Компанія, яка обслуговує Kohler, ТОТО, American Standard та інші відомі торгові марки для ванних кімнат виходять на ринок

Ванна бізнес-школа

У червні 28, Комісія з цінних паперів і ф'ючерсів оприлюднила проспект первинної публічної пропозиції (подача) Hangzhou Panasia Sanitary Ware Co. Panasia Sanitary Ware intends to issue about 31.27 million shares to raise funds for the construction of production bases, information technology construction, тощо. Panasia Sanitary Ware 2020 has revenue of more than 1.1 мільярд юанів, and its customers include TOTO, Колер, Рока, Moen and other famous foreign companies. Рока, Moen and other well-known foreign companies. If it is successfully listed, the bathroom listed companies will add a “fierce”.

To invest 568 million yuan for the production base and information construction

Відповідно до проспекту, Panasia Sanitary Ware intends to list and issue 3,126,667,000 shares in domestic A-share, бухгалтерський облік 25.00% of the total number of shares issued by the company, with a total share capital of 12,506,667,000 shares after the issue. It applied for listing on the Shenzhen Stock Exchange, and the issue price is not yet determined.

Panasia bathroom in the prospectus said that the issue of funds will be invested in two major projects according to the actual situation of the company, включаючи “продукти для кухні та ванної кімнати інтелектуальне виробництво виробнича база та кухня та ванна R & D центр та інформаційний проект будівництва”, і “інтелектуальний проект розширення виробництва товарів для ванної кімнати “. Серед них, the total investment amount of the sub-project “construction project of intelligent manufacturing base for kitchen and bathroom products” є 357 Мільйон юанів, що становить понад 60% of the total investment amount of all projects.

Одиниця: Мільйон юанів

З 11 афілійовані компанії, the revenue in 2020 exceeds 1.1 мільярд юанів

The prospectus shows that the predecessor of Panasia Sanitary Ware Co. У грудні 2009, Panasia Limited was reorganized as a foreign-invested joint stock company and renamed as “Hangzhou Panasia Sanitary Ware Co. Він має зареєстрований капітал 40 Мільйон юанів, and the legal representative is Zhang Boliang. В даний час, the actual controllers of Panasia Sanitary Ware are Zhang Boliang, Ye Rujun, Zhang Ye and Yao Lei. Разом, they directly and indirectly hold 76.70% of the shares of the company before this issue, and together control 82.60% of the shares of the company before this issue.

It is reported that Panasia Sanitary has been engaged in kitchen and bathroom furniture business since 2010. It currently has established three production bases in Tonglu, Чжецзян, Long An, Vietnam and Rayong, Таїланд. As of the date of the prospectus, Panasia Sanitary Ware has 9 wholly-owned subsidiaries and 2 branches.

The prospectus also discloses the business of Panasia Bathroom in the past three years. З 2018 до 2020, Panasia Sanitary achieved operating revenues of 743 Мільйон юанів, 809 мільйон юанів і 1.102 мільярд юанів, відповідно, showing a year-on-year growth trend. The net profit attributable to shareholders of the parent company for the same period is RMB 0.20 мільярд, Rmb 0.66 мільярд і rmb 118 мільйонів відповідно, with the same significant growth momentum.

Одиниця: Мільйон юанів

The main business of Panasia Sanitary Ware is the research and development, production and sales of kitchen and bathroom household products. 2020, the revenue from the main business accounted for 98.83% of the company’s revenue. З точки зору категорій, cabinets are the largest category in terms of revenue for Panasia Sanitary Ware, бухгалтерський облік 38.36% of operating revenue. This is followed by drain rods and accessories (26.11%), змішувачі та аксесуари (10.90%), and elbows (7.50%). В додаток, Panasia bathroom also has production of bathroom cabinets, шланги, furniture accessories and other products.

Одиниця: Мільйон юанів.%

Foreign sales revenue accounted for more than 50%, ТОТО, Рока, Колер, Мізер, тощо. are the main customers

Panasia Sanitary’s export revenue accounts for a large proportion of total revenue. The prospectus shows that from 2018 до 2020, the amount of foreign sales revenue of Panasia sanitary ware is 381 Мільйон юанів, 443 мільйон юанів і 733 мільйон юань відповідно. It accounted for 52.52%, 55.43% і 67.26% головного доходу від бізнесу, відповідно.

It is revealed that the main customers of Panasia Sanitary Ware include Kohler, Мізер, Дельта, Гангрое, Гхе, Американський стандарт, ТОТО, Рока, тощо, among which the cooperation with Kohler, Мізер, Дельта, American Standard and other brands has been more than 15 років.

In view of the high degree of customer concentration, Panasia bathroom in the prospectus to investors the relevant risks: з 2018 до 2020, the company’s sales revenue of the top five customers are 574 Мільйон юанів , 620 мільйон юанів і 878 Мільйон юанів. It accounted for 77.17%, 76.65% і 79.68% of the current operating revenue, відповідно. It has a high degree of customer concentration.

In the filing, Panasia Sanitary did not disclose the expected issue date and issue price per share. According to the situation that the company can be listed about six months after the disclosure of the prospectus, if it goes well, Panasia Sanitary is expected to be listed in the second half of 2021 or the first half of 2022.

Більше ніж 20 санітарний посуд, home furnishing enterprises lined up to go public

Поки що, the domestic bathroom industry-related enterprises have been listed Dongpeng Holdings, Diou Home, Huida Sanitary, Чайка Сумітомо, four pass shares, Технологія Solux, Дім Цзяньлінь, R & Т. The latest bathroom-related company to go public is Dongpeng Holdings, with a listing date of October 2020.

Хоча, no bathroom-related companies have been listed so far from 2021, проте, several have started the listing process. На листопад 5, 2020, the SEC website released the announcement of the acceptance of Arrow home counselling filing registration, showing that the company has entered the listing process. Huayi bathroom also revealed that it would start the IPO process when it participated in the Jiangmen 100 enterprises listed mobilization meeting in November 2020. Вхід 2021, Hilk became the first bathroom-related company to disclose its listing plan. The company is currently undergoing IPO counseling, and the counseling time is about April 2021 до жовтня 2021.

Zooming in on the home furnishing industry, the number of companies that have gone public or are in the queue to go public in 2021 is even more impressive.According to incomplete statistics, listed home furnishing companies in the first half of 2021 include Wangli Security, Zhenai Maijia, Romain, Natural Outdoor Goods Inc. and Yuma Sun-Shading, among many others. Another more than 20 home furnishing enterprises are going through the process of listing, including the strongest lineup of smart home furnishing enterprises.The team includes companies such as Eoroom Intelligent, Haojiang Intelligent, ОРВІБО, HHC and Ezviz.

According to the first issuance audit workflow of the Securities and Futures Commission, enterprises listed generally need to go through the acceptance, feedback session, preliminary examination session, issuance review session, sealed volume, approved issue and other links. This generally takes several months to half a year. This means that the second half to early next year, the capital market will usher in more home furnishing enterprises. Таким чином, it seems that the bathroom and home furnishing industry has entered a new round of intensive listing period.