Heshun Technology disclosed the issuance announcement on the evening of March 10: the number of shares in the public offering was 20 million shares, and the total share capital of the company after the issuance was 80 million shares. The issue price is 56.69 yuan per share, and it will be subscribed online and offline on March 14, 2022. The total amount of funds raised by the issuer is expected to be approximately $1,134 million. Subscription is referred to as Heshun Technology, and the subscription code is 301237.
The chairman and general manager of Heshun Technology are Fan Heqiang, male, 57 years old, with a master's degree background.
Heshun Technology, one of the largest non-ferrous poly film manufacturers in China, is in a period of performance explosion.
On February 16, 2022, Heshun Technology, which specializes in the production of biaxially oriented polyester film (BOPET), was approved by the CSRC for its GEM IPO registration, and it has entered the final stage from its public appearance in the capital market. The company plans to raise 615 million yuan in this IPO, of which 436 million yuan is used for the construction project of the biaxially oriented polyester film production base, 78.55 million yuan is invested in the construction project of the R&D center, and the remaining 100 million yuan is used to supplement the working capital.
At present, it seems that Heshun Technology, which has been established for more than 20 years, is already one of the largest manufacturers of non-ferrous polyfilm in China. The company's new production capacity in 2020 can increase by as much as 180%, and the utilization rate after production has directly reached more than 110%, driving the annual net profit to more than double the year-on-year growth, and maintaining a high growth rate of nearly 70% year-on-year in 2021. At the same time, the future market growth space is still sufficient, superimposed on the company's existing production capacity to turn to high-profit products and raise and put into production, the company's high performance growth trend will continue.
According to the prospectus, the company's Line 4 and Line 5 were put into operation in August and June 2020 respectively, and the production line also meets the production process of non-ferrous photoelectric base film and transparent film. However, the product quality of the new polyester film production line has not been stable in the early stage of production, in order to reduce the loss of the running-in period, the company initially chose an ordinary transparent film with lower production costs. After the run-in period, the company's Fourth and Fifth production lines will slowly shift to non-ferrous photoelectric base films with higher added value.
In addition, after the company's IPO investment project is put into operation, the company's polyester film production capacity will increase from 42,000 tons/ year to 80,000 tons / year, which will increase by 90.48% compared with the pre-production of the investment project.
Moreover, after the successful production of the fundraising project, the company will produce optical film based films including release substrates for optical-grade polarizers, protective substrates for optical-grade polarizers, and optical-grade touch screen (ITO) protective film-based films, expanding the functional film product series at the same time, the added value of products will be further enhanced.
In summary, in 2020, the production capacity of 1.8 times is full production, and Heshun Technology has opened a performance explosion period with strong sustainability.
Industry P/E ratio: 25.2
P/E ratio: 62.39
Issue price: 56.69 yuan
We are based on the company's overall fundamentals and price-to-earnings ratio indicators (as they are new stocks on the ChiNext board, they are issued and listed after the issuance of the new rules for registered IPO, and the level of the price-to-earnings ratio of the issuance is uneven. The company's issuance of P/E ratio is significantly higher than the industry P/E ratio, which is not very friendly to friends who are ready to subscribe, the high P/E ratio must be supported by late performance expectations, the company's P/E ratio is relatively high) and stock price (the stock price is higher, the price is 56.69 yuan, the winning amount needs 28,000 +) analysis, the industry (plastics industry, the industry track is relatively prosperous, the company is the largest domestic non-ferrous poly film manufacturer), net assets per share of 7.87 yuan. The revenue and net profit announced in the latest period increased by 66%+, and the performance of the first quarter is expected: net profit of about 36.99 million yuan, a decline of about -1.24%. Combining the above information and indicators, the subscription rating ★★★ is given, for your reference only!
The degree of participation in the subscription corresponding to the subscription rating: (for reference only)
★★★★★ The risk of subscription is extremely small, and it is recommended that you can consider actively participating in the subscription.
★★★★ The risk of subscription is not large, and it is recommended that you can consider participating in the subscription.
★★★ There is a certain subscription risk, it is recommended to make a subscription choice after a more detailed understanding of the company.
★★ The risk of subscription is relatively large, it is recommended to pay attention to the risk of subscription and make a prudent choice.
★ Subscription is very risky and is not recommended.
[Disclaimer: Investment is risky, information is for reference only, all articles are for reference only, the accuracy and completeness of the information in the article are not guaranteed, and the information in the article does not constitute any investment, legal and other operational advice. Losses or liabilities arising from investors investing with reference to the above shall be borne by investors. 】
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