Stock abbreviation: Mingyue lens Stock Code: 301101 Mingyue lens Co., Ltd
Mingyue Optical Lens Co.,Ltd.
(No. 9, Yinxing Road, development zone, Danyang City, Jiangsu Province)
Initial public offering and listing on GEM
Listing announcement
Sponsor (lead underwriter)
(24 / F, building 2, Oriental International Financial Plaza, 318 south Zhongshan Road, Shanghai)
December, 2021
hot tip
The shares of Mingyue lens Co., Ltd. (hereinafter referred to as "Mingyue lens", "the company" or "the company") will be listed on the gem of Shenzhen Stock Exchange on December 16, 2021. The company reminds investors to fully understand the risks in the stock market and the risk factors disclosed by the company, and avoid blindly following the trend of "speculation" in the initial stage of IPO , we should make prudent decisions and invest rationally.
Unless otherwise specified, the definitions of abbreviations or terms in this listing announcement are the same as those in the prospectus of the company's initial public offering of shares and listing on the gem.
The value of this listing announcement is usually reserved to two decimal places. If the total number is inconsistent with the mantissa of the sum of the values of each sub item, it is caused by rounding.
Section I important statements and tips
1、 Important statement
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（ http://www.cn.info.com..cn. ） 、 "Risk factors" of the company's prospectus on China Securities Network (www.cs. Com.. CN.), China Securities Network (www.cn. Stock. Com.), securities times (www.stcn. Com.) and Securities Daily (www.zqrb. CN) The content of this chapter is to pay attention to risks, make prudent decisions and make rational investment. The company reminds the majority of investors that investors are invited to refer to the full text of the company's prospectus for relevant contents not involved in this listing announcement. 2、 Special tips on investment risk at the initial stage of gem IPO
The company reminds the majority of investors to pay attention to the investment risks at the initial stage of IPO (hereinafter referred to as "new shares"), and the majority of investors should fully understand the risks and rationally participate in the trading of new shares. Specifically, the risks at the initial stage of IPO include but are not limited to the following:
1. Relaxation of price limit
The competitive trading of GEM stocks is subject to a wide range of rise and fall restrictions. For stocks that are IPO and listed on the gem, there are no rise and fall restrictions in the first five trading days after listing, and then the rise and fall restrictions are 20%. On the first day of listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit ratio is 44%, the decrease limit ratio is 36%, and the increase and decrease limit on the next trading day is 10%. Gem further relaxed the restrictions on the rise and fall of stocks in the early stage of listing, and increased the trading risk.
2. The issuing P / E ratio of the company is higher than the average level of the same industry
According to the industry classification guidelines for listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of Mingyue lens is "special equipment manufacturing industry" (classification code: C35)
The industry's static average p / E ratio in the last month was 42.61 times (as of December 2, 2021), please refer to investors for decision-making. The issuance price is 26.91 yuan / share, and the diluted P / E ratio of parent net profit before and after deducting non recurring profits and losses in 2020 is 56.97 times, which is higher than the static average p / E ratio of the industry in the latest month published by China Securities Index Company on December 2, 2021. There is a possibility that the issuer's share price will fall to investors in the future Risk of loss. The issuer and the recommendation institution (lead underwriter) remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
The valuation levels of comparable listed companies whose main business and business model are similar to those of the issuer are as follows:
Securities code securities abbreviation T-3 day stock closing price 2020 static P / E (euro / share) (euro / share) ratio corresponding to EPS - not before deduction
ESLX. PA France Istv 179.822 two hundred and seventy-nine thousand two hundred and seventy-nine point seven one
Road International
Average 79.71
Data source: Bloomberg, data as of December 2, 2021 (T-3)
Note 1: since Essilor international does not disclose non recurring profits and losses in its annual report, EPS adopts the net profit attributable to the parent company in 2020 divided by the latest total share capital, that is, EPS before deduction in 2020 = net profit attributable to the parent company in 2020 / total share capital on T-3 day;
Note 2: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding; Note 3: the comparable companies in the same industry disclosed in the prospectus are Qitian Technology Group Co.Ltd(300061) , Shike new material and Essilor international. Among them, Shike new material has not been listed, and Qitian Technology Group Co.Ltd(300061) sold the assets and liabilities related to the spectacle lens business at the end of 2018, transforming to a financial technology service company as a whole. The revenue of the spectacle industry accounted for only 1.69% of the annual revenue in 2019, which is no longer comparable, Therefore, the above table adopts vision data for calculation.
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 issuer and the recommendation institution (lead underwriter) remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
3. The number of tradable shares is small
After this issuance, the total share capital of the company is 134341400 shares, of which 29631539 shares are tradable without restrictions, accounting for 22.06% of the total shares. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
4. The stock can be used as the subject matter of margin trading on the first day of listing
The stock can be used as the subject matter 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 means that margin trading will aggravate the price fluctuation of the underlying stock; Market risk means that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the changes in the original stock price, but also the risks caused by the changes in the stock price of new investment, and pay corresponding interest; Margin increase risk means that investors need to monitor the guarantee ratio level throughout the transaction process 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.
5. This offering may have the risk of falling below the offering price after listing
Investors should pay full attention to the risk factors contained in the marketization of pricing, know that the stock may fall below the issue price after listing, effectively improve risk awareness, strengthen the concept of value investment, and avoid blind speculation. Regulators, issuers and sponsors (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing. III. special risk tips
The company reminds investors to carefully read the "risk factors" section of the prospectus and pay special attention to the following matters:
1. Risks of macroeconomic environment
Glasses are consumer goods with vision correction, vision protection and facial decoration. The macroeconomic recession or the slowdown in the growth of residents' disposable income will restrict the demand for lens products of the company. If there are major adverse changes in China's macroeconomic situation, such as the continuous slowdown of economic growth and the continuous decline of residents' disposable income, it will have an adverse impact on the company's operating performance and there is a possibility of performance decline.
2. Risk of price fluctuation of main raw materials
The company's main raw materials include propylene alcohol, DMT and other chemical raw materials as well as resin monomers. In 2018, 2019, 2020 and January June 2021, the direct material cost of the company accounted for 55.16%, 56.74%, 55.56% and 57.12% of the main business cost respectively. The price fluctuation of the company's main raw materials has a great impact on the production cost of the company's products. If the prices of upstream raw materials, such as propylene alcohol, DMT and other chemical raw materials or resin monomers fluctuate sharply, especially the sharp rise, it will drive the rise of industry costs and directly increase the company's production costs. If the company's product price is not adjusted in time, it will have a great adverse impact on the company's profits.
3. Dealer management risks
In 2018, 2019, 2020 and January to June 2021, the company realized business operation under the distribution mode
The business income was 119.2779 million yuan, 148.5487 million yuan, 164.5686 million yuan and 79.201 million yuan respectively, accounting for 23.73%, 26.98%, 30.58% and 29.24% of the main business income respectively. Due to the wide geographical distribution of the company's dealers, it is difficult for the company to unify and fine manage the sales channels. On the one hand, if regional distributors do not comply with the company's regulations or fail to achieve the established performance objectives, the company's brand image and business performance will be affected; On the other hand, with the continuous expansion of the company's scale, if the company's distribution management level is not improved, it will have an adverse impact on the business model of regional dealers. Therefore, improper dealer management in the future will have an adverse impact on the company's business development.
4. Risk of brand image damage and intellectual property infringement
The company's products directly face the majority of consumers. The brand image reflects the product quality and consumer recognition. As the company's intangible assets, the brand image and intellectual property are very important to the company. If the company's brand, trademark, patent and other rights and interests are infringed, the company will safeguard its rights in accordance with legal channels to protect the legitimate rights and interests of the company, and the company's rights protection may consume certain financial and material resources of the company, which may have an adverse impact on the company's normal production and operation.
5. Risk of bad debt of accounts receivable
During the reporting period, with the steady growth of the company's sales scale, the company's accounts receivable continued to increase. By the end of 2018, 2019, 2020 and June 2021, the net accounts receivable of the company were 103.7583 million yuan, 120.3055 million yuan, 128.46 million yuan and 121.2356 million yuan respectively, accounting for 32.92%, 29.17%, 27.20% and 24.00% of current assets respectively. Although the amount decreased slightly at the end of June 2021, the amount showed an upward trend as a whole. If the bad debt risk of accounts receivable occurs, it may have a certain impact on the asset quality and normal operation of the company.
6. Risk of large inventory balance
At the end of 2018, 2019, 2020 and June 2021, the book value of the company's inventory was 122.9022 million yuan, 121.046 million yuan, 101.0573 million yuan and 109.4728 million yuan respectively, accounting for 38.99%, 29.35%, 21.39% and 21.67% of current assets respectively. The company's large inventory balance is mainly due to the production and preparation in advance according to the seasonal factors of lens product sales.
Higher inventory balance will occupy more working capital of the company. If the company cannot effectively manage inventory, it may reduce the company's inventory turnover capacity and the use efficiency of working capital. In addition, the company's operating performance may be greatly adversely affected if the inventory falls in price or becomes difficult to realize due to changes in the market environment or intensified competition in the future.
7. Risks of relying on outsourcing and centralized procurement of some raw materials
During the reporting period, based on the strategic cooperative relationship with Mitsui Chemicals, Koc of Korea and their affiliates, as well as the consistent and stable supply volume and product quality of the aforementioned partners, the issuer purchased some refractive index resin monomers including 1.71 refractive index from Mitsui Chemicals from 2018 to June 2021, The issuer purchases specific varieties of resin monomers with refractive index of 1.60 and below from Korean Koc and its affiliates, accounting for more than 90% of the similar resin monomers purchased by the issuer in the current period; The amount of resin monomers with refractive index of 1.67 and above purchased from Korean Koc and its related parties accounts for 100% of the amount of such resin monomers consumed by the issuer in the current period. The source of raw materials purchased by the issuer is relatively concentrated, and the issuer relies on Koc and its related parties to a certain extent. In case of special circumstances such as untimely supply of raw materials, the issuer may face the demand for changing suppliers, and it may need to adjust the cycle during the conversion process, which will have a certain impact on production and operation.
8. Risk of changes in preferential tax policies
During the reporting period, the company was recognized as a high-tech enterprise and enjoyed the preferential income tax rate of 15%. The company's current valid high-tech enterprise certificate was obtained on November 30, 2018 and is valid for three years. If the national and local recognition standards or relevant preferential tax policies for high-tech enterprises change or other circumstances make the company unable to continue to enjoy the tax preference in the future, it will have a negative impact on the company's operating performance
