战略配售投资者涵盖深圳安鹏创投基金企业（有限合伙）、东北证券股份有限公司、上海汽车集团金控 管理有限公司、广东广祺柒号股权投资合伙企业（有限合伙）、长兴致赋股权投资中心（有限合伙）、 财通创新投资有限公司、北京珺洲私募基金管理有限公司-珺洲如意1号私募证券投资基金、北京乐都私 募基金管理有限公司-乐都睿泽价值私募证券投资基金、北京泓石天成投资管理合伙企业（有限合 伙）、共青城中易木森股权投资合伙企业（有限合伙）、中保投资（北京）有限责任公司-中保投北交 智选战略投资私募股权基金、第一创业（002797）证券股份有限公司-第一创业富显11号集合资产管理 计划，共计13家战略投资者。 世昌股份本次有效申购数量为59,595,409,600股，冻结资金约6495.90亿元；有效申购户数589,959户；网 上有效申购倍数3,995.66943倍（超额配售选择权启用后）。 根据《发行公告》中公布的网上配售原则，世昌股份本次网上发行获配户数为83,834户，网上获配股数 为1,491.50万股，网上获配金额为16,257.35万元，网上获配比例为0.0250270954%。 9月12日，世昌股份（920022.BJ）对 ...

Core Viewpoint - Hebei Shichang Automotive Parts Co., Ltd. has successfully passed the IPO review, marking a new phase for the company focused on the research, production, and sales of automotive fuel systems [1] Group 1: Technological Innovation - The company views technological innovation as the core driving force for development, having successfully developed a plastic fuel tank that meets the "National VI standard" in 2019, aiding major clients like Geely and Chery in vehicle upgrades [2] - In response to the growing trend of new energy vehicles, particularly plug-in hybrid vehicles, the company began R&D on high-pressure plastic fuel tank technology in 2021, achieving mass production and sales in 2023 [2] - Sales revenue from high-pressure plastic fuel tanks reached 20.59 million yuan in 2023 and is projected to soar to 66.12 million yuan in 2024, indicating rapid growth [2] Group 2: Market Diversification - The company has adopted a diversified market strategy, establishing long-term partnerships with major domestic automakers such as Geely, Chery, FAW, and Changan, which enhances its market position [3] - The stability of supply from the company has led to a preference among clients for familiar and reliable suppliers during model upgrades and new vehicle development, allowing the company to secure key projects and consolidate market share [3] Group 3: Financial Performance - The company's operating revenue has increased from 281 million yuan in 2022 to 515 million yuan in 2024, demonstrating strong growth [4] - The successful IPO is a significant milestone in the company's development, with potential for greater breakthroughs in the automotive parts sector if it leverages the brand effect and resource integration from the listing [4]

Core Viewpoint - Hebei Shichang Automotive Parts Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, aiming to raise approximately 180 million yuan to expand its production capacity for high-pressure plastic fuel tanks used in hybrid vehicles and to supplement working capital [1][2]. Group 1: Company Overview - Established in 2006, Shichang specializes in the research, production, and sales of automotive fuel systems, primarily plastic fuel tank assemblies [2]. - The company serves major domestic automakers, including Geely, Chery, and FAW, with products that are lightweight, low-emission, and safe [2][4]. Group 2: Market Trends - The sales of plug-in hybrid vehicles, which utilize high-pressure fuel tanks, are rapidly increasing, with projected sales of 1.5184 million, 2.8042 million, and 5.1410 million units from 2022 to 2024, reflecting a compound annual growth rate of 84.01% [2]. - The market share of plug-in hybrid vehicles is expected to rise from 22.05% in 2022 to 39.96% in 2024 [2]. Group 3: IPO and Fund Utilization - The IPO plans to raise 17.96695 million yuan, with 13.96695 million yuan allocated for the "Zhejiang Xingchang Automotive Technology Co., Ltd. annual production of 600,000 new energy high-pressure fuel tanks project (Phase II)" and 4 million yuan for working capital [3][4]. Group 4: Production Capacity and Financial Performance - The new project will increase the production capacity of high-pressure fuel tanks by 35,000 units per year, representing a 107.69% expansion [7]. - Revenue from high-pressure fuel tanks is projected to grow from 20.5918 million yuan in 2023 to 66.12 million yuan in 2024, with market shares of 1.27% and 2.28% respectively [5][11]. Group 5: Financial Metrics - The company reported revenues of 281.5244 million yuan, 406.0812 million yuan, and 514.8589 million yuan for the years 2022 to 2024, with net profits of 15.7023 million yuan, 47.0278 million yuan, and 61.2052 million yuan [8]. - The gross profit margins for the main business from 2021 to 2024 were 26.32%, 23.56%, 26.07%, and 25.56% respectively [9]. Group 6: Customer Concentration - The top five customers accounted for 93.22%, 92.48%, and 95.56% of total revenue during the reporting period, with Geely being the largest customer [10][11]. - The revenue from high-pressure fuel tanks primarily comes from Geely's models, contributing significantly to the company's income [11]. Group 7: Financial Challenges - The company has faced cash flow pressures, with net cash flow from operating activities being negative for three consecutive years before turning positive in 2024 [20][21]. - Accounts receivable have increased significantly, representing a growing proportion of current assets, which raises concerns about liquidity [14][18].