Bide Pharmaceutical 688073-Molecular Block (CXO) (Purchase carefully, generally pay attention to: the richest variety, three years later)
. Fundraising and Valuation Analysis
issued shares 16.2291 million shares, with a total share capital of 64.916392 million shares, an issue price of 88 yuan, a raised funds of 1.428 billion yuan, and an over-summary of 994 million yuan (" increase " 229%); corresponding to a total market value of 5.713 billion yuan after issuance.
1 net profit is 97.57 million yuan, PE59; 22H1 net profit is 59.18 million yuan, dynamic PE48; the US passes the pharmaceutical bill to domestic CXO companies whose business is mainly overseas, and the future impact is no less than centralized procurement, which is also an important reason why WuXi and Yaoshi (not this name is auspicious) do not look back. The myth of high growth is unsustainable, and the reference of past performance, how big the CXO performance will have, the greater the impact; Bide Pharmaceutical accounts for nearly half of its overseas revenue (70% of its Yaoshi), although North America only accounts for 12%, from the experience of chips, the West is the person who acts in concert; the company's highlight is that the product types are the richest (70,000 types are always available, which can provide more than 300,000 types). In a calm year, it is likely to be a bull stock.
initial prospects for listing: Listed after the 11th, internal stability and external disturbance hedge against , expectation is not high
Negative list: overseas revenue accounts for half, R&D investment is low, gross profit margin declines by 49% (10 percentage points in three years 10 declines)
(1) Valuation before listing
On March 19, 2021, Bide Pharmaceutical held a shareholders' meeting and agreed to increase the issuer's registered capital from 45 million yuan to 4,868.7292 For 10,000 yuan, Lishui Landan, Lishui Xinxi, Jiaqiao Fukai, Ruidao Investment, Oriental Yirui Medical, Changfeng Huixin and Tang Yu subscribed new registered capital of RMB 1.304837 million, RMB 1.070867 million, RMB 449944 million, RMB 449944 million, RMB 269967 million, RMB 112486 million, and RMB 29247 million respectively. The capital increase price is 44.45 yuan per share.
In March 2021, the company's valuation after the capital increase was 2.164 billion
(2) The total investment amount of the fundraising project
project is 280 million yuan, and the company can achieve an average annual operating income of 509.7416 million yuan, and the average interest and tax profit after calculation period reaches 120.7582 million yuan, which has good economic and social benefits.
. Main business operation
Company is a high-tech enterprise with the basic value of facing people's life and health, focusing on the front end of the new drug R&D industry chain, relying on the research and development design, production and sales of drug molecular blocks core business , and can provide new drug R&D institutions with novel structure and diverse functions drug molecular blocks and scientific reagents, and a national-level specialized and specialized "little giant" enterprise.
's products mainly serve the key links in the research and development of new drugs such as drug target discovery, signs of compound synthesis and screening, pilot compound discovery, synthesis and optimization, and drug candidate compound discovery. Guided by the theories of drug structure and structure relationships, and drug compound reverse synthesis analysis, the company has closely tracked the dynamics of new drug molecular entities (NMEs) for many years, forming a core technology system represented by drug molecular block research and development design, customized synthesis, molecular structure confirmation, purity detection and purification, etc., and has built a comprehensive and large-scale drug molecular block product library, which can meet customers' high-tech, multi-category, micro-dosage and multi-frequency needs of drug molecular blocks. The company has the ability to provide more than 300,000 types of drug molecular blocks with with novel structure and diverse functions to new drug R&D institutions, of which more than 70,000 types of drug molecular blocks are available in .
's end customers are mainly innovative pharmaceutical companies, research institutes, CRO institutions and other new drug research and development institutions, including Roche (Roche), Merck (Merck) KGaA), Pfizer, Abbvie (Abbvie), Gilead (Gilead) and other multinational pharmaceutical companies represented by and domestic pharmaceutical companies represented by Hengrui Medicine , BeiGene , Hutchison Pharmaceutical Kelun Pharmaceutical and other ; domestic and foreign pharmaceutical companies represented by WuXi AppTec , Kanglong Huacheng, Medisi , Sandia, Aragen Life Sciences, Syngene and other CRO institutions; scientific research institutes represented by National Institute of Health (NIH), Shanghai Institute of Materia Medica, Chinese Academy of Sciences, , Shanghai Institute of Organic Chemistry, Chinese Academy of Sciences, , etc.; universities represented by Harvard University, Yale University, Princeton University, Massachusetts Institute of Technology, Tsinghua University , Peking University , Xihu University , etc.
. Domestic enterprise
① Nanjing Yaoshi Technology Co., Ltd. (300725.SZ) Yaoshi Technology was established in 2006. It is a high-tech enterprise in the field of biomedical technology and a leading supplier of innovative chemical products and services in the field of drug research and development. With its technological advantages in chemical synthesis and a deep understanding of drug research and development, Yaoshi Technology provides innovative chemical products and related technical services in the field of small molecule drug research and development. Yaoshi Technology's main business includes: design, synthesis and sales of drug molecular blocks; process development, pilot, commercial production and sales of key intermediates; technical services related to the research and development and process production of drug molecular blocks.
②Shanghai Haoyuan Pharmaceutical Co., Ltd. (688131.SH) Haoyuan Pharmaceutical is a high-tech enterprise focusing on the research and development services and industrial applications of small molecule drugs. Its main business includes the research and development of molecular blocks and tool compounds in the field of small molecule drug discovery, as well as the process development and production technology improvement of small molecule drug raw materials and intermediate , providing global pharmaceutical companies and scientific research institutions with related products and technical services from drug discovery to large-scale production of raw materials and pharmaceutical intermediates.
③Shanghai Aladdin Biochemical Technology Co., Ltd. (688179.SH) Aladdin is a scientific reagent manufacturer integrating R&D, production and sales. Its business covers four major fields: high-end chemistry, life sciences, analytical chromatography and materials science, and is equipped with a small amount of experimental consumables. Aladdin's scientific research reagent products are widely used in universities, research institutes, and R&D institutions of biomedicine , new materials, new energy, energy conservation and environmental protection, aerospace and other high-tech industry and strategic emerging industry-related enterprises. Through years of industry deepening and technical accumulation, Aladdin's scientific research reagents have a regular inventory of more than 37,000 products, making it one of the most complete suppliers of varieties in China.
Shenghui Integration 603163--Clean Factory (suggested subscription, generally pay attention)
. Fundraising and valuation analysis
The number of shares issued was 20 million shares, with a total share capital of 80 million shares after issuance, with an issue price of 27.25 yuan, and 545 million yuan raised. There was no over-subsidy after deduction; the corresponding total market value after issuance was 2.18 billion.
1 net profit was 123.6 million yuan, PE18; 22H1 net profit was 63.23 million yuan, dynamic PE17; anti-globalization began and before the epidemic, many small and medium-sized enterprises began to build clean factories. The background of improving products and industry standards is the trend of future factories, just like intelligence and automation, which was originally a good investment direction (as can be seen from the past trend of the stock price of Yaxiang Integration and Xinlun New Materials). Now the epidemic is not relaxed, and foreign countries have implemented precise crackdowns on the industry, which is uncertain. The company (Taiwanese capital) is a clean factory system integrator , threshold-qualification, low gross profit and long account period, slowing growth is prone to bad debts, and it is difficult to improve valuation. At the beginning of listing, PE30 was given.
. Main business operation
Shenghui Integration System is a one-stop professional service provider that provides the overall solution for clean room system integration engineering , covering clean room factory construction planning, design suggestions, equipment configuration, engineering construction, engineering management and maintenance services and other related services. The company has the first-level qualification for general contracting of mechanical and electrical engineering construction, the first-level qualification for professional contracting of construction mechanical and electrical installation engineering, the second-level qualification for professional contracting of electronics and intelligent engineering, the second-level qualification for professional contracting of construction decoration and decoration engineering, and the second-level qualification for professional contracting of firefighting facilities engineering, etc., providing a solid technical foundation and professional guarantee for the company's business development.
As a professional one-stop service provider for overall clean room engineering solutions, the company is a leading enterprise in the domestic clean room industry. Since its establishment, the company has been focusing on the clean room system integration and integration project of advanced manufacturing. Combined with the characteristics of customers' industry, it has tailored and implemented an operating system and production environment that meets customers' personalized needs, and cooperated with customers to upgrade production processes and optimize product processes to ensure and improve the yield rate of customers' products. The company is deeply engaged in the clean room field, and the customers cover the fields such as electronics, medicine and biology, fine chemicals, and food. The company has the ability to design and project experience in clean room construction, design and construction of IC semiconductor and photoelectric panels in full production process. The company's clean room has functions such as production environment data collection and remote monitoring, helping customers realize intelligent factories and intelligent manufacturing. The company provides clean room system integration engineering services to world-renowned electronics industry enterprises. Including SMIC , Foxconn Technology Group , Silicon Technology, Sanan Integration, AUO Optoelectronics, Goertek, China Resources Microelectronics, Shanghai Hexin Silicon and other well-known companies in the industry, and have won many customer commendations.
At the end of each period of the reporting period, the total number of employees of the company was 366, 426 and 477 respectively. Ren
Kechuan Technology 603052-Battery Functional Device (Suggested to Subscription, Do not pay attention)
. Fundraising and Valuation Analysis
The number of shares issued is 17.2 million, with a total share capital of 68.8 million shares after issuance, with an issue price of 34.68 yuan, and a raised 596 million yuan of funds. There was no over-subsidy after deduction; the corresponding total market value after issuance was 2.386 billion.
1 net profit was 103.8 million yuan, PE23; 22H1 net profit was 78.47 million yuan, dynamic PE15; consumer electronics is in a downturn, and the concentration of new energy batteries is high, resulting in the rapid decline in gross profit margin of functional devices in recent years, and the industry's gross profit margin is not high - about 25% (the company 26%); in 21, CATL has become the company's largest customer, and its future performance is guaranteed; fundraising and investment projects can increase production by 30%, which is not large (the company can replace more than 30% of the existing outsourced processing); it is more reasonable to give PE40 at the beginning of listing.
(1) Valuation before listing
In September 2020, after the capital increase, the company's valuation was 358 million
(2) The total investment of the fundraising project
project is 444,5027 million yuan, and the construction cycle is 2 years. After the project is completed and reached production, the company expects that the production scale of new products of will be about 1564 million pieces per year (the existing production capacity is about 456,233)
. Main business operation
The company's main business is the design, research and development, production and sales of functional device . battery functional devices business, the company focuses on two major sub-sectors of consumer electronic batteries and new energy power batteries . The products are widely used in smart phones, tablets and other consumer electronic products and new energy vehicles battery cells and battery packs ; structural functional devices business, the company focuses on business, the company focuses on structure functional devices business, the company focuses on business, the company focuses on structure functional devices business, the company focuses on business, the company focuses on business, the company focuses on structure functional devices business, the company focuses on business, the company focuses on business, the company focuses on l1 laptop structural component module field, providing laptop manufacturing service providers and component manufacturers with multi-category, multi-batch, customized structural functional device products. The products are mainly used in the internal and external structural component modules of laptops; optical functional device business . The company's products are mainly diffusion sheet, explosion-proof film , light-shielding tape , etc., and are widely used in optical components such as display screen, protective glass .
Company has high-quality and stable customer resources, direct customers include ATL, LG Chemistry, Samsung Vision, Desai Battery , Xinwangda, Lianbao Electronics , Chunqiu Electronics, Yingli Co., Ltd., Victory Precision , Lens Technology , CATL, Ruipu Energy, China Innovation Airlines, Lishen Battery and other well-known manufacturing service providers and component manufacturers in the consumer electronics and new energy vehicle industry chain. products are ultimately used in Apple, Lenovo, Samsung , Huawei and other well-known consumer electronic terminal brands and BAIC, SAIC, BMW, NIO , Tesla and other well-known new energy vehicle brand products.
. Main competitors in the industry
, Hengmingda (002947.SZ) Suzhou Hengmingda Electronic Technology Co., Ltd. was established in Kunshan City, Suzhou in July 2011. The main products are functional devices for consumer electronic products such as mobile phones, tablets, laptops, smart wearable devices. The main customers include Foxconn , Luxxx Precision , Heshuo, Quanda, Chunhua, Jialianyi, Tyco Electronics , etc.
, Anjie Technology (002635.SZ) Suzhou Anjie Technology Co., Ltd. was established in Suzhou City in December 1999. The company's main products include computer products, communication products and other internal and external functional devices of consumer electronic products. The main customers include Apple, HP, Motorola , Asus , Sony , Dell , RIM, Foxconn and other brand terminal manufacturers and OEMs of laptops and mobile phones.
, Hongfuhan (301086.SZ) Shenzhen Hongfuhan Technology Co., Ltd. was established in Shenzhen in February 2008. Its main products are consumer electronic functional devices and automation equipment. Among them, consumer electronic functional devices are widely used in consumer electronic products and components such as smartphones, tablets, laptops, smart wearables, and home smart devices. The main customers include Foxconn Group, Pengding Holdings, Offilu , Murata Company, Ampheno Group , BOE , Luxshare Group, Zhengwei Group, and well-known consumer electronic terminal brands such as Apple, Microsoft , Amazon , Huawei, Xiaomi and other well-known consumer electronic terminal brands.
, Boshuo Technology (300951.SZ) Shenzhen Boshuo Technology Co., Ltd. was established in Shenzhen on August 26, 2016. Its main products are electronic product functional devices, clamping fixtures and automation equipment. Among them, electronic product functional devices are widely used in smartphones, smart wearable devices and automotive electronics. The main customers are Foxconn, BYD, OFILM, Pengding Technology, Goertek, Xinli Optoelectronics, etc.
, Darui Electronics (300976.SZ) Dongguan Darui Electronics Co., Ltd. was established on Dongguan on September 16, 2003. The main products are consumer electronics functional and related 3C intelligent assembly automation equipment. Among them, consumer electronics functionality is mainly used in consumer electronic products such as smartphones, tablets, laptops, wearable electronic products, smart speakers, etc. The main customers are leading or well-known electronic core components manufacturers and manufacturing service providers in the industry such as Samsung Vision, Pengding Holdings, VIEDA, Ampheno, Meilu Electronics, Huatong Computer, Taijun Technology, Goertek, Luxshare Precision, etc.
, Liuchun Technology (under review enterprise) Dongguan Liuchun Intelligent Technology Co., Ltd. was established in Dongguan City in December 2015. Its main products are precision functional devices for electronic products, and its application areas cover different electronic products such as tablets, smartphones, notebooks/desktop computers, wearable electronic devices, and new energy vehicle batteries. The product is ultimately used in terminal electronic products of Apple, Huawei, Xiaomi, OPPO, vivo, Samsung and other brands.
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