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On March 7, Guangdong Topstar Technology Co.
, Ltd.
(abbreviation: Topstar, stock code: 300607) released the prospectus and issuance announcement for the issuance of convertible bonds to unspecified objects
.
The announcement stated that the company’s issuance of convertible corporate bonds (referred to as “Tops Convertible Bonds”) to unspecified objects has been approved by the Securities Commission
.
Stable performance growth
Stable performance growthTopstar was established in 2007 and is headquartered in Dalingshan Town, Dongguan City, Guangdong Province.
It is the first listed robot backbone enterprise in Guangdong Province and a national high-tech enterprise.
It has built a key laboratory for 3C intelligent robots and flexible manufacturing enterprises in Guangdong Province.
, Guangdong Province Industrial Robot and Intelligent Equipment Drive and Control Integration System and Application Technology Engineering Technology Research Center, Guangdong Province Enterprise Technology Center, Guangdong Province Doctoral Workstation
.
Topstar adheres to the corporate mission of "making industrial manufacturing better", and has long been committed to the innovation and application of industrial manufacturing automation.
The three core technologies of the system create an intelligent hardware platform driven by core technologies and provide overall solutions for intelligent factories for manufacturing enterprises
.
Since its establishment, Topstar has been developing at a relatively fast speed.
From 2012 to 2019, the company's operating income increased from 92 million yuan to 1.
66 billion yuan, and the net profit attributable to the parent increased from 25 million yuan to 187 million yuan.
The CAGR of the net profit attributable to the parent company reached 51.
20% and 33.
20% respectively
.
During the epidemic, the company completed the production of the first mask machine prototype in only 7 days, and it took only one month for the production capacity to climb to 70 units per day
.
The company's original business recovered rapidly in the second half of 2020, and the original main business has resumed positive growth in the fourth quarter of 2020; as of the end of September 2020, the company's orders in hand reached 1.
479 billion yuan, a net increase of 2.
66% over the end of June 100 million yuan, and the orders in hand are full; as the epidemic situation at home and abroad eases, the company's project delivery capacity will return to normal, and the automation application systems and green energy projects affected by the epidemic will gradually recognize revenue; new products such as injection molding machine mainframes and CNCs are expected to use the The company's existing channel advantages have achieved rapid volume growth, and 2021 is expected to become the first year of the explosion of Topstar's injection molding machine and CNC business
.
Smart Manufacturing Re-Upgrade
Smart Manufacturing Re-UpgradeReports show that with the deepening of the aging society, China's labor costs are spiraling upward.
At the same time, as the global industrial robot industry chain shifts to mainland China, the price of industrial robots continues to decline.
MIR estimates the scale of industrial robot sales in China.
It will reach 253,000 units in 2025, with a CAGR of 8.
10% in 2021-2025
.
As a leading enterprise in the field of intelligent manufacturing, Topstar will mainly invest in the R&D and industrialization projects of the overall solution of intelligent manufacturing, and accelerate the upgrading of industrial automation and intelligence
.
This project intends to increase the company's research and development of cutting-edge technologies in the field of industrial robots and automation by building a new R&D center, to break through the underlying technical bottlenecks of robot core systems such as control systems, servo systems and vision systems, and to enhance the company's core competitiveness
.
At the same time, this project will further improve the company's intelligent manufacturing overall solution design and development capabilities on this basis, and provide higher value-added production solutions and services for manufacturers of new energy vehicles, medical, food, 3C, lithium batteries and other industries.
Further enhance the company's business scale and market position to achieve sustainable development of the company
.
Topstar (300607) Convertible Bond Issuance Online Roadshow was held on the afternoon of March 9 on Panorama.
com, Topstar Chairman and President Wu Fengli, Topstar Board Secretary and Vice President Quan Heng (second from right), Topstar Finance Director Zhou Yongchong (second from left), Gu Junyi (first from left), managing director of investment banking department of Zhongtian Guofu Securities, and Xue Shun (first from right), business director of investment banking department of Zhongtian Guofu Securities attended this roadshow and answered questions from investors online
.
The prospectus shows that the company has independently developed and mastered a number of core underlying technologies such as industrial robot control technology, servo drive technology, and visual algorithms, and has successfully applied it to the self-made production of robot bodies.
The research started early.
In the field of high-end mechanical equipment and its core control and functional components, the main core technologies are monopolized by foreign first-tier manufacturers, and domestic manufacturers in the field of robotics and automation still have a certain dependence on foreign core components
.
Therefore, the funds raised this time will comprehensively improve the R&D technical strength of the company's core systems and further narrow the gap with the international advanced level
.
The term of the convertible bonds issued this time is 6 years from the date of issuance, that is, from March 10, 2021 to March 9, 2027
.
The coupon rate is 0.
30% in the first year, 0.
50% in the second year, 1.
00% in the third year, 1.
50% in the fourth year, 1.
80% in the fifth year, and 2.
00% in the sixth year
.
The convertible corporate bonds issued this time are paid once a year, and the principal and the last year's interest will be repaid upon maturity
.
The conversion period is from the first trading day (September 16, 2021) after six months from the end of the issuance of the convertible corporate bonds (March 16, 2021) to the maturity date of the convertible corporate bonds (March 9, 2027, if it is a holiday, it will be postponed later), the initial conversion price is 42.
25 yuan per share
.
The convertible bonds issued by the company will be preferentially placed to the original shareholders of the company according to the proportion of the convertible bonds of 2.
5172 yuan per share
.
The remaining part after the original shareholder's preferential allotment (including the part that the original shareholder gave up the preferential allotment) will be issued to public investors through the Shenzhen Stock Exchange trading system online, and the part of the subscription amount less than 670 million yuan will be underwritten by the sponsor (lead underwriter) with the balance
.
According to the calculation, the calculation period of this project is 12 years, of which the construction period is 2 years, the production period is 10 years, and the production year is the second year of the production period (the fourth year of the calculation period)
.
It is estimated that the annual operating income of the project is about 1.
2 billion yuan after the project is put into production, the internal rate of return after income tax of the project is 17.
93%, and the investment recovery period (including the construction period) is 7.
24 years
.
