A-share subscription | Suzhou Tianmai (301626.SZ) opens subscription products for Huawei, Samsung and other brand terminals

The Zhitong Finance App learned that on October 15, Suzhou Tianmai (301626.SZ) began the subscription. The issuance price was 21.23 yuan/share. The subscription limit was 70,000 shares, with a price-earnings ratio of 16.31 times. It belongs to the Shenzhen Stock Exchange, and SDIC Securities is its sole sponsor.

According to the prospectus, Suzhou Tianmai's main business is the R&D, production and sales of heat transfer materials and components. The main products include heat pipes, thermostats, thermal interface materials, graphite films, etc. The products are widely used in consumer electronics such as smartphones and laptops, as well as security monitoring equipment, automotive electronics, and communication equipment.

Suzhou Tianmai products are widely used in many well-known brand terminal products such as Samsung, OPPO, Vivo, Huawei, Honor, Lenovo, Asus, NIO, Ningde Times, Hikvision, Dahua, Jimi, Panasonic, Kyocera, Logitech, etc., and maintain good cooperative relationships with well-known domestic and foreign electronics supporting manufacturers such as BYD, Ruisheng Technology, Foxconn, Qiqi Technology, Zhonglei Electronics, Changying Precision, and Jiebang Technology.

In recent years, the company's business has grown rapidly. The compound revenue growth rate of the cooling business from 2021 to 2023 reached 14.58%, and its market position in the domestic heat dissipation field has continued to improve. In 2023, the company's thermal conductivity and cooling products achieved sales revenue of 915 million yuan, ranking third among comparable companies in the same industry, after Feirongda and Sinopec; in terms of core products, in 2023, the penetration rate of the company's heat pipes and thermostats in the global smartphone sector reached 9.45%; the domestic market share of thermal interface materials reached 8.63%, all at a high level of market segments.

According to information, the funds raised by Suzhou Tianmai will be used for the following projects after deducting issuance fees:

On the financial side, in 2021, 2022 and 2023, the company achieved operating revenue of approximately 708 million yuan, 841 million yuan, and 928 million yuan, respectively. The company's net profit was approximately RMB 64.533 million, RMB 117 million, and RMB 154 million respectively.

It should be noted that the prospectus specifically reminds investors to pay attention to the high risk of accounts receivable amounts. At the end of each period of the reporting period, the net book amounts of the company's accounts receivable were RMB 21,1553,500, RMB 248.77,500, and RMB 227.77,900, respectively. The amounts were large, accounting for 41.57%, 51.12% and 38.97% of current assets at the end of each period, which was relatively high.

In the future, as the scale of the company's business expands, accounts receivable may increase further. If accounts receivable cannot be recovered on schedule or bad debts occur, the company may face the risk of a shortage of working capital, which will adversely affect profitability.