A-share subscription | The New Aluminum Era (301613.SZ) opens, and the subscription is undergoing certification tests with NIO Auto and other manufacturers

The Zhitong Finance App learned that on October 16, the New Aluminum Era (301613.SZ) began subscription. The issuance price was 27.7 yuan/share, and the subscription limit was 0.65 million shares, with a price-earnings ratio of 14.57 times. It belongs to the Shenzhen Stock Exchange, and CITIC Securities is its sole sponsor.

According to the prospectus, New Aluminum Era is mainly engaged in R&D, production and sales of aluminum alloy parts for NEV battery systems, and has a complete business system for aluminum alloy material research and development, product design, advanced production technology, and large-scale production. The company's main product is the battery box, which is a key component of the new energy vehicle power battery system.

During the reporting period, as the first domestic manufacturer of battery cases manufactured in batches to BYD through aluminum extrusion processes and FSW, the company became BYD's largest supplier of aluminum alloy battery case cases for new energy vehicles, established long-term and stable cooperative relationships, and gradually developed downstream automakers and power battery manufacturers in the new energy industry such as Geely Automobile, Jinkang Energy, Sunwoda, and Guoxuan Hi-Tech. Currently, the company is conducting certification tests for manufacturers such as SAIC Chase, Ruipu Lanjun, and NIO.

According to information, the capital raised by the New Aluminum Era is intended to 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 RMB 618 million, RMB 1,421 million and RMB 1,782 million, respectively. The company's net profit was approximately RMB 294.453 million, RMB 174 million, and RMB 196 million respectively.

It should be noted that the prospectus specifically reminds investors to pay attention to the risk of falling gross margin levels. During the reporting period, the gross margin of the company's main business fluctuated by a certain margin due to factors such as changes in downstream demand in the new energy industry, new product launches, price fluctuations of aluminum materials, and production scale effects, etc., which in turn had a certain impact on the company's operating performance.

If there are negative situations in the future, such as a slowdown or decline in demand in the downstream NEV industry due to industry policies, a sharp slowdown in the company's new product development and iteration rate, major adverse changes in product prices and raw material procurement prices, major adverse changes in the upstream and downstream industry supply and demand conditions, and significant adverse changes with customer price terms, there is a risk that the company's gross margin will decline, which will adversely affect the company's operating performance.