Core Points - N Sanxie (920100) was listed on the Beijing Stock Exchange today, opening at 69.00 yuan, representing an increase of 681.43% from its issue price [2] - The company specializes in the research, development, manufacturing, and sales of control motors [2] - The company's public offering consisted of 18 million shares at an issue price of 8.83 yuan, with an earnings per share (EPS) ratio of 11.86 times [2] - The effective subscription amount for the online offering was approximately 7,628,987,754 shares, resulting in a subscription multiple of 4,461.40 times [2] Financial Performance - The projected net profits for the company from 2022 to 2024 are 26.9763 million yuan, 48.6408 million yuan, and 56.3350 million yuan, respectively [3]

Core Viewpoint - Sanxie Electric (920100.BJ) was listed on the Beijing Stock Exchange on September 8, 2023, and is a high-tech enterprise engaged in the research, manufacturing, and sales of control motors [1] Company Overview - Established in 2002, Sanxie Electric specializes in control motors, including stepper motors, servo motors, and brushless motors, which are essential components in industrial manufacturing [7] - The company has been recognized as a national high-tech enterprise and a provincial specialized and innovative small and medium-sized enterprise [7] Financial Information - The initial offering price was 8.83 yuan per share, with an issuance price-to-earnings ratio of 11.86, compared to the industry average of 21.85 [4] - The company plans to invest 1.15 billion yuan in expanding its green energy-saving intelligent control motor production, 320 million yuan in R&D center construction, and 120 million yuan to supplement working capital [6] Market Position and Competition - Sanxie Electric's products have gained recognition in the AGV and collaborative robot sectors, with stable partnerships established with leading companies such as Hikvision and Dahua [8] - The company faces competition in the U.S. market with products used in medical devices and automotive applications, although it acknowledges a risk of concentrated business sources [8] Industry Context - The micro-special motor manufacturing industry in China has significant production bases in the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions [8] - The company's gross profit margins for its main business were 22.24%, 29.28%, and 29.12% from 2022 to 2024, indicating a reliance on raw material prices and market competition [9]

Core Viewpoint - Sanxie Electric is set to launch its IPO with an issue price of 8.83 yuan and an initial issuance of 18 million shares, aiming to raise approximately 1.87 million yuan for expansion and R&D projects [2][3]. Group 1: IPO Details - The issuance code for Sanxie Electric is 920100, with a price-to-earnings ratio of 11.86 times, compared to the industry average of 21.85 times [3]. - The total number of shares after the issuance will be 71.11 million, with an online issuance of 17.1 million shares after the exercise of the over-allotment option [2][3]. - The maximum subscription limit for a single account is 855,000 shares, and the strategic placement will account for 3.6 million shares, representing 20% of the initial issuance [2][3]. Group 2: Fundraising Allocation - The total expected fundraising amount is 1.87 million yuan, with the allocation as follows: - Expansion of Sanxie Green Energy Intelligent Control Motor project: 115.37 million yuan - R&D center construction: 31.63 million yuan - Supplementing working capital: 12 million yuan [3][4]. Group 3: Financial Performance - The company’s net profit for 2022, 2023, and 2024 is projected to be 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan, respectively, with year-on-year growth rates of 5.57%, 80.31%, and 15.82% [3]. - Financial indicators show total assets of 475.31 million yuan and net assets of 281.74 million yuan for 2024, with operating income of 420.06 million yuan [4]. - The company’s R&D investment for 2024 is 15.02 million yuan, accounting for 3.58% of operating income [4].

Core Viewpoint - This week, two new stocks will be available for subscription in the A-share market, namely Huaxin Jingke and Sanxie Electric, with subscriptions starting on Monday and Tuesday respectively [2]. Group 1: Huaxin Jingke - Huaxin Jingke is a leading manufacturer in the field of precision stamping iron cores, with established partnerships with major companies like BYD and BMW [2][3]. - The offering price for Huaxin Jingke is set at 18.6 CNY per share, with a maximum subscription limit of 13,500 shares per account, requiring a market value of 135,000 CNY in the Shanghai market [3]. - The company specializes in the research, production, and sales of various precision stamping iron cores, which include types for electric vehicle drive motors, micro motors, electrical equipment, and ignition coils [3][4]. - Huaxin Jingke has achieved revenues of 1.192 billion CNY, 1.189 billion CNY, and 1.421 billion CNY for the years 2022, 2023, and 2024 respectively, with net profits of 114 million CNY, 156 million CNY, and 153 million CNY [4]. Group 2: Sanxie Electric - Sanxie Electric is a high-tech enterprise focused on the research, manufacturing, and sales of control motors, with products including stepper motors, servo motors, and brushless motors [5][6]. - The offering price for Sanxie Electric is 8.83 CNY per share, with a maximum subscription limit of 855,000 shares per account [5]. - The company emphasizes innovation in motor technology and has developed a comprehensive process database to meet diverse customer needs [5][6]. - Sanxie Electric has reported revenues of 287 million CNY, 362 million CNY, and 420 million CNY for the years 2022, 2023, and 2024 respectively, with net profits of 27 million CNY, 49 million CNY, and 56 million CNY [6][7].

Group 1: New Stock Market Activity - The issuance of new stocks on the Beijing Stock Exchange has accelerated since August, with significant first-day gains for newly listed companies, such as Hongyuan Co. and Nengzhiguang, which rose by 358.02% and 344.38% respectively [1] - Recent reports indicate that the sentiment indicators for the new stock sector have surged to high levels, marking the second instance since late July where the sentiment has returned to the exuberant levels seen in October to November of the previous year [1] - The new stock sector is entering a critical decision-making phase, necessitating close monitoring and flexible responses due to the rising pricing indicators and diminishing value-for-money options among new stocks [1] Group 2: Upcoming IPOs - Two new stocks are scheduled for subscription next week, including Huaxin Precision and Sanxie Electric, with Huaxin Precision being a leading manufacturer in the precision stamping core sector for electric vehicle drive motors and other applications [3][4] - Huaxin Precision has established partnerships with major companies such as Valeo, Delta Electronics, Bosch Group, and BYD, and is projected to achieve a net profit of between 132 million and 161 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 16.03% to 41.81% [3][4] - Sanxie Electric, founded in 2002, specializes in control motors and is expected to report a net profit of between 41.28 million and 45.15 million yuan for the first three quarters of 2025, indicating a growth of 8.36% to 18.51% [5][7] Group 3: Financial Projections - Huaxin Precision anticipates a revenue range of 112.20 million to 124.02 million yuan for the first three quarters of 2025, representing a growth of 13.74% to 25.71% compared to the previous year [4] - Sanxie Electric expects its revenue to be between 32 million and 35 million yuan for the same period, which translates to a growth of 8.44% to 18.60% year-on-year [7]

Core Viewpoint - The recent surge in new stock listings on the Beijing Stock Exchange (BSE) has led to significant first-day price increases, indicating a heightened market sentiment and potential investment opportunities in the new stock sector [1]. Group 1: New Stock Listings - Two new stocks, Huaxin Precision and Sanxie Electric, are set to be listed this week, with first-day price increases of 358.02% and 344.38% respectively [1]. - The new stock sector's sentiment indicators have reached high levels, suggesting a critical period for directional choices in the market [1]. - The upcoming new stock offerings include Huaxin Precision, a leading manufacturer in the precision stamping core sector, and Sanxie Electric, a high-tech enterprise specializing in control motors [2][3]. Group 2: Company Profiles - Huaxin Precision specializes in precision stamping cores for various applications, including electric vehicle drive motors and has established partnerships with major companies like Valeo and Bosch [1][4]. - The company projects a net profit of 132 million to 161 million yuan for the first three quarters of 2025, representing a year-on-year growth of 16.03% to 41.81% [5][6]. - Sanxie Electric focuses on control motors and has a diverse application range across industries such as security, textiles, and robotics, with expected net profits of 41.28 million to 45.15 million yuan for the same period, reflecting a growth of 8.36% to 18.51% [7][8].

Core Viewpoint - Changzhou Sanxie Electric Co., Ltd. has received approval from the North Exchange's listing committee for its initial public offering, aiming to raise funds for expansion and development projects [1] Financial Performance - The company reported revenues of 287 million yuan, 362 million yuan, and 420 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 16.05% in 2024 [1] - Net profits for the same years were 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan, with a year-on-year increase of 15.82% in 2024 [1] - Key financial metrics for 2024 include: - Revenue: 420.06 million yuan - Net profit attributable to shareholders: 56.33 million yuan - Basic earnings per share: 1.06 yuan - Weighted average return on equity: 22.28% [1][1][1] Business Operations - The company specializes in the research, development, manufacturing, and sales of control motors [1] - The funds raised will be allocated to the expansion of green energy-saving intelligent control motors, the establishment of a research and development center, and to supplement working capital [1]

Group 1 - Three companies are set to present their IPO applications, with the highest fundraising amount expected from United Power at 4.857 billion yuan [1] - United Power's fundraising will be directed towards projects related to the production of core components for new energy vehicles, including multiple production bases and R&D centers [1] - The other two companies, Huaxin Precision and Sanxie Electric, plan to raise 712 million yuan and 159 million yuan respectively [1][4] Group 2 - Huaxin Precision specializes in the research, production, and sales of precision stamping products [2] - United Power's main products include electric drive systems and power systems for new energy vehicles, with a focus on self-developed components [3] - Sanxie Electric is engaged in the research, manufacturing, and sales of control motors [4] Group 3 - The upcoming IPOs include United Power on the ChiNext board, Huaxin Precision on the Shanghai main board, and Sanxie Electric on the Beijing Stock Exchange [5]