本次发行超额配售选择权行使前，公司募集资金总额为171,130,000.00元。上会会计师事务所已出具 《验资报告》(上会师报字(2025)第14391号)，确认截至2025年9月11日，公司实际已发行人民币普通股 1,570.00万股，募集资金人民币171,130,000.00元，扣除本次发行费用21,685,923.36元(不含税)后，实际 募集资金净额人民币149,444,076.64元，其中新增注册资本人民币15,700,000.00元，余额人民币 133,744,076.64元计入资本公积。 华西证券（002926）股份有限公司研究员戚舒扬、金兵9月21日发布研报《世昌股份(920022)："小巨 人"精准卡位汽车燃料系统》。 世昌股份最终募集资金净额较原计划少2173.54万元。世昌股份2025年9月5日发布的招股说明书显示， 公司拟募集资金17,117.95万元，分别用于浙江星昌汽车科技有限公司年产60万台新能源高压油箱项目 (二期)、补充流动资金项目。 中国经济网北京9月22日讯世昌股份(920022.BJ)股价今日下跌，截至收盘报34.40元，跌幅15.06%。 世昌股份2025年9月19日 ...

Core Viewpoint - Hebei Shichang Automotive Parts Co., Ltd. (Shichang Co.) was listed on the Beijing Stock Exchange, with a closing price of 40.50 yuan, representing a 271.56% increase, and a total market capitalization of 2.348 billion yuan [1] Company Overview - Shichang Co. specializes in the research, production, and sales of automotive fuel systems, primarily manufacturing plastic fuel tank assemblies [1] - The company targets major vehicle manufacturers as its primary customers, including Geely, Chery, FAW, and Changan [1] Shareholding Structure - Prior to the issuance, Gao Shichang held 48.27% of the shares, making him the controlling shareholder [1] - After the issuance, his shareholding will decrease to 35.19% (before the exercise of the over-allotment option) and 33.82% (after full exercise) [2] - Gao Shichang and Gao Yongqiang together hold 48.99% (before) and 47.08% (after) of the shares, while their concerted actions with family members and partners control 56.18% (before) and 53.99% (after) of the voting rights [2] Financial Performance - The company reported revenues of 281.52 million yuan in 2022, 406.08 million yuan in 2023, and 514.86 million yuan in 2024, with net profits of 17.78 million yuan, 51.98 million yuan, and 69.95 million yuan respectively [5][6] - For the first half of 2025, the company achieved a revenue of 266.62 million yuan, a 16% increase year-on-year, with a net profit of 29.45 million yuan, reflecting a 5% increase [8] Fundraising and Investment Plans - The total amount raised from the issuance was 171.13 million yuan, with a net amount of 149.44 million yuan after deducting issuance costs [4] - The funds will be allocated to the second phase of the new energy high-pressure fuel tank project and to supplement working capital [5] Future Projections - For the first nine months of 2025, the company expects to achieve a revenue of 438.72 million yuan, a 21.29% increase year-on-year, while net profit is projected to decrease by 1.34% to 48.37 million yuan [8]

Core Viewpoint - The company, Shichang Co., is planning an IPO to raise 171 million RMB for its new energy high-pressure fuel tank project and to supplement working capital, highlighting its focus on technological innovation in the automotive parts industry [1][2]. Group 1: Company Strategy and Market Position - Shichang Co. aims to leverage its technological advancements in high-pressure plastic fuel tanks, which have been developed through years of experience in the plastic fuel tank sector, to meet the growing demand from the plug-in hybrid vehicle market [1][2]. - The company has established long-term partnerships with well-known domestic automakers such as Geely and Chery, with over 90% of its revenue coming from its top five customers from 2021 to 2023, indicating strong customer loyalty and market positioning [1][2]. Group 2: Financial and Operational Plans - The IPO proceeds will be allocated as follows: 131 million RMB for the second phase of the annual production project of 600,000 new energy high-pressure fuel tanks, which will alleviate capacity constraints and meet increasing market demand [2]. - An additional 40 million RMB will be used to enhance working capital, optimizing the company's financial structure and improving its ability to withstand market risks [2]. Group 3: Future Growth Potential - Shichang Co. is committed to continuing its focus on technological innovation and market demand, aiming to expand its presence in the automotive parts market while solidifying existing customer relationships and exploring new market opportunities [3].

Core Viewpoint - The company, Hebei Shichang Automotive Parts Co., Ltd. (Shichang Co.), is preparing for its IPO on May 30, aiming to raise approximately 171.18 million yuan for projects related to new energy high-pressure fuel tanks and to supplement working capital [2][4]. Group 1: Company Overview - Shichang Co. specializes in the research, production, and sales of automotive fuel systems, primarily manufacturing plastic fuel tank assemblies [2]. - The company sells its products mainly to major automotive manufacturers such as Geely, Chery, FAW, and Changan [2][4]. Group 2: Financial Information - The IPO proceeds will be allocated to the "Zhejiang Xingchang Automotive Technology Co., Ltd. annual production of 600,000 new energy high-pressure fuel tank project (Phase II)" and to supplement working capital [3]. - In 2024, Shichang Co. plans to distribute cash dividends of 12.68 million yuan to shareholders [2]. Group 3: Customer Concentration - The top five customers accounted for 93.22%, 92.48%, and 95.56% of total revenue for the years 2022, 2023, and 2024, respectively, indicating a high customer concentration [4][5]. - Geely is the largest customer, contributing 47.89%, 42.40%, and 50.45% of revenue in the respective years [4][5]. Group 4: Production Capacity and Utilization - The company currently has a total production capacity of 1.35 million units per year, with the new project expected to add 350,000 units annually upon full production [11][13]. - The production capacity utilization rates for 2023 and 2024 are projected to improve significantly due to strong sales of models from major clients [16]. Group 5: Market Risks and Challenges - The company faces risks related to high customer concentration, particularly if major clients reduce orders due to market changes [4][6]. - The company has acknowledged potential risks associated with its reliance on a few large customers and the impact of macroeconomic factors on its operations [16][17].

Core Viewpoint - Hebei Shichang Automotive Parts Co., Ltd. is preparing for a listing on the Beijing Stock Exchange, with potential concerns regarding its production capacity data discrepancies and customer dependency issues being highlighted [1][2]. Production Capacity Data - The company claims a maximum production capacity of 970,000 units per year, but the prospectus for the Beijing Stock Exchange listing states the capacity is only 870,000 units, showing a discrepancy of 100,000 units or 10.31% [2]. - For 2024, the projected production capacity is 1,266,700 units, an increase from 975,000 units in 2023 and 870,000 units in 2022 [3]. Financial Performance - The company's revenue has shown consistent growth, increasing from 281.52 million yuan in 2022 to 514.86 million yuan in 2024, while net profit after non-recurring items rose from 15.70 million yuan to 61.21 million yuan during the same period [3][4]. - The production and sales rates have remained high, with a production utilization rate of 90.88% in 2024, slightly down from 92.74% in 2023 [3]. Customer Dependency - The company has a high customer concentration, with the top five customers accounting for 93.22%, 92.48%, and 95.56% of revenue over the reporting period. Notably, sales to the largest customer, Geely Automobile, increased from 134.81 million yuan to 259.74 million yuan, representing over 40% of total revenue, peaking at 50.45% in 2024 [4]. New Projects - A new project for an annual production of 850,000 plastic fuel tanks has been approved, with a total investment of 5.5 million yuan, expected to generate an annual output value of 400 million yuan upon completion in January 2025 [5][8]. - The company plans to raise 171.18 million yuan through this listing, with funds allocated to a project for producing 600,000 high-pressure fuel tanks at Zhejiang Xingchang Automotive Technology Co., Ltd. [5]. Pricing Discrepancies - There is a notable discrepancy in pricing for high-pressure fuel tanks, with the company’s reported selling price exceeding 500 yuan per unit, while a similar product from a subsidiary is priced at approximately 33 yuan per unit, indicating a difference of about 167 yuan or 33.4% [9].