On Feb. 23, Weimao Electronics (833346, BJ; previous closing price 11.11 yuan) was listed on the Beijing Stock Exchange.
As a company whose main business is wiring harness components and injection-molded integrated parts, Weimao Electronics has seen steady revenue growth over the past three years thanks to its sales model of domestic direct sales and overseas exports.From 2018 to 2020, the company's revenues will be $144 million, $157 million and $172 million, respectively, with net attributable profits of $28.41 million, $30.55 million and $29.42 million, respectively. In the first half of 2021, the company's revenue and net attributable profit were 106 million yuan and 18.48 million yuan, respectively.
It is worth noting that the proportion of shares held by real controllers and concerted parties of Weimao Electronics is high. As of the date of the signing of the prospectus, the company's real controllers and parties acting in concert together control 89.40% of the company's equity. After the issue, if the full exercise of the over-allotment option, the solid control and concerted action people dominate 64.01% of the company's voting rights. In addition, the company's real controller family members account for more than half of the seats on the board of directors.
Weimao Electronics was founded in 1998, in August 2015 listed on the New Third Board. The company's main business is the research and development, production and sales of various types of wiring harness components and injection molding integrated parts, the products are widely used in intelligent home appliances, industrial automation, POS machines and metering scales, new energy vehicles, automobiles, large-scale printing presses, high-speed railways, medical equipment and other fields.
Weitrade electronic sales model is divided into domestic direct sales and overseas exports, the two sales revenue accounted for about 70% and 30%, respectively, customers include household appliances, automobiles, communications, high-speed rail and other leading enterprises at home and abroad. Sub-products, in the first half of 2021, wiring harness components in the company's main business revenue accounted for more than 60%.
In this application for public offering and listing, the listing criteria chosen by Weimao Electronics is the first set of indicators in Article 2.1.3 of the Rules for Listing of Stocks on the Beijing Stock Exchange (for trial implementation), i.e., the projected market capitalization of not less than 200 million yuan, the net profit of each of the last two years is not less than 15 million yuan and the weighted average return on net assets is not less than 8%, or the net profit of the last year is not less than 25 million yuan and the weighted average return on net assets is not less than 8%, or the net profit of the last year is not less than 25 million yuan. million yuan and the weighted average return on net assets of not less than 8%.