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bigcatkingmegaways| It is planned to issue convertible bonds to raise no more than 308 million yuan Kaizhong shares continue to increase production capacity

On the evening of May twenty _ sixthBigcatkingmegawaysKaizhong shares (603037) issued an announcement that it intends to issue convertible bonds to no more than 3. 3%Bigcatkingmegaways0.08 billion yuan, after deducting the issuance expenses, will be used for the Nantong production base expansion project and replenish working capital.

From a split point of view, in this fund-raising project, the total investment in the Nantong production base expansion project is 2.Bigcatkingmegaways7.6 billion yuan, with a planned investment of 218 million yuan with the funds raised.BigcatkingmegawaysThe remaining 90 million yuan is to be used to replenish the working capital.

According to the plan, the Nantong production base expansion project plans to expand the production line of suspension system damping components and lightweight pedal assembly products within the existing production base by means of renovation and upgrading of plant facilities, purchase of automatic production equipment, introduction of intelligent information system, etc., and the construction period is 36 months. After the completion of the project, 27 million new polyurethane damping components and 3.5 million lightweight pedal assemblies will be added, with an estimated annual sales income of 531 million yuan, an average net profit of 44.8001 million yuan over the service life period, and an internal rate of return on after-tax investment of 15.25%.

Kaizhong's main products are automobile chassis suspension system damping components and control system lightweight pedal assembly. in recent years, under the trend of automobile electrification and lightweight, the company's new products continue to make breakthroughs and business scale continues to grow. From 2021 to 2023, the operating income of Kaizhong shares was 548 million yuan, 642 million yuan and 739 million yuan respectively, with an annual compound growth rate of 16.12%. In 2023, the company won a new project value of about 427 million yuan, reaching the annual budget target, of which the new products achieved operating income of 97.38 million yuan.

In order to match the scale of the business, Kaizhong shares have enough momentum to expand production. In October last year, the company said that the utilization rate of available capacity was 60%; specific to the Nantong base, the pedal assembly has been put into production, and the capacity utilization rate is about 75%; in the continuous construction of damping components, the utilization rate of equipment that has been put into production is about 85%.

The announcement shows that Kaizhong shares this expansion of the key product categories for polyurethane damping components and lightweight pedal assembly, are the company's main products, the market is steadily improving.

In 2023, Kaizhong's polyurethane shock absorber business won many projects from Changan, Volkswagen, BYD, Chery, SAIC, Geely and other mainstream car companies; lightweight pedal business obtained most of the new vehicle projects from customers such as passenger cars, Ulay, ideal, Chery, Geely and so on, and made a breakthrough in the Great Wall, obtaining Great Wall ES11 and other brake pedal projects. At the same time, the electronic acceleration pedal business made a breakthrough in Chery and won the M3X electronic acceleration pedal project.

Kaizhong shares said that the company's polyurethane shock absorber components have a global market share of 12.52%; pedal assembly products account for about 3.9% of the global market share, and the aforementioned market share has room for further increase, and there is enough market room for new production capacity to digest.

How to carry out targeted marketing? Kaizhong shares said that in the follow-up, it will strengthen its early joint development activities with vehicle manufacturers to tap sales opportunities for new products and projects of existing high-quality customers, such as BYD, SAIC-Volkswagen, FAW-Volkswagen, and SAIC passenger cars, and strengthen cooperation among auto parts suppliers such as Nanyang Xidu, Hannah Wandu, and Tinak, so as to indirectly increase sales in overseas markets.

In terms of performance, Kaizhong shares performed quite steadily. In 2023, the company recorded revenue of 739 million yuan, an increase of 15.17% over the same period last year, and net profit of 91.8267 million yuan, an increase of 17.66% over the same period last year. In the first quarter of this year, revenue and net profit were 133 million yuan and 12.0305 million yuan respectively, with year-on-year growth rates of 6.45% and 47.34% respectively.

bigcatkingmegaways| It is planned to issue convertible bonds to raise no more than 308 million yuan Kaizhong shares continue to increase production capacity

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