Click to view The latest new stock information New stock subscription form List of new stock meetings
Nine new stocks will be purchased online next Monday. The maximum purchase price is 1.6622 million yuan
According to the new stock subscription schedule arranged by the regulatory authorities, nine new stocks will be purchased next Monday. (December 14) Subscriptions started for Taoli Bread, Qixin Shares, Kerik, Wanlishi, Yinbaoshanxin, Shanding Design, Meishang Ecology, Thinking Train Control and Zhongxin Technology.
After calculation, Dingge requires a total of 1.6622 million yuan to purchase these nine new stocks. According to institutional investors, the total amount of frozen funds for these new stocks is 2.88 trillion to 3 trillion yuan. Against the backdrop of the continuous high limit of new stock listings without any suspense, investors will continue to actively participate in new listings.
This round of new stock subscriptions is still dominated by small and medium-cap stocks. From the perspective of industry and current hot spots, this batch of new stocks is mostly in the manufacturing industry. Among the 9 new stocks that will be subscribed next Monday, Wanlishi is unanimously favored by the market. The main reason is that the issuance price is relatively high. Low, only 2.29 yuan/share. The company is engaged in mid-to-high-end stone comprehensive services. Previously, when Lanshi Heavy Equipment was listed, the issue price was 1.68 yuan per share. Later, it hit the daily limit for 24 consecutive times and became a generation of monster stocks. Wanlishi may be expected to continue to perform the myth of low-priced stocks hitting the daily limit continuously, but there are also examples from market participants. I believe that low-priced stocks may not necessarily be able to continue to hit the daily limit. The key depends on whether there is capital speculation.
From the perspective of industry popularity, the information technology industry's Crick and Sizuulekong, Meishang Ecology, which is engaged in environmental facility services, and Shanding Design, which is engaged in construction engineering design, have attracted more attention. From a fundamental perspective, companies that have achieved year-on-year growth in net profit in the past two years include Siwei Listing Holdings, Fuxiang Co., Ltd., Taoli Bread, Qixin Shares and Meishang Ecology. Among them, Siwei Listing Holdings has an average growth rate of 35.91%, the highest, and Meishang Ecology has the highest average growth rate. The average ecological growth rate is 24.8%, ranking second. (Source: Southeast Morning Post)
[New strategy]
9 new stocks will be purchased next Monday. Analyst tips on how to increase the winning rate
December 14, Yinbaoshanxin, Kerik, Meishang Ecology, Credible Shares, Wanlishi, Shanding Design will subscribe through the Shenzhen Stock Exchange’s online trading system. Taoli Bread, Thinking Co., Ltd., and Zhongxin Technology will subscribe through the Shanghai Stock Exchange’s online trading system.
"It is expected that the overall average online winning rate of this batch of new shares will be roughly the same as the 0.22% of the previous batch." Lin Jin, an analyst at Shenwan Hongyuan, said that for investors who are pursuing a new hit rate, the recommended order of subscription is Thinking Train Control, Taoli Bread, Meishang Ecology, Qixin Co., Ltd., Zhongxin Technology, Click, Yinbaoshanxin, Shanding Design, Wanlishi.
Hotter themes or concepts mean that there is greater room for imagination for the increase in new stocks from listing to opening. From this perspective, it is recommended that investors pay attention to Thinking List Control, Zhongxin Technology, Wanlishi, and Meishang Ecology; in The targets that are still worthy of follow-up after the listing are Siwei Listong and Wanlishi.
Lin Jin said that the greater the gap between the issuance price-earnings ratio and the industry's price-earnings ratio usually means that the company's stock price has greater room for growth compared with its peers. Therefore, from the perspective of the issuance price-earnings ratio, it is recommended that investors pay attention to Think List Control, Yinbaoshan New, Zhongxin Technology, Shanding Design, Click.
For small investors with new capital and market value of around 100,000 yuan, it is recommended to focus on purchasing Shanding Design. For investors with new funds and market capitalization levels between 100,000 yuan and 200,000 yuan, it is recommended to subscribe for Taoli Bread from the perspective of winning rate, and from the perspective of the increase in listing space and follow-up highlights, it is recommended to subscribe for Wanli Stone, Silver Baoshan new. (Source: New Culture News)
[Subscription Guide]
9 New Stock Subscription Guide Institutions recommend that Thinking List Control be the first choice
A total of 9 new stocks were issued on December 14 (Monday), namely Zhongxin Technology (603996) and Taoli Bread (603866) , Thinking Train Control (603508), Meishang Ecology (300495), Shanding Design (300492), Yinbaoshanxin (002786), Wanlishi (002785), Kerik (002782), Qixin Shares (002781), Guosen Securities believes that from the perspective of industry and current hot spots, this batch of new stocks is mostly in the manufacturing industry, and it is recommended that Sixin Train Control (high-speed rail), Meishang Ecology (environmental protection), and Yinbaoshan New (automobile mold) are the first choices.Among them, Wanlishi is particularly special. The absolute price of issuance is very low, and it is expected to replicate the trend of Lanshi's heavy listing.
New stock subscription: Zhongxin Technology (603996)
◆Subscription suggestion:
Zhongxin Technology is an export-oriented ODM manufacturer of LCD TVs and tablet computers. In the past three years, its revenue has increased but its profits have not increased. The company is mainly engaged in the research and development, production and sales of flat-panel TVs and tablet computers. It serves the business strategies of global brands and retailers through the ODM model. LCD TV revenue accounts for more than 85%. Its main cooperative customers include Sceptre (USA), Curtis (Canada), Tempo (Australia) and other brands and retailers. From 2012 to 2014, the proportion of export revenue was 98.29%, 84.65% and 71.8% respectively. The company's operating income from 2012 to 2014 was 2.006 billion yuan, 2.351 billion yuan, and 2.407 billion yuan, with net profits of 161, 111, and 102 million yuan. Gross profit margins were 14.57%, 12.38%, and 9.76%. ROE after non-deduction was 28.91%, 15.91%, 11.12%. The increase in revenue without increasing profits is due to the decline in gross profit margin and the increase in period expenses.
Wealth Securities estimates that the company's operating income in 2015 and 2016 will be 2527.92 million yuan and 2704.87 million yuan respectively, and the net profit will be 107.77 million yuan and 115.31 million yuan. After considering the IPO dilution, the EPS will be 0.54 and 0.58 yuan, giving the company 15 The annual PE is 30-35 times, and the corresponding reasonable stock price range is 16.2-18.9 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 10.52 yuan/share, corresponding to a price-to-earnings ratio of 22.96 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shanghai market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 10,000 yuan of market value, and each subscription unit is 1,000 shares. The subscription quantity should be 1,000 shares or an integral multiple thereof, but shall not exceed 20,000 shares. That is 10,520 yuan-210,400 yuan. According to
public information, the company has determined that the number of shares issued this time is 50.1 million shares. The initial offline issuance quantity is 30.1 million shares, which is 60% of the issuance quantity; the online initial issuance quantity is 20 million shares, which is 40% of the issuance quantity.
◆ Institutional price range valuation comparison
◆ Institutional view:
Fortune Securities: The company’s LCD TVs have a rich product line, covering LCD, LED (ELED and DLED), 3D, smart, ultra-high definition and cloud screen series products, and have formed It has formed a flat-panel TV product line with mainly large-size products and supplemented by small-size products.
◆Company profile:
Zhongxin Technology is mainly engaged in the flat-panel TV business, and flat-panel TVs account for more than 85% of the company's revenue. Since 2012, the company has entered the field of tablet computer products; since 2015, the business has further expanded to mobile phones and notebooks. Extension in areas such as computers, set-top boxes and DVDs. The company's products are sold to nearly 40 countries and regions domestically, as well as in North America, Europe, and Oceania. In 2015, the company's domestic sales grew rapidly. From January to September 2015, domestic sales accounted for 51.02%, and domestic sales revenue exceeded exports for the first time.
Industry: Computer, communications and other electronic equipment manufacturing
New stock subscription: Taoli Bread (603866)
◆ Subscription suggestions:
Taoli Bread mainly operates dozens of products in three categories: bread, moon cakes and rice dumplings. The company’s core product bread is The Taoli brand used has grown into a nationally renowned bread brand. The company adopts the "central factory + wholesale" business model and has established more than 70,000 retail terminals in 14 central cities across the country and surrounding areas, including well-known domestic and foreign supermarket chains such as Carrefour, Wal-Mart, and China Resources Vanguard. In 2014, the company achieved revenue of 2.058 billion yuan, a year-on-year increase of 17%, and net profit of 273 million yuan, a year-on-year increase of 7%.
Northeast Securities predicts that the company's EPS from 2015 to 2017 will be 0.70 yuan, 0.85 yuan, and 1.05 yuan respectively. Based on comparable companies and industry valuation levels, it gives the company a price-to-earnings ratio of 30-40 times in 2015, corresponding to a reasonable stock price range of 21 in the secondary market. -28 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 13.76 yuan/share, corresponding to a price-to-earnings ratio of 22.98 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shanghai market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription.One subscription unit is allocated for every 10,000 yuan of market value. Each subscription unit is 1,000 shares. The subscription quantity should be 1,000 shares or an integral multiple thereof, but shall not exceed 13,000 shares. That is 13,760 yuan-178,880 yuan. According to
public information, the number of shares issued by the company this time is 45.01 million shares. The initial offline issuance number was 31.51 million shares, accounting for 70% of the total issuance; the online initial issuance number was 13.5 million shares, which was 30% of the total issuance.
◆ Institutional price range valuation comparison
◆ Institutional perspective:
Ping An Securities: Complete product grades, large single product scale, strong R&D strength and good brand image, strong product competitiveness.
◆Company profile:
Shenyang Taoli Bread Co., Ltd. focuses on the production and sales of high-quality bakery products with bread as the core. The funds raised will be invested in the "Shenyang Bread Series Product Production Base Construction Project", Beijing Taoli "Noodle Food Production and Processing Phase II Construction Project", "Harbin Bread Series Product Production Base Construction Project" and "Shijiazhuang Taoli Bread Series Product Production" Base Construction Project”.
's main business: production and sales of baked goods, mainly bread.
Industry: Food manufacturing
[PAGE@Default page 1]
New stock subscription: Siwei Train Control (603508)
◆ Subscription suggestions:
Henan Siwei Automation Equipment Co., Ltd. focuses on train operation control and has built a network of on-board equipment including LKJ, Product system including system accessories, ground equipment, management and information software systems, and derivative equipment. In addition, the company's 6A car audio and video display terminal was successfully developed and put into the market in 2012.
Industrial Securities predicts that the company's EPS from 2015 to 2017 will be 1.73, 2.22, and 2.62 yuan respectively. It is believed that the company can be given a PE of 25-30 times in 2015. There will be a large room for growth after listing, and it is recommended to actively subscribe.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 33.56 yuan/share, corresponding to a price-to-earnings ratio of 22.99 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shanghai market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 10,000 yuan of market value. Each subscription unit is 1,000 shares. The subscription quantity should be 1,000 shares or an integral multiple thereof, but shall not exceed 12,000 shares. That is 33,560 yuan-402,720 yuan. According to the public information of
, the number of shares issued by the company this time is 40 million shares. The initial number of shares issued offline is 28 million shares, which is 70% of the number of this issuance. The initial number of shares issuance online is 12 million shares, which is the number of this issuance. 30%.
◆ Institutional price range valuation comparison
◆ Institutional perspective:
Essence Securities: Currently, the company is one of the only two LKJ suppliers in China and is in a dominant position in the field of railway safety systems in my country.
◆Company Profile:
Henan Siwei Automation Equipment Co., Ltd. is one of the earliest enterprises in my country to engage in research on train operation control technology. Its main business is the research and development, upgrading, industrialization and technical support of train operation control systems, and provides customers with applicable Integrated solutions for train operation control systems, driving safety monitoring systems, LKJ safety management and information systems based on the complex operating conditions and high-load transportation characteristics of my country's railways.
Industry: Software and information technology services
New stock subscription: Meishang Ecology (300495)
◆ Subscription suggestions:
Meishang Ecology is mainly engaged in ecological landscape construction. In 2014, it achieved operating income of 573 million yuan, a year-on-year increase of 7.00% , the net profit attributable to the parent company was 108 million yuan, a year-on-year increase of 6.22%, and the gross profit margin dropped slightly by 1.15 percentage points to 34.44%. The annual operating cash flow was 750,000 yuan, a year-on-year decrease of 97.38%. The operating cash flow in Q1 of 2015 was -60.55 million yuan, a significant net outflow. The company is based in Jiangsu Province and actively develops business outside the province. In 2014, the revenue from business outside the province accounted for 56.65%.
Galaxy Securities predicts that the company’s EPS for 2015-17 will be 1.87/2.35/2.88 yuan respectively. Giving the company 40-45 times PE in 15 years, the reasonable value range is 75.0-84.0 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 31.82 yuan/share, corresponding to a price-earnings ratio of 20.27 times.
Click to view The latest new stock information New stock subscription form List of new stock meetings
Nine new stocks will be purchased online next Monday. The maximum purchase price is 1.6622 million yuan
According to the new stock subscription schedule arranged by the regulatory authorities, nine new stocks will be purchased next Monday. (December 14) Subscriptions started for Taoli Bread, Qixin Shares, Kerik, Wanlishi, Yinbaoshanxin, Shanding Design, Meishang Ecology, Thinking Train Control and Zhongxin Technology.
After calculation, Dingge requires a total of 1.6622 million yuan to purchase these nine new stocks. According to institutional investors, the total amount of frozen funds for these new stocks is 2.88 trillion to 3 trillion yuan. Against the backdrop of the continuous high limit of new stock listings without any suspense, investors will continue to actively participate in new listings.
This round of new stock subscriptions is still dominated by small and medium-cap stocks. From the perspective of industry and current hot spots, this batch of new stocks is mostly in the manufacturing industry. Among the 9 new stocks that will be subscribed next Monday, Wanlishi is unanimously favored by the market. The main reason is that the issuance price is relatively high. Low, only 2.29 yuan/share. The company is engaged in mid-to-high-end stone comprehensive services. Previously, when Lanshi Heavy Equipment was listed, the issue price was 1.68 yuan per share. Later, it hit the daily limit for 24 consecutive times and became a generation of monster stocks. Wanlishi may be expected to continue to perform the myth of low-priced stocks hitting the daily limit continuously, but there are also examples from market participants. I believe that low-priced stocks may not necessarily be able to continue to hit the daily limit. The key depends on whether there is capital speculation.
From the perspective of industry popularity, the information technology industry's Crick and Sizuulekong, Meishang Ecology, which is engaged in environmental facility services, and Shanding Design, which is engaged in construction engineering design, have attracted more attention. From a fundamental perspective, companies that have achieved year-on-year growth in net profit in the past two years include Siwei Listing Holdings, Fuxiang Co., Ltd., Taoli Bread, Qixin Shares and Meishang Ecology. Among them, Siwei Listing Holdings has an average growth rate of 35.91%, the highest, and Meishang Ecology has the highest average growth rate. The average ecological growth rate is 24.8%, ranking second. (Source: Southeast Morning Post)
[New strategy]
9 new stocks will be purchased next Monday. Analyst tips on how to increase the winning rate
December 14, Yinbaoshanxin, Kerik, Meishang Ecology, Credible Shares, Wanlishi, Shanding Design will subscribe through the Shenzhen Stock Exchange’s online trading system. Taoli Bread, Thinking Co., Ltd., and Zhongxin Technology will subscribe through the Shanghai Stock Exchange’s online trading system.
"It is expected that the overall average online winning rate of this batch of new shares will be roughly the same as the 0.22% of the previous batch." Lin Jin, an analyst at Shenwan Hongyuan, said that for investors who are pursuing a new hit rate, the recommended order of subscription is Thinking Train Control, Taoli Bread, Meishang Ecology, Qixin Co., Ltd., Zhongxin Technology, Click, Yinbaoshanxin, Shanding Design, Wanlishi.
Hotter themes or concepts mean that there is greater room for imagination for the increase in new stocks from listing to opening. From this perspective, it is recommended that investors pay attention to Thinking List Control, Zhongxin Technology, Wanlishi, and Meishang Ecology; in The targets that are still worthy of follow-up after the listing are Siwei Listong and Wanlishi.
Lin Jin said that the greater the gap between the issuance price-earnings ratio and the industry's price-earnings ratio usually means that the company's stock price has greater room for growth compared with its peers. Therefore, from the perspective of the issuance price-earnings ratio, it is recommended that investors pay attention to Think List Control, Yinbaoshan New, Zhongxin Technology, Shanding Design, Click.
For small investors with new capital and market value of around 100,000 yuan, it is recommended to focus on purchasing Shanding Design. For investors with new funds and market capitalization levels between 100,000 yuan and 200,000 yuan, it is recommended to subscribe for Taoli Bread from the perspective of winning rate, and from the perspective of the increase in listing space and follow-up highlights, it is recommended to subscribe for Wanli Stone, Silver Baoshan new. (Source: New Culture News)
[Subscription Guide]
9 New Stock Subscription Guide Institutions recommend that Thinking List Control be the first choice
A total of 9 new stocks were issued on December 14 (Monday), namely Zhongxin Technology (603996) and Taoli Bread (603866) , Thinking Train Control (603508), Meishang Ecology (300495), Shanding Design (300492), Yinbaoshanxin (002786), Wanlishi (002785), Kerik (002782), Qixin Shares (002781), Guosen Securities believes that from the perspective of industry and current hot spots, this batch of new stocks is mostly in the manufacturing industry, and it is recommended that Sixin Train Control (high-speed rail), Meishang Ecology (environmental protection), and Yinbaoshan New (automobile mold) are the first choices.Among them, Wanlishi is particularly special. The absolute price of issuance is very low, and it is expected to replicate the trend of Lanshi's heavy listing.
New stock subscription: Zhongxin Technology (603996)
◆Subscription suggestion:
Zhongxin Technology is an export-oriented ODM manufacturer of LCD TVs and tablet computers. In the past three years, its revenue has increased but its profits have not increased. The company is mainly engaged in the research and development, production and sales of flat-panel TVs and tablet computers. It serves the business strategies of global brands and retailers through the ODM model. LCD TV revenue accounts for more than 85%. Its main cooperative customers include Sceptre (USA), Curtis (Canada), Tempo (Australia) and other brands and retailers. From 2012 to 2014, the proportion of export revenue was 98.29%, 84.65% and 71.8% respectively. The company's operating income from 2012 to 2014 was 2.006 billion yuan, 2.351 billion yuan, and 2.407 billion yuan, with net profits of 161, 111, and 102 million yuan. Gross profit margins were 14.57%, 12.38%, and 9.76%. ROE after non-deduction was 28.91%, 15.91%, 11.12%. The increase in revenue without increasing profits is due to the decline in gross profit margin and the increase in period expenses.
Wealth Securities estimates that the company's operating income in 2015 and 2016 will be 2527.92 million yuan and 2704.87 million yuan respectively, and the net profit will be 107.77 million yuan and 115.31 million yuan. After considering the IPO dilution, the EPS will be 0.54 and 0.58 yuan, giving the company 15 The annual PE is 30-35 times, and the corresponding reasonable stock price range is 16.2-18.9 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 10.52 yuan/share, corresponding to a price-to-earnings ratio of 22.96 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shanghai market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 10,000 yuan of market value, and each subscription unit is 1,000 shares. The subscription quantity should be 1,000 shares or an integral multiple thereof, but shall not exceed 20,000 shares. That is 10,520 yuan-210,400 yuan. According to
public information, the company has determined that the number of shares issued this time is 50.1 million shares. The initial offline issuance quantity is 30.1 million shares, which is 60% of the issuance quantity; the online initial issuance quantity is 20 million shares, which is 40% of the issuance quantity.
◆ Institutional price range valuation comparison
◆ Institutional view:
Fortune Securities: The company’s LCD TVs have a rich product line, covering LCD, LED (ELED and DLED), 3D, smart, ultra-high definition and cloud screen series products, and have formed It has formed a flat-panel TV product line with mainly large-size products and supplemented by small-size products.
◆Company profile:
Zhongxin Technology is mainly engaged in the flat-panel TV business, and flat-panel TVs account for more than 85% of the company's revenue. Since 2012, the company has entered the field of tablet computer products; since 2015, the business has further expanded to mobile phones and notebooks. Extension in areas such as computers, set-top boxes and DVDs. The company's products are sold to nearly 40 countries and regions domestically, as well as in North America, Europe, and Oceania. In 2015, the company's domestic sales grew rapidly. From January to September 2015, domestic sales accounted for 51.02%, and domestic sales revenue exceeded exports for the first time.
Industry: Computer, communications and other electronic equipment manufacturing
New stock subscription: Taoli Bread (603866)
◆ Subscription suggestions:
Taoli Bread mainly operates dozens of products in three categories: bread, moon cakes and rice dumplings. The company’s core product bread is The Taoli brand used has grown into a nationally renowned bread brand. The company adopts the "central factory + wholesale" business model and has established more than 70,000 retail terminals in 14 central cities across the country and surrounding areas, including well-known domestic and foreign supermarket chains such as Carrefour, Wal-Mart, and China Resources Vanguard. In 2014, the company achieved revenue of 2.058 billion yuan, a year-on-year increase of 17%, and net profit of 273 million yuan, a year-on-year increase of 7%.
Northeast Securities predicts that the company's EPS from 2015 to 2017 will be 0.70 yuan, 0.85 yuan, and 1.05 yuan respectively. Based on comparable companies and industry valuation levels, it gives the company a price-to-earnings ratio of 30-40 times in 2015, corresponding to a reasonable stock price range of 21 in the secondary market. -28 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 13.76 yuan/share, corresponding to a price-to-earnings ratio of 22.98 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shanghai market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription.One subscription unit is allocated for every 10,000 yuan of market value. Each subscription unit is 1,000 shares. The subscription quantity should be 1,000 shares or an integral multiple thereof, but shall not exceed 13,000 shares. That is 13,760 yuan-178,880 yuan. According to
public information, the number of shares issued by the company this time is 45.01 million shares. The initial offline issuance number was 31.51 million shares, accounting for 70% of the total issuance; the online initial issuance number was 13.5 million shares, which was 30% of the total issuance.
◆ Institutional price range valuation comparison
◆ Institutional perspective:
Ping An Securities: Complete product grades, large single product scale, strong R&D strength and good brand image, strong product competitiveness.
◆Company profile:
Shenyang Taoli Bread Co., Ltd. focuses on the production and sales of high-quality bakery products with bread as the core. The funds raised will be invested in the "Shenyang Bread Series Product Production Base Construction Project", Beijing Taoli "Noodle Food Production and Processing Phase II Construction Project", "Harbin Bread Series Product Production Base Construction Project" and "Shijiazhuang Taoli Bread Series Product Production" Base Construction Project”.
's main business: production and sales of baked goods, mainly bread.
Industry: Food manufacturing
[PAGE@Default page 1]
New stock subscription: Siwei Train Control (603508)
◆ Subscription suggestions:
Henan Siwei Automation Equipment Co., Ltd. focuses on train operation control and has built a network of on-board equipment including LKJ, Product system including system accessories, ground equipment, management and information software systems, and derivative equipment. In addition, the company's 6A car audio and video display terminal was successfully developed and put into the market in 2012.
Industrial Securities predicts that the company's EPS from 2015 to 2017 will be 1.73, 2.22, and 2.62 yuan respectively. It is believed that the company can be given a PE of 25-30 times in 2015. There will be a large room for growth after listing, and it is recommended to actively subscribe.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 33.56 yuan/share, corresponding to a price-to-earnings ratio of 22.99 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shanghai market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 10,000 yuan of market value. Each subscription unit is 1,000 shares. The subscription quantity should be 1,000 shares or an integral multiple thereof, but shall not exceed 12,000 shares. That is 33,560 yuan-402,720 yuan. According to the public information of
, the number of shares issued by the company this time is 40 million shares. The initial number of shares issued offline is 28 million shares, which is 70% of the number of this issuance. The initial number of shares issuance online is 12 million shares, which is the number of this issuance. 30%.
◆ Institutional price range valuation comparison
◆ Institutional perspective:
Essence Securities: Currently, the company is one of the only two LKJ suppliers in China and is in a dominant position in the field of railway safety systems in my country.
◆Company Profile:
Henan Siwei Automation Equipment Co., Ltd. is one of the earliest enterprises in my country to engage in research on train operation control technology. Its main business is the research and development, upgrading, industrialization and technical support of train operation control systems, and provides customers with applicable Integrated solutions for train operation control systems, driving safety monitoring systems, LKJ safety management and information systems based on the complex operating conditions and high-load transportation characteristics of my country's railways.
Industry: Software and information technology services
New stock subscription: Meishang Ecology (300495)
◆ Subscription suggestions:
Meishang Ecology is mainly engaged in ecological landscape construction. In 2014, it achieved operating income of 573 million yuan, a year-on-year increase of 7.00% , the net profit attributable to the parent company was 108 million yuan, a year-on-year increase of 6.22%, and the gross profit margin dropped slightly by 1.15 percentage points to 34.44%. The annual operating cash flow was 750,000 yuan, a year-on-year decrease of 97.38%. The operating cash flow in Q1 of 2015 was -60.55 million yuan, a significant net outflow. The company is based in Jiangsu Province and actively develops business outside the province. In 2014, the revenue from business outside the province accounted for 56.65%.
Galaxy Securities predicts that the company’s EPS for 2015-17 will be 1.87/2.35/2.88 yuan respectively. Giving the company 40-45 times PE in 15 years, the reasonable value range is 75.0-84.0 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 31.82 yuan/share, corresponding to a price-earnings ratio of 20.27 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value, and each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 6,500 shares. That is 15,910 yuan-206,830 yuan. According to
public information, the company has determined that the number of new shares issued this time is 16.7 million shares. The initial offline issuance quantity is 10.1 million shares, which is 60% of the issuance quantity; the online initial issuance quantity is 6.6 million shares, which is 40% of the issuance quantity.
◆ Institutional price range valuation comparison
◆ Institutional view:
Haitong Securities: The company’s main business is ecological landscape construction, including ecological restoration and reconstruction and garden landscape. The core business qualifications are high and the industry has strong competitiveness. The investment project is used to build a seedling base and build a design and R&D platform. After successful completion, the integrated management capabilities will be significantly enhanced.
Essence Securities: The company is in a leading position in ecological restoration and reconstruction technology, and has mastered core technologies such as artificial floating island technology, biofilm technology, phytoremediation water quality technology, and ecological ditch protection water quality technology.
◆Company profile:
company is engaged in the construction of ecological landscape projects. In 2014, the revenue/net profit attributable to the parent company was 573/108 million yuan. The CAGR of revenue and net profit attributable to the parent company from 2012 to 2014 was 25.55%/23.41%. Ecological restoration and reconstruction business and garden landscape business are the company's core businesses. In 2014, core business revenue accounted for 97.33%. The actual controllers of the company are Wang Yingyan and Xu Jing.
's main business: ecological landscape construction, mainly engaged in ecological landscape engineering construction, including ecological restoration and reconstruction and garden landscape.
Industry: Civil Engineering and Construction
[PAGE@Default Page 2]
New share subscription: Shanding Design (300492)
◆Subscription suggestion:
Shanding Design is mainly engaged in residential design and urban complex design. It has been subject to the real estate industry for 14 years Due to the influence of the industry, the performance was poor. The annual operating income was 202 million yuan, a year-on-year decrease of 11.26%. The net profit attributable to the parent company was 25.61 million yuan, a year-on-year decrease of 39.46%. The gross profit margin decreased by 4.19 percentage points year-on-year to 38.96%. The operating cash flow for the year was -18.77 million yuan, which was a significant net outflow compared with the positive 54.1 million yuan in 2013. The operating cash flow in Q1 of 2015 was -10.72 million yuan, and payment collection needs to be strengthened. In 2014, the company signed new orders of 290 million yuan, a year-on-year decrease of 30.62%. By the end of 2014, the company had accumulated orders on hand of 436 million yuan. The company is located in Chengdu City, Sichuan Province, and its business revenue in the southwest region accounted for 52.96% in 2014.
Galaxy Securities predicts that the company’s EPS for 2015-17 will be 0.39/0.43/0.50 yuan respectively. The average PE of comparable companies in 2015 was 46 times, which can give the company 40-45 times PE in 15 years, with a reasonable value range of 15.0-18.0 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 6.90 yuan/share, corresponding to a price-to-earnings ratio of 22.96 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value, and each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 8,000 shares. That is 3,450 yuan-55,200 yuan. According to
public information, the company has determined that the number of shares issued this time is 20.8 million shares. The initial offline issuance quantity is 12.5 million shares, which is 60% of the issuance quantity; the online initial issuance quantity is 8.3 million shares, which is 40% of the issuance quantity.
◆ Institutional price range valuation comparison
◆ Institutional perspective:
Haitong Securities: The company’s main business is construction engineering design and related consulting services. At present, we have complete business qualifications, outstanding past performance, award-winning brand influence, and strong overall competitiveness. It is expected to significantly benefit from the improved prosperity of the real estate industry in the future.
◆Company profile:
company mainly provides customers with construction engineering design and related consulting services, including pre-project consultation, conceptual design, scheme design, preliminary design, construction drawing design and construction cooperation. Its business covers all types of residential, urban comprehensive Design categories such as body, public buildings, planning, landscape, interior design, etc.In 2014, revenue was 200 million and net profit was 25 million. The CAGR of revenue and net profit in the past three years was 2%/-15% respectively. The company's long-term strategy is to gradually develop into a creative-driven comprehensive industrial design platform operator.
's main business: providing construction engineering design and related consulting services to customers.
Industry: Professional and technical services
New share subscription: Yinbaoshan New (002786)
◆Subscription suggestion:
Yinbaoshan New is an overall solution provider for large precision injection molds and precision structural parts, mainly engaged in the research and development of large precision injection molds , design, manufacturing, sales and precision structural parts molding production and sales. The company is a first-class mold supplier to Ford, Nissan, Renault, Honda, and BMW and a first-class mold supplier to FAW-Volkswagen. In 2012, the company ranked third in the industry in the field of plastic molds and second in the field of automotive injection molds. The company has currently implemented strategic layout in the Pearl River Delta, Bohai Rim, Yangtze River Delta and other regions, laying a solid foundation for future market development. In addition, the company has developed after-sales service partners in France, North America, Japan, Thailand, Italy, Portugal, Mexico, India and other places, giving it global service advantages. It has also established subsidiaries in Hong Kong and the United States to facilitate overseas market development. The company's future growth momentum mainly comes from the continuous release of production capacity and the optimization of product structure.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 10.72 yuan/share, corresponding to a price-to-earnings ratio of 22.81 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value, and each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 12,500 shares. That is 5,360 yuan-134,000 yuan. According to
public information, the number of shares issued by the company this time is 31.78 million shares. The initial offline issuance number was 19.1 million shares, accounting for 60% of the total issuance; the online initial issuance number was 12.68 million shares, which was 40% of the total issuance.
◆ Company profile:
Shenzhen Yinbaoshan New Technology Co., Ltd. is mainly engaged in the research and development, production and sales of molds, plastics, hardware products and electronic products. The funds raised by the company from this issuance will be used for precision mold automation lines and precision structural parts production projects, large-scale complex precision mold key technology and process research and development projects, and large-scale complex precision mold expansion projects. The total investment is 500 million yuan, with a planned investment of 3 100 million yuan in raised funds.
Industry: Special equipment manufacturing
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New stock subscription: Wanli Stone (002785)
◆ Subscription suggestions:
Wanli Stone is a comprehensive service provider of mid-to-high-end stone materials, and is operated privately with foreign capital holdings. The company's products are mainly architectural decorative stones and landscape stones. Revenue in 2014 was 630 million yuan; ranking first in the industry. The company was founded in 1996. In 2006, Finstone AG, a strategic investor, was introduced as the major shareholder. Currently, its shareholding ratio is 28.7%. Chairman Hu Jingpei is the second largest shareholder, holding 21.24% of the shares; President Zou Peng is the third largest shareholder, holding 21.24% of the shares. 18.2%; the diversified equity mechanism lays the foundation for expanding domestic and foreign markets.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 2.29 yuan/share, corresponding to a price-to-earnings ratio of 22.90 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value. Each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 20,000 shares. That is 1145 yuan-45800 yuan. According to
public information, the number of shares issued by the company this time is 50 million shares. The initial offline issuance number is 30 million shares, which is 60% of the issuance number; the online initial issuance number is 20 million shares, which is the number of this issuance. 40%.
◆Company profile:
Wanlishi was incorporated in Xiamen on December 18, 1996, with a registered capital of 3 million yuan. On October 25, 2010, the company was changed to a joint stock limited company, and the registered capital increased to 150 million yuan.The company is a comprehensive service provider of mid-to-high-end stone materials, mainly engaged in the design, processing and sales of architectural decorative stones and landscape stones. The main products are architectural decorative stones used for interior and exterior decoration of buildings and landscape stones used in cemeteries, parks, public activity venues and other areas. The company is one of the largest, most professional and most complete stone enterprise groups in China.
Industry: Non-metallic mineral products industry
New share subscription: Kelike (002782)
◆ Subscription suggestions:
Kelike is mainly engaged in magnetic components such as electronic transformers and inductors, as well as switches such as power adapters, power battery chargers and customized power supplies. Development, production and sales of power supply products. Products are mainly used in electronic equipment such as UPS power supplies, automotive electronics and inverters, as well as consumer electronics, power tools, LED lighting, industrial and instrumentation and other fields.
Fortune Securities estimates that the company's main revenue from 2015 to 2016 will be 810 million yuan and 1.06 billion yuan respectively. The company's current growth rate, excluding the profit contribution from fundraising projects, is net profit of 64.9 million yuan and 84.4 million yuan, and EPS is 0.38 and 0.49. According to the current average valuation of the electronic equipment industry, after adjustment, the company is given a PE of 22 to 28 times, and the company's reasonable pricing range is 7.48-9.52 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 7.58 yuan/share, corresponding to a price-to-earnings ratio of 22.97 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value. Each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 17,000 shares. That is 3790 yuan-128860 yuan. According to
public information, the company has determined that the number of new shares issued this time is 42.6 million shares. The initial offline issuance quantity is 25.6 million shares, which is 60% of the issuance quantity; the online initial issuance quantity is 17 million shares, which is 40% of the issuance quantity.
◆Comparison of institutional price range valuations
◆Institutional perspective:
Wealth Securities: Growth guarantee, customer stickiness advantage. The company's electronic transformers, switching power supplies and other products are mostly sold to downstream manufacturers as assembly parts and have become important spare parts in the products produced by downstream manufacturers. Since electronic transformers and power supplies are often key parts of electronic products, the products determine that core suppliers are highly irreplaceable.
◆Company profile:
company has been selected as one of the top 100 electronic components companies in China released by the China Electronic Components Industry Association for five consecutive years. Currently, its electronic transformer products have a high market share in computer power supplies, UPS power supplies and other fields. Its customers include Eaton, Emerson, Qunguang Power Technology, Kangshu Technology, Delta Electronics, Johnson Electric Holdings and many other world-class power supply manufacturers and automotive electronics companies. The company has obvious advantages in the design and R&D of magnetic components. During the reporting period, it successfully developed about 3,000 products annually, and the proportion of products launched on the market reached about 45%. In addition, the company made full use of its advantages in electronic transformer technology, customer resources, and manufacturing experience. By extending the industrial chain to power supply products and relying on differentiated competition, we have achieved breakthroughs in specific market segments and achieved steady growth in revenue.
's main business: engaged in the development, production and sales of magnetic components such as electronic transformers and inductors, as well as switching power supply products such as power adapters, power battery chargers and customized power supplies.
Industry: Computer, communications and other electronic equipment manufacturing
New share subscription: Qixin Shares (002781)
◆Subscription suggestions:
Qixin Shares is mainly engaged in public decoration and residential fine decoration business, and achieved operating income of 32.06 in 2014. billion, a year-on-year increase of 24.26%. The net profit attributable to the parent company was 149 million yuan, a year-on-year increase of 17.51%. The gross profit margin was 17.34%, which was basically the same as the same period last year. The operating cash flow for the year was -117 million yuan, a significant net outflow year-on-year. The operating cash flow in Q1 of 2015 was -75.21 million yuan, and repayment needs to be strengthened. In 2014, the company's newly signed orders were 3.811 billion yuan, a year-on-year increase of 42.70%, of which 2.873 billion yuan were newly signed orders worth tens of millions, accounting for 45.08%.
Galaxy Securities predicts that the company’s EPS for 2015-17 will be 0.75/0.8/0.91 yuan respectively. The company can be given a PE of 30-35 times in 15 years, with a reasonable value range of 22.5-26.3 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 13.31 yuan/share, corresponding to a price-to-earnings ratio of 20.35 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value, and each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 22,500 shares. That is 6655 yuan-299475 yuan. According to
public information, the company has determined that the number of new shares issued this time is 56.25 million shares. The initial number of offline issuances this time is 33.75 million shares, which is 60% of the number of this issuance. The initial online issuance number is 22.5 million shares, which is 40% of the number of this issuance.
◆ Institutional price range valuation comparison
◆ Institutional view:
Haitong Securities: At present, the company’s business growth is stable, the qualifications are complete, and there are sufficient orders on hand. After listing, with the diversification of financing methods and the rising real estate boom, it is expected to maintain high growth .
◆Company profile:
company is one of the top 100 enterprises in the decoration industry. The company's main business is public building decoration. It has been selected as the top 100 enterprises in China's construction decoration industry for 12 consecutive years, and won the top 100 enterprises in the national construction curtain wall industry in 2013. In 2014, revenue was 3.2 billion and net profit was 149 million. The CAGR of revenue and net profit in the past year was 20%/11% respectively. The company is mainly positioned in the mid-to-high-end market.
Industry: Architectural decoration and other construction industries (Source: Panorama Network)
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In 2014, revenue was 200 million and net profit was 25 million. The CAGR of revenue and net profit in the past three years was 2%/-15% respectively. The company's long-term strategy is to gradually develop into a creative-driven comprehensive industrial design platform operator.'s main business: providing construction engineering design and related consulting services to customers.
Industry: Professional and technical services
New share subscription: Yinbaoshan New (002786)
◆Subscription suggestion:
Yinbaoshan New is an overall solution provider for large precision injection molds and precision structural parts, mainly engaged in the research and development of large precision injection molds , design, manufacturing, sales and precision structural parts molding production and sales. The company is a first-class mold supplier to Ford, Nissan, Renault, Honda, and BMW and a first-class mold supplier to FAW-Volkswagen. In 2012, the company ranked third in the industry in the field of plastic molds and second in the field of automotive injection molds. The company has currently implemented strategic layout in the Pearl River Delta, Bohai Rim, Yangtze River Delta and other regions, laying a solid foundation for future market development. In addition, the company has developed after-sales service partners in France, North America, Japan, Thailand, Italy, Portugal, Mexico, India and other places, giving it global service advantages. It has also established subsidiaries in Hong Kong and the United States to facilitate overseas market development. The company's future growth momentum mainly comes from the continuous release of production capacity and the optimization of product structure.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 10.72 yuan/share, corresponding to a price-to-earnings ratio of 22.81 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value, and each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 12,500 shares. That is 5,360 yuan-134,000 yuan. According to
public information, the number of shares issued by the company this time is 31.78 million shares. The initial offline issuance number was 19.1 million shares, accounting for 60% of the total issuance; the online initial issuance number was 12.68 million shares, which was 40% of the total issuance.
◆ Company profile:
Shenzhen Yinbaoshan New Technology Co., Ltd. is mainly engaged in the research and development, production and sales of molds, plastics, hardware products and electronic products. The funds raised by the company from this issuance will be used for precision mold automation lines and precision structural parts production projects, large-scale complex precision mold key technology and process research and development projects, and large-scale complex precision mold expansion projects. The total investment is 500 million yuan, with a planned investment of 3 100 million yuan in raised funds.
Industry: Special equipment manufacturing
[PAGE@Default page 3]
New stock subscription: Wanli Stone (002785)
◆ Subscription suggestions:
Wanli Stone is a comprehensive service provider of mid-to-high-end stone materials, and is operated privately with foreign capital holdings. The company's products are mainly architectural decorative stones and landscape stones. Revenue in 2014 was 630 million yuan; ranking first in the industry. The company was founded in 1996. In 2006, Finstone AG, a strategic investor, was introduced as the major shareholder. Currently, its shareholding ratio is 28.7%. Chairman Hu Jingpei is the second largest shareholder, holding 21.24% of the shares; President Zou Peng is the third largest shareholder, holding 21.24% of the shares. 18.2%; the diversified equity mechanism lays the foundation for expanding domestic and foreign markets.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 2.29 yuan/share, corresponding to a price-to-earnings ratio of 22.90 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value. Each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 20,000 shares. That is 1145 yuan-45800 yuan. According to
public information, the number of shares issued by the company this time is 50 million shares. The initial offline issuance number is 30 million shares, which is 60% of the issuance number; the online initial issuance number is 20 million shares, which is the number of this issuance. 40%.
◆Company profile:
Wanlishi was incorporated in Xiamen on December 18, 1996, with a registered capital of 3 million yuan. On October 25, 2010, the company was changed to a joint stock limited company, and the registered capital increased to 150 million yuan.The company is a comprehensive service provider of mid-to-high-end stone materials, mainly engaged in the design, processing and sales of architectural decorative stones and landscape stones. The main products are architectural decorative stones used for interior and exterior decoration of buildings and landscape stones used in cemeteries, parks, public activity venues and other areas. The company is one of the largest, most professional and most complete stone enterprise groups in China.
Industry: Non-metallic mineral products industry
New share subscription: Kelike (002782)
◆ Subscription suggestions:
Kelike is mainly engaged in magnetic components such as electronic transformers and inductors, as well as switches such as power adapters, power battery chargers and customized power supplies. Development, production and sales of power supply products. Products are mainly used in electronic equipment such as UPS power supplies, automotive electronics and inverters, as well as consumer electronics, power tools, LED lighting, industrial and instrumentation and other fields.
Fortune Securities estimates that the company's main revenue from 2015 to 2016 will be 810 million yuan and 1.06 billion yuan respectively. The company's current growth rate, excluding the profit contribution from fundraising projects, is net profit of 64.9 million yuan and 84.4 million yuan, and EPS is 0.38 and 0.49. According to the current average valuation of the electronic equipment industry, after adjustment, the company is given a PE of 22 to 28 times, and the company's reasonable pricing range is 7.48-9.52 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 7.58 yuan/share, corresponding to a price-to-earnings ratio of 22.97 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value. Each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 17,000 shares. That is 3790 yuan-128860 yuan. According to
public information, the company has determined that the number of new shares issued this time is 42.6 million shares. The initial offline issuance quantity is 25.6 million shares, which is 60% of the issuance quantity; the online initial issuance quantity is 17 million shares, which is 40% of the issuance quantity.
◆Comparison of institutional price range valuations
◆Institutional perspective:
Wealth Securities: Growth guarantee, customer stickiness advantage. The company's electronic transformers, switching power supplies and other products are mostly sold to downstream manufacturers as assembly parts and have become important spare parts in the products produced by downstream manufacturers. Since electronic transformers and power supplies are often key parts of electronic products, the products determine that core suppliers are highly irreplaceable.
◆Company profile:
company has been selected as one of the top 100 electronic components companies in China released by the China Electronic Components Industry Association for five consecutive years. Currently, its electronic transformer products have a high market share in computer power supplies, UPS power supplies and other fields. Its customers include Eaton, Emerson, Qunguang Power Technology, Kangshu Technology, Delta Electronics, Johnson Electric Holdings and many other world-class power supply manufacturers and automotive electronics companies. The company has obvious advantages in the design and R&D of magnetic components. During the reporting period, it successfully developed about 3,000 products annually, and the proportion of products launched on the market reached about 45%. In addition, the company made full use of its advantages in electronic transformer technology, customer resources, and manufacturing experience. By extending the industrial chain to power supply products and relying on differentiated competition, we have achieved breakthroughs in specific market segments and achieved steady growth in revenue.
's main business: engaged in the development, production and sales of magnetic components such as electronic transformers and inductors, as well as switching power supply products such as power adapters, power battery chargers and customized power supplies.
Industry: Computer, communications and other electronic equipment manufacturing
New share subscription: Qixin Shares (002781)
◆Subscription suggestions:
Qixin Shares is mainly engaged in public decoration and residential fine decoration business, and achieved operating income of 32.06 in 2014. billion, a year-on-year increase of 24.26%. The net profit attributable to the parent company was 149 million yuan, a year-on-year increase of 17.51%. The gross profit margin was 17.34%, which was basically the same as the same period last year. The operating cash flow for the year was -117 million yuan, a significant net outflow year-on-year. The operating cash flow in Q1 of 2015 was -75.21 million yuan, and repayment needs to be strengthened. In 2014, the company's newly signed orders were 3.811 billion yuan, a year-on-year increase of 42.70%, of which 2.873 billion yuan were newly signed orders worth tens of millions, accounting for 45.08%.
Galaxy Securities predicts that the company’s EPS for 2015-17 will be 0.75/0.8/0.91 yuan respectively. The company can be given a PE of 30-35 times in 15 years, with a reasonable value range of 22.5-26.3 yuan.
◆ Subscription Guide:
According to the preliminary inquiry, the issue price of the company's first A-share issuance was determined to be 13.31 yuan/share, corresponding to a price-to-earnings ratio of 20.35 times.
It is understood that investors must hold an average daily market value of non-restricted A shares in the Shenzhen market of more than 10,000 yuan (including 10,000 yuan) in the 20 trading days before December 10, 2015 (including T-2). Participate in online issuance subscription. One subscription unit is allocated for every 5,000 yuan market value, and each subscription unit is 500 shares. The subscription quantity should be 500 shares or an integral multiple thereof, but shall not exceed 22,500 shares. That is 6655 yuan-299475 yuan. According to
public information, the company has determined that the number of new shares issued this time is 56.25 million shares. The initial number of offline issuances this time is 33.75 million shares, which is 60% of the number of this issuance. The initial online issuance number is 22.5 million shares, which is 40% of the number of this issuance.
◆ Institutional price range valuation comparison
◆ Institutional view:
Haitong Securities: At present, the company’s business growth is stable, the qualifications are complete, and there are sufficient orders on hand. After listing, with the diversification of financing methods and the rising real estate boom, it is expected to maintain high growth .
◆Company profile:
company is one of the top 100 enterprises in the decoration industry. The company's main business is public building decoration. It has been selected as the top 100 enterprises in China's construction decoration industry for 12 consecutive years, and won the top 100 enterprises in the national construction curtain wall industry in 2013. In 2014, revenue was 3.2 billion and net profit was 149 million. The CAGR of revenue and net profit in the past year was 20%/11% respectively. The company is mainly positioned in the mid-to-high-end market.
Industry: Architectural decoration and other construction industries (Source: Panorama Network)
[PAGE@Default Page 4]
Follow the WeChat ID of East Money Network [eastmoneynews] to push authoritative and professional financial information to you every day! Welcome to search [Oriental Fortune Network] in [App Store] and download the mobile APP, China’s No. 1 financial portal!
To pay attention to more financial information, click to download the "Oriental Fortune Network Client": [Click here]
