Atech's IPO on the Shanghai Stock Exchange “has been inquired” to raise 1.5 billion yuan

The Zhitong Finance App learned that on July 16, Wuhu Aitec Automotive Electronics Co., Ltd. (abbreviation: ATEC) applied for listing on the main board of the Shanghai Stock Exchange and changed its review status to “Inquired”. Huatai United Securities is its sponsor and plans to raise 1.5 billion yuan.

According to the prospectus, Atech is an industry-leading automotive electronics intelligent solution provider. It is mainly engaged in R&D, production and sales of automotive electronics products such as car body area, smart cockpit domain, power range, and intelligent driving domain, while also providing customers with automotive electronics EMS and technology development services. After years of development, the company has formed a complete business system from product design, inspection and verification to mass production and delivery, and has accumulated rich experience in the development and industrialization of automotive electronics products.

For a long time, the key technologies and markets in the five major functional areas of the vehicle have mainly been dominated by major international automotive electronics manufacturers such as Bosch, Denso, and mainland China. As the overall technical strength of local automotive electronics companies continues to improve, some high-quality local automotive electronics companies, represented by the company, already have independent supporting capabilities in the segmented field, and have gradually broken the monopoly position of major international automotive electronics manufacturers in the field of core components.

According to statistics from the Gaogong Intelligent Vehicle Research Institute, Atech's share of own-brand passenger car body BCM (including area controller) in the Chinese market in 2024 (excluding imports and exports, same below) was 25.50%, ranking first for three consecutive years; in the Chinese market, the share of passenger car front-mounted remote control physical keys was 13.83%, ranking first; in the Chinese market, the share of standard front cockpit and display assemblies for own-brand passenger cars was 6.41%, ranking third.

Atek products are equipped with well-known automakers and mainstream models. At present, the company has entered the supply system for own-brand automakers such as Chery Automobile, Changan Automobile, Great Wall Motor, SAIC Motor Group, Geely Automobile, BAIC Group, and Dongfeng Motor, as well as new car builders such as Ideal Auto, Xiaopeng Motors, and Zero Sports. By providing EMS for automotive electronics to Bosch, etc., the products are finally supplied to well-known automakers such as Volvo and Audi.

After deducting the issuance fee, the funds raised in this public offering of new shares will be invested in the following projects in order of priority:

During the reporting period, in 2022, 2023, and 2024, Atech's revenue was 2.174 billion yuan, 3.08 billion yuan, and 3.468 billion yuan respectively; in the same period, the company achieved net profit of 94.144 million yuan, 197 million yuan and 213 million yuan respectively.