SMM12 March 10: today, Okco, known as "the first stock in the field of domestic cemented carbide CNC blades", listed at an issue price of 23.99 yuan per share. After this issue, the company's unlimited terms of sale circulation shares is about 22.7482 million shares, accounting for 22.75% of the total number of shares after the issue. On its first day of trading, Eurocore rose more than 80 per cent to 43.70 yuan at around 10:50
According to the prospectus, ou Keyi is a high-tech enterprise specializing in the R & D, production and sales of cemented carbide products and CNC cutting tools. The cemented carbide products produced by the company are mainly sawtooth blades and wafers, which are processed by downstream enterprises into cemented carbide cutting tools such as cemented carbide saw blades and circular milling cutters, which are widely used in cutting all kinds of non-metallic and metal material workpieces. The revenue from the issuer's core technology products brings together the sales of the company's core key products-stainless steel and steel machined CNC blades, corrosion resistant sawtooth blades and ultra-thin wafers.
Okeyi said that its population control tool products are mainly P (steel) and M (stainless steel) CNC blades, mainly used in general machinery, automobiles and moulds and other fields. General machinery and automotive industries have the greatest demand for cutting tools. In the field of general machinery, the company's CNC blades are mainly used for processing industrial valves, flanges, bearings and so on, and related fields are greatly influenced by the industrial policy of China's equipment manufacturing industry. At the same time, China's automobile production has decreased for two consecutive years. If automobile production continues to decline in the future, it may affect the market sales of people-controlled tool products.
In terms of cost, the main raw materials of Okeyi products are tungsten carbide and cobalt powder, of which tungsten carbide accounts for about 86% of the raw materials. In 2017, 2018, 2019 and January-June 2020, the proportion of direct materials in the company's main business costs was 68.05%, 69.63%, 67.98% and 66.06%, respectively.
At present, Okeyi saw blade has a higher market location in the country. The company has established long-term cooperative relations with well-known enterprises in the industry, such as Batek tools (BLACK+DECKER), Le Ke (LEUCO), Jintian saw Industry, Nitto tools, Yongtai saw Industry and so on. According to the certificate issued by China Tungsten Industry Association, Okeyi is the company with the largest output of sawtooth blades in China. According to the statistics of China Tungsten Industry Association, domestic enterprises produced about 240 million cemented carbide CNC blades in 2019. Among them, the domestic enterprises that produce more than 4000 million CNC blades annually are Zhuzhou Diamond (6440 million), Okeyi (4552 million) and Zhuzhou Sinovel (4243 million), respectively, and the issuer ranks second in output.
This time, the company raised funds to be used in the "annual production of 40 million pieces of high-end CNC blade intelligent manufacturing base project" and "CNC precision tool research and development platform upgrade project". In terms of performance, from 2017 to 2019, the company's revenue and net profit increased steadily, realizing revenue of 428 million yuan, 584 million yuan and 603 million yuan respectively, and net profit of 44.5797 million yuan, 67.0949 million yuan and 88.4378 million yuan, respectively.
