According to Zhitong Finance APP, on January 6th, HUITONG TECHNOLOGY (301601.SZ) opened for subscription, with an issue price of 11.8 yuan per share, a subscription limit of 0.85 million shares, and a price-to-earnings ratio of 18.28 times. It is listed on the Shenzhen Stock Exchange, with Shenwan Hongyuan Securities as its exclusive sponsor.
The prospectus reveals that HUITONG TECHNOLOGY is a professional provider of overall technical solutions for high-end equipment and products in chemical engineering, mainly engaged in the manufacturing, design consulting, and general contracting of equipment in the fields of polymer materials and hydrogen peroxide production. It serves production enterprises of high-performance nylon (PA66), bio-based nylon (PA56), biodegradable materials (PBAT/PBS), polyester (PET), and hydrogen peroxide (H2O2), and holds a Class A qualification for professional engineering design in the chemical, petrochemical, and pharmaceutical industries (chemical engineering).
HUITONG TECHNOLOGY has established business cooperation relationships with industry-leading clients such as Yangnong Chemical, Pingmei Shenma, Kasei Biotech, China Tianchen Engineering, Yida Co., Ltd., Changhong High-tech, Wanhua Chemical, Yanzhou Coal Mining Group, Shanxi Huayang, Hubei Yihua, and Air Liquide Group of France.
As of the end of the reporting period, among the projects that the company has served, the cumulative designed annual production capacity of the nylon 66 production line exceeds 143,000 tons, the cumulative designed annual production capacity of the PBAT biodegradable materials production line exceeds 300,000 tons, and the cumulative designed annual production capacity of the hydrogen peroxide fluidized bed production line exceeds 3.1 million tons. The company's market shares in nylon 66, PBAT/PBS, and hydrogen peroxide (fluidized bed) are approximately 20%, 11%, and 35%, respectively, indicating a strong market position in the segmented industry.
It is reported that the composition of the main business income of the company's various business categories is as follows:
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250105/1736080386951172.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250105/1736080386951172.png"/>
It is understood that after deducting issuance costs, HUITONG TECHNOLOGY intends to use the raised funds for the following projects:
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250105/1736080769705530.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250105/1736080769705530.png"/>
In terms of finance, in the fiscal years 2021, 2022, and 2023, the company achieved operating revenues of approximately 498 million yuan, 813 million yuan, and 592 million yuan, respectively. The company's net profits were approximately 84.58 million yuan, 130 million yuan, and 98.02 million yuan.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250105/1736080735884888.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250105/1736080735884888.png"/>
It is important to note that the prospectus specifically reminds investors to pay attention to the risk of fluctuations in product gross profit margins. In the fiscal years 2021, 2022, 2023, and the first half of 2024, the company's comprehensive gross profit margins were 33.41%, 28.53%, 33.73%, and 29.30%, respectively, while the gross profit margins of the main business were 33.27%, 28.46%, 33.68%, and 29.45%
There were certain fluctuations during the reporting period. The company's main business includes equipment manufacturing, design consulting, and general contracting services, which are mostly customized equipment or services, resulting in varying gross profit margins for different orders. The company's gross profit margin is influenced not only by fluctuations in labor costs and the prices of key raw materials but also by multiple factors such as market conditions, competitive landscape, business structure, and product sales prices. If there are significant adverse changes in other external or internal factors affecting the gross profit margin in the future, there may also be a risk of a substantial decline in the company's main business gross profit margin, which could adversely affect the company's operating performance

301601

HUITONG TECHNOLOGY started its subscription on January 6, with an issue price of 11.8 yuan per share, a subscription limit of 8,500 shares, and a price-to-earnings ratio of 18.28 times. The company focuses on high-end equipment and overall technical solutions in chemical engineering, primarily serving the fields of polymer materials and hydrogen peroxide production. HUITONG TECHNOLOGY has established partnerships with several industry-leading companies, with market shares of 20%, 11%, and 35% in the nylon 66, PBAT/PBS, and hydrogen peroxide sectors, respectively. The raised funds will be used for project development, and attention should be paid to the risk of fluctuations in product gross profit margins

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