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A new stock that has just been listed has a break at the open, with a breakout ratio of more than 7.8%, and the amount of loss per signature exceeds 3,000 yuan, reaching about 3,200 yuan.
Its issue price is as high as 83.90 yuan, the total share capital reaches 40 million shares, and the number of shareholders exceeds 11,000, reaching 11,900.
After the official listing, its total market value exceeded 3 billion yuan, reaching 3.09 billion yuan, and the circulating market value reached about 700 million yuan, on the basis of breaking 7.8% at the opening, its profit price-earnings ratio is still as high as 40.43 times, far higher than the average price-earnings ratio of the same industry by about 25 times.
Put a high-priced stock, a stock issued with a high price-earnings ratio, and completely throw it to the secondary market again.
What is more interesting is that such a high-priced variety and a high price-earnings ratio IPO company, the first batch of unbanning is only six months.
Under normal circumstances, this kind of high-priced issuance, high-price-earnings ratio issuance of varieties, after the lifting of the ban, will usher in a rapid reduction of holdings and cash-out, and it is a large-scale reduction and a large-scale cash-out.
What is the name of this variety with an issue price of more than 83 yuan?
Its name is N Yuchen.
It has relatively many genres and concepts, including the concept of lithium batteries, the concept of securities subject of transfer, the concept of new shares on the science and technology innovation board, the concept of registered sub-new shares, the concept of margin trading, the concept of new shares and sub-new shares, and so on.
His most profitable business is lithium battery manufacturing equipment, which accounts for more than 90% of the main business income, reaching 90.45%.
Its accessories value-added and its service revenue accounted for 8.24%, and the manufacturing equipment operating income of other industries accounted for 1.18% of the main business income.
However, from the analysis of his main business income and gross profit margin, the sector with the largest proportion of operating income has the lowest gross profit margin, for example, the main business income of lithium battery manufacturing equipment is 646 million yuan, but its gross profit margin is 24.1%.
The operating income of accessories value-added and its services is 58.85 million yuan, but its gross profit margin is relatively high, reaching 64.3%.
The operating income of manufacturing equipment in other fields was 8.44 million yuan, and the gross profit margin also reached 48.8%.
In the past three years of business activities, his total operating income and the company's profits have both increased well, and the proportion of growth is relatively large, but his total operating income and the proportion of enterprise profit growth are not consistent, showing a relatively large gap.
In 2020, the total operating income exceeded 200 million yuan, reaching 203 million yuan, a year-on-year increase of 33%.
In 2021, the proportion of total operating income growth was 83.9%, and in 2022, there was a relatively high growth again, the proportion of growth was 91.2%, and the proportion of total operating income growth in the first quarter of 2023 even achieved the good goal of doubling, reaching 100.6%.
The net profit attributable to the parent company has also shown a continuous growth trend in the past three years, and the company's profit in 2020 is 36.69 million yuan, a year-on-year increase of 169%.
The growth rate in 2021 is 47.8%, the growth rate in 2022 is 39.4%, and in the forecast for the 2023 interim report, the proportion of growth in corporate profits is 5% to 34%.
An obvious phenomenon is that the proportion of net profit growth attributable to the parent company shows a continuous decline, a phased decline, within three years, its growth ratio is 169%, falling to about 33%, or there may be a growth of only about 5%.
However, from the perspective of his operating cash flow per share, in the past two years, the operating cash flow per share has been below 1.00 yuan, and in the process of the recent rush to listing, it has shown a continuous decline and a sharp decline.
For example, the operating cash flow per share in 2021 is 0.97 yuan, a year-on-year decrease of more than 95%.
Net cash flow per share in 2022 showed another significant decline on the basis of a 95% decline in the previous year, with a decline of 34% and operating cash flow per share of $0.64.
As a relatively standard manufacturing enterprise, under normal circumstances, the net cash flow per share remains above 1.00 yuan, indicating that the company's capital operation is relatively good, while the operating cash flow per share is 0.97 yuan, falling to 0.64 yuan, indicating that the operation of enterprise funds is relatively tight.
What is more interesting is that in the process of sprint listing, the gross profit margin of corporate sales showed a stepwise decline, and the gross profit margin of sales fell from 41% to 13.5%.
The gross margin of sales in 2020 was 41.3%, the gross margin of sales in 2021 was 33.8%, and the gross margin of sales in 2022 decreased further to 27.8%.
In the first quarter of 2023, it dropped to about 13.6%, and the year-on-year decline was as high as 47.6%.
The net profit margin of sales also showed a phased decline and a sharp decline.
In 2021, the net profit margin on sales was 14.2%, a year-on-year decrease of more than 20%, reaching 20.9%.
In 2022, the net profit margin on sales was only 10.5%, which fell again year-on-year, with a decrease of 26.7%.
Gross profit margin, net profit margin has a comprehensive decline, a large decline, a stepped decline, in this case, the company's operating profit has a certain growth, and some years are a large increase, the main indicators of corporate finance matching can be fully adapted?
However, his earnings per share showed a certain increase, even a large increase. In 2021, its basic earnings per share was 1.84 yuan, and in 2022, its basic earnings per share increased significantly, with an increase of more than 36% to 36.9%, and earnings per share was 2.52 yuan, but more interestingly, the earnings per share in the first quarter of 2023 were -0.12 yuan.
From the perspective of its position in the industry, in the Shanghai and Shenzhen A-share market, there are already 94 listed companies in its similar industry, and among the 94, he ranks 86th in stages.
On the whole, as a high-priced issuance of varieties, the varieties issued with high P/E ratio are not only much higher than the stock price in the secondary market, far higher than the average P/E ratio in the secondary market, but also break on the first trading day of listing.
In the past, under normal circumstances, high-priced and high-P/E varieties were issued soon after listing, and there would be a relative high.
Then the stock price will continue to fall, a sharp decline, some by more than 10%, some by more than 30%, and some by more than 50%.
The decline time is long and short, some are one month, some are three months, some are one year, some are five years, and there are relatively few varieties, which become a historic peak after listing.
Let investors in the market incur certain losses, or even large losses.
This kind of high-priced issuance, high P/E ratio issuance, has been slapped in the face many times, but high-priced issuance, high P/E issuance has still become the norm.
What do you think about this situation?
And how will you operate it?