Plans to raise 1.58 billion yuan, Baolun shares main board IPO accepted

On the evening of May 13, the official website of the Shanghai Stock Exchange showed that the Shanghai Main Board IPO of Guangdong Baolun Electronics Co., Ltd. ("Baolun" for short) was accepted, and the sponsor was GF Securities.

The funds raised this time are 1.583 billion yuan. After deducting the issuance expenses, all the funds raised in this issuance will be invested in projects related to the company's main business.

According to experts, Display understands that Baolun Co., Ltd. is a system solution provider that focuses on the entire chain of sound, light, electricity, video, and information products. It is mainly engaged in the R&D, production, and sales of professional audio-visual products such as public broadcasting systems, professional sound reinforcement systems, smart conference systems, display terminal systems, command and management systems, and lighting systems. Its products and solutions have been successfully used in major landmark projects such as the Beijing Winter Olympics, the 15th National Games, the China-Central Asia Summit, Xi'an Datang Evernight City, and Beijing Daxing Airport.

The prospectus shows that its three-year operating income was 3.043 billion yuan, 2.788 billion yuan and 2.768 billion yuan respectively, and the cumulative operating income in the past three years was 8.598 billion yuan; the main business income in each period accounted for more than 99%, and the main business is outstanding. The net profits in the three years were 589 million yuan, 413 million yuan and 424 million yuan respectively, and the cumulative net profit in the past three years was 1.426 billion yuan.

Among them, the revenue by product is as follows, among which smart conference systems and professional sound reinforcement systems are the largest projects, accounting for about 25% of the revenue, and display terminal system revenue accounts for about 12%.

Baolun Display Terminal System is mainly composed of broadcast control host, sending box, LED display and other equipment. The product series covers indoor and outdoor full-color LED displays, small-pitch LED screens and flexible screens. The system covers indoor high-definition, outdoor weather-resistant, flexible creative and other application scenarios. It mainly realizes the display and intelligent management and control of image and video information. It is widely used in exhibition halls, lecture halls, command centers, conference rooms, press releases, outdoor advertising and other fields.

According to Display experts, Baolun has achieved fully automated LED display screens and one-stream production (driver surface production + lamp surface production + unit board protection + module assembly + module aging) with an annual production capacity of 30,000KK/point.

In terms of sales model, Baolun has built a diversified sales system that mainly connects directly with integrators, supplemented by trader sales, ODM and terminal direct sales. It has established a sales network covering 31 provinces, autonomous regions, and municipalities across the country, and has successfully explored overseas markets such as Asia, Europe, Africa, North America, and Oceania, forming extensive and efficient sales channels.

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