Stock abbreviation: Tonglian precision Stock Code: 688210 Shenzhen oceanwide Tonglian Precision Manufacturing Co., Ltd
Initial public offering of shares Kechuang board
Listing announcement
Sponsor (lead underwriter)
(No. 95, dongchenggenshang street, Qingyang District, Chengdu)
December 24, 2021
hot tip
The shares of Shenzhen oceanwide UnionPay Precision Manufacturing Co., Ltd. (hereinafter referred to as "UnionPay precision", "the company", "the issuer" or "the company") will be listed on the science and Innovation Board of Shanghai Stock Exchange on December 27, 2021. The company reminds investors to fully understand the stock market risks and the risk factors disclosed by the company, and avoid blindly following the trend at the initial stage of IPO "Speculation" should be prudent decision-making and rational investment.
Section I important statements and tips
1、 Important statements and tips
The company and all directors, supervisors and senior managers guarantee that the information disclosed in the listing announcement is true, accurate and complete, 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 Shanghai 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 and publish on the website of Shanghai Stock Exchange（ http://www.sse.com..cn. ）The contents of the "risk factors" chapter of the company's prospectus, 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.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of the company's initial public offering of shares and listing on the science and innovation board.
There may be slight difference between the total number of individual data in some tables of this listing announcement and the total number of tables, which is caused by rounding in the calculation process. 2、 Special tips on investment risk at the initial stage of IPO
The company reminds investors to pay attention to the investment risk at the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risk and rationally participate in the trading of new shares.
Specifically, the investment risks at the initial stage of listing include but are not limited to the following:
(i) Relaxation of price limit
On the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange, the increase limit ratio on the first day of listing is 44%, the decrease limit ratio is 36%, and then the increase limit ratio is 10%.
Within the first five trading days after the listing of enterprises on the science and innovation board, there is no limit on the rise and fall of the stock trading price; Five trading days after listing, the price limit ratio is 20%. There is a more severe risk of stock price fluctuation on the Kechuang board than that on the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange.
（2） The number of tradable shares is small
At the initial stage of listing, the lock-in period of the original shareholders' shares was 36 months or 12 months, the lock-in period of the strategic placement of the issuer's executives and core employees was 12 months, the lock-in period of the sponsor's participation in the strategic placement with the investment subsidiary was 24 months, and the lock-in period of the online lower limit shares was 6 months. After the issuance, the total share capital of the company is 80 million shares, of which 16348096 shares are non tradable shares, accounting for 20.44% of the total share capital after the issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
（3） The P / E ratio is higher than the average level of the same industry
The preliminary inquiry for this offering was completed on December 13, 2021 (T-3). After excluding the invalid quotation and the highest quotation, the issuer and the sponsor (lead underwriter) according to the inquiry and quotation of offline issuance, comprehensively evaluate the reasonable investment value of the company, the secondary market valuation level of comparable companies and the secondary market valuation level of the industry, and fully consider the effective subscription multiple, market conditions, fund-raising demand and underwriting risk of offline investors, and negotiate to determine the issuance price of 42.76 yuan / share The determined issue price does not exceed the lower of four, and the price earnings ratio corresponding to this price is:
1. 37.35 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in 2020 in accordance with Chinese accounting standards by the total share capital before the issuance); 2. 40.17 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in 2020 in accordance with Chinese accounting standards by the total share capital before the issuance); 3. 49.80 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company before deducting non recurring profits and losses audited by an accounting firm in 2020 in accordance with Chinese accounting standards by the total share capital after the issuance); 4. 53.55 times (earnings per share is calculated by dividing the net profit attributable to shareholders of the parent company after deducting non recurring profits and losses audited by an accounting firm in accordance with Chinese accounting standards in 2020 by the total share capital after the issuance). According to the industry classification guidelines for listed companies (revised in 2012) issued by China Securities Regulatory Commission (hereinafter referred to as "CSRC"), the industry of the company is "Computer, communication and other electronic equipment manufacturing industry (C39)", as of December 13, 2021 (T-3), the average static P / E ratio of "computer, communication and other electronic equipment manufacturing industry (C39)" released by China Securities Index Co., Ltd. in the latest month was 49.60 times.
The P / E ratio of comparable listed companies whose main business is similar to that of the issuer is as follows:
2020 deduction not 2020 deduction not T-3 day stock corresponding static market corresponding static market securities code securities abbreviation pre EPS (yuan / post EPS (yuan / closing price (yuan / earnings ratio (before deduction) earnings ratio (after deduction) shares) shares)
300709.SZ Jiangsu Gian Technology Co.Ltd(300709) 0.95820. 780750.7052. nine thousand one hundred and sixty-four point nine four
600114.SH Nbtm New Materials Group Co.Ltd(600114) 0.14200. 056111.5981. sixty-five thousand two hundred and six point five two
603626.SH Kunshan Kersen Science & Technology Co.Ltd(603626) -0.0854-0.108111. 59--
300115.SZ Shenzhen Everwin Precision Technology Co.Ltd(300115) 0.49970. 398920.4540. nine thousand three hundred and fifty-one point two seven
300885.SZ Yangzhou Seashine New Materials Co.Ltd(300885) 0.41200. 367719.9548. four thousand two hundred and fifty-four point two six
688678.SH Freewon China Co.Ltd(688678) 0.64350. 620130.1846. nine thousand and forty-eight point six seven
Mean value -- 54.1685 thirteen
Data source: wind information, data as of December 13, 2021 (T-3).
Note: calculation criteria of EPS before / after deduction of non recurring profit and loss in 2020: net profit attributable to the parent company before / after deduction of non recurring profit and loss in 2020
Total share capital as of December 13, 2021.
The issue price is 42.76 yuan / share, corresponding to the lower of the issuer before and after deducting non recurring profits and losses in 2020
The diluted P / E ratio was 53.55 times, higher than the latest one in the issuer's industry published by China Securities Index Co., Ltd
The monthly average static P / E ratio is lower than the average static P / E ratio of comparable companies in the same industry, and there are still future developments
There is a risk of loss to investors as share prices fall. The issuer and the lead underwriter draw investors' attention to the investment
Risk, carefully study and judge the rationality of issue pricing and make investment rationally.
（4） The stock can be used as the subject matter of margin trading on the first day of listing
On the first day of listing, the shares on the science and innovation board can be used as the subject of margin trading, which may cause certain price fluctuations
Risk, market risk, margin call risk and liquidity risk. Price fluctuation risk refers to margin trading
It will aggravate the price fluctuation of the underlying stock; Market risk refers to the fact that investors are financing with stocks as collateral
Capital time, not only need to bear the risk brought by the change of original stock price, but also have to bear the price of new investment stock
Risks caused by changes and pay corresponding interest; Margin call risk refers to the risk of investors in the trading process
It is necessary to monitor the guarantee ratio level in the whole process to ensure that it is not lower than the maintenance margin ratio required by margin trading;
Liquidity risk refers to the purchase of bonds by margin or repayment by selling bonds and sale of bonds by margin when the price of the underlying stock fluctuates violently
Issuing or returning bonds may be blocked, resulting in greater liquidity risk.
3、 Special risk tips
The company specially reminds investors to carefully read section IV of the prospectus before making investment decisions
All the contents of the "risk factors" section to fully understand the main risks of the company.
The company specially reminds investors to pay attention to the following risk factors:
(i) Risk of dependence on apple industry chain
2018, 2019, 2020 and January June 2021 (hereinafter referred to as the "reporting period"),
The issuer's sales revenue to apple and its designated EMS manufacturers accounted for 95.10%, 85.55%, 70.78% and 85.80% of the current operating revenue respectively. The company's revenue from the apple industry chain accounts for more than 70% of the operating revenue of each period, and the company is highly dependent on the apple industry chain. In addition, Apple's various consumer electronics products need to be updated and upgraded every other period of time. Accordingly, it will put forward iterative requirements for relevant products for component manufacturers. If the company cannot follow up Apple's product design and development needs in time, or there is a leapfrog technological breakthrough in the market in the short term and the company fails to follow up, the business cooperation between the company and Apple may face the risk of termination due to product iteration, which will affect the company's performance. （2） The risk that the issuer relies on outsourcing in the core feeding link
During the reporting period, the main raw materials used by the company to produce MIM products were feedstocks, which were mainly purchased from BASF, a world-famous feedstock manufacturer, and Chinese feedstock manufacturers. Among them, the proportion of the amount of feed purchased by the company from BASF to the total purchase of main raw materials for MIM production in the same period was 47.00%, 54.36%, 69.56% and 64.92% respectively, and the feed suppliers were relatively concentrated.
In addition, during the reporting period, the product revenue generated from the feedstock purchased by the company and the feedstock not designated by the end customer but can be used directly without improvement accounted for 92.58%, 78.22%, 74.60% and 70.98% of the company's operating revenue respectively, and the product revenue generated by the company's improved feedstock and self-made feedstock accounted for 1.70%, 14.51% and 17.05% and 10.85%, the product income generated by purchased feed accounts for a relatively high proportion, and the feed used by the company's products that form the main income is mainly purchased.
If BASF and China's main feed suppliers have reduced production capacity and delivery capacity, the company's procurement channels, procurement quantity and procurement price may be adversely affected, affecting the company's daily production and operation.
（3） The structure of R & D personnel may lead to the risk of insufficient follow-up R & D capability
As of June 30, 2021, the total number of R & D personnel of the company is 149, accounting for 14.31% of the total number of employees, of which the number of people with bachelor's degree or above accounts for 27.52%. The company's existing R & D personnel structure may not be able to continuously meet the needs of customers' product update iteration, process technology optimization breakthrough and rich application field expansion. The company must further expand the existing R & D personnel system and further improve the R & D innovation ability. If the company cannot continuously introduce excellent R & D personnel, it may lead to the risk of insufficient follow-up R & D capacity. （4） Single risk in product downstream application field
At present, the company's main MIM products cover multiple categories, such as MIM products for portable intelligent terminals, MIM products for intelligent wearable devices, and MIM products for aerial photography UAVs. They are mainly used in tablet computers, UAVs and intelligent wearable devices. They all belong to the field of consumer electronics and have a single application field. If the consumer electronics industry fails to maintain stable growth due to macroeconomic factors in the future, and the company fails to successfully expand new industries
