According to the Zhong Tong Finance APP, on July 23, Bosiju (301608.SZ) opened subscription, with an issue price of 44.50 yuan/share, a subscription limit of 0.005 million shares, a PE ratio of 23.98, and listed on the Shenzhen Stock Exchange. Minsheng Securities serves as sponsor and lead underwriter.

According to the prospectus, Bosiju is a high-tech enterprise specializing in research and development, design, production, and sales of IoT intelligent hardware products, a specialized, special and new "Little Giant" enterprise with communication, positioning, AI and other technology applications as the core, and provides intelligent terminal products and supporting solutions for many IoT application scenarios based on self-developed wireless communication modules. Currently, the company's products are mainly used in three areas: intelligent transportation, smart travel, and intelligent payment hardware. In the field of intelligent transportation, the company provides intelligent in-vehicle terminals for the vehicle networking industry with the goal of "improving safety, increasing efficiency, and assisting supervision." In the field of smart travel, the company provides smart travel components for the two-wheeled green travel industry with the goal of "helping customers achieve more efficient and convenient travel services." In the field of intelligent payment hardware, the company provides stable, secure, and reliable IoT intelligent payment hardware for users in the mobile payment industry with the goal of "more intelligent and convenient."

Bosiju's main products include intelligent in-vehicle terminals, smart travel components, and intelligent payment hardware. Among them, intelligent in-vehicle terminals include commercial vehicle monitoring terminals and passenger vehicle positioning terminals.

(1) Intelligent in-vehicle terminals

In order to meet the diversified needs of customers, the company has formed a more comprehensive in-vehicle monitoring product system through product innovation and technological upgrades, and has accumulated high-quality customers such as Hitachi, Yilu Technology, and China Communications Construction. Currently, the company's commercial vehicle monitoring terminals are mainly used in fields such as heavy-duty cargo, two passengers and one danger, online ride-hailing, intra-city freight transportation, and buses.

The China Communications and Information Center regularly publishes product quality statistics for in-vehicle terminals for heavy-duty cargo vehicles. According to its published "June 2023 Road Freight Vehicle In-Vehicle Terminal Quality Statistics Table", as of June 2023, there are 15 in-vehicle terminal models for vehicles with more than 0.1 million vehicles online on the national road freight vehicle public supervision and service platform, involving 12 terminal manufacturers. The company has three product models listed, the most among the terminal manufacturers.

The company's passenger car positioning terminals are mainly used in scenarios such as auto finance, cargo tracking, vehicle management, and insurance claims. The company is one of the earliest passenger car positioning terminal manufacturers to enter the auto finance field. The company has a long business development time, large production scale, complete process system, and complete product types, and has accumulated well-known customers such as Qingdao Zhongrui, Sage Navigation, and Wanwei Digital.

(2) Smart travel components

Bosiju's smart travel components mainly include intelligent horseshoe locks, intelligent wheel locks, BMS data communication components for single electric vehicle central control products, and smart Bluetooth instrument panels. There is a lack of publicly authoritative market data in the smart travel component industry, so the company's market position is explained based on customer situations. Taking the bike-sharing field as an example, according to iMedia Research data, the top three brands of electric bike choices for shared electric bike users in China in 2022 are Hellobike, Meituan, and Qingju. The company is the main supplier of smart travel components for Hellobike and Qingju, and has a high market position in the smart travel component field.

(3) Smart payment hardware

The company's smart payment hardware includes collection cloud speakers, cloud broadcast printers and other products. There is a lack of publicly available statistics on the market, so the company's market position is explained based on customer situations. Taking third-party payment institutions as an example, according to iResearch data, as of the second quarter of 2020, Caifutong accounted for 38.8% of China's third-party mobile payment transaction volume market share, ranking second. Caifutong is an online payment platform under Tencent and a leading enterprise in the mobile payment field. As one of the main suppliers of Caifutong's smart payment hardware, the company has a certain market position in the field of smart payment hardware.

In terms of finance, in 2020, 2021, 2022, and January-June 2023, Bosiju's operating income was approximately RMB 1.053 billion yuan, 1.336 billion yuan, 1.21 billion yuan, and 0.575 billion yuan, and net profit for the period was approximately RMB 0.116 billion yuan, 0.194 billion yuan, 0.158 billion yuan and 86.7069 million yuan, respectively.

It should be noted that Bosiju reminds investors in the prospectus to pay special attention to innovation risk.

The company's main business is the R&D design, production, and sales of internet of things intelligent hardware products. In order to enhance technical strength and maintain market share, the company needs to continuously increase investment in product R&D and technological innovation. Although the company will conduct detailed market research and technological forecasting before implementing R&D, the uncertainty of R&D project process and results is still high and is influenced by many factors such as product development cycle, launch timing, customer preferences, competitor product strategies, and market development stage. There are also risks such as misjudgment of R&D direction, R&D project failure or inability to fully achieve expected targets, and high R&D costs, which have a negative impact on the company's production and operation.