Red Weekly丨Liu Jie
According to statistics from "Red Weekly", there are 10 new stocks to be subscribed online from September 13 to September 16, which is equivalent to the number of new stock subscriptions last week. Among the 10 companies to be subscribed, there are 54 html board, 52 html board, 2 pound certificates, and 1 shanghai Stock Exchange and Shenzhen Stock Exchange Main Board. The industry categories involve seven major industries, including computer, communication and other electronic equipment manufacturing, agricultural and sideline food processing industry, and special equipment manufacturing (see the attached table for details).
It is worth noting that among the 10 new stock companies next week, three companies are involved in the concept of "5G", namely Xinke Mobile, Bangyan Technology and Yibo Technology . Among them, the first two companies are focused on the field of mobile communications, while Yibo Technology has a wider business scope. In addition to network communications , its products also involve industrial control, smart transportation, etc.
In addition, braised food giant Ziyan Food and well-known home furnishing company Wrigley Home Furnishing also have many highlights. The two companies are logged on the Shanghai Stock Exchange and Shenzhen Stock Exchange main boards respectively. Investors who are interested in consumer stocks can pay attention.
Overall, the companies that will be subscribed next week have performed well in their respective sub-sectors, but at the same time, the trend of new stocks breaking the issuance has increased recently. Therefore, while seizing the investment opportunities of new stocks, Pay attention to the risks behind "news" purchases.
Xinke Mobile R&D team strong
Yibo Technology's actual controller has Huawei background
Among the companies that will be subscribed online,Xinke Mobile, Yibo Technology, and Bangyan Technology are both computer, communication and other electronic equipment manufacturing industries. The services are different, but they all focus on 5G information technology.
Xinke Mobile is one of the few comprehensive solutions providers in the world that have both the full range of mobile communication network equipment and mobile communication technology service capabilities. The company has long been focusing on the research and development and industrialization of international mobile communication standards and underlying core technologies, relying on independent intellectual property rights The mobile communication technology standard broke the monopoly position in the field of mobile communication technology abroad and became a core member of my country's IMT-2020 (5G) promotion group.
Xinke Mobile R&D personnel account for more than 45%, and the proportion of master's degree or above is more than 28%. Among them, there are 12 core technical teams, 5 of the technical expert teams enjoy special allowances from the State Council , and 1 chief scientist. Its cumulative R&D investment in the past three years is about 4.216 billion yuan, and its R&D expense rate in the past three years is as high as 28.71%, far exceeding the standard value of 5% of the Science and Technology Innovation Board. In the field of 5G equipment, R&D development efforts have always been at the forefront of the industry.
Yibo Technology is a one-stop hardware innovation service provider based on printed circuit board (PCB) design services and also providing printed circuit board assembly (PCBA) manufacturing services. The company's typical PCBA products are used in 5G base stations. It is the core device of 5G network.
According to the prospectus, Yibo Technology's controlling shareholders and actual controllers are Tang Changmao, Wang Canzhong, Ke Hansheng, Zheng Yufeng, Zhu Xingjian, Li Qinghai and Wu Jun, with a total holding of 78.34% of the shares. All the above seven people have a Huawei background. Tang Changmao served as Huawei's engineer and project manager from February 1998 to July 2002, and the remaining six people also served as Huawei's engineers at different times.
Yibo Technology said that the PCB design business is an important driving business for its reputation in the industry, and the PCBA manufacturing service business is the expansion of the aforementioned business. However, it is worth noting that from 2019 to 2021, its PCB design service revenue accounted for 25.80%, 22.43% and 20.58% of its main business revenue, respectively, and the revenue share is not high. Its revenue source mainly relies on PCBA manufacturing service business. During the reporting period, the proportion of revenue from this business to the main business income remained above 74%.
According to the prospectus, in 2020, Yibo Technology's PCB design service business operating income was 129 million yuan, accounting for about 0.34%-0.46% of the market size of my country's theoretical PCB design, and its market share is not high, so it is The revenue generation of this business still needs to be done.
However, Yibo Technology's R&D engineer team is significantly ahead of other companies in the industry. It currently has a team of PCB design R&D engineers with more than 600 people, with an average industry experience of more than 6 years.Among comparable companies in the same industry, as of the end of 2021, Xingsen Technology has a professional designer team of nearly 300 people, and Jinbaize has 250 R&D technical personnel. Therefore, can Yibo Technology make its mark in the future with its technological advantages? Let's wait and see.
Bangyan Technology, which is more popular among investors, is an military enterprise, , and is also a national high-tech enterprise. It is mainly engaged in the research, development, manufacturing, sales and services of information and information security equipment. Its core business includes integrated communications and ship communications. and information security.
In terms of R&D, Bangyan Technology has a total of 140 R&D personnel, accounting for 39.11% of the total number. In the three years from 2019 to 2021, the company's R&D investment totaled 172 million yuan, accounting for 20% of its operating income. With the help of high R&D investment, the company has formed 63 invention patents (including 2 defense patents). In addition, the company undertakes a number of scientific research projects commissioned by military or general units and other military units, including 36 established products and 23 models of development projects, ensuring the cutting-edgeness of the company's technology.
Ziyan Food's revenue is close to the "three giants of braised food"
Ziyan Food is an agricultural and sideline food enterprise. Its main business is the research, development, production and sales of braised food. The main products are couple lung tablets , Baiwei Chicken , , pepper chicken and other braised foods that use chicken, duck, beef, pig and other poultry and livestock products as raw materials. The application scenarios are mainly for food consumption and leisure consumption as supplementary. The main brands It is "Purple Swallow".
This time, Ziyan Food plans to raise 780 million yuan for the construction of production bases, warehousing bases, R&D centers, brand promotion and marketing promotion. According to market data, the market size of China's braised food industry in 2020 is about 250 billion yuan to 310 billion yuan, of which the market size of the braised food industry is expected to reach 280 billion yuan in 2025. Against the backdrop of rapid growth and increased concentration of the braised products industry, Ziyan Food has expanded its production capacity through listing financing, adding wings to it.
The "three braised food giants" that are familiar to consumers - Juewei Food , Zhou Hei Ya , and Huang Shanghuang respectively, achieved operating income of 6.549 billion yuan, 2.889 billion yuan and 2.339 billion yuan in 2021, respectively, while Ziyan Food's revenue that year was 3.092 billion yuan, surpassing Zhou Heiya and Huang Shanghuang.
The above situation is due to Ziyan Food’s widely distributed chain stores. According to the prospectus, it has developed more than 5,100 stores nationwide, with products covering more than 150 cities in more than 20 provinces, autonomous regions, and municipalities directly under the central government. In 2020 In 2019, the company's share in the retail end of the domestic braised food market was about 1.48% to 1.84%.
It is worth noting that Ziyan Food’s raw materials account for more than 580% of its main business cost of , of which whole chicken, beef, chicken feet, beef offal, pig trotters, pig ears, etc. account for more than 50% of the total raw material purchase. In recent years, due to factors such as animal epidemics or other natural disasters, breeding costs, inflation, market supply and demand, the prices of raw materials have fluctuated to a certain extent. If raw material prices fluctuate significantly in the future and they cannot implement effective strategies in a timely manner, it will have an impact on their gross profit margin and profitability.
The performance of the leading company in the subdivision of Senying Window Industry has been affected by real estate companies and
Among the companies that are about to be subscribed online, Senying Window Industry has also paid great attention to it. Its industries are wood processing, wood, bamboo, rattan, and brown. , grass products industry, mainly engaged in the research and development, design, production and sales of customized energy-saving aluminum-clad wooden windows. According to the Steel and Wood Window Committee of the China Construction Metal Structure Association and the National Federation of Industry and Commerce Furniture and Decoration Industry Chamber of Commerce, from 2017 to 2019, Senying Window Industry has been in China for three consecutive years in terms of aluminum-clad wood window production scale and market sales volume. Ranked first among similar companies.
According to the prospectus, from 2019 to June 30, 2022, Senying Window Industry achieved operating income of 728 million yuan, 837 million yuan, 957 million yuan and 313 million yuan, respectively, an increase of 19.19%, 14.85%, and 14.36 year-on-year respectively, respectively. % and -9.86%, and the net profits realized were RMB 75.8628 million, RMB 127 million, RMB 128 million and RMB 23.9838 million, respectively, with year-on-year growth rates of 26.91%, 67.43%, 1.13%, and -43.17%, respectively.It can be seen that in 2021, its net profit growth slowed down. By the first half of 2022, both revenue and net profit declined, and their performance was not ideal.
The reason is that Senying Window Industry's sales mainly adopts a bulk business model. During the reporting period, its bulk business model sales revenue accounted for more than 50% of its main business revenue. This model is the company directly providing customized energy-saving aluminum-clad wooden window products to real estate developers, decoration decoration company and other bulk business customers. Due to the downward trend in real estate, Senying Window Industry's bulk business model has also been affected. Sales scale has contracted.
It is worth noting that at present, downstream real estate companies are facing challenges in capital chains, and there are constant news of debt defaults, so Senying Window Industry needs to be vigilant about the subsequent payment situation of customers. According to the prospectus, from 2019 to 2021, the balance of its accounts receivable accounted for 42.24%, 42.90% and 36.03% of its operating income, respectively, accounting for a high proportion. As of the end of June 2022, its notes receivable and accounts receivable were receivable. The amount is 301 million yuan, which is a large amount. If Senying Window Industry fails to default on its customers in the future, it will need to make provisions for bad debts in , which may seriously damage its performance.
(This article has been published in "Red Weekly" on September 10. The article mentions stocks for example analysis only and does not make trading suggestions.)
