Shandong new Jufeng technology Packaging Co., Ltd. (hereinafter referred to as "new Jufeng" for short, and the stock code is "301296"), a leading supplier of sterile packaging materials in China, officially landed on the growth enterprise market of Shenzhen Stock Exchange. In this IPO, the company issued a total of 63 million shares at an issue price of 18.19 yuan / share, and raised a net capital of 1.056 billion yuan, mainly for the "5 billion package aseptic packaging material expansion project", "5 billion package new aseptic packaging sheet material expansion project" and "R & D Center (phase 2) construction project".
Since its establishment, new Jufeng has always been guided by customers' needs, focused on optimizing production technology and process, improving product quality and quality, improving the company's core competitiveness, and enjoying a good market reputation in the industry. This landing in the capital market will surely lay a solid foundation for the company's future development.
Deeply cultivate the field of aseptic packaging and fully develop the international market
According to the data, the main business of new Jufeng is the R & D, production and sales of aseptic packaging. The company is one of the few domestic enterprises that can produce aseptic packaging on a large scale. The company has been committed to the R & D and production of aseptic packaging for a long time, and has made great efforts to make breakthroughs in materials, technologies and production processes. The market share of the company in aseptic packaging has been increasing year by year. The company has continuously improved its technological R & D and developed new aseptic packaging products, which has greatly realized the import substitution in the field of aseptic packaging materials.
Not only that, xinjufeng's refined production management improves product quality and production efficiency, has innovative, creative and creative business management characteristics, gradually realizes the automation and intelligence of the whole production process, has innovative, creative and creative production characteristics, and has an agile and high-quality service system to improve the company's core competitiveness and service innovation ability, with innovative, creative and creative customer management characteristics.
In terms of product quality advantages, new Jufeng has been focusing on improving the quality and quality of aseptic packaging materials since its establishment, and has successively obtained certifications such as "ISO9001 quality management system" and "fssc22000 food safety management system". In addition, the company has advanced production lines, high printing quality, high color fidelity, long product shelf life and stable performance. On the basis of national industrial technical standards, we have established strict enterprise technical standards to ensure that product quality meets customer requirements.
In terms of technical advantages, new Jufeng has a number of independently developed core technologies, with a total of more than 28 core technologies and 18 patented technologies. It has strong technological innovation ability. Over the years, new Jufeng has won high recognition from customers by virtue of its excellent performance in product quality, service and rapid response ability. New Jufeng's main customers are well-known dairy products and beverage manufacturers. The company has formed a long-term and stable cooperative relationship with customers. The strong customer base also lays a solid foundation for the company's future development.
In terms of price performance ratio, on the basis of ensuring to provide customers with high-quality and stable aseptic packaging products, xinjufeng can provide customers with more competitive prices than foreign aseptic packaging suppliers. During the reporting period, new Jufeng continuously improved its production process and quality control process, adopted fine management in daily production management, strictly controlled all processes in the production process, and reduced the rate of scrap and defective products. Therefore, the company's products have high cost performance.
Business performance continued to rise, and market space gradually expanded
From the perspective of performance, from 2019 to 2021, the performance of new Jufeng showed a rapid growth trend. According to the prospectus, during the reporting period, the operating income of new Jufeng increased from 935 million yuan to 1.242 billion yuan, with a compound growth rate of 15.24%; The main business income increased from 930 million yuan to 1.235 billion yuan, with a compound growth rate of 8.36%; The net profit increased from 116 million yuan to 157 million yuan, with a compound growth rate of 16.64%.
During the reporting period, the company's business scale grew rapidly and its performance improved steadily. The compound growth rate of the company's total assets was 13.24%. From January to June 2022, the company's operating income increased by 31.63% over the same period of the previous year, mainly due to the steady growth of the company's operating performance and good operating conditions; The company expects to achieve an operating revenue of about 1.121 billion yuan to 1.208 billion yuan from January to September 2022, with a year-on-year increase of about 30.00% to 40.09%.
From the perspective of industry development, the company still has broad development space in the future. With the continuous growth of China's GDP and consumption capacity, the demand for liquid milk and non carbonated soft drinks is increasing, and the demand for brick bags, pillow bags and diamond bags is gradually increasing.
The main customers of new Jufeng's aseptic packaging products are normal temperature milk and non carbonated beverage manufacturers. In the domestic liquid milk market, normal temperature milk has maintained a high growth rate, and will continue to maintain this status in the next few years. According to the Research Report of Ipsos, the average annual growth rate of liquid normal temperature milk from 2019 to 2022 is about 4%, still maintaining a high growth rate. It is estimated that by 2022, the market scale of normal temperature milk will reach 8.537 million tons. As a result, the demand for aseptic packaging from the downstream customers of xinjufeng keeps growing.
Core technology helps increase market share
In the field of aseptic packaging, although Tetra Pak, SIG and other international enterprises occupy a high market share, domestic enterprises represented by new Jufeng are gradually replacing domestic ones by upgrading their core technologies, and the market growth of aseptic packaging is also gradually showing.
Through the combination of production and R & D, new Jufeng has gradually increased its product spectrum. At present, the company's sterile packaging products include pillow bags, brick bags and diamond bags, and the product capacity mainly includes 200ml, 250ml, 500ml and 1000ml.
By gradually increasing R & D investment, purchasing advanced production equipment globally, constantly improving product competitiveness through core technology, and gradually replacing product and production process innovation, xinjufeng's market share is increasing year by year.
According to the research report issued by Ipsos, in 2018, 2019 and 2020, the market share of new Jufeng's liquid milk aseptic packaging was 8.9%, 9.2% and 9.6% respectively, showing a growing trend and a rising trend year by year.
New Jufeng said in the prospectus that with the company's continuous enrichment of production experience, continuous progress of production processes and technologies, as well as the development and listing of new products, the company will be able to continue to improve production capacity and output, explore a broader market, and further improve the market share of the company's products.
It is worth noting that while promoting market share through core technology, xinjufeng is also the drafter of many industrial technical standards, and its technical level is consistent with that of comparable listed companies in the same industry of aseptic packaging.
According to the prospectus, xinjufeng is the drafter and maker of many industrial technical standards, such as "20193206-t-469 coulometer test method for oxygen permeability of plastic film and sheet of packaging materials", "GB / t18706-2008 paper-based composite materials for liquid food fresh-keeping packaging", "BB / t0052-2009 liquid milk co extrusion packaging film and bag", and leads many technical standards.
The above national standards have detailed requirements on all dimensions of aseptic packaging, with a total of more than 170 items tested. This is enough to ensure the technical level of new Jufeng, and through the accumulated rich technical experience, it can not only fully meet the above technical level standards, but also keep it in line with the technical level of comparable companies in the same industry.
In addition to the technical improvement, for liquid milk and non carbonated beverage customers, the continuous and smooth filling and production of liquid products is the foundation of their production and operation. For example, if customers have problems in the process of filling milk, they need to check the filling machine, sterile packaging materials and other aspects in time.
In addition, new Jufeng said in the prospectus that after the listing, the company's core competitiveness will be improved, and the company's position in the industry will be consolidated and enhanced at the operational level; At the financial level, the company's monetary capital and net assets will be greatly increased, its capital strength will be significantly enhanced, its anti risk ability and sustainable financing ability will be improved, and the company's financial risk will be significantly reduced. At the same time, the thickening of capital is more conducive to achieving economies of scale, forming competitive advantages and improving the company's operating performance.
In the next three years, the company plans to expand its existing production capacity and improve its ability to meet customer needs. The company will develop the international market according to the future market situation and the world economic situation. In addition, the company will increase investment in product research and development, introduce new products, meet new market demands, expand the company's market share in medium and high-end products, and promote the sustainable operation of the company's operation.