A-share subscription | Adachi Shares (920202.BJ) opens subscription customers to cover Volkswagen Group, SAIC Motor Group, etc.
The Zhitong Finance App learned that on September 16, Ada Shares (920202.BJ) began a subscription. The issuance price was 7.55 yuan/share. The maximum subscription price was 1.19 million shares, with a price-earnings ratio of 13.50 times. It belongs to the Beijing Stock Exchange, and Caitong Securities is its sponsor.
According to the prospectus, the company is mainly engaged in R&D, production and sales of aluminum alloy precision die-casting parts for automobiles. The main products include: power transmission system parts such as oil pans and covers; new energy three-electric system components such as inverter housings and motor cases; and suspension system parts such as suspension brackets.
Through years of market development and customer accumulation, the company has established long-term stable cooperative relationships with major customers. During the reporting period, the company's main customers were well-known domestic and foreign automakers and tier-1 auto parts suppliers, including Volkswagen Group, SAIC GM, SAIC Volkswagen, Hyundai Tandis, Fottech and China FAW.
The company mainly achieves profits through R&D, production and sales of automotive aluminum alloy precision die-casting products. The company's products are customized products. Products are developed, designed and mass-produced according to the specific needs of customers. They are mainly procured and produced using the “sales to determine production, production is selected” model, and are mainly sold to automobile manufacturers and tier-1 auto parts suppliers.
Die-casting refers to a metal casting process that uses high pressure to inject molten metal into a die-casting mold and cool it under pressure. Compared with other casting techniques, die casting technology is the most advanced and efficient. It is a metal hot processing and molding technology with few cuts and near-net forming. Precision die-casting products are favored by many manufacturing companies due to their thin wall, complex shape, fine size, and smooth surface, so they are widely used in various industries such as automobiles, communication infrastructure, mechanical and electrical equipment, household appliances, and medical equipment.
During the reporting period, the company's main business revenue was classified by product category as follows:
According to the “China Association of Listed Companies Industry Statistical Classification Guidelines” issued by the China Association of Listed Companies, the company's industry is “Auto Parts and Accessories Manufacturing (C367)” under the “Automobile Manufacturing Industry (C36)”; according to the National Bureau of Statistics's “National Economic Industry Classification (GB/T4754-2017)”, the company's industry is “Auto Parts and Accessories Manufacturing (C3670)” under “Automobile Manufacturing (C36)”.
On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 924 million yuan, 911 million yuan, and 1,015 million yuan respectively; for the same period, net profit was about 58 million yuan, 58 million yuan, and 70 billion yuan, respectively.
