The Zhitong Finance App learned that on October 30, Lianyu Shares (001326.SZ) began subscription. The issue price was 41.18 yuan/share, the subscription limit was 70,000 shares, and the price-earnings ratio was 22.63 times. It belongs to the Shenzhen Stock Exchange, and CITIC Construction Investment Securities is its sole sponsor.
According to the prospectus, Lianyu Co., Ltd. focuses on R&D, production and sales of medium and high-power LED lighting products. The products are mainly used in outdoor and industrial lighting, and continue to expand into special lighting fields such as plant lighting, sports lighting, and explosion-proof lighting. In recent years, in the context of “double carbon”, the company has further promoted product intelligence and IoT innovation to achieve secondary energy efficiency in lighting products.
According to the introduction, the company mainly uses the ODM model to provide differentiated and customized LED lighting products to international brands or regional brands. After more than ten years of development, the company has become the leading manufacturer of outdoor and industrial LED lighting products in the North American market. Furthermore, the company took the lead in laying out the LED outdoor and industrial lighting markets, overcoming the many difficulties of medium and high power lamps in terms of light distribution, heat dissipation, stability, etc., and implemented differentiated competition to gain a first-mover advantage. The creative design of the company's products won the Hanover Industrial (IF) Design Award and received authoritative recognition in the field of international industrial design. As of the end of June 2022, the company has 179 domestic patents and 48 overseas patents. The products have passed many certifications such as FCC/UL/DLC/CUL/CE/ROHS/SAA, and have rich technical reserves and strong R&D capabilities.
The income composition of the issuer's main business during the reporting period is shown in the following table:
According to Statista data, the global LED lighting market reached 75.81 billion US dollars in 2020, and the industry is widely distributed in North America, Europe and Asia. The global market size is expected to reach 160.03 billion US dollars in 2026, showing a clear upward trend in the long run.
According to information, after deducting issuance fees, the funds raised by Lianyu Co., Ltd. are intended to be used for the following projects:
In terms of finance, in 2019, 2020 and 2021, the company achieved operating income of approximately 524 million yuan, 632 million yuan, and 1,225 million yuan respectively. The company's net profit was approximately RMB 357.951 million, RMB 59.046 million, and RMB 106 million respectively.
It should be noted that the prospectus specifically reminds investors to pay attention to the risk of fluctuations in raw material prices. The main raw materials of the company's main business are power supplies, lamp beads, structural parts, etc. In each period of the reporting period, direct material costs accounted for 88.12%, 84.23%, 84.39%, and 84.08% of the company's main business costs, respectively, accounting for a relatively high proportion. If the market supply of raw materials fluctuates greatly, raw material prices rise sharply, and the company is unable to smoothly transmit the cost increase to product sales prices, it will adversely affect the company's business performance.