opened on the fourth day of listing, but it was approaching the limit on the fifth day?
Compared with the optimistic predictions of "6 board orders and signing returns of nearly 20,000" and "10 boards and total market value exceeds Moutai", the performance of "A shares and first technology stocks and " Foxconn Industrial Internet Co., Ltd. (601138.SH, hereinafter referred to as "Industrial Foxconn") is really surprising.
Today (June 14), Industrial Flexibility Union fluctuated and fell all the way after opening, closing at 23.29 yuan per share, a sharp drop of 9.45%, with a turnover of 8.311 billion yuan and a turnover rate of 31.11%. The total market value evaporated by 47.871 billion yuan in one day, falling to 458.7 billion yuan, less than half of the market value of Kweichow Moutai (987.5 billion yuan).
The day before, Industrial Franchise just opened the daily limit, and as of that time, it had only collected 3 daily limits.
Industry FULL's stock price trend on June 13 and 14
. In the stock bar, there was a discussion on such a topic: Should FULL be valued according to manufacturing companies like Gree?
approached the limit after 5 days of listing. Foxconn was embarrassed.
On June 8, in the eyes of the crowd, Foxconn officially landed on the A-share market, with an issue price of 13.77 yuan and an opening price of 16.52 yuan. On the first day of listing, it hit the daily limit without any suspense, with an increase of 44.01%. In the following two trading days, two consecutive "one" characters closed. After three days of listing, the stock price rose to 23.99 yuan.
htmlOn June 13, the fourth trading day of listing, Industrial Franchise opened at 24.55 yuan, opening the daily limit at the opening, and then turned green for a while, finally closing up 7.21%. The closing price of was 25.72 yuan per share, with a transaction of 15.81 billion yuan throughout the day, with a turnover rate of 56.64%.On June 13, the Shanghai Stock Exchange had a total transaction volume of 155.9 billion yuan, which means that the transaction volume of the Industrial and Financial Network exceeded 10% of the total transaction volume of the Shanghai Stock Exchange.
From the perspective of new issuance, if a winner sells the highest price of Industrial FUN on the 13th (26.35 yuan per share), a sign will make a profit of 12,600 yuan. However, based on today's closing price, the floating profit of a sign has dropped to 9,520 yuan.
This is really embarrassing compared to WuXi AppTec's 16 daily limits and 1 new purchase income of nearly 110,000 yuan. Moreover, when the lottery was paid, 3.3331 million shares of Industrial Fleurs were abandoned.
Image source: Visual China
Every Business Editor (WeChat ID: nbdnews) noticed that before the listing of FUC, many people had given relatively optimistic predictions. For example, some media estimates:
FUC, the stock price of FUC, is expected to rise to more than 30 yuan after listing, that is, 6 or more daily limits will be closed in succession; if 6 daily limits are harvested, the single sign-up income is expected to be close to 20,000 yuan.
If the valuation of Industrial Florida is given at this price-to-earnings ratio, its total market value will exceed 600 billion yuan, becoming the technology stock with the highest market value of A-shares.
If the Industrial Foxconn can reach 10 daily limits, its total market value will exceed Kweichow Moutai, and each winning sign will make a profit of more than 30,000 yuan.
Now the results of "stopping three consecutive boards" and "almost hitting the limit on the fifth day of listing" are in front of us, but not all of the above predictions have failed. As of today's closing, the total market value of FUC is still 458.7 billion yuan, surpassing the total market value of Hikvision with a total market value of 354.8 billion yuan, and firmly ranked as the technology company with the highest A-share market value.
, the total market value ranks behind China Life Insurance, and is temporarily ranked 11th in the ranking of the total market value of the two cities.
Institutional shipments hot money take over
According to the data of the Dragon and Tiger List released by the after-hours exchange, on the day of opening (June 13), the purchase amount of the top five seats in the top five exceeded 100 million yuan, namely Haitong Securities Hangzhou Jiefang Road Branch 18019 million yuan, Ping An Securities Guangxi Branch 1262 billion yuan, CICC Shanghai Hubin Road Branch 12255 million yuan, Founder Securities Beijing Andingmenwai Street Branch 12088 million yuan, and Guotai Junan Securities Shenzhen Shennan Avenue Jingji 100 million yuan.
, and the top five sold were all institutional seats, with a total of 661 million yuan sold on the 13th, accounting for 4.18% of the total transactions for the whole day. In addition, within the three trading days from June 11 to 13, the accounts of the three institutions that sold the most exceeded 150 million yuan.
The editor noticed that despite the sharp drop today, the market value of FUC is still within the forecast range given by some securities firms.
Founder Securities analyzed in its research report that the net profit attributable to shareholders of Industrial FULL will be 18.656 billion, 21.857 billion and 25.556 billion respectively from 2018 to 2020, with corresponding EPS of 0.41, 0.49 and 0.57 yuan. Considering that the company is a scarce leading target in the field of industrial Internet + advanced manufacturing, based on the net profit of 20~25 times the price-to-earnings ratio in 2018, the reasonable market value range should be 373.1 billion to 466.4 billion yuan.
. Shenwan Hongyuan Securities analyst Luo Siyuan had previously predicted that the revenue of Industrial Fulian from 2018 to 2020 will be 387.9 billion yuan, 426.5 billion yuan and 469.7 billion yuan, respectively, and the net profit will be 19.5 billion yuan, 23.6 billion yuan and 28.7 billion yuan, respectively, with growth rates of 22.7%, 21.5%, and 21.2%, respectively. The market value of Industrial Fullian issuance is 271.2 billion yuan, and the average valuation of leading A-share electronic manufacturing companies in 2018 was 23 times. Taking into account the company's scarcity and growth potential, it gave a 6-month target valuation of 25 times. According to estimates, a 25-fold price-to-earnings ratio in 2018 means that the total market value of FULL is about 487.5 billion yuan, equivalent to a share price of 24.75 yuan per share.
Image source: Visual China
Also According to Tencent "First Line", some analysts pointed out that the valuation of FULL in Industry is to seek a balance between the transformation of manufacturing factories and the industrial Internet. If the valuation of traditional factories is based on the price-to-earnings ratio of Industrial FULL should be around 10 times. However, the IPO of Industrial FULL is intended to raise funds for eight "concept" projects, including the construction of industrial Internet platforms, cloud computing and high-efficiency computing platforms, efficient computing data centers, communication networks and cloud service equipment. The issuance price-to-earnings ratio is 17.09 times, and the closing price-to-earnings ratio is 23.15 times today.
European editor (WeChat ID: nbdnews) noticed that at the listing ceremony, Chen Yongzheng, chairman of Industrial FULL, once said: "Industry FULL is a world-class high-tech enterprise. As of now, Industrial FULL has made extensive layouts in 4 continents, 11 countries and regions."
But as a high-tech enterprise, Industrial FULL's gross profit margin has remained at around 10% in the past three years, which is not high compared with its peers. From 2015 to 2017, the comprehensive gross profit margin of FUC was 10.50%, 10.65% and 10.14% respectively. Last year, Gree Electric Appliances Manufacturing's gross profit margin was 35.80% and air conditioning products gross profit margin was 37.07%.
Daily Economic News Comprehensive Daily Economic News App (Author: Liu Haijun), Tencent "First Line", Securities Times, etc.
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