A-share subscription | Wiring harness equipment company Haichang Intelligent (920156.BJ) opens subscription. Customers include BYD Company Limited, Luxshare Precision Industry, etc.

On April 15th, Haichang Intelligent (920156.BJ) started its subscription with an issue price of 20.93 yuan per share, a subscription limit of 1,085,400 shares, a P/E ratio of 14.98 times, and is listed on the Beijing Stock Exchange, with Sinolink as its sponsoring institution. According to the prospectus, the company is a high-tech enterprise mainly engaged in the research, development, production, and sales of high-performance wire harness equipment. It is committed to providing intelligent solutions and related supporting services for downstream wire harness manufacturing industries. Its products can serve a wide range of industries that use wire harnesses, such as the automotive industry, information communication, photovoltaic energy storage, etc. With independent research and development of core technology, experience in multiple industries, strict quality control system, and comprehensive after-sales service, the company has established long-term stable cooperative relationships with many well-known domestic and foreign enterprises. Since its establishment, the company has focused on the development of intelligent manufacturing, based on a stable business strategy, and continuous innovation in product research and design. After years of deep cultivation in the industry, the company's product categories have become more diverse, and its service scope has been expanded, forming three core product series including manufacturing equipment, crimping molds, and information systems. It has become a high-quality enterprise in the domestic automotive wire harness equipment field and successfully expanded into the fields of photovoltaic energy storage, information communication, and consumer electronics. The company's manufacturing equipment includes fully automatic crimping machines, semi-automatic crimping machines, integrated stripping and crimping machines, multi-line processing centers, cable twisting machines, new energy wire harness fully automatic processing production lines, high-speed transmission wire harness fully automatic production lines, wire harness detection systems, vision detection systems, and other main products. These equipment are designed and developed by the company according to customer needs, and include cutting, wire insertion, wire stripping, crimping, assembly, inspection and other functions, achieving automation and intelligence in wire harness processing, assembly, and inspection. The crimping mold series mainly includes European, Japanese, and other types, which can match European and Japanese semi-automatic and fully automatic crimping machines. The information system mainly consists of the company's HMES series products, aiming to provide customers with integrated solutions from process management to wire harness production. As a high-quality enterprise in the domestic wire harness equipment field, the company has comprehensive capabilities in technical development, design verification, production manufacturing, sales network, and after-sales services in its core business areas. The company has been recognized as a "Intelligent Factory of Henan Province" by the Department of Industry and Information Technology of Henan Province, and was selected as one of the five outstanding innovative private enterprises in Henan Province in 2022. It has research and development centers in Dongguan and Kunshan, and has established a post-doctoral research workstation dedicated to the research and development of cutting-edge technology in intelligent equipment. In addition, the company is a national-level specialized and innovative "Little Giant" enterprise, a national quality benchmark enterprise, the champion enterprise in manufacturing in Henan Province, and a digital service provider for small and medium-sized enterprises in Henan Province. Looking at the size of the Chinese automotive wire harness market, the market size has been increasing year by year from 2019 to 2022. The market size of the Chinese automotive wire harness market in 2022 is approximately 83 billion yuan and is expected to reach 149.7 billion yuan by 2025. The prospects for the Chinese automotive wire harness market are broad, and the expansion of the automotive wire harness industry provides a vast market space for the development of the company's wire harness equipment. Financially, the company is expected to achieve operating income of approximately 652 million yuan, 800 million yuan, and 1.064 billion yuan respectively in 2023, 2024, and 2025; and net profits of approximately 121 million yuan, 115 million yuan, and 154 million yuan respectively during the same periods.