Known as "the only independent car design company in China with the ability to turnkey", Alte, after several peers listed, finally decided to go all out to the capital market. The reporter learned that Alte Automotive Technology Co., Ltd. ("Alte") currently plans to go to the new node in February 2016, and then declare the GEM or strategic emerging board around May 2016. Finally, the motherboard IPO will be realized in 2017.
For the market valuation issue that has received much attention, relevant parties have not yet disclosed it. However, the industry generally believes that as a leading company in independent car design companies, whether it is the company's volume, profitability or model channels, Alte will surpass the similar company Great Wall Huaguan, which is just listed on the New Third Board. For example, in the case of Great Wall Huaguan's 2014 operating income of 44.701 million yuan but the listing valuation is 2.5 billion yuan, the Altec market with an operating income of 315 million yuan last year has a valuation of at least 5 billion yuan.
According to the report on the targeted fundraising roadshow released by Alte, in the future, Alte's business is mainly in the four major fields of vehicle development, core components, new energy vehicles, customization and modification. Its main business mainly includes vehicle design. , sample car trial production, new energy vehicle design and power system development and other four sectors. According to the plan, the financing target of Alte's listing on the New Third Board is 200 million yuan, mainly for the development and modification of new energy vehicles, of which 100 million yuan is used in the first phase of plug-in hybrid power system (PHEV) industrialization. 50 million for high-end customization and original factory modification, the rest is to supplement working capital.
Favored by many well-known investment companies
Over the years, independent car design companies have been making a fortune with deep connections and peer-to-peer services. However, in recent years, with the development of the market environment, especially the format of the business, these low-key car design companies have begun to look to the public and use the elasticity of the capital market to advance to the wind. In the past more than half a year, Shanghai Longchuang, Suzhou Aojie and Great Wall Huaguan have successively listed on the New Third Board. Xuan Qiwu, founder and chairman of Alte, said in an interview with the China Net reporter that they were "forced and helpless" on the listing. "I didn't want to go up. We have always had good profitability, but everyone is on, you can't keep up." Xuan Qiwu believes that in the capital first, if Alte insists on the kind of stability in the past. The way of development, then they will be limited in terms of new business investment, talent recruitment, etc., and with the fact that companies that are weaker than them have grown bigger through the capital market, they always feel the frustration of “dwarf first classâ€.
On the other hand, after experiencing multiple rounds of financing from pre-investors, listing is also a must for Alte. It is understood that well-known investment companies including Sequoia Capital, Jinshajiang Venture Capital, and Mitsui Ventures have successively given Alte Financing. "So it is not acceptable to not go public. If the money for the venture capital is used, don't pay dividends." Xuan Qiwu said in an interview with the online media. When talking to reporters, Xuanqi Wu smiled, and now brokers are more enthusiastic about Alte's listing than they are, especially after Shanghai Longchuang landed the new three board in August this year, and Suzhou Aojie shares were listed on the new three board in September. . After the Great Wall Huaguan was listed on the New Third Board on November 19 and announced a valuation of 2.5 billion yuan, this expectation and enthusiasm reached its peak. "Because our performance is better than them, everyone is more optimistic about the prospects."
As a domestic independent automotive design company and supplier of complete vehicle development solutions, Alte is far superior to its peers in terms of sales revenue and contractual value with mainstream automakers. According to public information, as of the end of 2014, Alte's operating income was 315 million, Shanghai Longchuang was 116 million yuan, Suzhou Aojie shares were 112 million yuan, and Great Wall Huaguan's 2014 operating income fell to 44.701 million yuan. The four companies are very close in terms of nature, business content, and even the time of their establishment.
Listed on the New Third Board early next year
However, Xuan Qiwu believes that they are not only "the leader of China's independent automobile design industry, the first brand of independent automobile design in China", but also "the only independent automobile design company with the ability of 'turnkey' in China." Baidu search shows that Alte was established in 2001 as a leading and comprehensive automotive design development and engineering services company. Its services include: design and development of new energy vehicles, traditional vehicle / engine and power system design and development, product planning, exhibition car manufacturing, prototype trial production, synchronous engineering, mold / fixture design and manufacturing, vehicle and component testing, zero Component development and consulting. The service customers also cover the world's top international auto companies such as Mercedes-Benz, Volkswagen and Toyota, and many domestic mainstream auto companies such as FAW, SAIC, Dongfeng and Great Wall, Geely, as well as some emerging ones such as yiche, Weilai and Xiaopeng. There are nearly 60 Internet car companies, and some of the design cases for some vehicles, engines and transmissions are as many as 225.
The deep accumulation and rich industry resources are also evident in Xuanqiwu personally. This person with Chery Automobile Chairman Yin Tongyue and many other people in the automotive industry was a low-key figure of a classmate or colleague who graduated from the Department of Automotive Engineering of Tsinghua University. He also provided the background of his studies in Japan and his experience in working in Mitsubishi Motors in the early years. Supported by the most important technical talent resources and advanced development and management concepts, there are enough contacts and vendor resources to allow him to integrate resources for years. However, this car who is used to low-key cars is more likely to introduce their strong design team when talking about talents. According to Alte's roadshow materials, Alte currently has 1,182 professional teams and 67 top foreign technical experts, and is located in more than ten countries including the United States, Japan, and Italy.
Therefore, Alte, brokers, and the outside world have always believed that after entering the capital market, Alte's market valuation will be higher than Shanghai Longchuang, Suzhou Aojie shares and Great Wall Huaguan. If the latest listed Great Wall Huaguan 2.5 billion yuan valuation and current price-earnings ratio, Alte's market valuation is at least 5 billion yuan. For the future ambition, Xuan Qiwu is also not reserved. According to the report, the entry into the New Third Board in February next year is only the first step for Altemai to go public. In May 2016, Alte will declare the GEM or the strategic emerging board, and finally realize the listing of the main board in 2017. The reporter learned that in fact, as early as the beginning of 2012, Alte had completed the shareholding system transformation and officially changed its name to Alte Automotive Technology Co., Ltd. At present, the listing work is ready, and Xuanqi Wuzheng is actively busy meeting with investors.
Will aim at new energy and modified air outlets
For the future profit model, Alte's road show promotion report revealed that “mainly project contracting and technical supportâ€. According to the industry chain classification, it involves four major areas: vehicle development, core components, new energy vehicles, customization and modification. The main business includes four parts: vehicle design, sample car trial production, new energy vehicle design and power system development. Among them, the two new sectors of “new energy vehicles†and “customized modification†are the two outlets identified by Alte. Analysts believe that the reason why the Great Wall Huaguan claimed that the market value of 2.5 billion yuan is based on the "new three-board electric car first stock" gimmick. To this end, Alte also said that it will stand firm in this vent, and work hard in the field of new energy vehicles. According to the financing plan, since the launch of the new energy vehicle pre-research in 2005, Alte has officially completed the layout of the three core components of electronic control, battery and motor new energy vehicles in 2008. Alte has initially completed the new energy vehicle. Strategic layout, and obtained 15 patents on new energy vehicles, and absolute advantages in EV, PHEV car design.
However, unlike the current domestic companies that are generally betting on pure electric vehicles, Alte prefers to use plug-in hybrid power as the final direction. Xuan Qiwu, the founder and chairman of the company, explained that although the current policy of pure motor vehicles is more encouraging, there are still too many bottlenecks that are difficult to overcome in pure electric vehicles. In comparison, plug-in hybrids are more pragmatic new. Energy popularization route. "Alte's unique technological advantages can bring high technical barriers and commercial returns." Xuan Qiwu said that according to the plan, Alte's plug-in hybrid system development project was launched in April this year. The first plug-in hybrid prototype will be completed in February next year. After regulation and testing, the prototype will be completed. It will be installed in June next year.
With the opportunity to develop new energy vehicles, Alte will also enter the field of vehicle manufacturing. According to Alte's financing plan, on the 25th of this month, the factory for the production of plug-in hybrid models will be officially started. It is expected to be put into operation in 2017 with an annual production capacity of 100,000 units. Xuan Qiwu revealed that in the future, new energy vehicles with their own brands will not be excluded, and they are currently applying for electric vehicle production qualifications. Similarly, for the personalized customization and modification business, Alte is more optimistic about the blue ocean market. Xuan Qiwu's idea is to provide personalized services for the current young consumer groups through the establishment of professional customization and modification, and at the same time solve the problem of customization and modification for enterprises. According to Alte's plan, in the next five years, plug-in hybrid business and modified car revenue will increase the company's operating income and profits. By 2018, 48% of Alte's operating revenue will come from the plug-in hybrid business, and the plug-in hybrid and modified vehicle business will contribute 73% of net profit.
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