomeisen is a professional manufacturer of intelligent equipment, focusing on the research, design, production, and sales of intelligent production equipment and production lines [2][9] - The company's products are widely applicable in various sectors, including electrical appliances, environmental protection, wind power, and lithium battery new energy [2] - Aomeisen has established stable partnerships with major domestic and international home appliance companies, enhancing its brand influence and market presence [2] Group 3: Financial Performance - Aomeisen's projected revenues for 2022, 2023, and 2024 are 279 million yuan, 325 million yuan, and 358 million yuan, respectively, with net profits of approximately 19.39 million yuan, 48.16 million yuan, and 55.82 million yuan [3] - The company aims to raise a total of 190 million yuan through its IPO, which will be invested in the construction of a production base for digital forming equipment and a research and development center [3] Group 4: Other IPOs - Four companies are scheduled for IPO meetings this week, including Moer Thread and Bai Ao Sai Tu for the Sci-Tech Innovation Board, and Nanguang Digital and Hengtong Light for the Growth Enterprise Market [4] - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields [5] - Bai Ao Sai Tu, a preclinical CRO and biotechnology company, offers innovative animal models and drug development services based on its gene editing technology [7][8]