Description of the forecast table: the price of the new stock forecast table mainly refers to the possible operating range of the new stock when it is just listed, which is low, medium and high risk is only based on the company's fundamentals before listing and the initial prediction made by the sentiment of the new stock at this stage. On the whole, most of the new listings will fall sharply or even halve after a few days.
1. A quick overview of the company's basic situation
Total share capital: 161.6 million shares Total issuance: 40.4 million shares
Issue price: 29.02 yuan Total amount raised: 1.172 billion
Issue P/E Ratio: 30.55 times Industry P/E Ratio: 17.66 times
Industry: Electrical machinery and equipment manufacturing
Region: Jiangsu
Net profit in 2022 annual report increased by 92.31% year-on-year
2023 interim net profit increased by 21.57% year-on-year
2. Company observations
1. Industry status
2. Main business income
3. Financial data of the past three years
As can be seen from the table below, the company's revenue and profit maintained a rapid growth trend during the reporting period
In the 2022 annual report, earnings per share was 1.27 yuan, net assets per share were 3.63 yuan, and net profit increased by 92.31% year-on-year
In the 2023 interim report, earnings per share will be 0.72 yuan, net assets per share will be 4.36 yuan, and net profit will increase by 21.57% year-on-year
In the third quarter of 2023, earnings per share were 1.18 yuan, net assets per share were 4.84 yuan, and net profit increased by 23.53% year-on-year
4. Benchmarking in the same industry
5. Use of Fundraising
6. Forecast of operating results from January to December 2023
It is estimated that the company will achieve operating income between 1800000 yuan and 1950000 yuan from January to December 2023, a change of 13.02% to 22.44% compared with the same period last year. It is estimated that the net profit attributable to the owners of the parent company will be 181.8 million yuan to 193.05 million yuan, a change range of 17.67% to 24.95% compared with the same period last year, and the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses will be between 181.3 million yuan and 192.55 million yuan, a change range of 18.09% to 25.42% compared with the same period last year
7. Lead underwriter Huatai United Securities
8. Themes and concepts: (1) new energy vehicles, (2) energy storage, and (3) rail transit
9. The issue price is 29.02 yuan, the circulating market value is 1.172 billion, and the issue price-earnings ratio: 30.55 times
3. Valuation and IPO subscription proposals
The company has been engaged in the research, development and application of electrical connection technology, and its products are widely used in new energy vehicles, electrochemical energy storage, rail transit, industrial frequency conversion, new energy power generation and other fields. Customers include CATL, BYD, Farah Electronics, CRRC, Sungrow, Gotion Hi-Tech, Westinghouse Brake, Rockwell, Toshiba Mitsubishi, etc. The company's products are used in the hot-selling models of BYD, Tesla, NIO, Ideal, Great Wall, Xiaopeng, Thalys and other OEMs. In the field of new energy vehicles, the company's electronic control busbar market share exceeded 30% from January to June 2023, and the market share of battery connection system products was close to 15%. A leading enterprise in the electrical connection industry, deeply bound to CATL, but the gross profit margin is not high, it is estimated that it is to occupy the market at a low price, the performance of the reporting period has grown steadily, the issue price is not high, the valuation is not high, and a positive subscription proposal is given.
Subscription level description: The new share subscription proposal is divided into four types: active subscription, subscription, cautious subscription, and abandonment of subscription.
All new shares listed in 2023 have been given suggestions for new subscriptions, with an accuracy rate of 93% for the whole year
The data of the article mainly refers to the prospectus, and part of the content comes from the Internet.
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