This part of the research started in November 2021. As of now, hundreds of new stocks have been analyzed, and the overall accuracy rate is close to 90%. However, since new stocks are more susceptible to multiple factors than listed companies, and the data verification cycle is st

Hello everyone, I am a quantum panda.

enters the new content today, and it is still our regular statement at the beginning.

Given that the registration system is gradually opening up and the issue price breaks of new stocks is gradually becoming normalized, and the new stocks in my company have also encountered a situation of breaking the issue price... So I decided to launch a must-read series for new stocks to specifically analyze and judge the subscription value of new stocks.

This part of the research began in November 2021. As of now, hundreds of new stocks have been analyzed, and the overall statistics show that the accuracy rate is close to 90%. However, because new stocks are more susceptible to multiple factors than listed companies, and the data verification cycle is still short, there will be certain risks.

So what I can guarantee is that I will tell you how I analyzed it, and I will follow this plan, and what I can't guarantee is that I will definitely not break the issue.

New stock inspection elements description

inspection elements 1: comparable industries and enterprises.

Look at the business scope of the company, judge the subordinate industries, and select comparable companies with a high degree of similarity. Of course, it is the most convenient to have ready-made things.

Investigation elements 2: Issuance price and Issuance price-earnings ratio .

Referring to the recent break of the issue, the higher the stock price, the greater the risk of breaking the issue, and this factor is not very important. Under the registration system, the pricing and valuation of new stocks issuance tend to be more market-oriented. The value of any company cannot get rid of industry fundamentals and corporate fundamentals, so the price-to-earnings ratio is the absolute key element of new stock analysis.

Excellent companies can indeed obtain higher valuations than the industry because of their growth potential higher than the industry, so the third step is growth potential.

Investigation element 3: Performance status.

Is the company's previous revenue and profit growing steadily or declining year by year? Whether there are large fluctuations, if there are large fluctuations, we need to focus on whether there is suspicion of adjusting the statement for listing and valuation.

Investigation element 4: Market sentiment.

It is undeniable that in addition to fundamentals, the emotional side has a great influence on the issuance of new stocks, especially for some hot tracks, the willingness to speculate on funds is also higher. Therefore, this part of the analysis will also be appropriately increased in consideration of comprehensive considerations. Of course, everything still needs to be based on fundamentals.

enters the official content below.

A new stock subscription can be analyzed on August 4, 2022

Zhiwei Intelligent (001339):

Basic information of enterprises:

Full name is "Shenzhen Zhiwei Intelligent Technology Co., Ltd.", and its main business is the research and development, production, sales and services of education office, consumer, network equipment, network security, retail and other electronic equipment products.

Education office products mainly include hardware devices such as OPS computers and cloud terminals;

consumer products mainly include hardware devices such as PC desktop computers and , PC all-in-one machines;

network equipment products mainly include hardware devices such as switches and , routers, industrial gateways;

network security products mainly include network security equipment ;

retail and other products mainly include retail terminals, commercial display terminals, financial terminals, servers, industrial control machine and other hardware devices. At the same time, the company also provides motherboards used in the above products.

products are widely used in many sub-application scenarios such as government, operators, the Internet, finance, education, medical care, energy, transportation, commerce, manufacturing and personal consumption markets.

a. The education office products are computer products that are in line with education and office scenarios developed based on mainstream general computer chip platforms such as Intel, AMD, Rockchip, Hisi . It covers application scenarios such as classroom teaching, teacher lesson preparation office, multimedia classroom, corporate meetings, dual-teacher classroom, operator office, government-enterprise office, enterprise office, etc. The product forms mainly include OPS, cloud terminal and motherboard, etc., as follows:

b. Consumer products are standard computer products developed by the company. The products cover application scenarios such as home, corporate office, Internet cafe, and games. The product forms mainly include desktop computers, all-in-one computers, and mini computers (MINI) PC), motherboard and other products, as follows:

c, the network security product line is a hardware device developed based on mainstream general computer chip platforms such as Intel and MTK that meets network security scenario applications. After the product is deeply adapted by customers, the products are widely used in financial networks, insurance networks, education networks, government networks, public security networks, enterprise networks and other network scenarios with higher security requirements. The product types mainly include network security equipment and network security equipment motherboards, etc., as follows:

d, a network device product, which is based on Marvell, Realtek, Broadcom, MTK, IC The network switch equipment developed by network switches such as plus is mainly used in security, Internet cafes, enterprises, factories, smart cities, etc. where network layout needs to be used. The specific is as follows:

f. Other main products mainly include retail products, industrial control and server products. The specific is as follows:

business is mainly the research and development and production of electronic products. To be honest, the technological content is average.

In terms of specific revenue, most of the main revenue comes from education office and consumer products, and the revenue of the two boxes accounts for more than 70%.

corresponds to Shenwan's secondary industry as consumer electronics. Comparable listed companies are Gongjin Co., Ltd. (603118), Huanxu Electronics (601231), and Filing Cosi (301191). Issuance of

:

companies are underwritten by CITIC Securities . The current market value is 31.23 yuan, the newly issued market value is 1.04 billion yuan, the issuance price is 16.86, the issuance price is 22.99, PE-TTM14.97x, and the maximum subscription to requires a market value of 245,000 yuan.

compared with the consumer electronics industry PE-TTM is 25.88x, compared with the PE-TTM of Gongjin Co., Ltd. is 15.17x, Huanxu Electronics PE-TTM is 18.96x, and Feiling Cosi PE-TTM is 19.79x.

performance:

is expected to achieve operating income range of RMB 1.15 billion to RMB 1.30 billion from January to June 2022, an increase of 18.94% to 34.46% over the same period last year;

is expected to achieve net profit attributable to parent company shareholders from RMB 76 million to RMB 80 million, an increase of 5.59% to 11.15% over the same period last year;

is expected to achieve net profit attributable to parent company shareholders after deducting non-recurring gains and losses , an increase of RMB 74 million to RMB 78 million, an increase of 22.38% to 28.99% over the same period last year.

2021 operating income was RMB 2699.9614 million, RMB 193.25216 million, RMB 139.7229 million, RMB 139.7229 million, with an annual compound growth rate of 39.01%.

21 net profit attributable to shareholders was RMB 181.1174 million, and in 2020, the net profit attributable to shareholders was RMB 137.3923 million, and in 2019, the net profit attributable to shareholders was RMB 82.8611 million, and in 2019, the compound annual growth rate was RMB 47.84%.

2019-2021, the revenue and profit growth rate was very good, and it continued to grow in the first half of 2022, but the growth rate fell slightly, and there was no explanation in the prospectus.

In terms of specific gross profit margin, the gross profit margins of main business from 2019 to 2021 were 17.80%, 16.84% and 17.26%, respectively, with a low gross profit margin. After all, it is an application-oriented enterprise, but it is still relatively stable. Compared with peers,

is at the top level.

From the perspective of the company's fundamentals, the performance is very good, the gross profit margin is pretty good in the industry, and it is relatively stable.

Judging from the issuance situation, Shenzhen motherboard issuance has a low issuance price, and the issuance price-earnings ratio and PE-TTM are not high.

last summarized as follows.

new rating: Positive, my operation: subscription.

subscription suggestions:

is positive, the fundamentals and issuance are good, and the risk of breaking the issue is small.

Be cautious, there are certain problems with the fundamentals or issuance situation, and the risk of breaking the issue is average.

gave up, there are major problems in the fundamentals or issuance situation, and the risk of breaking the issue is relatively high.

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