A-share subscription | Hansong Technology (301491.SZ) opens subscription Cooperation customers include global audio brands NAD, Bluesound, etc.

On July 25th, Hansang Technology (301491.SZ) started the subscription with an issue price of 28.91 yuan per share, a subscription limit of 7,500 shares, a price-earnings ratio of 14.90 times, listed on the Shenzhen Stock Exchange, and CICC as its sponsor. According to the prospectus, Hansang Technology was established in 2003 and is a leading comprehensive supplier in the industry, providing high-end audio products and audio full-chain technology solutions. The company is committed to providing integrated services for the research and development, design, and manufacturing of high-performance audio and innovative audio products to globally renowned audio brand customers. The company has been focusing on the research and development of audio-related technologies for a long time, with over 20 years of industry experience in audio product design, research and development, and manufacturing. The company has accumulated a series of core technology capabilities in the audio field, such as high-performance audio signal processing and amplification, audio transmission, and intelligent audio system, establishing its core competitive advantage in the audio field. In the field of high-performance audio signal processing and amplification technology, the company has deep technical accumulation in various aspects of high-performance audio signal analysis, processing, and amplification, with product performance reaching the industry-leading level. In the audio transmission field, the companys self-developed streaming media module and software solutions are leading in the industry, providing high-definition, multi-room, cross-ecosystem voice streaming media module solutions. The company's software services can be customized for customers, providing low-cost solutions while obtaining comprehensive certification from major global streaming media platforms. Additionally, the company has mastered multi-channel wireless transmission technology under various protocols, capable of achieving multiple channels, low latency, high synchronization, and high-resolution wireless transmission in different application scenarios. The company has independently developed AoIP wired network audio transmission technology based on the AES67 protocol, supporting multiple sampling, multi-channel, ultra-low latency, high-definition low-loss, unicast, and multicast leading transmission functions. In the field of intelligent audio system, the company has established a cloud-edge-end system framework with a complete end-to-end technology chain solution. By integrating smart audio devices, edge devices, and third-party content service platforms, the company has constructed a complete audio IoT and cloud platform, capable of simultaneously distributing and managing massive audio and other multimedia content in the cloud across different ecosystems. This system provides multi-level deployment, playback management, system control, and data insight for smart audio large systems across regions and territories. Over the years, the company has closely followed industry trends and customer needs, and with outstanding technological innovation capabilities, rich research and development design experience, and excellent product quality, it has gained wide recognition in the market and among customers, establishing a good reputation in the global audio industry. The company has collaborated with many well-known brands in various segments of the global audio industry, including NAD, Bluesound, SnapOne, Sonance, JBL, McIntosh, SonusFaber, B&W, Denon, Marantz, Dynaudio, Steelseries, Tonies, and more. Taking power amplifiers in high-performance audio products as an example, based on official statistics from the General Administration of Customs of the People's Republic of China, the company's exports of audio amplifiers (customs code 85184000) accounted for 3.84%, 2.15%, and 3.12% of the domestic export amount of similar products during the reporting period respectively, holding a certain market position. Financially, for the fiscal years 2022, 2023, and 2024, the company's operating income is approximately 1.386 billion yuan, 1.031 billion yuan, and 1.454 billion yuan, respectively; and the net profit is approximately 188 million yuan, 136 million yuan, and 254 million yuan, respectively.