The issue prices of the first batch of 25 companies on the Science and Technology Innovation Board have all been finalized.
On the evening of July 10, the last seven companies on the first batch of Science and Technology Innovation Board - Hanchuan Intelligent (688022), Jiayuan Technology (688388), Traffic Control Technology (688015), Tianyi Shangjia (688033), Wald (688028), Aerospace Hongtu (688066), and Fangbang Shares (688020) have successively announced their issue prices.
According to the issuance arrangements, the above-mentioned seven companies will conduct online and offline subscriptions on July 12 (this Friday). On July 16, the preliminary offline allotment results and the online lottery results were announced, and the "Prospectus" was published on July 18.
On July 22, the first batch of 25 companies on the Science and Technology Innovation Board will usher in the listing ceremony.
Point 1: The average price-to-earnings ratio of 25 companies: 49.21 times
Wang Jiyue, a senior investment banker, believes that the price-to-earnings ratios vary greatly in different industries. For example, the software and information services industry in A-shares exceeds 40 times, and less than 10 times for financial real estate. It cannot simply be said that the price-to-earnings ratio of the software and information services industry is unreasonably high. At the same time, we must also consider that some companies on the Science and Technology Innovation Board are in a period of rapid growth, high investment or losses, and they are not suitable for valuation using the price-to-earnings ratio method.
Point 2: A total of 37.017 billion yuan was raised
Comparing the latest data, the funds raised corresponding to the issue price determined by most companies exceeded the originally planned capital needs. (commonly known as "super raising"). For example, the issue price of Ruichuang Microna corresponds to a fundraising of 1.2 billion yuan, and the original plan is to raise 450 million yuan; the issue price of Nanwei Medical corresponds to a fundraising of 1.749 billion yuan, and the original plan is to raise 894 million yuan, etc.
However, there are also situations where the funds raised corresponding to the issue price do not reach the target. For example, Rongbai Technology originally planned to raise 1.6 billion yuan, but the amount corresponding to the issue price was 1.197 billion yuan; Western Superconducting’s original plan Raising 800 million yuan, the issue price corresponds to a raised amount of 663 million yuan.
Relevant comments from People's Daily Online believe that some investors question the so-called "over-raising" of companies listed on the Science and Technology Innovation Board, which means they use traditional ideas to judge, understand and view the Science and Technology Innovation Board, which shows that they are not accustomed to the local conditions.
"The biggest feature of the Science and Technology Innovation Board is market-based pricing. Since it is market-based pricing, there will be no restrictions on the issuance scale and price - these dynamic changes are precisely the basic guarantee for effective market pricing. Market investment Facing the new system and new environment of the Science and Technology Innovation Board, investors need an adaptation process. This means that investors cannot solidify their thinking and use past ideas to understand the listing and pricing process of companies on the Science and Technology Innovation Board, and cannot regard generating new income as a normal norm. , otherwise it will be easy to get acclimated,” the review pointed out.
Point 3: Computers, communications and special equipment account for a high proportion
According to the industry classification standards of the China Securities Regulatory Commission, among the first 25 companies, computers, communications and other electronic equipment manufacturing There are 9 companies in the special equipment manufacturing industry; 8 companies in the special equipment manufacturing industry; 3 companies in the railway, shipbuilding, aerospace and other transportation equipment manufacturing industries; 2 companies in the software and information technology service industry; general equipment manufacturing, instrumentation manufacturing and nonferrous metals There is one company each in metal smelting and rolling processing industries.
Point 4: Beijing and Shanghai top the list
In terms of registration places, Beijing and Shanghai top the list, with 5 companies each, Jiangsu 4 companies, and Zhejiang and Guangdong 3 companies each. , 2 in Shaanxi, and 1 each in Fujian, Heilongjiang, and Shandong.
Attached: Issuance prices, strategic placements, etc. of 7 companies on the Science and Technology Innovation Board on the evening of July 10th:
1. Aerospace Grand Plan: Issuance price of 17.25 yuan/share
Online subscription code: 787066
Corresponding market value: 2.863 billion yuan
Price-to-earnings ratio: 45.02 times (based on the net profit attributable to the parent before deducting non-excluding items in 2018 divided by the total equity after issuance) Calculation, the same below)
Funds raised: If the issuance is successful, the total amount of funds raised is expected to be 716 million yuan
The original plan was to raise 567 million yuan, which will be used for the PIE basic platform upgrade and transformation project, Beidou Comprehensive Application Platform Construction Project and Atmospheric Ocean Application Service Platform Project
Subscription time: July 12
Top-tier subscription: A maximum of 11,500 shares can be purchased online. Top-tier subscription requires a market value of 115,000 yuan.
Strategic placement: The final number of strategic placements in this issuance is 2.075 million shares, accounting for 5% of the number of this issuance.
Basic situation:
Aerospace Hongtu was established in In 2008, the registered capital was 120 million yuan. The company is a leading remote sensing and Beidou navigation satellite application service provider in China. It is committed to the localization of satellite application software, the industrialization of industry applications, and the commercialization of application services. It has developed and mastered basic software platforms and core technologies with completely independent intellectual property rights, providing The government, military, and enterprises provide basic software products, system design and development, and data analysis application services. The company's remote sensing image processing basic software platform PIE was selected into the central state agency software agreement supply list in 2017. It is the only product selected in the remote sensing category. Financial data shows that from 2016 to 2018, Aerospace Hongtu’s performance increased steadily, achieving revenue of 191 million yuan, 288 million yuan, and 416 million yuan respectively; net profits attributable to the parent company were 31.5861 million yuan, 45.3791 million yuan, and 61.6787 million yuan.
2. Fangbang Shares: Issue price 53.88 yuan/share
Online subscription code: 787020
Corresponding market value: 4.31 billion yuan
Price-to-earnings ratio: 36.79 times
Funds raised: If the issuance is successful, the total amount of funds raised is expected to be 1.078 billion yuan
The original plan was to raise 1.058 billion yuan to invest in a new copper-clad laminate production base , shielding film production base, R&D center and other construction projects, as well as supplementing working capital
Top-tier subscription: A maximum of 5,500 shares can be purchased online. Top-tier subscription requires a market value of 55,000 yuan
Strategic placement: This The final strategic allotment quantity of the secondary issuance is 800,000 shares, accounting for 4% of the total issuance.
Basic information:
The company was established in December 2010. It is a professional electronic materials manufacturer integrating R&D, production, sales and service. The company's main products include electromagnetic shielding films, conductive adhesive films, ultra-thin flexible copper-clad laminates and ultra-thin copper foil, which are high-performance composite materials. The company's operating income from 2016 to 2018 was 190 million yuan, 226 million yuan, and 275 million yuan respectively. The net profit attributable to the parent company was 79.8987 million yuan, 96.2911 million yuan, and 117 million yuan respectively. The proportion of R&D investment in revenue was 9.69, 8.59, 7.88. The company's comprehensive gross profit margin remains at a high level, respectively 72.11, 73.17 and 71.67.
3. Tianyi Shangjia: Issue price 20.37 yuan/share
Online subscription code: 787033
Corresponding market value: 9.141 billion yuan
Price-to-earnings ratio: 34.74 times
Funds raised: If the issuance is successful, it is expected to raise funds of 975 million yuan.
The original plan was to raise 646 million yuan, which was planned to be invested in projects with an annual output of 600,000 rail transit rolling stock brake pads and brake shoes, as well as the research and development of brake pads and intelligent brake pads for power-concentrated electric multiple units with a speed of 160 kilometers per hour. Manufacturing demonstration production line project, marketing and service network construction project.
Top-tier subscription: The upper limit of online subscription is 9,000 shares. The top-tier subscription requires a market value of 90,000 yuan.
Strategic placement: The final number of strategic placements is 1.9637 million shares, accounting for 4.1% of the total number of issuances
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Basic information:
Tianyi Shangjia was established in 2009 and is the leading domestic supplier of powder metallurgy brake pads for high-speed rail EMUs. The company successfully implemented import substitution in 2013, effectively promoting the localization process of core components of my country's high-speed rail EMUs. Financial data shows that the company's operating income in 2016, 2017 and 2018 were 468 million yuan, 507 million yuan and 557 million yuan respectively, and its net profits were 194 million yuan, 222 million yuan and 263 million yuan respectively.
4. Wald: Issue price 26.68 yuan/share
Online subscription code: 787028
Corresponding market value: 2.134 billion yuan
Price-earning ratio: 32.19 times
Funds raised: If the issuance is successful, the total amount of funds is expected to be 534 million yuan
The original plan was to raise 407 million yuan, which was planned to be invested in the industrial upgrading of ultra-high precision cutting tools Projects, high-precision tool industrialization upgrade projects, high-precision tool expansion projects, R&D center projects and supplementary working capital projects, etc.
Top-tier subscription: The upper limit of online subscription is 5,500 shares. Top-tier subscription requires a market value of 55,000
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Strategic placement: The final number of strategic placements is 1 million shares, accounting for 5% of the total issuance size
Basic situation:
Wald was established in 2006 and is mainly engaged in R&D, production and sales of ultra-high precision and high-precision superhard cutting tools and superhard material products.
The company’s key products include various types of ultra-high precision and high-precision superhard tools, CVD diamond and other superhard material products. Financial data shows that from 2016 to 2018, Wald achieved operating income of 175 million yuan, 233 million yuan and 262 million yuan respectively; net profits of 42.0869 million yuan, 58.1412 million yuan and 66.2979 million yuan respectively. It is expected to achieve operating income of 122 million yuan in 2019, a year-on-year increase of 3.98%.
5. Tongkong Technology: Issue price 16.18 yuan/share
Online subscription code: 787015
Corresponding market value: 2.589 billion yuan
Price-to-earnings ratio: 38.99 times
Funds raised: 647 million yuan (original plan: 550 million yuan)
Top subscription: A maximum of 10,000 shares can be purchased online, and top subscription requires a market value of 100,000 in the Shanghai stock market Yuan
Strategic placement: The final number of strategic placements was 5.456 million shares, accounting for approximately 13.64% of the total number of shares issued
Basic information:
The company was established in 2009. The registered capital is 120 million yuan.
The company's main business is based on CBTC technology with independent intellectual property rights, specializing in the research and development of urban rail transit signaling systems, the development of key equipment, system integration and general contracting of signaling systems.
The company's main products include three types: basic CBTC system, CBTC interconnected train operation control system (I-CBTC system), and fully automatic operation system (FAO system). The application markets of the company's products include the new line market, the existing line upgrade market and the heavy-haul railway market.
In 2017 and 2018, Jiaokong Technology’s operating income was 879,619,800 yuan and 1,162,520,500 yuan respectively. The net profit attributable to the owners of the parent company (before and after deducting non-recurring gains and losses, whichever is lower ) were 36.7214 million yuan and 60.1596 million yuan respectively.
This listing plans to raise 550 million yuan, which will be mainly used for the construction of high-tech industrial parks for rail transit train control systems, the research and development and application of new generation rail transit train control systems, train intelligent network control and health management information systems Construction and application, supplementing working capital, etc.
6. Hanchuan Intelligence: Issue price 25.79 yuan/share
Online subscription code: 787022
Corresponding market value: 2.785 billion yuan
Price-to-earnings ratio: 39.65 times
Funds raised: 696 million yuan (original plan: 468 million yuan)
Top subscription: A maximum of 7,500 shares can be purchased online. Top subscription requires a market value of 75,000 yuan in the Shanghai market.
Strategic placement: The final strategic placement quantity is the same as the initial strategic placement quantity, which is 1.35 million shares, accounting for 5.00 of the total issuance.
Basic information:
Hanchuan Intelligence was established in 2012 with a registered capital of 81 million yuan. The main products are assembly and testing automation equipment. The company's products mainly serve the intelligence of advanced production lines of world-renowned companies, and downstream application industries include automotive electronics, medical health, and new energy batteries.
The company has been deeply involved in the intelligent manufacturing equipment industry for many years and has accumulated a large number of world-renowned customers. Among them, in the automotive electronics industry, seven of the world's top ten parts manufacturers are the company's customers. In the connector segment, the world's top two manufacturers are both important customers of the company. In the medical and health industry, the company has customers such as Medtronic, Baxter, and 3M. In the new energy battery industry, the company has high-quality customers such as Yiwei Lithium Energy and Xinwangda.
Financial data shows that from 2016 to 2018, Hanchuan Intelligence’s operating income was 150 million yuan, 244 million yuan, and 436 million yuan respectively, and its net profits were 2.4271 million yuan, 32.8268 million yuan, and 71.1136 million yuan respectively. Ten thousand yuan. Net profit in 2018 was nearly 30 times that of 2016.
It is worth mentioning that Hanchuan Intelligent adheres to the development strategy of globalization and actively expands overseas markets. In 2016, 2017 and 2018, the company's overseas operating income accounted for the proportion of main business income respectively. are 15.98, 15.99, and 20.66, mainly from the Philippines, the United States, Mexico, Hungary, Lithuania and other countries.
7. Jiayuan Technology: Issue price 28.26 yuan/share
Online subscription code: 787388
Corresponding market value: 6.525 billion yuan
Price-to-earnings ratio: 36.98 times
Funds raised: 1.633 billion yuan (original plan: 969 million yuan)
Top subscription: A maximum of 16,000 shares can be purchased online. Top subscription requires a market value of 160,000 yuan in the Shanghai market
Strategic placement:
The final number of strategic placements was 2,123,142 shares, accounting for approximately 3.67% of the total issuance.
Basic information:
The company was founded in 2001 and is mainly engaged in the research, production and sales of various high-performance electrolytic copper foils. The main products are ultra-thin lithium battery copper foil and ultra-thin Lithium battery copper foil is mainly used as the negative electrode current collector of lithium-ion batteries and is an important basic material in the lithium-ion battery industry. It is ultimately used in terminal application fields such as new energy vehicles, 3C digital products, energy storage systems, communication equipment, and automotive electronics. At the same time, the company produces a small amount of standard copper foil products for PCBs.
The company's main products are ultra-thin lithium battery copper foil and ultra-thin lithium battery copper foil, which are mainly used in the lithium-ion battery industry and are ultimately used in new energy vehicles, power batteries, energy storage equipment and electronic products. The company's other products are standard copper foils, which are mainly used in the PCB industry.
It is worth mentioning that the company is one of the leading companies in the domestic high-performance lithium battery copper foil industry. It has established long-term cooperative relationships with well-known battery manufacturers such as CATL, CATL, and BYD, and has become one of its Core supplier of lithium battery copper foil. The company and its subsidiaries hold a total of 106 patents.
Financial data shows that from 2016 to 2018, Jiayuan Technology achieved operating income of 419 million yuan, 566 million yuan and 1.153 billion yuan respectively, and net profits attributable to the parent company of 62.5298 million yuan, 85.1925 million yuan and 176,000 yuan. billion, with the compound annual growth rates of revenue and net profit reaching 65.95 and 65.53 respectively.