Another high-priced issuance, high price-earnings ratio issued stock, at the opening of the market fell by more than 10%, the decline reached 10.22%, if it is a secondary market winning investor, the amount of loss per signature reaches about 2,000 yuan.
The issue price per share of this variety is 42.45 yuan, but his price-to-earnings ratio per share is as high as 32.66 times, while the average price-earnings ratio of similar varieties in the secondary market is about 21 times, that is, if compared with the price-earnings ratio of the same industry in the secondary market, the price-earnings ratio of the issuance exceeds 50%.
The number of shares issued by him is 18.5 million, the total market value of the issuance reached 785 million yuan, the issuance fee exceeded 87 million yuan, as high as 87.96 million yuan, and the proportion of intermediary fees was relatively high.
The amount of funds raised reached 697 million yuan, and what is more interesting is that a relatively ordinary industry, a relatively ordinary enterprise, the issuance rate exceeds the price-earnings ratio of the same industry by more than 50%, and there are many investors who continue to subscribe.
The subscription multiple exceeded 6900 times, reaching 6957 times, and the winning rate was 0.0253%.
However, what these investors did not expect was that there was a break of more than 10% on the first day of his listing, and if he was lucky enough to win, then the amount of money to lose on that day was 2,000 yuan.
Why are there so many people rushing to lose money? To fight for losses? Isn't that interesting?
What is the name of this new stock? Its name is Guangkang Biochemical.
The whole share capital of Guangkang Biochemical is 74 million shares, the outstanding share capital is 16.98 million shares, the total market value corresponding to the stage is 2.9 billion yuan, and the current market value is 668 million yuan.
His industry is agricultural chemical industry, pesticide industry, the main business is pesticide raw materials, intermediate system agent research and development, production and sales.
From the perspective of the proportion of income generated by the operation of the enterprise, the operating income of the original drug is 599 million yuan, accounting for more than 90% of the main business income, as high as 90.8%.
The operating income of the preparation industry accounted for 8.65% of the main business income, and the operating income of other industries was 0.53%.
However, what is more interesting is that a traditional pesticide industry, especially the ordinary pesticide preparation industry, the price-earnings ratio of new shares issuance is more than 30 times, as high as 32.7 times, far exceeding the average price-earnings ratio of about 20 times in the secondary market.
From the perspective of the company's business performance, especially in the process of impacting the listing in the past three years, the company's operating income has maintained sustained growth, although the proportion of growth is not very large.
However, the company's profits have fluctuated sharply, with some years of growth and some years of decline.
In 2020, his total operating income was 450 million yuan, a year-on-year increase of 4%, and in 2021, his total operating income was as high as 650 million yuan, a year-on-year increase of more than 43%, reaching 43.9%.
In 2022, the total operating income will be 660 million, which will increase again year-on-year, with an increase of 1.3%.
However, the operating profit of the enterprise, the profit attributable to the parent company, has continued to decline, a large step downward trend, the net profit of the enterprise in 2020 reached 69 million yuan, the proportion of net profit in 2021 increased by more than 40% year-on-year, reaching 40% point 7, and the profit realized in 2021 was 98.2 million yuan.
However, in 2022, the net profit of the enterprise has decreased to a certain extent, the proportion of the decline is 2%, and the profit realized is 96.17 million yuan.
However, in the 2023 interim report, the company's operating profit has fallen sharply, with a decline of between 26% and 23%.
Isn't it interesting that as soon as the company went public, the company's profits fell sharply?
From his earnings per share, in the past three years, earnings per share have basically remained relatively stable, and the earnings per share in 2021 are 1.77 yuan, an increase year-on-year, and the proportion of growth has reached 34%.
However, the earnings per share in 2022 have experienced a phased decline, with a decline of 2.3%, and its earnings per share is 1.73 yuan.
The gross profit margin of pesticide industry sales is relatively important, because it is a relatively special commodity, and such a variety, in the past three years, the gross profit margin of enterprise sales has shown a stepwise decline, and some annual declines are relatively large.
In 2020, the gross profit margin of sales was 38%, and in 2021, the gross profit margin of the enterprise dropped to 32%, and the proportion of the decrease was as high as 18%.
In 2022, the gross profit margin of enterprise sales further declined, and the gross profit margin of sales was 29.3%, a year-on-year decrease of 7.3%.
In the first quarter of 2023, the gross margin of sales continued to decline, at 9.9%.
Among the important financial indicators, its net assets per share have remained relatively good and have shown a continuous growth trend. Its net assets per share in 2021 were $9.18, and in 2022, its net assets per share exceeded $10.00 to $10.94.
From the perspective of the asset-liability ratio of enterprises, the asset-liability ratio of enterprises is relatively low and shows a relatively good trend. In 2021, the ratio of assets to liabilities was 33%, and in 2022, the ratio of assets and liabilities increased, but the increase was relatively low, and the ratio of assets to liabilities was 35%.
From the perspective of the operation of corporate funds, his operating cash flow per share in 2021 was 2.73 yuan, and in 2022, his operating cash flow per share was 1.72 yuan.
Although it showed a state of decline, and the decline was relatively large, it still maintained a relatively generous cash flow as a business activity.
From the perspective of the current ratio of enterprises, the current ratio showed a phased decline, and the proportion of current in 2021 was 1.37, and the proportion of current in 2022 was 1.28.
However, his undistributed profit per share remained relatively high, from 4.58 yuan in 2020 to as high as 6.13 yuan per share in 2022.
In 2021, the capital reserve per share was 2.96 yuan, and in 2022, the provident fund per share increased, and the provident fund per share reached 2.99 yuan.
From the analysis of the regional sales of enterprises, there are three relative regions that account for more than 10% of the main business income, and the operating income of East China is 236 million yuan, accounting for 35.8% of the main business income.
The operating income in South China was 78.2 million yuan, accounting for 11.8% of the main business income, and interestingly, the sales revenue in India was 120 million yuan, accounting for 18.1% of the main business income.
However, on the whole, it is still an agrochemical production enterprise mainly in inland areas.
On the whole, the company's business performance has remained relatively good in recent years, but as a traditional pesticide chemical production enterprise, its issuance price-earnings ratio is still relatively high, and the issuance price is more than 42 yuan, as high as 42.45 yuan, which has far exceeded the average price of 15 yuan in the secondary market.
After the full implementation of the registration system, the speed of new shares issuance is relatively fast, especially the price of new shares issuance is relatively high, and the price-earnings ratio of the issuance is particularly high, there is often a breakout phenomenon, and then there is a continuous decline, a sharp decline.
After some new shares are listed, the decline rate is more than 20%, some more than 30%, some more than 50%, some more than 60%, and even more than 70% of the varieties also appear in front of the market.
Not only the decline is relatively large, but also the decline time is relatively long, some fall for more than three months, some more than nine months, some more than two years, some more than five years, and even some varieties more than seven years.
Let investors in the secondary market, especially small and medium-sized investors, incur certain losses, or even huge losses, leaving the market with a waste product with a high stock price.
A fake without a corresponding investment value.
Inferior products full of mold and digging pits.
After the registration system, new stock issuances are basically high-priced issuances, especially high price-to-earnings ratio issuances.
Under this circumstance, the trend of the vast majority of sub-IPOs is to open high and go low, fall sharply, and fall for a long time, causing huge passivity to the secondary market.
One loud slap after another, often whipped, although the head is buzzing, but the high price-earnings ratio issuance, the high-price issuance is still taking the step of not recognizing the six relatives, I go my own way.
What do you think about this situation?
And how will you operate it?
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