Stock abbreviation: Gaoling information stock code: 688175 Zhuhai Gaoling Information Technology Co., Ltd
Zhuhai Comleader Information Science & Technology Co., Ltd.
(address: No. 1, Pingdong 1st Road, Nanping Science and Technology Industrial Park, Zhuhai)
Initial public offering announcement on the listing of science and Innovation Board
Sponsor (lead underwriter)
(floors 10-19, South Tower, energy building, No. 2026, Jintian Road, Futian street, Futian District, Shenzhen) March 14, 2002
hot tip
The shares of Zhuhai Gaoling Information Technology Co., Ltd. (hereinafter referred to as "Gaoling information", "the company", "the company" or "the issuer") will be listed on the science and Innovation Board of Shanghai Stock Exchange on March 15, 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
Zhuhai Gaoling Information Technology Co., Ltd. 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 responsibilities 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 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.
There may be slight difference between the total number of individual data and the total number of tables in some tables of this listing announcement, which is caused by rounding in the calculation process. 2、 Investment risk tips
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) relaxation of price limit
The main board of Shanghai Stock Exchange and the main board of Shenzhen Stock Exchange are limited to 44% on the first day of listing, 36% on the first day, and 10% later. Within 5 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 days after listing, the limit ratio of rise and fall 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.
(II) a small number of tradable shares
At the initial stage of listing, the lock up period of the original shareholders ranged from 12 months to 36 months, the lock up period of the sponsor's follow-up investment shares was 24 months, the lock up period of other strategic investors was 12 months, and the lock up period of some online lower limit share sales was 6 months. After this issuance, the total share capital of the company is 92906379 shares, including 17775717 tradable shares, accounting for 19.13% of the total share capital after issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
(III) the P / E ratio is higher than the average level of the same industry
The issue price is 51.68 yuan / share, and the price earnings ratio corresponding to this price is:
1. 32.93 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 accordance with Chinese accounting standards in 2020 by the total share capital before this issuance); 2. 37.91 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 before the issuance); 3. 43.91 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 accordance with Chinese accounting standards in 2020 by the total share capital after this issuance); 4. 50.55 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 this issuance). According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is C39 computer, communication and other electronic equipment manufacturing industry. As of March 1, 2022 (T-3), the average static P / E ratio of C39 computer, communication and other electronic equipment manufacturing industry released by China Securities Index Co., Ltd. in the latest month was 44.28 times.
The P / E ratio of comparable listed companies whose main business is similar to that of the issuer is as follows:
Securities code securities abbreviation 2020 non deduction before 2020 non deduction after 2020 T-3 day stock corresponding static market EPS (yuan / share) EPS (yuan / share) closing price (yuan) earnings ratio (before deduction) earnings ratio (after deduction)
Genew Technologies Co.Ltd(688418) Genew Technologies Co.Ltd(688418) 0.2227 0.1730 13.01 58.42 75.20
Rockontrol Technology Group Co.Ltd(688051) Rockontrol Technology Group Co.Ltd(688051) 2.2881 1.8405 43.1 18.84 23.42
Shenzhen Sinovatio Technology Co.Ltd(002912) Shenzhen Sinovatio Technology Co.Ltd(002912) 1.4317 1.3759 30.18 21.08 21.93
Surfilter Network Technology Co.Ltd(300311) Surfilter Network Technology Co.Ltd(300311) 0.0254 -0.0249 9.05 356.3 ——
Mean value --- 113.66 40.18
Data source: wind information, data as of March 1, 2022 (T-3).
Note:
1. Calculation criteria of EPS before / after deduction of non recurring profits and losses in 2020: net profit attributable to the parent company before / after deduction of non recurring profits and losses in 2020 / total share capital on T-3 (March 1, 2022).
2. There may be mantissa difference in the calculation of P / E ratio, which is caused by rounding. 3. Surfilter Network Technology Co.Ltd(300311) 2020, the corresponding static P / E ratio is negative after deducting non earnings, so it will be excluded when calculating the average value.
The issuance price of 51.68 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 50.55 times higher than the average static P / E ratio of the issuer's industry in the latest month published by China Securities Index Co., Ltd. and higher than the average static P / E ratio of comparable companies in the same industry, There is a risk that the decline of the issuer's share price will bring losses to investors in the future.
(IV) the shares can be used as the subject matter of margin trading on the first day of listing
According to the special provisions of Shanghai Stock Exchange on the stock trading of science and innovation board, the stock of science and innovation board can be used as the subject matter of margin trading from 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 increase 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 specially reminds investors that before making investment decisions, they should carefully read all the contents of the section "section IV Risk Factors" of the company's prospectus, and pay special attention to the following major risk factors. Ranking does not mean that the risk factors occur in turn:
(I) risk of future performance fluctuation of military telecommunication network communication equipment business
From 2018 to 2020, the company's revenue from military telecommunication network communication equipment business mainly came from program-controlled switching system equipment, with program-controlled switching system equipment revenue of 117797 million yuan, 487167 million yuan and 2479242 million yuan respectively. The company's program-controlled switching system equipment revenue mainly comes from the sales to the national defense unit B of the military centralized procurement platform and the sales formed by sporadic procurement by users of various services. Affected by the military system reform and other factors, the company's revenue base of military telecommunication network communication equipment in 2018 was small, resulting in rapid growth of revenue in 2019 and 2020, but such growth is not sustainable, and it will enter a period of stable development in the future, and even negative growth of revenue may occur.
At this stage, program-controlled switching system equipment is mainly used in special network fields such as military telecommunication network, but less in public network field. The program-controlled switching system equipment applied to the public network has a high maturity. The technical development trend of the program-controlled switching system equipment applied to the field of military telecommunication network is mainly the increase of function and performance based on the characteristics of military communication, and meets the requirements of integrated communication brought by the coexistence of multiple networks of military communication network and the construction of new network. 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 procurement 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 communications 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. Affected by the market scale and market share of the company, the future growth space of the company's program-controlled switching system equipment is limited; Military equipment procurement will also be restricted by national policies, procurement cycle and military budget. If relevant military policies change and budget are reduced in the future, the income of program-controlled switching system equipment will fluctuate or even decline.
At the same time, if the military telecommunication network starts the construction of IMS network, the company will participate in the market competition of IMS equipment with potential competitors such as Huawei, ZTE, Genew Technologies Co.Ltd(688418) and so on. Under the IMS network architecture, the military communication switching equipment is IMS equipment such as session control equipment. If the company cannot occupy a dominant position in the competition of new products and obtain market share, it will have a significant adverse impact on the future performance of the military telecommunication network communication equipment business. (II) the endogenous security business in cyberspace is in its infancy, but the risk of the company's investment is large
During the reporting period, the company's cyberspace endogenous security business revenue was 3555400 yuan, 14651800 yuan, 3703400 yuan and 20425900 yuan respectively; The R & D expenditure of cyberspace endogenous security business was 1654700 yuan, 6051100 yuan, 18547600 yuan and 9547800 yuan respectively. As of the end of the reporting period, the accumulated loss of Xinda Wangyu, a subordinate of the company specializing in the endogenous security business of cyberspace, was 55.083 million yuan; 5376268 million yuan of the raised funds will be used for "endogenous security pseudo defense infrastructure platform construction project" and "endogenous Security Cloud and data center development and construction project".
The company's cyberspace endogenous security system is based on pseudo defense technology. Unlike traditional network protection technologies such as "leak detection, door blocking, anti-virus and horse killing", pseudo defense technology is an emerging active defense technology. It takes a long time to cultivate and mature relevant markets. If the company's cyberspace endogenous security business based on pseudo defense technology is not well known and accepted by the network and information security industry, and relevant products are not recognized and sold by users, it will have a significant adverse impact on the implementation of the company's raised investment projects and future profitability. (III) risk of declining revenue from network content security business
From 2018 to 2020, the company's network content security business revenue decreased year by year, reaching 863369 million yuan, 675474 million yuan and 36.383 million yuan respectively. The revenue from network content security business during the reporting period mainly comes from the construction contract of telecommunication network harmful information prevention system project. The customers of this kind of contract are mainly local communication management departments and operators, with the characteristics of large contract amount and long execution cycle. The company still has a certain gap in the field of mobile Internet content security compared with the leading enterprises in the industry. As of the end of the reporting period, the contract amount of the mobile Internet harmful information prevention system project being performed by the company was 931460 million yuan. Except for such contracts being performed, the company had no income from the mobile Internet harmful information prevention system during the reporting period.
At present, the international gateway Bureau and 31 provinces in China have built a provincial telecommunications network harmful information prevention system, and the mobile Internet harmful information prevention system is under construction. The future growth of the company's network content security business is mainly due to the expansion and upgrading of the harmful information prevention system of telecom networks in all provinces and the construction of mobile Internet harmful information prevention system. If the construction demand decreases or the company is unable to obtain contract orders in business competition, the network content security business will be affected
