Car stuff (public number: chedongxi)
Author | Juice
Edited by | Xiaohan
Just today, the domestic automatic driving supplier Jingwei Hengrun officially landed on the Shanghai Stock Exchange Science and Technology Innovation Board, the stock code "688326", the company issued a total of 30 million shares, the issue price of 121 yuan / share, after the issuance of Jingwei Hengrun total share capital of 120 million shares.
After the official listing transaction, Jingwei Hengrun opened and broke, down up to 23%, as of now, the stock price is 100 yuan / share, the company's total market value of 12 billion yuan.
▲The trend of the stock price of Jingwei Hengrun
However, Jingwei Hengrun is also one of the few autonomous driving companies in China that has been successfully listed, and after entering the capital market, Jingwei Hengrun will also enter a new stage of development.
Jingwei Hengrun is almost the earliest batch of domestic autonomous driving companies, officially established in September 2003, is currently one of the few domestic enterprises that can cover intelligent driving electronic products, R & D services and solutions, high-level intelligent driving overall solutions, in the ADAS and other segments in the forefront of the industry. In addition, Jingwei Hengrun is also promoting the delivery of L4 unmanned vehicles in the port. At present, the company has received orders from FAW, SAIC, GAC, Geely and other car companies.
According to the official IPO documents, the company's revenue in 2021 was 3.262 billion, an increase of 31.61% year-on-year; the net profit was 146 million yuan, an increase of 98.37% year-on-year, which also shows that the company has been able to achieve self-hematopoiesis.
The official listing of Jingwei Hengrun also provides an example for many domestic autonomous driving companies, and more domestic automatic driving suppliers may choose to list in the future, and the large financing brought by the listing will effectively promote the iteration and renewal of the technology of these companies, and jointly promote the rapid development of the automatic driving industry.
First, it has realized self-hematopoietic annual research and development investment of more than 200 million yuan
Before the official listing transaction, Matrix Partners Hengrun also officially released the IPO documents, announcing the financial situation of the last four years.
In terms of revenue, Jingwei Hengrun's revenue has continued to increase from 2018 to 2021. In 2018, the company's total revenue was 1.539 billion yuan, in 2019, the company's total revenue increased to 1.845 billion yuan, and the company's total revenue in 2020 also further increased to 2.479 billion yuan, while last year, the company's total revenue reached 3.262 billion yuan.
▲The financial statements of Matrix Partners Hengrun
In terms of net profit, the company's net profit in 2018 was 20.7754 million yuan; in 2019, the company's net profit suffered a large loss, with a loss of 59.6675 million yuan; in 2020, the profit of Jingwei Hengrun achieved a sharp increase, with a net profit of 73.6938 million yuan; and last year, this data further increased, and the annual net profit reached 146 million yuan.
As a technology-driven enterprise, Jingwei Hengrun also has a relatively large investment in research and development. According to the IPO documents, in terms of research and development expenses, Matrix Partners Invested 228 million yuan in 2018, increased to 268 million yuan in 2019, and further increased to 276 million yuan in 2020. In the first half of last year, Jingwei Hengrun invested 136 million yuan in research and development.
By the end of last year, the company had a total of 3570 people, compared with 2734 people in 2020, an increase of 836 people, of which R & D personnel and technical personnel increased by a total of 669 people, accounting for more than 80% of the new number.
In terms of the company's assets, Jingwei Hengrun also made a statement in the prospectus, as of the end of last year, the company's current assets were 3.367 billion yuan.
In terms of the company's equity, the top four shareholders are all co-founders of the company, Ji Yingcun holds 34.57%; Cao Xuming holds 16.19%; Cui Wenge holds 15.28%; Zhang Qin holds 7.41%, with the four holding more than 70%.
▲The top ten shareholders of Matrix Partners Hengrun
Second, the main business for electronic systems customers cover a number of mainstream car companies
Matrix Partners' main business revolves around electronic systems, focusing on providing electronic products, R&D services and solutions and high-level intelligent driving solutions for customers in the fields of automotive, high-end equipment, unmanned transportation, etc. Its business covers all stages of electronic system research and development, manufacturing and operation services.
▲Jingwei Hengrun business type
At present, the company has made efforts in electronic products, R&D services and solutions, and high-level intelligent driving overall solution business, forming a "trinity" business layout, core technology, application scenarios, industry customer groups and other aspects of mutual support and coordinated development.
Judging from the IPO documents, the company mainly provides intelligent driving electronic products, intelligent network electronic products, body and comfort domain electronic products, chassis control electronic products, new energy and power system electronic products, high-end equipment electronic products, automotive electronic products development services and other electronic products business.
In terms of R&D services and solution business, Matrix Partners mainly provides vehicle electronic and electrical architecture consulting services, automotive network development services, automotive electronic security consulting services, automotive basic software development services, vehicle electronic and electrical simulation testing solutions, automotive network testing services, real vehicle testing services, multidisciplinary modeling and simulation services, process improvement and process optimization services, and collaborative R&D management services.
▲Jingwei Hengrun can provide simulation tests
In terms of high-level intelligent driving overall solutions, Matrix Partners has developed bicycle intelligent solutions, intelligent fleet operation management solutions and vehicle-cloud data center solutions.
Thanks to the comprehensive layout, Jingwei Hengrun has also received many customer orders, and has established cooperative relations with domestic and foreign vehicle manufacturers such as FAW Group, China National Heavy Duty Truck, SAIC, Guangzhou Automobile Group, Navista and Innafa, Antolin, BorgWarner, etc., and has also gained customers in the field of high-end equipment such as COMAC and CRRC and customers in the unmanned transportation field such as Rizhao Port.
▲Matrix Matrix Hengrun customer list
By supplying products to various cooperatives, Jingwei Hengrun has also achieved good revenue. According to the IPO documents, the company's product business revenue reached 1.532 billion yuan in 2018; 1.842 billion yuan in 2019; 2.472 billion yuan in 2020; and in the first half of last year, the company achieved 1.37 billion yuan in business revenue.
▲Jingwei Hengrun product revenue table
Third, strengthen technical research A number of production projects will be started
In addition, Matrix Partners also introduced the use of the funds raised in the IPO documents.
The amount of funds that Matrix Partners intends to use this time is 5 billion yuan, and if the amount of funds raised does not meet the requirements, the insufficient part will be solved through bank loans or its own funds.
After obtaining financing, Matrix Partners will further strengthen its research and development, mainly including three aspects:
1. Pre-research of basic technologies and products, breakthrough and mastery of key technologies related to automotive electronic systems, strengthen the company's demand for new product research and development technology reserves, and enhance the company's research and development capabilities.
2. Use the company's core technology for new product research and development, purchase advanced software and hardware equipment, introduce high-level talents, overcome key technologies in the forefront of the industry, ensure the continuous iteration of the company's technology and products, and iteratively upgrade innovative electronic products such as advanced auxiliary driving system (ADAS), anti-pinch controller (APCU), remote communication controller (T-BOX), commercial vehicle body control system (BES), etc., to enhance the company's independent innovation ability.
3. Build the development and upgrading of the company's information system and cloud platform, comprehensively enhance the company's digital capabilities, and enhance the company's comprehensive operational capabilities to promote scientific and technological innovation.
At the same time, Jingwei Hengrun will also promote the construction of a number of projects, such as nantong automotive electronics production base project, Tianjin R & D center construction project, Jingwei Hengrun digital capability improvement project and other construction, of which the construction cycle of the first two projects is four years, and the construction cycle of the last project is three years.
▲The use of funds raised by Jingwei Hengrun
In addition to supporting R&D and the construction of new projects, the funds raised will also be used to supplement the company's resilience to risks.
Conclusion: Self-driving companies accelerate their listing
In the past two years, autonomous driving has become a very popular track, large financing has continued to occur, and some autonomous driving suppliers have completed rapid development and have come to the eve of listing.
As the leading ADAS supplier in China, Jingwei Hengrun took the lead in listing on the Science and Technology Innovation Board, which also conforms to this trend, but from the performance after the opening, the stock price of Jingwei Hengrun fluctuates relatively largely, which will also have a certain impact on its subsequent development.
However, the trend of self-driving companies listing is irreversible, and more companies may choose to list in the future.