p align = “center” SFS new shares
overview of new yield this week
hit a new rate of return, which fluctuated downward. The gem showed negative returns in January and rebounded slightly in February
Since 2022, the yield of innovation on the science and innovation board has decreased significantly compared with previous years; Since the beginning of the year, the new income of GEM has even become negative under the background of increased breaking. In terms of the monthly rate of return on innovation, the rate of return on innovation on the science and Innovation Board continued to fluctuate and decline after reaching the peak in mid-2020. By 2022, the rate of return on innovation has tended to near 0; The growth enterprise market hit the new yield is in the downward range of continuous shock, which has become negative by January 2022. Although it rebounded in February, it is still near 0. The yield in January and February was the same as that in previous months.
initial P / E ratio kept rising, and the first day’s increase of new shares fell sharply
After September 2021, the initial P / E ratio of new shares on the science and Innovation Board continued to rise. Due to the centralized listing of technology new shares such as semiconductors, the median PE of initial shares rose periodically in November and December, and fell more in January 2022; In terms of gem, the initial P / E ratio of GEM has also continued to rise since 2021, and there is still an upward trend at present. The continuous rise of the initial P / E ratio helped the financing of listed enterprises and ultimately contributed to the development of the real economy. At the same time, the increase on the first day of IPO decreased significantly.
since 2022, the number of new shares listed has ushered in a low value, and the effect of making new money is weak
The number of new shares listed on the science and innovation board is large in mid-2020 and April 2021, and has gradually dropped since the end of 2021; The number of new shares listed on GEM also hit a low point since 2022.
market environment is weak, and the enthusiasm of new participants decreases, resulting in an increase in the winning rate
The rise and fall of new shares listed on the science and innovation board and gem on the first day showed a shock downward trend, reaching a historical low since 2022, which also affected the participation enthusiasm of new investors and indirectly led to the improvement of the winning rate of new shares.
next week’s inquiry and IPO
inquiry for new shares: there will be five inquiries for new shares next week, namely silinger (688115. SH), softcom power (301236. SZ), Gaoling information (688175. SH), Sri new material (688102. SH) and Geling Shentong (688207. SH) in terms of inquiry, it pays relatively attention to softcom power (301236. SZ) with large issuance volume and silinger (688115. SH) with certain highlights in fundamentals
listed new shares: focus on Han’s CNC. The company is Han’S Laser Technology Industry Group Co.Ltd(002008) the only PCB business platform
report body:
1. Analysis of IPO market last week
listing performance of 1.1 new shares
Three companies listed on the gem this week, namely flaunting shares (301181. SZ), neutag (301229. SZ) and West Point Pharmaceutical (301130. SZ), with initial P / E ratios of 29.99 times, 29.68 times and 42.95 times respectively, with an average initial P / E ratio of 34.2 times, an increase of 14.71%, 221.6% and 152.8% respectively on the first day of listing, and an average increase of 129.7% on the first day of listing; One company listed on the Beijing stock exchange was WEIMAO Electronics (833346. BJ), with an initial P / E ratio of 28.25 times and an increase of 37.56% on the first day of listing; There is one company listed on the main board, Jinhui shares (603132. SH), with an initial P / E ratio of 22.98 times.
1.2 calculation of new rate of return
Since 2022, the yield of innovation on the science and innovation board has decreased significantly compared with previous years; Since the beginning of the year, the new income of GEM has even become negative under the background of multiple breaks. According to the statistics of the new rate of return of the registration sector in a single month, it can be observed that the new rate of return of the science and Innovation Board continued to fluctuate and decline after reaching the peak in mid-2020, and the new rate of return has tended to near 0 by 2022; The growth enterprise market hit the new yield is in the downward range of continuous shock, which has become negative by January 2022. Although it rebounded in February, it is still near 0. Compared with the same month in the past, the new yield in January and February was at a low level. We analyze the changes of the new rate of return from the factors such as the initial P / E ratio of new shares, the number of new shares listed and the first day increase of new shares.
IPO price earnings ratio continued to rise, and the increase on the first day of IPO fell sharply 2021 after September, the initial P / E ratio of new shares on the science and Innovation Board continued to rise. Due to the centralized listing of technology new shares such as semiconductors, the median of initial PE increased periodically in November and December, and decreased more in January 2022; In terms of gem, the initial P / E ratio of GEM has also continued to rise since 2021, and there is still an upward trend at present. The continuous rise of the initial P / E ratio helped the financing of listed enterprises and ultimately contributed to the development of the real economy. At the same time, the increase on the first day of IPO decreased significantly.
since 2022, the number of new shares listed under the registration system has ushered in low value, and the effect of making new money is weak we separately count the number of new shares listed in the registration sector market every month to roughly explain the income of the new market. It can be observed that the number of new shares listed on the science and innovation board is large in mid-2020 and April 2021, and has gradually dropped since the end of 2021; The number of new shares listed on GEM also hit a low point since 2022.
market environment is weak, and the enthusiasm of new participants decreases, resulting in an increase in the winning rate the rise and fall of new shares listed on the science and innovation board and gem on the first day showed a downward trend. Since 2022, the rise of new shares on the science and innovation board and gem on the first day has reached a historically low value. This also affected the participation enthusiasm of new players and indirectly led to the improvement of the winning rate of new players.
2. Overview of new shares inquired next week
A total of 5 new shares will be inquired next week, including silinger (688115. SH), softcom power (301236. SZ), Gaoling information (688175. SH), Sri new material (688102. SH) and Geling Shentong (688207. SH); Three new shares will be listed, namely Hongxi Technology (871857. BJ), Han CNC (301200. SZ) and Hongying intelligence (001266. SZ).
for the five new shares to be inquired next week, in terms of inquiry, we pay relative attention to softcom power (301236. SZ) with large issuance volume and silinger (688115. SH) with certain highlights in fundamentals
21 slinger
The company is located in Guangzhou, Guangdong Province. It was established in April 2005 with a registered capital of 50 million yuan. Zhou Maolin holds 435258% of the company’s shares in total and is the controlling shareholder and actual controller of the company.
21.1 company performance during the reporting period
From 2019 to 2021, the company achieved operating revenue of 119 million yuan, 189 million yuan and 222 million yuan respectively, with growth rates of – 2.28%, 59.11% and 17.78% respectively, and the compound annual growth rate of three-year revenue was 36.89%; The net profit attributable to the parent company was 30 million yuan, 63 million yuan and 66 million yuan, with growth rates of – 34.4%, 112.36% and 5.1% respectively. The compound annual growth rate of the net profit attributable to the parent company in three years was 49.4%. According to the estimation of the company, from January to March 2022, the operating income was 53.32 million yuan to 61.95 million yuan (+ 67.23% ~ 94.3%), the net profit attributable to the parent was 8.13 million yuan to 12.25 million yuan (+ 655.46% ~ 937.09%), and the non net profit deducted was 8.07 million yuan to 12.19 million yuan (+ 621.93% ~ 888.57%). The higher year-on-year growth rate of revenue and profit in the first quarter was mainly due to the embedded system of the issuer
Intelligent instrument module products have made breakthroughs in the detection links involved in the apple industrial chain, and the corresponding customers of the apple industrial chain have successively entered the stage of large-scale procurement. The relevant revenue obtained by the company in the apple industrial chain has increased significantly year-on-year. In addition, the profit in the first quarter has increased significantly due to the influence of the base.
21.2 main business and composition
The company is mainly engaged in the design, R & D, production and sales of industrial automation testing products such as embedded intelligent instrument modules, and provides customized professional solutions for downstream customers’ intelligent manufacturing systems and industrial automation testing systems. Embedded intelligent instrument modules and machine vision products are the main products of the company. From January to June 2021, the above two products achieved revenue of 102 million yuan and 5.99 million yuan respectively, accounting for 87.51% and 5.12% respectively.
As an R & D driven enterprise, the company continued to invest in R & D during the reporting period. The higher R & D investment promoted the improvement of the company’s innovation ability and accelerated the transformation of technological achievements. As of June 30, 2021, the company has 151 R & D personnel, accounting for 54.12% of the total employees of the issuer. In 2018, 2019, 2020 and January June 2021, the R & D expenses of the company were 3020005 million yuan, 325168 million yuan, 408275 million yuan and 223779 million yuan respectively, accounting for 24.88%, 27.42%, 21.64% and 19.13% of the operating revenue respectively. The issuer has established close cooperative relations with Guangdong University of technology, South China Agricultural University, South China University of technology, etc.
21.3 industry situation, competition pattern and industry status
At present, there is no research report showing the market share and industry ranking of local brands in the electronic measuring instrument industry through open channels. According to the Research Report on the independent market of the global and Chinese electronic measuring instrument industry released by Frost & Sullivan, the market scale of China’s electronic measuring instrument in 2020 is about US $4.808 billion (converted into RMB 33.163 billion according to the average exchange rate of 1:6.8974 in 2020 published by the National Bureau of Statistics), and the company’s main business income in 2020 is RMB 189 million, According to this calculation, the market share of the company in China’s electronic measuring instrument market is about 0.57%.
In terms of market scale, according to the public information retrieval, no authoritative data on the market scale of modular testing instruments were queried. According to the annual report, the sales of instruments and software in the United States amounted to US $1.28 billion, of which the total sales of instruments and software in the United States was US $1.28 billion. According to the annual report, the total sales of instruments and software in the United States was US $1.28 billion. Meanwhile, according to the investor meeting minutes announced by national instruments in August 2021, it is estimated that the total market scale of modular testing instruments in 2023 will be about US $8 billion.
At present, the suppliers of modular testing instruments are mainly foreign enterprises, among which American national instruments is the pioneer in the industry and occupies the leading position in the market. At the same time, foreign traditional instrument enterprises have also transformed into the field of modular instruments in recent years. Shide technology has specially established a modular product department and announced its entry into the modular instrument market; At present, Rohde & Schwarz have also integrated multiple electronic measuring instruments to realize the modular integration of multiple electronic measuring instruments. In terms of Chinese enterprises, due to the late start of the electronic instrument measurement industry as a whole, and the modularization of testing instruments belongs to the cutting-edge technology of the industry, there are relatively few enterprises engaged in the modular testing instrument industry, and the scale is generally small.
21.4 analysis of comparable companies
Chinese comparable companies and main competitors mainly include: dingyang Technology (688112. SH), Puyuan Jingdian (a21115. SH), Shanghai Friendess Electronic Technology Corporation Limited(688188) ( Shanghai Friendess Electronic Technology Corporation Limited(688188) . SH), Shanghai Weihong Electronic Technology Co.Ltd(300508) ( Shanghai Weihong Electronic Technology Co.Ltd(300508) . SZ)
21.5 purpose of the raised funds
The company expects to raise 630 million yuan this time, which is mainly used in the production expansion construction project of embedded intelligent instrument module and the construction project of R & D center.
risk warning: the issuer is highly dependent on Apple industrial chain company, which is risky; The balance of accounts receivable is large and cannot be recovered; Risk of chip supply shortage.
22 soft power
The company is located in Haidian District, Beijing. It was established in November 2005 with a registered capital of 360 million yuan. Chairman Liu Tiantian holds 280293% of the company’s shares and 336575% of the company’s voting rights. He is the controlling shareholder and actual controller of the company.
22.1 company performance during the reporting period
From 2019 to 2021, the company achieved operating revenue of 10.605 billion yuan, 13 billion yuan and 16.62 billion yuan respectively, with growth rates of 30.29%, 22.58% and 27.88% respectively, and the compound annual growth rate of three-year revenue was 25.2%; The net profit attributable to the parent company was 712 million yuan, 1259 million yuan and 945 million yuan, with growth rates of 132.23%, 76.77% and – 24.94% respectively. The compound annual growth rate of the net profit attributable to the parent company in three years was 15.19%. According to the estimation of the company, from January to March 2022, the operating revenue was 4.554 billion yuan (+ 28.12%), the net profit attributable to the parent company was 88 million yuan (+ 11.96%), and the non net profit deducted was 81 million yuan (+ 15.37%).
22.2 main business and composition
The company’s main business is to provide end-to-end software and digital technology services and digital operation services for customers in many industries such as communication equipment, Internet services, finance, high technology and manufacturing. According to the business type, the company can be divided into software and digital technology services and digital operation services. Among them, software and digital technology services are divided into general technology services Digital technology services and consulting and solutions.
22.3 industry situation, competition pattern and industry status
As a software and information technology service provider with profound industry accumulation and comprehensive technical strength, the company achieved an operating revenue of more than 10 billion yuan in 2019, and has nearly 100 branches and more than 20 global delivery centers in more than 40 cities around the world. As of June 30, 2021, the company has 82682 employees and served more than 1000 customers outside China, of which more than 200 customers are the world’s top 500 or China’s top 500 enterprises. As of June 30, 2021, the company has 611 major computer software copyrights and 42 patents, and has passed CMMI level 5, software service provider delivery capability level 1, information system service delivery capability level 1, ITSS information technology service operation and maintenance capability maturity level 2, data management capability maturity level 3 (robust level) Information system construction and service capability are assessed at level 4 (excellent level), and have obtained ISO20000, ISO9001, ISO27001, ISO14001, iso45001 and iso22301 certification.
The company has successively won the “top 100 enterprises with China National Software And Service Company Limited(600536) business income” of the Ministry of industry and information technology, the “top 100 enterprises with comprehensive competitiveness of software and information technology services” of China Electronic Information Industry Federation, and the “most influential software and information service enterprises in China” of China National Software And Service Company Limited(600536) Industry Association International Outsourcing Professional Association (IAOP) “global outsourcing 100list leader size group” and other awards and honors. At the same time, the company has also been rated as “top ten digital service leading enterprises”, “top ten innovative software enterprises” and “leading manufacturer of China’s digital transformation”. According to the 20182019 China IT Service Market Research annual report, 2019 China Insurance Industry IT solution market share analysis report and 2019 Bank Of China Limited(601988) industry IT solution market share analysis report released by CCID Consulting, softcom power ranked second in China’s IT outsourcing market competitiveness (comprehensive comparison of development capacity and market position) in 2018; Ranked second in the revenue and market share of major manufacturers in the IT solution market of China’s insurance industry in 2019; Ranked sixth in the revenue and market share of major manufacturers in the Bank Of China Limited(601988) industry IT solution Market in 2019.
22.4 analysis of comparable companies
Comparable companies and main competitors mainly include: China National Software And Service Company Limited(600536) (00354. HK), Neusoft Corporation(600718) ( Neusoft Corporation(600718) . SH), Beyondsoft Corporation(002649) ( Beyondsoft Corporation(002649) . SZ), Northking Information Technology Co.Ltd(002987) ( Northking Information Technology Co.Ltd(002987) . SZ), Shanghai Newtouch Software Co.Ltd(688590) ( Shanghai Newtouch Software Co.Ltd(688590) . SH), Shenzhen Farben Information Technology Co.Ltd(300925) ( Shenzhen Farben Information Technology Co.Ltd(300925) . SZ)
22.5 purpose of the raised funds
The company expects to raise 3.73 billion yuan this time, which is mainly used for new construction and expansion projects of delivery center, industrial digital transformation product projects, R & D center construction projects, etc.
risk tips: customer concentration risk; Risk of large amount of accounts receivable; Risk of changes in tax incentives and government subsidies.
23 Gaoling Information
The company is located in Zhuhai City, Guangdong Province. It was established in December 1999 with a registered capital of 69679784 yuan. The shareholding ratio of Gaoling investment is 57.41%, which is the controlling shareholder of the company; Hu Yunlin holds 100% equity of Gaoling investment and is the actual controller of the company.
23.1 company performance during the reporting period
From 2019 to 2021, the company achieved operating revenue of RMB 252 million, RMB 398 million and RMB 495 million respectively, with growth rates of 43.72%, 57.68% and 24.57% respectively, and the compound annual growth rate of three-year revenue was 40.2%; The net profit attributable to the parent company was 41 million yuan, 109 million yuan and 119 million yuan, with growth rates of 96.07%, 167.1% and 8.87% respectively. The compound annual growth rate of the net profit attributable to the parent company in three years was 70.53%. According to the estimation of the company, from January to March 2022, the company will realize the main business income of 74 million yuan to 96 million yuan (+ 18.02% ~ 53.1%), the net profit attributable to the parent company of 11 million yuan to 18 million yuan (+ 92.27% ~ 214.63%), and deduct the net profit not attributable to the parent company of 8 million yuan to 15 million yuan (+ 88.66% ~ 253.74%).
23.2 main business and composition
The company is a high-tech enterprise engaged in the R & D, production and sales of military telecommunication network communication equipment, environmental protection Internet of things application products and network and information security products, and can provide users with comprehensive solutions. According to the content of products and services, the company’s main business is divided into four business segments: military telecommunication network communication equipment, environmental protection Internet of things application, network content security and cyberspace endogenous security.
23.3 industry situation, competition pattern and industry status
In terms of military telecommunication network communication equipment business, the company’s main products include program-controlled switching and packet switching system equipment, as well as special application products, which are applied to military telecommunication core network, access network and other special networks. It is the main supplier of military telecommunication network communication equipment. The company is the Zhuhai branch of national digital switching system engineering technology research center, Guangdong provincial enterprise technology center and Guangdong network harmful information prevention engineering technology center. It is the industrialization base of the achievements of the national high-tech research and development plan and the vice chairman unit of China cyberspace endogenous security technology and Industry Alliance; The company holds the relevant qualifications required to carry out military business, has three class a classified information system integration qualifications, and has passed the CMMI5 certification of software capability maturity model. Ngl04 products of the company have been rated as national independent innovation products, and products such as harmful information prevention system of telecommunication network and automatic acoustic environment quality monitoring system have won various honors and awards, such as high-tech products of Guangdong Province, independent innovation products of Guangdong Province, first prize of environmental protection science and technology of Guangdong Province. The company has undertaken or participated in 6 national key R & D plans and national science and technology support plans. As of the signing date of the prospectus (Registration draft), the company and its subsidiaries have 101 authorized patents, including 67 invention patents; It has 271 software copyrights.
According to the sales of the company to national defense unit B in 2020 and the specifications and quantities of office machines and user machines selected by the company, the annual market scale of program-controlled switching system equipment under the centralized purchase mode is about 277 million yuan. Combined with the market scale of sporadic procurement by users of various services, the overall annual market scale of program-controlled switching system equipment in the field of military communication is more than 300 million yuan.
According to this calculation, the market share of the company’s program-controlled switching system equipment in the military communication field has exceeded 60% in 2020.
In recent years, favorable policies for the environmental protection industry have been issued continuously, and China’s environmental protection work has entered a new stage of development. Under the catalysis of continuous improvement of basic information facilities and accelerated renewal and iteration of key information technologies, China’s smart environmental protection industry is facing good development prospects. According to CCID consultant’s prediction, the scale of China’s smart environmental protection market will reach 84 billion yuan in 2020, and the application scenarios will continue to expand and innovate; By 2021, the scale of smart environmental protection market is expected to reach 100 billion, and the year-on-year growth rate will further accelerate, or exceed 20%; By 2022, the potential market space will be further released, and the market scale is expected to reach 132 billion yuan, with a year-on-year growth rate of more than 30%.
23.4 analysis of comparable companies
Comparable companies and main competitors mainly include: Genew Technologies Co.Ltd(688418) ( Genew Technologies Co.Ltd(688418) . SH), Rockontrol Technology Group Co.Ltd(688051) ( Rockontrol Technology Group Co.Ltd(688051) . SH), Shenzhen Sinovatio Technology Co.Ltd(002912) ( Shenzhen Sinovatio Technology Co.Ltd(002912) . SZ), Surfilter Network Technology Co.Ltd(300311) ( Surfilter Network Technology Co.Ltd(300311) . SZ).
23.5 purpose of the raised funds
The company expects to raise 1.61 billion yuan this time, which is mainly used in the upgrading and reconstruction project of endogenous security communication system, the upgrading and construction project of communication network information security and big data operation products, ecological environment monitoring and data application upgrading project, etc.
risk warning: risk of future performance fluctuation of military telecommunication network communication equipment business; The endogenous security business in cyberspace is in its infancy, but the company’s investment is at great risk; The risk of declining revenue of network content security business.
24 Sri new material
The company is located in Xi’an, Shaanxi Province. It was established in July 1995 with a registered capital of 360 million yuan. Mr. Wang Wenbin is the controlling shareholder and actual controller of the company.
24.1 company performance during the reporting period
From 2019 to 2021, the company achieved operating revenue of 566 million yuan, 681 million yuan and 968 million yuan respectively, with growth rates of 15.08%, 20.34% and 42.16% respectively, and the compound annual growth rate of three-year revenue was 30.79%; The net profit attributable to the parent company was 30 million yuan, 52 million yuan and 62 million yuan, with growth rates of 77.04%, 70.84% and 19.84% respectively, and the compound annual growth rate of net profit attributable to the parent company in three years was 43.09%. According to the estimation of the company, from January to March 2022, the operating revenue was 218 million yuan to 266 million yuan (+ 12.79% ~ 37.86%), the net profit attributable to the parent company was 13.22 million yuan to 16.16 million yuan (+ 1.35% ~ 23.87%), and the non net profit deducted was 10.6 million yuan to 12.96 million yuan (+ 46.97% ~ 79.63%).
24.2 main business and composition
The company’s main business income mainly comes from four types of products: high-strength and high conductivity copper alloy materials and products, medium and high-voltage electrical contact materials and products, high-performance metal chromium powder and CT and Dr ball tube components; Among them, the income of high-strength and high conductivity copper alloy materials and products, medium and high-voltage electrical contact materials and products and other high-quality, high-performance and high-tech copper alloy materials and products account for nearly 80% of the main business income. As one of the company’s core businesses, high-strength and high conductivity copper alloy materials and products have continuously increased the proportion of their product revenue in the main business revenue. The revenue of each period in the reporting period was 1716766 million yuan, 2117152 million yuan, 2725348 million yuan and 2249387 million yuan respectively, accounting for 38.09%, 42.11%, 44.98% and 55.17% of the company’s main business revenue respectively.
24.3 industry situation, competition pattern and industry status
The specific products of high-strength and high conductivity copper alloy materials and products business include end rings, guide bars, ingots and other materials: ① the company’s end rings and guide bars have high market competitiveness and focus on benchmark customers in the industry. Now it has achieved mass supply to major rail transit equipment manufacturers at home and abroad, such as ge-wab group, Alstom group, Crrc Corporation Limited(601766) and so on; ② The company’s ingots and other materials can be widely used in connector and other fields, and the downstream market space is huge. During the reporting period, the demand for the company’s products from downstream customers such as Jinxi Industrial Group, Ningbo Xingye Zhejiang Sunrise Garment Group Co.Ltd(605138) Co., Ltd., Ningbo Jintian Copper (Group) Co.Ltd(601609) etc. continued to grow. According to bishop & Associate, the global connector market reached US $64.2 billion in 2019, with a compound growth rate of 3.7% since 2012. In 2019, the scale of China’s connector market was 19.5 billion US dollars, accounting for 30.4% of the global market share. It is the largest connector Market in the world. Benefiting from the continuous expansion of China’s investment in information construction, China’s connector scale expanded from US $10.833 billion in 2010 to US $19.5 billion in 2019.
The specific products of medium and high voltage electrical contact materials and products business include copper chromium contacts and copper tungsten contacts. ① the medium and high voltage electrical contact materials and products of the company are mainly used in the field of power supply engineering and transmission and distribution network engineering. With the expansion of the construction scale of power supply engineering and transmission and distribution network engineering, the demand for upstream copper chromium contacts and copper tungsten contacts is also increasing; ② The company has excellent product competitiveness in the industry. According to the single champion certificate of manufacturing industry issued by the Ministry of industry and information technology, the company’s “copper chromium electric contact” has been recognized as the single champion product of manufacturing industry (20192021). Its customers include Siemens Group, ABB group, Eaton group, Schneider group and other world-famous electrical equipment manufacturers and Xidian group Chengdu Xuguang Electronics Co.Ltd(600353) and other major electrical equipment manufacturers in China. High voltage switch is one of the key equipment of transmission and distribution network, and it is also the main downstream product of medium and high voltage electrical contact materials and products. At present, global power equipment manufacturers such as abb, Siemens, French nuclear power, Schneider and Eaton occupy nearly half of the market of high-voltage switches. In recent years, China’s design and manufacturing capacity in the field of high-voltage switches has been continuously improved, and its products have been developing towards high-end, safety and intelligence, becoming an important high-voltage switch manufacturing center in the world. According to the report of prospective industry research institute, the market scale of China’s high-voltage switchgear industry reached about 315.58 billion yuan in 2018, and it is expected that the market scale will exceed 550 billion yuan in 2024.
The sales revenue of high-performance metal chromium powder is one of the important revenue sources of the company. The company has the preparation technology of high-purity low oxygen, low nitrogen and low acid insoluble chromium powder and vacuum degassed chromium, independently mastered the low-temperature liquid nitrogen grinding process, and designed a complete set of low-temperature liquid nitrogen grinding equipment and process flow scheme, It is one of the major manufacturers in China that can batch prepare high-performance metal chromium powder. At present, it has accumulated well-known customer resources such as German GFE, German Siemens, Western Superconducting Technologies Co.Ltd(688122) and so on; The market scale of downstream targets and superalloys continues to expand.
24.4 analysis of comparable companies
At present, there are no enterprises with similar product structure outside China. By analyzing the comparability of subdivided products with other enterprises and the availability of business and financial data, China selects Ningbo Boway Alloy Material Co.Ltd(601137) ( Ningbo Boway Alloy Material Co.Ltd(601137) . SH), Jiangyin Electrical Alloy Co.Ltd(300697) ( Jiangyin Electrical Alloy Co.Ltd(300697) . SZ), Jinchang Lanyu (832094. NQ) as comparable companies and main competitors.
24.5 purpose of the raised funds
The company expects to raise 420 million yuan, which is mainly used for the construction of phase I project of industrialization of 40000 tons of copper iron and chromium zirconium copper series alloy materials.
25 Geling deep pupil
The company is located in Chaoyang District, Beijing. It was established in August 2013 with a registered capital of 138735614 yuan. Shentong Zhishu holds 22.53% of the company’s equity and is the controlling shareholder of the company. Zhao Yong is the actual controller.
25.1 company performance during the reporting period
From 2019 to 2021, the company achieved operating revenue of 71 million yuan, 243 million yuan and 294 million yuan respectively, with growth rates of 37.04%, 240.84% and 20.95% respectively, and the compound annual growth rate of three-year revenue was 103.04%; The net profit attributable to the parent company was -414 million yuan, – 78 million yuan and -68 million yuan. According to the estimation of the company, from January to March 2022, the operating revenue was 54.52 million yuan to 65.998 million yuan (+ 194.25% ~ 256.19%), the net profit attributable to the parent company was – 19.69 million yuan to – 13.12 million yuan (+ 53.66% ~ 69.11%), and the net profit deducted was – 1991 million yuan to – 13.27 million yuan (+ 52.25% ~ 68.17%). The growth of the company’s revenue mainly came from the fields of smart finance and urban management.
25.2 main business and composition
The company is an artificial intelligence company engaged in the R & D and application of computer vision technology and big data analysis technology. It focuses on the deep integration of advanced computer vision technology and big data analysis technology with application scenarios, and provides artificial intelligence products and solutions for urban management, smart finance, commercial retail sales, sports health, rail transit operation and maintenance and other fields, The main revenue comes from customers in urban management, smart finance, commercial retail and other fields.
25.3 industry situation, competition pattern and industry status
At present, the company has formed five major technical directions: model training and data production technology based on in-depth learning, 3D stereo vision technology, automatic traffic scene perception and event recognition technology, large-scale cross mirror tracking technology and Siasun Robot&Automation Co.Ltd(300024) perception and control technology, and has achieved commercialization in the fields of urban management, smart Finance and commercial retail, And conduct product research and development in new fields such as rail transit operation and maintenance and sports health.
At the AI algorithm level, the company’s core algorithm has won the championship in the artificial intelligence algorithm competition outside China for many times, reaching the industry-leading level; In the process of R & D, the company opened two face recognition data sets, trillionpairs and glint360k, and partialfc training code, which promoted the development of industry technology; At the same time, the company has undertaken a number of major scientific research projects on the application of artificial intelligence technology, such as the Ministry of science and technology of the people’s Republic of China and Beijing Municipal Commission of science and technology, and participated in the drafting of a number of standards of China Security Products Industry Association and Beijing Centergate Technologies (Holding) Co.Ltd(000931) Standardization Association. At the AI application level, the company has applied the core algorithm technology to its main products, formed artificial intelligence products and solutions for urban management, smart finance, commercial retail, sports health, rail transit operation and maintenance and other fields, and continuously optimized and upgraded the core technology according to the needs of downstream customers to ensure continuous technological innovation.
25.4 analysis of comparable companies
Comparable companies and major competitors mainly include Arcsoft Corporation Limited(688088) ( Arcsoft Corporation Limited(688088) . SH), Hangzhou Arcvideo Technology Co.Ltd(688039) ( Hangzhou Arcvideo Technology Co.Ltd(688039) . SH), Yitu Technology (a20585. SH), Yuncong Technology (a20636. SH), Yuntian lifeI (a20645. SH) and Kuangshi Technology (a21026. SH). Among them, Yitu technology, Yuncong technology, yuntianfei technology and Kuangshi technology are close to the company in terms of technology and application fields and revenue composition, Arcsoft Corporation Limited(688088) , Hangzhou Arcvideo Technology Co.Ltd(688039) are similar to the company in terms of single technology capability or single application scenario.
25.5 purpose of the raised funds
The company expects to raise 1.107 billion yuan this time, which is mainly used in artificial intelligence algorithm platform upgrading, artificial intelligence innovation and application R & D projects, etc.
risk warning: has not made a profit and there is a risk of accumulated unrecovered losses; The company’s large-scale landing scene in the field of smart finance and commercial retail is relatively single, with high customer concentration and risk of income fluctuation; Risks of data security and science and technology ethics; The risk of being included in the “entity list” by the U.S. Department of Commerce.
