Preview: behind the sale of video interpretation mechanism concerns of those things rebounded bottom three point opportunities
——Changshu Auto Accessories Co., Ltd. Initial public offering of A-share online investor exchange meeting
Attendee
Mr. Luo Xiaochun, Chairman of Changshu Auto Parts Co., Ltd.
Ms. Wang Weiqing, Deputy General Manager of Changshu Automotive Trim Co., Ltd.
Mr. Qi Feng, Chief Financial Officer of Changshu Automotive Trim Co., Ltd.
Mr. Liu Jun, Secretary of the Board of Changshu Automotive Trim Co., Ltd.
Mr. Zhou Zhihui, the sponsor of China International Capital Corporation
Mr. Luo Xiang, Co-organizer of China International Capital Corporation
Changshu Auto Accessories Co., Ltd.
Chairman Luo Xiaochun delivered a speech
Dear investors, netizens:
Hello everyone!
Welcome to participate in the initial public offering of A-share online roadshow activities of Changshu Auto Accessories Co., Ltd. It is very pleased to have real-time online communication with everyone through the online platform organized by Shanghai Securities Roadshow Center and China Securities Network. Here, on behalf of the company's board of directors, management and all staff, I would like to express my heartfelt thanks to all investors and netizens for their enthusiastic attention and active participation!
Changshu Auto Parts Co., Ltd. was founded in 2004 and is located in Changshu City, Jiangsu Province in the Yangtze River Delta. It is one of the major suppliers of automotive interior parts in China. After years of development, the company's production base has been distributed in major domestic automobile production bases, with production bases in Changshu, Changchun, Shenyang, Beijing, Chengdu, Wuhu and Tianjin, and its reputation is well-known at home and abroad. The company has worked hard and hard, and has achieved remarkable results in terms of strengthening its capital strength, enriching its business system, optimizing its talent team, expanding customer resources and shaping its brand image. At present, the company's main customers include FAW-Volkswagen, Beijing Benz, BMW Brilliance, Chery Jaguar Land Rover, Chery Automobile, Shanghai GM and other auto parts and first-class suppliers of auto parts such as Webast and Entan.
The issue on the market, will be decorated with 603,035 Changshu steam, buying a major leap in the history of significantly enhance the company's capital strength, business scale, brand image and ability to resist risks. Facing the tide of capital market reform and innovation, we will continue to abide by the business philosophy of “integrity, stability, professionalism, and harmony†and adhere to the core values ​​of “dedication, responsibility, synergy, and enterprisingâ€, adhering to the principle of “achieving customer career and helping employees grow. The corporate mission of creating shareholder value, and strive to return investors and return to society with excellent performance.
Finally, I hope that through today's online communication activities, we can fully answer the concerns of investors from all walks of life, so that more friends can get to know us and further recognize the value of the company's investment. At the same time, I sincerely hope that you will be in today's event. Many valuable opinions and suggestions are given to the company to help us create a better future. thank you all!
China International Capital Corporation
Speech by the sponsor representative Mr. Zhou Zhihui
Distinguished guests, investors, and friends who care and support Changshu Auto Accessories:
Hello everyone!
I am Zhou Zhihui of China International Capital Corporation. I welcome everyone to participate in the online roadshow of Changshu Auto Accessories' initial public offering of A shares. As the sponsor and lead underwriter of the initial public offering of A shares in Changshu Automotive Trim Co., Ltd., on behalf of China International Capital Corporation, I would like to extend a warm welcome and heartfelt welcome to all the guests and investors who participated in the online roadshow today. Thanks!
Changshu Auto Accessories is a supplier of automotive interior parts that was established earlier in the industry. The company has established a relatively complete service system with the development mission of “achieving customer business, helping employees to grow and creating shareholder valueâ€. With good business performance, the company has established an excellent brand image and market reputation. At present, the company has become one of the major suppliers of domestic passenger car interior parts. The main customers include many well-known domestic automakers and first-class suppliers of multinational auto parts. We believe that with the power of the capital market, the company will further expand its business scale, optimize its business structure, consolidate its position in the industry, enhance its profitability, and bring a lucrative return on investment to investors. In recent years, the company's business has developed healthily and various financial indicators have continued to increase steadily. In 2015, it achieved an operating income of 1.02 billion yuan, a net profit of 220 million yuan and a total asset of 2.045 billion yuan.
As the sponsor and lead underwriter of Changshu Auto Parts Co., Ltd., CICC and Changshu Auto Parts jointly witnessed the company's growth and success and its successful journey to the domestic capital market. The company management team demonstrated in this process. The respect for business, professionalism and enthusiasm is impressive. We are honored to be able to participate in this work and grow together with Changshu Auto Accessories. CICC will earnestly fulfill its sponsorship obligations, diligently and diligently, and do a good job in this issuance and continuous supervision. We sincerely hope that through this online roadshow promotion event, investors and friends can learn more about Changshu Auto Accessories, so as to more accurately grasp the investment value and investment opportunities! Welcome everyone to ask questions and actively purchase!
Finally, I wish Changshu Auto Accessories a complete success! I wish Changshu Auto Accessories will create more brilliant achievements in the future development! Thank you!
Changshu Auto Accessories Co., Ltd.
Mr. Liu Jun, Secretary of the Board of Directors
Dear investors, netizens:
Hello everyone!
Time flies, Changshu Auto Accessories' initial public offering of A-share online roadshow is coming to an end, thank you very much for your active participation and warm interaction. At the same time, I would also like to thank the Shanghai Stock Exchange Roadshow Center and China Securities Network for their support for this roadshow. Thanks to the sponsors, the lead underwriter China International Capital Corporation and all the intermediary service agencies for their hard work!
During these three-hour online roadshows, we have fully communicated and communicated with you on a series of issues such as strategic planning, operation management, financial status and business development of Changshu Auto Accessories, further enhancing mutual understanding and trust. Through communication with everyone, we fully felt everyone's earnest concern about Changshu Auto Accessories. The focus of everyone's attention is the focus of Changshu Auto Accessories' future efforts. The eager expectation is the direction of Changshu Auto Accessories' future struggle. And suggestions will undoubtedly help Changshu Auto Accessories to better calibrate its development goals.
The road show is coming to an end, but the journey of win-win cooperation with investors is just beginning. We sincerely welcome investors to continue to pay attention to and support Changshu Auto Accessories, and continue to maintain contact and exchange with us through various means. We also welcome investors to visit Changshu Auto Accessories at any time.
Investors and friends are assured that we will work harder, firmly grasp the development opportunities given to us by the capital market, and achieve harmonious development among employees, customers, shareholders, industry and society, and become an excellent listing that is worthy of the trust of investors. Company! Thank you again!
Business articles
Q: What are the current main business of the company?
Luo Xiaochun: The company is mainly engaged in research and development, production and sales of passenger car interior parts business, and is one of the major suppliers of domestic passenger car interior parts. The company's current major customers include Shanghai GM, FAW-Volkswagen, Chery Automobile, Beijing Benz and other well-known domestic automakers and first-class suppliers of well-known auto parts such as Webast, Yanfeng Auto Parts and Entanhua.
Q: What is the company's competitive position in the industry?
Wang Weiqing: As a domestic private interior parts manufacturer that started earlier, after years of development, the company has gradually become one of the main interior parts suppliers of automobile OEMs, and has formed strong competitiveness in the middle and high-end products market. Established its own brand and industry status. The company has also been recognized by the international auto parts suppliers. The company's interior products have entered the procurement system of the world's leading auto parts manufacturers Entanhua, Weibast, Inafa, and also in the second level. The supplier identity supplies some of the interior parts products to well-known first-tier suppliers in other industries.
Q: What are the main raw materials of the company?
Wang Weiqing: The main raw materials required by the company are plastic particles (including PP, ABS, color masterbatch, etc.), foaming materials (polyols, isocyanates, etc.), fabrics (glass fiber felt, carpet surface, felt, fabric, PVC, Simulation leather), cardboard (honeycomb plate, etc.), glue (hot melt adhesive, glue/curing agent), recycling (waste spinning, polypropylene).
Q: What are the advantages of the company platform and customer resources?
Wang Weiqing: Through years of hard work and the advantages of the joint venture platform, the company and the joint venture platform have accumulated valuable customer resources such as FAW-Volkswagen, Shanghai GM, BMW Brilliance and Beijing Benz, for high-end brands such as BMW, Mercedes-Benz, Audi and Cadillac. Supporting interior parts; the company's main customers are first-class OEMs with large production and sales volume, complete models and excellent brand, which are in a strong position in the domestic market. At the same time, through the joint venture platform with multinational suppliers of these brands and years of cooperation, the company's cooperation with these OEMs has become stable and close. With these stable customer resources and strong product development capabilities, the company has gained a good reputation in the industry; and the joint venture platform gives the company a significant advantage over competitors in terms of market development and new project acquisition. In addition, as the supporting models are mainly mid- to high-end and luxury vehicles, the gross profit margin of the company's products is higher than the industry average, which enhances the company's profitability.
Q: What is the company's technical advantage?
Wang Weiqing: The company's production process is complete, covering the production process of multiple automotive interior products such as door trim, instrument panel, sunroof sun visor and coat rack. The company's mature automotive interior parts production process can meet the development and manufacture of various products, various injection molding, two-color molding, skin forming, foam molding, laser milling, vacuum forming, high frequency and friction welding. Among them, in addition to the company's main product door trim and instrument panel, the company's sunroof panel products also have unique technical advantages. Due to the extremely high precision requirements of the curvature, the manufacture of high quality sunroof panels has high technical barriers. After years of development and process exploration, the company has mastered the manufacturing technology of sunroof panels and has become the leading domestic enterprise of sunroof panels. In addition, the honeycomb paper spraying PU process developed in recent years is widely used in many projects such as Audi Q5 coat rack, BMW 3 Series, 5 Series sunroof sun visor, Mercedes GLK luggage compartment cover and so on. The process enables the product to achieve the purpose of light weight in the case of meeting the strength requirement, and has the characteristics of light weight, high strength and stable structure. The process has obtained a utility model patent, and the registration number is ZL201020172987.2.
Q: Please tell us about the main customers of the company.
Wang Weiqing: The company's main customers are divided into two major types: domestic automakers and internationally renowned Tier 1 auto parts suppliers.
At present, the OEMs adopting the company's products include: FAW Volkswagen, Beijing Benz, BMW Brilliance, Chery Jaguar Land Rover, Chery Automobile, Shenlong Automobile, Shanghai Volkswagen Automotive Co., Ltd., Shanghai Automotive Group Co., Ltd., and Qoros.
At present, the company supplies internationally renowned first-class auto parts suppliers or their holding companies: Weibast Roof Heating System (Shanghai) Co., Ltd., Weibast Roof System (Chongqing) Co., Ltd., Weiba Lancaster roof systems (Changchun) Co., Ltd., Yanfeng automotive trim, En Tan China automotive systems (Shanghai) Co., Ltd., Shanghai Inteva automotive parts Co., Ltd., Magna Steyr 000760, buy automotive technology ( Shanghai) Co., Ltd., Yantai Inafa Auto Skylight System Co., Ltd. and Changchun Paige, Changchun Antonglin, Changshu Antonglin, etc.
Industry articles
Q: Which sub-sector is the company in?
Luo Xiaochun: Auto parts are the basic units that make up the various parts of the car, also called auto parts, referred to as auto parts. Automotive interiors mainly include cockpits, side trims, seats, tops and acoustics. They are important parts of the car that are in close contact with the rider to meet functional, comfort, economy and durability. Sexual requirements. Automotive interior parts are a large category of automotive parts. According to the National Economic Industry Classification (GB/T4754-2002), the automotive interior parts industry is in the sub-industry position of the "C3725 Auto Parts and Accessories Manufacturing" industry.
According to the “Guidelines for the Classification of Listed Companies in the Industry†(revised in 2012) announced by the China Securities Regulatory Commission on October 26, 2012, the company is classified as “C36 Automotive Manufacturing†and is subdivided into the interior parts industry in the automotive parts industry.
Q: Is the company's industry cyclical?
Wang Weiqing: As a large-scale durable goods, consumption is greatly affected by macroeconomic and national policies and purchasing power. When the economic development is in a rising stage, the purchasing power of residents reaches a certain level, the consumption is positive, and the automobile market develops rapidly. When the economic development stagnates or declines, the purchasing power and purchasing desire of consumers are low, the development of the automobile market is slowing down, and the downturn of vehicle consumption will be directly Affecting automotive interior parts manufacturers, the automotive interior parts industry is greatly affected by economic cyclical fluctuations.
Q: Is the industry in which the company is located regional?
Wang Weiqing: Based on the consideration of factors such as reducing logistics costs, the manufacturers of automotive interior parts industry have the characteristics of establishing a production base around the vehicle manufacturers. The regionality of the interior parts industry is basically consistent with the vehicle industry. With the expansion of automobile production capacity, the national automobile industry has evolved into three major industrial clusters from Changchun, Shanghai and Wuhan, which are mainly distributed in the Yangtze River Delta region (mainly Shanghai, Jiangsu and Zhejiang) and the Bohai Rim region (mainly It is in the Beijing-Tianjin region, South China (mainly the Pearl River Delta and Fujian), Northeast China (mainly Shenyang, Changchun and Harbin), the central region and the Southwest.
Q: Please briefly introduce the development of the automotive interior industry.
Wang Weiqing: Automotive interior parts applications focus on the automotive industry, mainly including the following subsystems: door trim system, instrument panel / sub-dash system, pillar guard system, ceiling system, seat system, and other cab interiors System, cab air circulation system, luggage compartment interior system, engine compartment interior system, carpet, seat belt, airbag, steering wheel, interior lighting, interior acoustic system, etc.
Due to the simple function of the commercial vehicle interior parts, the added value is low, and due to the narrow application range, the general order quantity is relatively small, which is not suitable for mass production. Therefore, the automotive interior parts produced by the company are mainly used in passenger vehicles. The enterprises with a certain production scale in the industry also choose the passenger vehicle market as the main direction.
Development articles
Q: What is the company's development plan for the next two years?
Wang Weiqing: (1) Market Development Plan
In the next two years, the company will continue to focus on the domestic mid- to high-end passenger car interior parts market, continuously improve the company's market share, and consolidate the company's leading position in the passenger car interior parts industry.
(2) Product development and technological innovation plan
In the next two years, the company will continue to increase the design and development of new products based on existing products, keep up with the renewal speed of new models, achieve simultaneous research and development with OEMs, continuously improve product quality and performance, and fully meet environmental protection. Lightweight and safety requirements. The new project development plan for the next two years mainly includes: research and development of PC sunroof, application development of natural fiber materials, and research and development of automotive sunroof sunshade products.
(3) Talent Strategy and Talent Expansion Plan
In order to achieve the company's overall strategic goals, the company will strengthen the development and configuration of human resources, through the continuous introduction of core talents and continuous training programs, to establish a talent system for automotive interior parts R & D and professional production.
Q: What is your comment on the industry status and future development of Changshu Auto Accessories?
Zhou Zhihui: As a sponsor, we fully recognize the industry status and market competitiveness of Changshu Auto Accessories. Through this public offering, the industry leading position of Changshu Auto Accessories will be further consolidated, core competitiveness will be further improved, and profitability will be further strengthened.
Q: How do you view the future trend of Changshu Auto Accessories' stock price?
Zhou Zhihui: Changshu Auto Accessories is a very good company, and the issue price is reasonably formulated on the basis of inquiry. We believe that after the company's stock is listed, the market and investors will give Changshu Auto Accessories a reasonable price.
Release
Q: The feasibility of implementing this fundraising investment project.
Ji Feng: The feasibility of implementing this fundraising investment project is as follows:
(1) The industry development policy is conducive to the implementation of this project;
(2) The rapid increase in national income and the huge potential of automobile demand have laid a solid foundation for the development of the automotive interior parts industry;
(3) The company has strong technical, design and research and development capabilities;
(4) The company has high-quality customer resources, and the sales market of major customers remains good;
(5) Market demand for products mainly invested in investment projects.
Q: Please tell us about the rationality and necessity of supplementing working capital.
Qifeng: The company's automotive interior industry is a capital-intensive industry with large production scale, high production equipment and product quality requirements, and high-end R&D talents. The demand for supporting liquidity during project development and construction is also higher. Big. In recent years, as the company's scale continues to expand, production continues to increase, and the types of supporting vehicles continue to increase, a large amount of raw materials need to be purchased annually for normal production and operation activities. In addition, large-scale capital investment and supporting liquidity are required.
Second, the replenishment of working capital is conducive to further enhancing the company's short-term liquidity. As of June 30, 2016, the company's current assets were 770 million yuan, current liabilities were 891 million yuan, working capital was -121 million yuan, and the current ratio was 0.86. The use of raised funds to supplement liquidity will help improve short-term liquidity and optimize the company's financial position and capital structure.
Q: Is the company's issue price and price-earnings ratio reasonable?
Zhou Zhihui: Considering the current situation of the new share issuance market, taking into account the company's previous operating performance, the development of the industry and the company's position in the industry; in particular, the company has strong product technology innovation capabilities and the company's future growth space, We believe that the issue price and price-earnings ratio are reasonable and I believe it will be recognized by the market.
Q: Do you think the current IPO inquiry can reflect the company's investment value?
Luo Xiang: The quotation of the inquiry institution to the company is determined according to the overall strength of the company combined with the amount of funds raised by the company. I believe that the company's share price has room for growth in the secondary market.
Text finishing Ni Dan
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