Shuangying Group (920059): Beijing Stock Exchange IPO Coverage
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Huajin covers Shuangying Group's Beijing Stock Exchange IPO (subscriptions opened August 10): offer price RMB11.13 per share at 9.75x issue P/E, implying a market capitalization of about RMB1.69bn on 152.09m post-issue shares. The company develops and manufactures automotive seats and interior/exterior trim. Revenue rose from RMB2.205bn in 2023 to RMB3.743bn in 2025 (YoY +7.51%/+17.00%/+45.11%), with net profit of RMB108m/97m/131m over the three years; 2026H1 revenue was RMB1.579bn (-0.96%) and net profit RMB36m (+8.96%). Deep ties with SGMW, Changan, Geely and Great Wall—customers contributing over 70% of revenue—supported a 5.45% domestic seat-assembly market share in 2025. The NEV business is the core growth engine: revenue expanded from RMB945m to RMB2.652bn (67.51% CAGR), lifting its share of sales from 42.87% to 70.85%, with 35 designated NEV projects not yet in production. Planned IPO proceeds of RMB498.36m include a 400,000-set NEV seat capacity project expected to add RMB953m of annual revenue at full ramp. Comparable peers average 39.26x 2025 P/E; the company still trails on revenue scale and gross margin. Risks: customer concentration, industry downturn and raw-material price swings.