Western Test Test (301306.SZ) officially landed on the GEM today. Its issuance price is 43.23 yuan per share, corresponding to the price-to-earnings ratio of 59.88 times , which is higher than the price-to-earnings ratio level of comparable listed companies (53.32 times). The market value of issuance is approximately 3.65 billion , which is at a reasonable level in GEM .
opened higher by 31.85% today, maintaining fluctuations during the session. As of press time, it was 56.1 yuan per share, with a market value of approximately 4.735 billion yuan.
Western Test Test is a third-party inspection and testing service agency engaged in the inspection and testing of military equipment and civil aircraft products. It provides customers with environmental and reliability test , electronic component detection and screening, electromagnetic compatibility test and other inspection and testing services, and at the same time carry out the research and development, production and sales of testing equipment and the electronic assembly business.
Comparable companies in the same industry include Broadcasting and Television Metering , Su-Test Test, Information Test Standard, Xigu Microelectronics, Jinghanyu, Shanghai Yite and Cisco, and Xique Test has a small revenue scale.
Company This IPO raised 800 million yuan, twice the amount of funds planned to raise . As of the time of issuance, the company's controlling shareholder and actual controller were Li Zexin, who directly held 54.98% of the company's shares, indirectly controlled 9.48% of the company's shares through Huarui Zhice, and indirectly controlled 6.82% of the company's shares through Huarui Zhichuang, and totally controlled 71.28% of the company's shares. In terms of performance, from 2019 to 2021, the company's revenue was RMB 165 million, RMB 202 million and RMB 246 million, respectively, with corresponding net profits attributable to shareholders of RMB 33.36 million, RMB 49.72 million and RMB 67.02 million, respectively, with an annual compound growth rate of approximately, and the gross profit margin of remains above 50% .
(the company's main financial indicators, prospectus books)
It is worth mentioning that during the reporting period, the company's corporate income taxes for enjoying tax preferential tax exemptions of high-tech enterprises were RMB 5.9926 million, RMB 7.5288 million and RMB 10.2412 million, respectively, accounting for 17.96%, 15.14% and 15.28% of the current net profit attributable to shareholders, respectively, which accounted for a high proportion, and this type of income was relatively uncertain.
Company's customers are mainly affiliated and research institutes of military industry groups such as aviation industry, China Aerospace , China Electric Technology , Ordnance Industry Group , China Aviation Development , China Shipbuilding , and China Shipbuilding. my country's military industry has always had a high concentration, so company's customer concentration is also high. During the reporting period, the sales revenue of the company's top five customers accounted for 77.48%, 72.37% and 67.20% of the company's operating income, respectively, and the proportion decreased, but it remained at a relatively high level.
At the same time, affected by factors such as procurement plans and settlement processes in the military industry, the company's accounts receivable are relatively large. At the end of each period of the reporting period, the company's accounts receivable balance was 146 million yuan, 173 million yuan and 210 million yuan, respectively, accounting for about 40% of the total assets. As the company's business scale grows, if payments cannot be recovered in time in the future, accounts receivable will grow rapidly, which will occupy a large amount of working capital and affect capital turnover. At the same time, the possibility of bad debts in accounts receivable will increase, which will have an adverse impact on the company's production and operation.
