Today's subscription for a target on the target is as follows:
(1) Hongxi Technology (sponsor: Bohai Securities )
The company's main business is the design, research, development, production and sales of high-precision electronic wire components and the design, development, production and sales of micro electroacoustic device . The company's products mainly include extremely thin coaxial components, extremely thin Teflon wire components, other high-precision electronic components and micro speakers, etc., which are mainly used in the consumer electronics field, mainly , which is mainly used in the laptop computer. The company's main customers include Renbao , Yingyeda, Quanda , Lianbao, Wistron , Huaqin, etc. The products are ultimately used in world-class brands such as HP , Lenovo , Dell , Asus , Acer and other world-class brands.
Logical analysis :
① Look at the valuation: Hongxi Technology's public offering of shares is 16 million shares, with a total share capital of 74 million shares after issuance. The price of this issuance is 12 yuan per share, corresponding to the total market value of the target company listed is 888 million. The net profit attributable to the parent company shareholders after deducting non-operation in 2020 is 24.96 times, both are lower than the average static price-to-earnings ratio of the company's industry "C39 Computer, Communication and Other Electronic Equipment Manufacturing Industry" in the past month and the average static price-to-earnings ratio of comparable listed companies in the same industry in 2020. The company expects operating income in 2021 to be RMB 507.4912 million to RMB 528.1832 million, an increase of 16.53% year-on-year to 21.28%, and net profit of RMB 38.5554 million to RMB 40.3406 million, an increase of 1.69% to 6.40%. After deducting non-recurring gains and losses, the net profit attributable to the parent company owners was RMB 38.4754 million to RMB 40.2607 million, an increase of 4.74% to 9.60% year-on-year, and the valuation level does not change much.
② Fundamentals:
After more than 10 years of development, the company has accumulated long-term and stable high-quality customer resources. In the field of laptops, the company has established stable cooperative relationships with internationally renowned enterprises such as Renbao, Yingyeda, Quanda, Lianbao, Wistron, Huaqin, etc., and has established a good brand image and market reputation in the international and domestic markets. At the same time, a linkage development mechanism is usually formed between the issuer and the customer. At the beginning of each new product, the end customer can participate in the design and development work, participate in the design and discussion of the structure and function of the client notebook, continue to carry out technical cooperation, promote process improvement, and develop new products that are more in line with customer needs. At the same time, through design optimization, the matching degree with the new process is improved, so that the mass production of new products is faster and more stable, meeting the latest needs of customers, and thus continuously seizing the first-mover advantage of new products.
issuers have long been committed to technological innovation and vigorously develop core technologies with independent intellectual property rights. As of June 30, 2021, the company has obtained 33 patents, including 1 invention patent and 32 utility model patents. At the same time, the company has been recognized as a "high-tech enterprise" since 2015. The company has established a special R&D center and a dedicated R&D team, introducing professional and technical high-end talents year by year, increasing capital investment, and making every effort to improve the company's R&D capabilities. The issuer will further strengthen the construction of the R&D team, strengthen internal technical support, and based on existing R&D and technical accumulation, expand the R&D personnel team, equip R&D personnel at different levels, improve the site required for R&D, and provide relevant R&D equipment to further improve the company's R&D level, and provide technical guarantees for the company to achieve high-quality and efficient production and provide customers with high-quality products and services.
③Look at the fundraising investment:
If the issuance is successful, before the exercise of over-allotment option , the total amount of funds raised by the issuer is expected to be RMB 192 million. After deducting issuance expenses of RMB 16.3468 million (excluding value-added tax), the net amount of funds raised is RMB 175.6532 million; if the over-allotment option is fully exercised, the total amount of funds raised by the issuer is expected to be RMB 220.800 million. After deducting issuance expenses of RMB 18.2189 million (excluding value-added tax), the net amount of funds raised is RMB 202.5811 million.The net amount raised by this issuance after deducting issuance expenses will be used for the following projects:
Since the establishment of the company, the sales revenue of high-precision electronic wire components and micro speakers of the main products has been growing, and the production capacity is also expanding simultaneously, but the factory space is limited and new production lines cannot be continued. The company has basically achieved full capacity operation, and its production capacity has reached a bottleneck, and it is unable to fully meet the order needs put forward by customers. Therefore, in order to ensure that the company breaks through the bottleneck of insufficient bankruptcy capacity, improve the company's comprehensive supply capacity and service capabilities, meet the company's long-term development needs, and realize the sustainability of the company's operations.
In summary, the company's industry is in a good prosperous state, with a slight advantage in valuation, good room for fundraising and investment growth, and a low probability of breaking the issue.
Conclusion: Today's stable investors can participate in Hongxi Technology . Xiaoxiaomi has no shareholding and no subscription qualification . We are here along the way on the road of investment, welcome to continue to pay attention.
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