1. Introduction to the company's business
The company is the world's leading provider of intelligent mining system solutions, mainly providing integrated development services and related value-added services such as engineering construction, operation management, optimization design, technology research and development to global non-coal mines, and has successively provided mine development services for more than 70 large and medium-sized mines at home and abroad, involving mining resources mainly including copper, lead, zinc, molybdenum, nickel, cobalt, chromium, antimony, indium, gallium, gold, silver, tin, iron, phosphorus, limestone, etc., and its business covers Anhui, Shandong, Hebei, Liaoning, Yunnan, Guangxi, etc. Xinjiang and more than 20 provinces (autonomous regions) as well as Africa, South America, Central Asia and other overseas regions.
The company is positioned in the middle and high-end markets of non-coal mine development services at home and abroad, and has established good and stable cooperative relations with large central and state-owned enterprise customers with a large number of high-quality mining resources, such as China Nonferrous Metals, China Railway, North Industries, Anshan Iron and Steel Group, Tongling Nonferrous Metals, Yuntianhua, etc., and has undertaken the development and service business of many large and medium-sized non-coal underground mines at home and abroad.
The company is also one of the earliest mine development service providers in China to implement the international development strategy, and actively implements the mainland's "Belt and Road" initiative, and has carried out business in Zambia, Congo (DRC), Zimbabwe, Turkey, Kazakhstan, Mongolia, Ecuador and other "Belt and Road" cooperation countries in recent years, further enhancing the company's internationalization and global market competitiveness.
During the reporting period, the company's main business income was composed as follows:
2. The company's performance
From 2019 to 2023, the company's growth and profitability performance are as follows:
From January to December 2024, the company expects attributable net profit to be about 68 million yuan to 81 million yuan, an increase of 2.71% to 22.35% year-on-year, operating income of about 1.29 billion yuan to 1.39 billion yuan, an increase of 10.81% to 19.40% year-on-year, and non-net profit of about 62 million yuan to 75 million yuan, an increase of 5.39% to 27.49% year-on-year.
3. Issuance and comparison with comparable companies
The company's issue price is 4.33 yuan, and 50.67 million shares are issued, of which 43.07 million shares are issued online. Lead underwriter: Tianfeng Securities, joint underwriter: Guoxin Securities, listing location: Beijing Stock Exchange, subscription time: September 18, 2024 (Wednesday). The market value after issuance is 879 million yuan, and the circulating market value after issuance is 221 million yuan. Based on the median 2024 forecast results, the expected P/E ratio is 11.8 and the static P/E ratio is 13.28. The market capitalization, price-to-earnings ratio and revenue of comparable companies are as follows:
The estimated winning rate and the funds required to secure 100 shares are as follows:
4. Summary
The company is mainly engaged in mining engineering construction and mining operation management, and its performance is closely related to the macroeconomic environment and the scale of fixed asset investment in the mining industry. The company mainly serves the mid-to-high-end market, and the degree of competition is relatively low, but it still does not rule out more competitors to join. Nearly half of the company's revenue comes from overseas, and although the company has rich experience in overseas project operation, there are still potential risks due to factors such as riots and wars in the countries where it is located, geopolitical tensions, nationalization of foreign assets, economic sanctions, deterioration of the business environment, and changes in foreign investment policies.
During the reporting period, the company's profitability and growth were poor; As of the end of March 2024, the company has unrecognized revenue orders of about 9.5 billion yuan, and if these orders can be recognized as revenue, it is believed that the company's performance will be qualitatively improved. Comparable companies are more comparable to CICC Integrity and Grand Blast, but the issuer is still far from them.
The company's valuation is OK, the subscription threshold is also very low, the nearest new shares in the recent subscription threshold is still Yun Xingyu and Xuchang Intelligent in January, the above two companies' subscription funds are 201.3 billion and 179.9 billion respectively, I personally think that the subscription funds should not be less than 180 billion. Although the secondary market is not very good now, it is still good to hit the new market.
New rating: cautious. I hit the new plan: participate.
Notes: The performance of IPO on the first day is related to many factors, and this article is only a brief analysis of the company's business, main financial indicators and valuation. Investors need to think independently and make decisions when making new deals. If there is a conclusive statement in the article, it is also a personal opinion. We hope that investors will invest rationally.