Stock abbreviation: Han CNC Stock Code: 301200 Shenzhen Han CNC Technology Co., Ltd
Shenzhen Han’s CNC Technology Co., Ltd.
(antuoshan high tech Industrial Park, Shaer community, Shajing street, Bao'an District, Shenzhen)
The first, second, third and fourth floors of plant 17,
1st and 2nd floors of No. 2 plant, 1st and 2nd floors of No. 14 plant)
Initial public offering and listing on GEM
of
Listing announcement
Sponsor (lead underwriter)
(North block of excellence Times Plaza (phase II), No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong Province) February 2002
hot tip
The shares of Shenzhen Han CNC Technology Co., Ltd. (hereinafter referred to as "Han CNC", "the company", "the company" or "the issuer") will be listed on the gem of Shenzhen Stock Exchange on February 28, 2022.
The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, and make prudent decision and rational investment.
Section I important statements and tips
1、 Important statements and tips
The company and all directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the listing announcement, promise that there are no false records, misleading statements or major omissions in the listing announcement, and bear legal liabilities according to law.
The opinions of Shenzhen Stock Exchange and relevant government authorities on the listing of the company's shares and related matters do not indicate any guarantee to the company.
The company reminds investors to carefully read the information published on cninfo.com.cn China Securities Network (www.cs. Com. CN.) China Securities Network (www.cn. Stock. Com.) Securities Times (www.stcn. Com.) Securities Daily (www.zqrb. CN.) The contents of the "risk factors" chapter of the company's prospectus should pay attention to risks, make prudent decisions and make rational investment. "
The company reminds the majority of investors to pay attention to the relevant contents not involved in this listing announcement. Please refer to the full text of the company's prospectus.
Unless otherwise specified, the abbreviations or terms in this listing announcement shall have the same meanings as those in the prospectus of the company. 2、 Investment risk tips
The offering price is 76.56 yuan / share, which does not exceed the median and weighted average of offline investors' quotations after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as "public fund") and the National Social Security Fund (hereinafter referred to as "social security fund") established through public offering after excluding the highest quotation The lower of the median and weighted average of the quoted prices of the basic endowment insurance fund (hereinafter referred to as "pension"), the enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") and the insurance fund (hereinafter referred to as "insurance fund") in accordance with the measures for the administration of the use of insurance funds. According to the industry classification guidelines for listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of the company is "C35 special equipment manufacturing industry". As of February 10, 2022 (T-4), the average static P / E ratio of "C35 special equipment manufacturing industry" released by China Securities index in the latest month is 38.88 times.
As of February 10, 2022 (T-4), the P / E ratio of listed companies whose main business is similar to that of the issuer is as follows:
2020 deduction 2020 deduction T-4 day stock corresponding static City corresponding static City securities code securities abbreviation non front EPS non back EPS closing price earnings ratio deduction non front earnings ratio deduction non back (yuan / share) (yuan / share) (yuan / share) (2020) (2020)
300410 Guangdong Zhengye Technology Co.Ltd(300410) -0.8481 -0.8576 10.53 - -
688312 Shenzhen Yanmade Technology Inc(688312) 0.7098 0.6093 26.38 37.16 43.30
688630 Circuit Fabology Microelectronics Equipment Co.Ltd(688630) 0.5881 0.4547 56.36 95.84 123.95
688700 Kunshan Dongwei Technology Co.Ltd(688700) 0.5965 0.5363 54.84 91.93 102.26
Arithmetic mean 74.98 89.84
Data source: wind information, data as of February 10, 2022
Note 1: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding.
Note 2: EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to the parent before / after deduction of non recurring profit and loss in 2020 / total share capital on T-4 day.
The issuance price of 76.56 yuan / share corresponds to the lower diluted P / E ratio before and after deducting non recurring profits and losses in 2020, which is 108.40 times higher than the average static P / E ratio of comparable companies in 2020 and the average static P / E ratio of "C35 special equipment manufacturing industry" published by China Securities Index Co., Ltd. on February 10 (T-4) 2022, There is a risk that the decline of the issuer's share price will bring losses to investors in the future.
There is a risk that the net asset scale will increase significantly due to the acquisition of raised funds, which will have an important impact on the issuer's production and operation mode, operation management and risk control ability, financial status, profitability and long-term interests of shareholders.
The company reminds investors to pay attention to the investment risks in the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risks and rationally participate in the trading of new shares. Specifically, the risks at the initial stage of listing include but are not limited to the following: (I) the restrictions on rise and fall are relaxed
The competitive trading of GEM stocks is subject to a wide range of rise and fall limits. For stocks that are IPO and listed on the gem, there is no rise and fall limit in the first five trading days after listing, and then the rise and fall limit is 20%.
On the first day of listing on the main board of Shenzhen Stock Exchange, the increase limit proportion is 44%, the decrease limit proportion is 36%, and then the increase and decrease limit proportion is 10%. Gem further relaxed the restrictions on the rise and fall of stocks in the initial stage of listing, and increased the trading risk.
(II) risk of less circulating shares
After this issuance, the total share capital of the company is 420 million shares, of which 39435351 shares are tradable without sale conditions, accounting for 9.39% of the total share capital after this issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity. (III) the shares can be used as the subject matter of margin trading on the first day of listing
GEM stocks can be used as the subject of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin call risk and liquidity risk. Price fluctuation risk refers to that margin trading will aggravate the price fluctuation of the underlying stock; Market risk refers to that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the change of the original stock price, but also the risks caused by the change of the stock price of new investment, and pay the corresponding interest; Margin call risk means that investors need to monitor the level of guarantee ratio in the whole process of trading to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk refers to that when the price of the underlying stock fluctuates violently, the financed purchase of securities or the repayment of securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk. 3、 Special risk tips
The company reminds investors to carefully read the "section IV Risk Factors" of the prospectus and pay special attention to the following matters: (I) the risk of technology being overtaken or replaced
The company has laid out several key PCB processes, but all types of products are facing fierce competition from many international leaders. For example, the drilling process products face the competition of German schmall and Japanese Mitsubishi Electric; The products in the testing process face the competition from Germany ATG L & M and Japan Nidec read. At the same time, Chinese manufacturers are also increasing R & D investment, and the company is facing the risk that its core technology is overtaken by other Chinese competitors. (II) overseas dependence of some raw materials and procurement risk of a single supplier
During the reporting period, the overseas procurement amount of the company was 243961800 yuan, 154493900 yuan, 285742900 yuan and 254.2184 million yuan respectively, accounting for 21.42%, 18.54%, 14.98% and 15.17% of the total procurement amount of each period respectively. The company pays attention to the diversification of equipment and raw materials, but the laser, spindle and control system
System and other key devices still rely on foreign brands such as coherent, novanta, Sieb & Meyer AG. The control system of the company's mechanical drilling machine was purchased from Sieb & Meyer AG, a single supplier. During the reporting period, the purchase amount of Sieb & Meyer AG was 98.6856 million yuan, 85.2969 million yuan, 231.0804 million yuan and 196527800 yuan respectively, accounting for 8.67%, 10.23%, 12.12% and 11.73% of the total purchase amount of each period, (the purchase amount of control system is 98.6846 million yuan, 85.0910 million yuan, 23.0581 million yuan and 196.2718 million yuan respectively, accounting for 8.67%, 10.21%, 12.06% and 11.71% of the total purchase amount of each period respectively). The company signed annual procurement framework agreements with coherent, novanta and Sieb & Meyer AG, and signed long-term strategic cooperation agreements with Sieb & Meyer AG. As of the signing date of this listing announcement, the above agreements are within the validity period. Although the company has established a long-term and stable cooperative relationship with the above-mentioned suppliers, if relevant foreign countries restrict the export of devices due to the deterioration of the international situation and the intensification of Global trade frictions, it will have an adverse impact on the production and operation of the company. (III) risk of large inventory balance
At the end of each reporting period, the book value of the company's inventory was 245829700 yuan, 260547900 yuan, 799093400 yuan and 1239662900 yuan respectively, accounting for 14.32%, 15.19%, 28.69% and 37.01% of current assets respectively. Due to the increase of orders for PCB special equipment in 2020 and January June 2021, the company increased the stock, resulting in a high inventory balance. On the one hand, it occupied a large amount of working capital of the company, which made the company face certain working capital pressure; On the other hand, if orders are cancelled or customers return goods due to changes in customer demand or major adverse changes in business conditions, it may lead to the risk of inventory stagnation and impairment, and the operating performance of the issuer will be adversely affected. (IV) large balance of notes and accounts receivable and bad debt risk
At the end of each reporting period, the total book values of notes and accounts receivable of the company were 1124371100 yuan, 971903200 yuan, 1268862100 yuan and 1758120200 yuan respectively, accounting for 65.51%, 56.66%, 45.56% and 52.49% of current assets respectively. During the reporting period, due to the influence of industry characteristics, sales model, customer credit policy and other factors, the balance of notes receivable and accounts receivable at the end of the period was large. If the customer has major business difficulties, the company will face a certain risk of bad debt loss. (V) risks of operating real estate leasing
As of the signing date of this listing announcement, the issuer has rented from Shenzhen antuoshan concrete pipe pile Co., Ltd
Some houses in antuoshan high tech Industrial Park have not obtained the construction project planning permit due to historical problems
Certificate and house ownership certificate. The total area of these leased properties related to production and operation is 38972.60 square meters
Meters. During the reporting period, the issuer's main production activities were carried out in the above-mentioned defective real estate, which involves the issuer
The amount and proportion of main business income are as follows:
Unit: 10000 yuan
Items from January to June 2021, 2020, 2019 and 2018
Item amount proportion amount proportion amount proportion amount proportion amount proportion amount proportion
flaw
Housing 177746.65 97.49% 208614.31 99.86% 119231.41 98.05% 154706.48 94.40% income
Its 4568.72 2.51% 286.20 0.14% 2376.67 1.95% 9171.37 5.60% he
182315.37 100.00% 208900
