Source of this article: Times Finance Author: Lan Shuo
(Source: Tukong)
New stocks are soaring again!
On October 13, new stocks Huibo Yuntong (301316.SZ), Yineng Power (837046.BJ), and Shenghui Integration (603163.SH) respectively logged on the Shenzhen Stock Exchange, Beijing Stock Exchange and Shanghai Stock Exchange respectively.
Among them, the issue price of Huibo Yuntong was only 7.6 yuan. The stock soared by more than 211% before the market. After opened, it rose to 289.21% at the highest. As of the closing, it was 26.97 yuan/share, and the increase of was 4255%; the issue price of Yineng Electric was 5 yuan, with an increase of 70% before the market. After the market rose nearly 94% after the market, it fell and closed at 8.49 yuan/share; the issue price of Shenghui Integrated was 27.25 yuan, with an increase of 20% in the pre-market bidding stage, and it quickly rose to 44% after the market opening, and as of the closing, it was 39.24 yuan/share. In terms of turnover rate of
, Yibeng Power is the most popular among retail investors, reaching 73.79%, Huibo Yuntong is 73.34%, and Shenghui Integration is only 6.98%. As of the closing, the total market value of Huibo Yuntong, Shenghui Integration and Yibeng Power was 10.79 billion yuan, 3.139 billion yuan and 594 million yuan respectively.
However, the stock price of Shenghui Integration has attracted regulatory attention and was temporarily suspended. The Shanghai Stock Exchange issued an announcement stating that the stock has abnormal fluctuations and will suspend Shenghui Integration trading from 09:30 on October 13, and resume trading from 10:00 on October 13.
According to the subscription rules, investors need about 3,800 yuan and 27,300 yuan to subscribe for first-hand Huibo Yuntong and Shenghui Integration respectively. If they sell at a high point after the opening, they can earn about 11,000 yuan and 12,000 yuan respectively.
However, in Huibo Yuntong's stock bar, some investors regretfully said that "selled early", while others said that "lost 5,000 yuan because they didn't have money to pay"; investors of Shenghui Integrated said that "the first time China New Stocks have lost a lot in the past two years, should they sell them?"
wins 10,000
listing on the GEM is undoubtedly the "focus" of new stocks on October 13.
According to the subscription rules, investors need about 3,800 yuan to subscribe for Huibo Yuntongbo. If they sell it near the high of 29.58 yuan after the opening, they will make a net profit of about 11,000 yuan.
According to the prospectus, the company's main business includes two major sectors: software technology outsourcing and mobile smart terminal testing services. In 2020, 2021 and the first half of 2022, Huibo Yuntong achieved revenue of 688 million yuan, 918 million yuan and 559 million yuan, respectively, with year-on-year growth rates of 27.26%, 33.55% and 39.9% respectively; net profits during the same period were 66.22 million yuan, 78.15 million yuan and 38.02 million yuan, respectively, with year-on-year growth rates of 77.27%, 18.01% and 108.33% respectively.
It is worth noting that Huibo Yuntong pointed out in the announcement that from 2019 to 2021, its revenue from the United States accounted for 20.22%, 21.04% and 15.31% of its main business revenue respectively. In terms of fundraising, the total amount of fundraising of the three new stocks is not high, among which Shenghui Integration raised 545 million yuan, Huibo Yuntong raised 304 million yuan, and Yineng Electric only raised 86.25 million yuan.
Judging from the subscription situation, according to the issuance announcement, Shenghui Integration, which was abandoned by investors the most among the three new stocks, was abandoned by 342,000 shares, and due to the high issue price, the amount of abandoned purchase reached about 9.32 million yuan; Huibo Yuntong was abandoned by 113,200 shares, with the amount of abandoned purchase of about 860,000 yuan; Yineng Power did not abandon purchase during the subscription period due to its open strategic allocation.
Institutional investors, Yineng Power is the only one among the three companies that opens the allotment to institutions. Among them, Wuxi Metro Investment Development Company and Wuxi Taihuwan Intellectual Property Equity Investment Fund were allotted 1 million shares, and Kaiyuan Securities was allotted 200,000 shares; Huibo Yuntong allots approximately 3.35 million shares through an employee stock ownership plan, except that institutions do not participate in the allotment; Shenghui Integration did not open the allotment to institutions.
Times Finance noticed that except for Shenghui Integration, there are no actual controllers, the other two companies are controlled by natural persons. In its prospectus, Shenghui Integration pointed out that Taiwan Shenghui holds 86.66% of the equity of Shenghui Integration through its wholly-owned subsidiary Shenghui International, and is its indirect controlling shareholder. The company does not have an actual controller.
The actual controller of Huibo Yuntong is Yu Hao, who has accumulated a total of more than 36% of the shares through Beijing Shenhui Holdings Co., Ltd. and Beijing Huibo Chuangzhan Technology Center (Limited Partnership). The actual controllers of Yineng Power are Huang Caixia, Ma Xizhong and Ma Yanlin. The three of them control a total of 79.80% of the company's voting rights through direct holdings and indirect holdings through Yineng Partnership.
semiconductor customer base
Shenghui Integration is the stock with the highest issue price among new stocks listed on October 13, and its track is currently in a hot semiconductor mid-stream.
According to the prospectus, the company is mainly engaged in clean room engineering services in high-tech industries such as IC semiconductors and optoelectronics, covering clean room factory construction planning, equipment configuration, engineering construction and other services. Its customer lineup includes SMIC , Foxconn Technology Group , Silicon Technology, Sanan Integration, AUO Optoelectronics, Goertek , China Resources Microelectronics , Shanghai Hexin Silicon and other companies.
Shenghui Integration submitted a draft prospectus in July last year, and submitted another prospectus after regulatory feedback in January this year. However, on September 1 before this issuance, Shenghui Integration announced that it was delayed. In terms of performance, according to the prospectus, Shenghui Integrated's revenue in the first half of 2022 and 2021 was 1.702 billion yuan and 674 million yuan, respectively, with year-on-year growth rates of 55.26% and -24.02% respectively; net profit attributable to shareholders in the same period was 124 million yuan and 63.2335 million yuan, respectively, and increased by 51.23% and 28.91% year-on-year.
However, its overall performance this year may be relatively dull. Shenghui Integration expects that the company's revenue in the first three quarters of this year will be RMB 1.05 billion to RMB 1.25 billion, down 17.67% from the same period last year to a decrease of 1.99%; it is expected that net profit attributable to shareholders will be RMB 85 million to RMB 105 million, down 3.54% from the same period last year to a decrease of 19.16%.
On the other hand, compared with peers, what is the prospect of Shenghui integration?
According to the prospectus, the comparable companies in the same industry of Shenghui Integration include 11 Technology , Xinlun New Materials (002341.SZ), Yaxiang Integration (603929.SH), Shensanda A (000032.SZ), Taiji Industrial (600667.SH), Baicheng Co., Ltd., Jiangxi Hantang, etc. However, Times Finance noticed that from a vertical perspective, it is more suitable to use Yaxiang Integration and Xinlun New Materials as comparable companies in Shenghui Integration, and the two were listed on the motherboard in 2016 and 2010 respectively.
It is worth noting that based on the issue price of Shenghui Companies of 27.25 yuan per share, its corresponding price-to-earnings ratio is 17.64 times (earnings per share are referenced by 2021 financial data), which is higher than the average static price-to-earnings ratio of "E Construction Industry" released by CSI Index Co., Ltd. in the past month. Among the peers, Yaxiang Integration has the highest static price-to-earnings ratio in 2021, while Shenzhen Sanda A and Taiji Industrial have 51.42 times and 17.2 times respectively.
Wind data shows that the issue prices of Yaxiang Integration and Xinlun New Materials when they were listed were 4.94 yuan and 23 yuan, respectively, the issuance price-to-earnings ratio (diluted) was 13.35 times and 63.36 times, and the net fundraising was 207 million yuan and 411 million yuan, respectively.
sales gross profit margin, Xinlun New Materials is the highest among the three companies. From 2019 to 2021, the gross profit margin of Xinlun New Materials' main business was 18.33%, 20.03% and 20.06%, Shenghui Integration was 16.32%, 16.34% and 15.11%, respectively, and Yaxiang Integration was 11.32%, 8.28% and 7.89%.
In the secondary market, since its listing, Xinlun New Materials has fallen from 23 yuan to 4.24 yuan at midday trading on October 13. Yaxiang Integration performed slightly better, rising from the issue price of 4.94 to 10.56 yuan.
