Stock abbreviation: Tianyuan environmental protection Stock Code: 301127 Wuhan Tianyuan environmental protection Co., Ltd
Wuhan Tianyuan Environmental Protection Co.,Ltd
(No. 392, Weihu West Road, Shamao street, Hannan District, Wuhan)
Initial public offering and listing on GEM
of
Listing announcement
Sponsor (co lead underwriter)
(centralized business (North), financial and business district, Zhongtian Convention and Exhibition City, Changling North Road, guanshanhu District, Guiyang City, Guizhou Province)
(27th and 28th floors, tower 2, international trade building, No. 1 Jianguomenwai street, Chaoyang District, Beijing)
December, 2021
hot tip
Wuhan Tianyuan environmental protection Co., Ltd. (hereinafter referred to as "Tianyuan environmental protection", "issuer", "the company" or "the company") ）It will be listed on the gem of Shenzhen Stock Exchange on December 30, 2021. GEM companies have the characteristics of large investment in innovation, uncertainty about the success of the integration of new and old industries, still in the growth stage, high operation risk, unstable performance and high delisting risk. Investors are facing greater market risk. The company reminds investors to fully understand the stock market risks and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, and make prudent decisions and rational investment.
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 gem.
The "reporting period" of this listing announcement refers to 2018, 2019, 2020 and January June 2021.
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 "risk factors" of the company's prospectus published on cninfo (www.cn. Info. Com.. CN.), CSI (www.cs. Com.. CN.), China Securities Network (www.cn. Stock. Com.), securities times (www.stcn. Com.), Securities Daily (www.zqrb. CN.) and economic reference network (www.jjckb. CN.) The contents of this chapter are risk awareness, prudent decision-making and 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 issue price of this offering is 12.03 yuan / share, which does not exceed the median and weighted average of offline investors' quotation after excluding the highest quotation, as well as the securities investment fund, national social security fund, basic old-age insurance fund established through public offering after excluding the highest quotation The enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund quotation median and weighted average in accordance with the measures for the administration of the use of insurance funds are 12.0343 yuan / share, so the relevant subsidiaries of the sponsor do not participate in the strategic placement.
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 risks at the initial stage of listing include but are not limited to the following:
(i) Stock trading risk caused by the relaxation of price limit
A wide range of price limits shall be set for the competitive trading of GEM stocks. For the stocks that are IPO and listed on the gem, no price limits shall be set for the first five trading days after listing, and then the price limit shall be 20%. The main board of Shenzhen stock exchange is limited to 44% on the first day of listing, 36% on the decline, and 10% later. Gem further relaxed the restrictions on the rise and fall of stocks in the early stage of listing, and increased the trading risk.
（2） Risk of small number of circulating shares
At the initial stage of listing, the shares of the original shareholders were locked for 36 months or 12 months, and the online lower limit of share sales was locked
The fixed term is 6 months. The total share capital of the company after this issuance is 409995800 shares, of which the number of A-Shares with unlimited sales conditions after this issuance is 96244076 shares, accounting for the proportion of the total share capital after this issuance
23.47%。 At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
（3） The risk that can be regarded 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 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.
（4） The risk that the P / E ratio of the company's issuance is higher than the average level of the same industry
According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of Tianyuan environmental protection is "ecological environmental protection and environmental governance industry" (Industry Classification Code: n77). As of December 15, 2021 (T-4), China Securities Index Co., Ltd. issued the "ecological environmental protection and environmental governance industry (n77)" The average static P / E ratio in the last month was 24.80 times. As of December 15, 2021 (T-4), the valuation levels of comparable listed companies are as follows:
Securities code securities referred to as T-4 day stock closing in 2020 non pre deduction, 2020 non deduction, 2020 non deduction, 2020 non quotation price (yuan / share) EPS (yuan / share) EPS (yuan / share) non pre price earnings ratio and post price earnings ratio
300190.SZ Welle Environmental Group Co.Ltd(300190) 5.910. 45720.386112. nine thousand three hundred and fifteen point three one
688178.SH Nanjing Wondux Environmental Protection Technology Corp.Ltd(688178) 23.801. 48700.954216. one hundred and twenty-four point nine four
Securities code securities referred to as T-4 day stock closing in 2020 non pre deduction, 2020 non deduction, 2020 non deduction, 2020 non quotation price (yuan / share) EPS (yuan / share) EPS (yuan / share) non pre price earnings ratio and post price earnings ratio
603817.SH Fujian Haixia Environmental Protection Group Co.Ltd(603817) 5.990. 28890.283620. seven thousand four hundred and twenty-one point one two
The arithmetic average value is 16.5620 forty-six
Data source: wind, as of December 15, 2021 (T-4)
Note: 1. If there is mantissa difference in the calculation of P / E ratio, it is caused by rounding;
2. EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to parent company before / after deduction of non recurring profit and loss in 2020 / total share capital on T-4 day;
The issuance price of 12.03 yuan / share corresponds to the lower diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020, which is 34.53 times higher than the industry's average static P / E ratio of 24.80 times in the latest month released by China Securities Index Co., Ltd. on December 15, 2021, with an excess range of 39.23%. It is higher than the arithmetic average value of the static P / E ratio of comparable companies in the same industry in 2020, with an excess range of 68.77%
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 co lead underwriters remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
（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 pricing marketization, know that the stock may fall below the issue price after listing, effectively improve risk awareness, strengthen the value investment concept, and avoid blind speculation. Regulators, issuers and joint lead underwriters can not guarantee that the stock will not fall below the issue price after listing. 3、 Special risk tips
The company specially reminds investors that before making investment decisions, they must carefully read all the contents of "section IV Risk Factors" in the prospectus of the company, and pay special attention to the following risk factors:
(i) Recovery risk of accounts receivable
At the end of each reporting period, the balance of accounts receivable of the company was 115703200 yuan, 241762300 yuan, 268401500 yuan and 313996500 yuan respectively, showing an upward trend, accounting for 48.72%, 59.56%, 41.07% and 51.36% of current assets in the same period, and 43.90%, 53.57%, 48.81% and 92.05% of operating revenue in the same period, The balance of accounts receivable accounts for a high proportion of current assets and operating income. The company's customers are mainly municipal units and state-owned enterprises, with high reputation and strong financial strength. But if not
In recent years, the company's accounts receivable collection measures are unfavorable, or downstream customers delay payment, resulting in the company's accounts receivable can not be recovered in time and in full, which will have an adverse impact on the company's fund use efficiency, financial status and operating results.
（2） Operational risk of mobile landfill leachate treatment business project
In recent years, under the background of favorable national policies, the company has vigorously expanded mobile landfill leachate treatment business projects with its brand, technology and customer accumulation in the landfill leachate treatment industry for more than ten years. During the reporting period, the company's income from mobile landfill leachate treatment business was 22.0496 million yuan, 13.84753 million yuan, 215.736 million yuan and 87.2786 million yuan respectively, accounting for 8.37%, 30.69%, 39.23% and 25.59% of the company's main business income respectively; The realized gross profit was 14.1989 million yuan, 91.6255 million yuan, 152.5495 million yuan and 54.8119 million yuan respectively, accounting for 16.39%, 48.36%, 62.59% and 44.59% of the company's main business gross profit respectively. As the contract term of mobile landfill leachate treatment business project is generally about 1 year or irregular, in the future, if the company fails to renew the existing project, or fails to continue to provide operation services, or fails to continue to develop new projects, the company's operating performance will face a certain risk of fluctuation.
In addition, during the reporting period, the average operating unit price of the company's mobile landfill leachate treatment business project was 145.16 yuan / ton, 141.09 yuan / ton, 136.96 yuan / ton and 125.02 yuan / ton respectively, and the gross profit margin was 64.40%, 66.17%, 70.71% and 62.80% respectively, which was at a high level. During the renewal of the project, due to changes in external conditions such as customer demand and the impact of market competition environment, the company will reassess the project investment return, operation and maintenance management and cost control, comprehensively consider future development strategy, business layout and other factors, and renegotiate the service contract with customers, resulting in the risk of fluctuation of operation unit price. If the newly acquired mobile landfill leachate treatment business projects of the company are insufficient or not put into operation in time in the future, or the market environment changes, the gross profit margin of the mobile landfill leachate treatment business project of the company also has the risk of fluctuation.
(three) operational risk caused by New Coronavirus pneumonia
During the epidemic period, local governments adopted epidemic prevention and control measures such as delayed resumption of work, isolation of foreign personnel and traffic control, which delayed the resumption of production of the issuer, its subsidiaries and upstream and downstream enterprises. The company is headquartered in Wuhan, where the epidemic situation is the most severe in China. It has gradually resumed work since the end of March 2020. The company's procurement, production and project construction have been greatly affected in the first half of 2020. In addition, the main customers of the company are government departments or their authorized units. Affected by the epidemic situation of New Coronavirus pneumonia, the investment schedule and the procurement of the third party services of various government projects have different degrees of delay and suspension, which will have some adverse effects on the company's market expansion work for acquiring new orders. At the same time, the epidemic situation recurred in some parts of the country. If the epidemic situation recurred in the company, its main customers, main suppliers and the areas where the projects in hand are located, it may have an adverse impact on the production, operation and profitability of the company.
（4） Risk of land use of some franchise projects
The land acquisition method of the company's franchise project is determined by the bidding document of the franchise project and the franchise agreement, mainly including the company's own acquisition and the project
