Interface News Reporter | Zhang Yi
This week, the scale of A-share restricted shares was about 40 billion yuan, which was relatively low.
Wind data statistics show that excluding newly listed companies, a total of 61 companies have lifted the ban on restricted shares this week, with a total of 2.850 billion shares, and the market value of the ban is 39.979 billion yuan based on the latest closing price (the same below).
Among them, there are 12 companies with a market value of more than 1 billion yuan, and the top three are all companies on the Science and Technology Innovation Board. Yahuilong(688575. SH), Bozhon Seiko (688097. SH) lifted the ban on more than 7 billion yuan, and Maixinlin (688685. SH) lifted the ban on more than 2 billion yuan.
There are 9 companies with more than 100 million shares, and the top three are Guohai Securities (000750. SZ), Bozhon Seiko and Yahuilong, all with more than 300 million shares.
IVD (in vitro diagnostic products) company Yahuilong is the largest company to lift the ban this week. According to the announcement, on May 17, the company lifted 300 million initial restricted shares, accounting for more than 50% of the total share capital, equivalent to a market value of 7.613 billion yuan.
Yahuilong will be listed for three years, and there are 7 shareholders in total, the actual controller and chairman Hu Yuhui accounts for 39.09% of the shares, and the second largest shareholder, Shenzhen Puhui Zhonglian Industrial Investment Co., Ltd., holds 8.17% of the shares, in addition to 5 investment consulting companies.
Fundamentally, Yahuilong's performance in the past two years has been poor. After experiencing high growth in 2022, the company is in a state of decline in both 2023 and the first quarter of 2024. In 2023, the company's operating income will be 2.053 billion yuan, a decrease of nearly 50% from nearly 4 billion yuan in 2022; The net profit attributable to the parent company will exceed 1 billion yuan in 2022, and will drop to 355 million yuan in 2023, a year-on-year decrease of 64.92%.
In the first quarter of this year, the company's revenue and net profit still declined year-on-year. Operating income fell by more than 30%, while net profit attributable to the parent company fell by about 19%.
In the secondary market, Yahuilong's share price hit the highest price on the first day of trading, and then fell sharply. In the past two years, the stock price has risen steadily, and it has risen by about 10% since 2024. The company's latest closing price is 25.34 yuan per share, with a total market value of 14.4 billion yuan. The closing price of the post-compounding rights has increased by more than 140% compared with the company's issue price.
Yahuilong executives have proposed a plan to increase their holdings this year. Based on his confidence in the company's future development prospects, Liao Lisheng, director and chief financial officer of the company, plans to increase his holdings of the company's shares by no less than 2 million yuan within six months from February 5, 2024.
Not long ago, Yahuilong launched a new round of equity incentives, and the assessment target not only has requirements for net profit growth, but also specific requirements for various businesses. Among them, the net profit in 2024 will increase by 35% compared with 2023; In 2025, it will increase by 82.25% compared to 2023. It can be calculated that the net profit target attributable to the parent company in 2024 and 2025 is about 479 million yuan and 647 million yuan.
2023 is a year with a low base of the company's performance, and it is not difficult for Yahuilong to complete, but the net profit in the first quarter has failed to grow, and it needs to be made up in the next three quarters.
Huaan Securities believes that Yahuilong is a leading chemiluminescence IVD company in China. In the next three years, the company will focus on the development of overseas markets, attach importance to emerging markets, add 1,200 new installed capacity guidelines/year, overseas revenue growth is expected to increase by more than 40% year-on-year, and the proportion of high-speed and ultra-high-speed machines will increase rapidly.
Bozhon Seiko lifted the ban on selling shares for a three-year period of listing, and compared with Yahuilong, its lifting pressure is too large.
First of all, the Bozhon Seiko circulation has increased significantly. According to the announcement, the number of shares lifted by the company was 349 million, accounting for 78.18% of the total share capital, and the company's circulation increased by 376%, with a market value of 7.015 billion yuan.
Secondly, the shareholders of Bozhon Seiko are scattered and involve a number of investment companies, and most of the investment companies have the need to go public and cash out.
The company lifted the ban on a total of 15 shareholders, including the largest shareholder Suzhou Zhonger Equity Investment Partnership (Limited Partnership) and the second largest shareholder Jiangsu Bozhong Intelligent Technology Group Co., Ltd., with a shareholding ratio of 34.64% and 29.03% respectively. The remaining 13 shareholders have a certain probability of reducing their holdings after the ban is lifted.
Again, Bozhon Seiko has suffered a loss in performance this year.
This is an automation equipment company, the company's operating income fell by about 16% to 743 million yuan in the first quarter of this year, while the loss was 21.2772 million yuan. 3C business is one of the company's core businesses, and the loss in the first quarter is mainly due to the advance of the 3C project cycle, the cost is pre-loaded and the equipment has not yet entered the acceptance period.
Affected by the performance, the recent share price of Bozhon Seiko is in a downward trend, and the latest closing price has been at the lowest level since its listing. Its issue price is 11.27 yuan / share, and the latest stock price is 20.09 yuan / share, which is nearly 80% higher than that.
Bozhon Seiko plans to repurchase 50 million yuan to 100 million yuan of the company's shares from February 5 to August 4, 2024. As of the end of April, the company has repurchased 7.3904 million yuan.
In addition, there are 7 companies that account for more than 50% of the total share capital this week, namely Bozhon Seiko and Hengtai Lighting (873339. BJ), Huayuan Co., Ltd. (838837. BJ), Mingzhi Technology (688355. SH), Fulai New Materials (605488. SH), Zhongyan Dadi (003001. SZ) and Yahuilong.
There are a total of 9 companies whose number of outstanding shares is more than double that before the lifting of the ban, all of which are restricted shares of the original shareholders for the first time. In addition to the above 7 companies, there are also bee assistants (301382. SZ), Huizhiwei-U (688512.SH). Due to the large increase in the number of outstanding shares, the lifting of the ban on restricted shares of such companies has a relatively large impact on their stock prices.
From the perspective of the type of shares lifted, this week is dominated by the lifting of restricted shares of the original shareholders. Among them, there are 31 restricted shares of the original shareholders for the first time, 2 strategic placement shares for the first time, 2 companies for the first release of the restricted shares of the original shareholders and the first strategic placement shares, 3 initial placement shares of the institution, 7 private placement shares of the private placement institution, 10 restricted shares of equity incentives, and 6 general shares of equity incentives.