Abstract: the number of shares to be publicly issued in this canoway IPO plan is no more than about 77.94 million shares, accounting for no less than 25% of the total share capital after issuance. It is planned to be listed on the Shenzhen Stock Exchange, and the sponsor is Guoyuan securities. The IPO of canoway plans to raise about 600 million yuan, which is mainly used for the super particleboard project with an annual output of 360000 cubic meters and replenishing working capital.

As the saying goes, “success or failure is a step away, between life and death.” This sentence may be more appropriate to describe the current plate enterprises. In recent years, different from the brilliance of the customization industry, the plate boss often becomes the person who is most short of money. In real life, many people find it hard to believe when the board boss says they have no money, but the actual situation is that the board enterprises have indeed fallen a lot in recent years. They urge debt with their left hand and borrow with their right hand to increase production capacity and develop technology, but few have really made money. On the one hand, this is due to the highly intensive policies in recent years. On the other hand, the high cost and the rise of “log wind” are eroding the profits and market space of wood-based panels. At present, the listing rescue has become the best choice for sheet metal enterprises to “survive the disaster and soar”.

The application materials for ganover’s IPO were accepted on March 31

Since the beginning of the year of the tiger, plate enterprises have “risked their lives” to go public, which reflects the difficulties of domestic plate people to a certain extent. Following the impact of Yunfeng new material (Moganshan) and Tianzhen technology on IPO one after another, on March 29, jianuowei, a well-known domestic particleboard brand, also submitted IPO application materials to the CSRC, aiming at the main board of Shenzhen Stock Exchange. According to the official website of the CSRC, the prospectus (application draft) for the initial public offering of shares of jianuowei Group Co., Ltd. (hereinafter referred to as “jianuowei”) has been officially accepted by the CSRC on March 31, 2022.

Canoway IPO plans to raise about 600 million yuan

The number of shares to be publicly issued in this canoway IPO is planned to be no more than 77.9369 million, accounting for no less than 25% of the total share capital after issuance. It is planned to be listed on the Shenzhen Stock Exchange, and the sponsor is Guoyuan securities. The IPO of canoway plans to raise about 600 million yuan, which is mainly used for the super particleboard project with an annual output of 360000 cubic meters and replenishing working capital.

It is reported that jianuowei was founded on September 9, 2013, completed the share reform in 2019, with a registered capital of about 234 million yuan. The legal person, chairman and general manager of the company are Zheng Haitao, directly holding 84.68%. In addition, Zheng Haitao is the executive partner of Tianchang Haiwei and Tianchang Nordic, and indirectly controls 9.83% of jianuowei through actual control of the above two companies. Directly or indirectly, the company holds 94.51% of ganoway.

Equity structure of jianuowei during the reporting period

At present, ganoway focuses on the R & D, production and sales of wood-based panels, and its main products include fiberboard and particleboard. During the reporting period, the sales revenue of the above two types of products accounted for more than 97% of the company’s main business revenue.

Consolidated income statement of ganover from 2019 to 2021

Although the concentration of plate enterprises is still low, as a well-known wood-based panel brand in China, the income of garnovell, which focuses on the plate itself, is still stable. During the reporting period from 2019 to 2021, garnovell achieved operating revenue of about 728 million yuan, 756 million yuan and 1.028 billion yuan respectively; The net profit attributable to the parent company was 97.4245 million yuan, 83.9441 million yuan and 87.7598 million yuan respectively. Among them, East China is the main position of the sales revenue of garnovell, with a sales amount of 739.6956 million yuan in 2021, accounting for 72.35%; Central China took the second place, with a sales amount of 181120800 yuan in 2021, accounting for 17.72%. In terms of cash flow, jianuowei’s net cash flow from operating activities has increased steadily year by year, and the cash loss from investing activities has converged year by year. However, it may be due to debt maturity and other reasons that jianuowei’s net cash flow from financing activities showed a steep decline in 2021, which dragged down the growth of the net value of cash and cash equivalents to a certain extent.

Cash flow statement of ganover from 2019 to 2021

Wood based panel life and death road

The voice of green and environmental protection is rising day by day, and the sword of Damocles with double carbon and emission reduction has fallen. At present, under the background of China’s implementation of supply side reform, industry standards are intensively issued, the cost of energy and raw materials continues to rise, and the plate enterprises with low gross profit margin are in a dilemma.

From 2019 to 2021, the gross profit margin of the main business of ganover was 22.32%, 18.28% and 13.35% respectively, showing a downward trend. However, compared with the gross profit margin of other companies in the industry (see the table below), it is not difficult to find that the decline of the gross profit margin of plate enterprises is not an exception. In this general environment, it is inevitable that ganover can not be “alone”.

Comparison of gross profit margin of main business of ganover

The decline in the price of raw materials and the sales rate of Novartis are mainly caused by the decline in the purchase price of Novartis and other factors. According to the prospectus of ganoway, the raw materials required for the production and operation of ganoway mainly include wood raw materials and chemical raw materials. During the reporting period, the above two raw material costs of the company accounted for a relatively high proportion of the main business costs, 76.41%, 74.59% and 75.91% respectively.

Due to the high utilization rate of fiberboard and particleboard for wood, and the wood quality is not as high as that of plywood and solid wood home, jianuowei, which is mainly engaged in fiberboard and particleboard, has inherent advantages in wood cost control and saves money. However, the rise of nearly 40% of chemical raw materials has become an unbearable weight in the operation of ganover.

The raw material cost of ganover has risen sharply

According to China wood-based panel industry report 2021, China’s backward wood-based panel production capacity is accelerating the elimination. By the end of 2020, about 17500 plywood production enterprises had been cancelled, revoked or stopped production, 781 fiberboard production lines had been closed, dismantled or stopped production, and 33.16 million m3 / year of backward production capacity had been eliminated; A total of 1123 particleboard production lines have been closed, dismantled or discontinued, and the backward production capacity of about 27.72 million m3 / year has been eliminated.

“The environmental protection and high pressure in recent years have been experienced by our plate enterprises. Checking environmental protection is really not just talking. All enterprises that cannot upgrade and transform to meet the emission standards and safety acceptance