Dezhou United Petroleum Technology Co., Ltd
Special announcement on investment risk of initial public offering and listing on GEM sponsor (lead underwriter): Huarong Securities Co., Ltd
According to the industry classification guidelines for Listed Companies formulated by the CSRC, the industry of Dezhou United Petroleum Technology Co., Ltd. is "special equipment manufacturing industry (C35)", and the static average p / E ratio of "special equipment manufacturing industry (C35)" released by China Securities Index Co., Ltd. in the latest month is 43.00 times (as of December 29, 2021, T-4). The issuance price of 15.64 yuan / share corresponds to the lower diluted P / E ratio of the issuer's net profit attributable to the parent before and after deducting non recurring profits and losses in 2020, which is 41.62 times, lower than the average static P / E ratio of "special equipment manufacturing (C35)" issued by China Securities Index Co., Ltd. on December 29, 2021; It is higher than the arithmetic average of the static P / E ratio of comparable companies after deducting non-profit in 2020, and the excess range is 3.38%.
The issuer and the recommendation institution (lead underwriter) remind investors to 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 the risk awareness, strengthen the value investment concept, avoid blind speculation, carefully study and judge the rationality of issue pricing, and make rational investment decisions. The application of Dezhou United Petroleum Technology Co., Ltd. (hereinafter referred to as "Deshi shares", "issuer" or "company") for initial public offering of 37592700 ordinary shares (A shares) (hereinafter referred to as "this offering") has been examined and approved by the GEM Listing Committee of Shenzhen Stock Exchange, It has been registered by China Securities Regulatory Commission (hereinafter referred to as "CSRC") (zjxk [2021] No. 3595).
After negotiation between the issuer and the sponsor (lead underwriter) Huarong Securities Co., Ltd. (hereinafter referred to as "Huarong securities" and "sponsor (lead underwriter)"), the number of shares issued this time is 37592700 shares, accounting for 25.00% of the total share capital after issuance. All new shares are issued to the public, and the issuer's shareholders will not transfer their old shares. The online and offline issuance will be implemented through the trading system of Shenzhen Stock Exchange, the offline issuance electronic platform of Shenzhen Stock Exchange (hereinafter referred to as "offline issuance electronic platform") and the registration and settlement platform of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch (hereinafter referred to as "China Clearing Shenzhen branch") on January 5, 2022 (T). The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange").
Valuation and investment risk tips
According to the industry classification guidelines for Listed Companies formulated by the CSRC, the industry of the issuer is "special equipment manufacturing industry (C35)", and the static average p / E ratio of "special equipment manufacturing industry (C35)" issued by China Securities Index Co., Ltd. in the latest month is 43.00 times (as of December 29, 2021, T-4). The issuance price of 15.64 yuan / share corresponds to the lower diluted P / E ratio of the issuer's net profit attributable to the parent before and after deducting non recurring profits and losses in 2020, which is 41.62 times, lower than the average static P / E ratio of "special equipment manufacturing (C35)" issued by China Securities Index Co., Ltd. on December 29, 2021.
The issuance will be implemented through the trading system of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") and the offline issuance electronic platform on January 5, 2022 (T). The issuer and the lead underwriter specially draw investors' attention to the following contents:
1. After the preliminary inquiry, the issuer and the sponsor (lead underwriter) shall, in accordance with the exclusion rules specified in the announcement on preliminary inquiry and promotion of initial public offering of shares by Dezhou United Petroleum Technology Co., Ltd. and listing on the gem (hereinafter referred to as the "announcement on preliminary inquiry and promotion"), after excluding the preliminary inquiry results of investors who do not meet the requirements, Eliminate all placing objects whose proposed subscription price is higher than 19.72 yuan / share (excluding 19.72 yuan / share); The proposed subscription price is 19.72 yuan / share, and all placing objects whose subscription quantity is less than 12 million shares (excluding 12 million shares) are eliminated; The proposed subscription price is 19.72 yuan / share, the subscription quantity is equal to 12 million shares, and the subscription time is the same as 14:55:44:784 on December 29, 2021 (T-4), which will be removed from the placing objects automatically generated by the offline issuance electronic platform of Shenzhen Stock Exchange from the back to the front. A total of 110 placing objects were excluded in the above process, and the total number of shares to be purchased was 1206 million, accounting for 1.0013% of the total number of 120432.9 million shares to be purchased after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription.
2. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the effective subscription multiple, the issuer's industry, the issuer's fundamentals, the valuation level of comparable listed companies, market conditions, the demand for raised funds and underwriting risks, and negotiate to determine that the issuance price is 15.64 yuan / share, and the offline issuance will not conduct cumulative bidding inquiry.
Investors are requested to make online and offline subscription at this price on January 5, 2022 (t day), and there is no need to pay the subscription fund at the time of subscription. The offline issuance and Subscription Date and online subscription date are the same as January 5, 2022 (t day), of which the offline subscription time is 9:30-15:00, and the online subscription time is 9:15-11:30 and 13:00-15:00.
3. The issuing price determined through negotiation between the issuer and the recommendation institution (lead underwriter) is 15.64 yuan / share, which does not exceed the median and weighted average of offline investors' quotations after excluding the highest quotation, as well as the securities investment fund established through public offering after excluding the highest quotation (hereinafter referred to as "public fund") National Social Security Fund (hereinafter referred to as "social security fund"), basic endowment insurance fund (hereinafter referred to as "pension") The enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") established in accordance with the measures for the administration of enterprise annuity fund and the insurance fund (hereinafter referred to as "insurance fund") in accordance with the measures for the administration of the use of insurance funds, whichever is lower.
4. The offering price is not higher than the lower of the median and weighted average of offline investors' quotations after excluding the highest quotation and the median and weighted average of public funds, social security funds, pensions, enterprise annuity funds and insurance funds after excluding the highest quotation. Therefore, relevant subsidiaries of the sponsor need not participate in follow-up investment. This issuance does not arrange strategic placement to other external investors. Finally, this issuance does not make directional placement to strategic investors. The difference between the initial strategic placement and the final strategic placement of 1879635 shares will be transferred back to offline issuance.
Finally, this issuance is finally carried out by a combination of offline inquiry and placement to qualified investors (hereinafter referred to as "offline issuance") and online pricing issuance to social public investors holding non restricted A-Shares or non restricted depositary receipts in Shenzhen market (hereinafter referred to as "online issuance").
5. The issue price is 15.64 yuan / share, and the corresponding P / E ratio is:
(1) 31.22 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);
(2) 29.29 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 this issuance);
(3) 41.62 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);
(4) 39.05 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 this issuance).
6. The issue price is 15.64 yuan / share. Investors are requested to judge the issue price according to the following conditions
The rationality of.
(1) According to the guidelines for Industry Classification of listed companies (revised in 2012) of China Securities Regulatory Commission, Deshi shares
Its industry is "special equipment manufacturing industry (C35)". As of December 29, 2021 (T-4),
Static average p / E ratio of "special equipment manufacturing industry (C35)" released by China Securities Index Co., Ltd. in the latest month
43.00 times.
(2) As of December 29, 2021 (T-4), the valuation levels of comparable listed companies are as follows:
T-2020 deduction not 2020 deduction not 2020 deduction not before 2020 deduction not securities code securities abbreviation 4-day closing price (EPS P / E ratio after EPS before EPS) (yuan / share) (yuan / share)
603036 Jiangsu Rutong Petro-Machinery Co.Ltd(603036) 9.690.330.2729.3635.89
603800 Suzhou Douson Drilling&Production Equipment Co.Ltd(603800) 21.250.02-0.061,062.50-354.17
688377 Nanjing Develop Advanced Manufacturing Co.Ltd(688377) 17.850.480.4037.1944.63
Average 33.2840.26
Source: wind data, as of December 29, 2021
Note 1: if there is mantissa difference in the calculation of P / E ratio, it is caused by rounding;
Note 2: EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to the parent before / after deduction of non recurring profit and loss in 2020 / total share capital on T-4 day;
Note 3: the extreme value ( Suzhou Douson Drilling&Production Equipment Co.Ltd(603800) ) is excluded when calculating the average value of P / E ratio.
The issuer and the recommendation institution (lead underwriter) draw investors' attention to investment risks and carefully study and judge the issuance
The rationality of pricing and making investment decisions rationally. The issue price is 15.64 yuan / share, corresponding to the issuer
In 2020, the lower diluted P / E ratio before and after deducting non recurring profits and losses is 41.62 times, lower than the China Securities Index
The latest monthly average of "special equipment manufacturing (C35)" issued by the company on December 29, 2021
The static P / E ratio is higher than the arithmetic average value of the static P / E ratio of comparable companies after deducting non profits in 2020, exceeding the range
3.38%, mainly due to the following reasons:
① Brand advantages created by the company's comprehensive strength
The company was formerly a special equipment manufacturer for exploration and mining under the national geological department, and later Sinopec
The system's subordinate oil drilling and production equipment manufacturing enterprises have decades of development history and accumulated rich experience
Experience in manufacturing and R & D of petroleum drilling and production equipment. As one of the early petroleum machinery manufacturing bases in China, it was founded
"Deshi" brand advantage has a high popularity in the market, and the company inherits the advantages of "Deshi" brand
Potential status. The company was selected into the list of the third batch of specialized and new "little giant" enterprises of the Ministry of industry and information technology, and the company or its products
The product has successively won "well-known trademark", "DT brand screw drill is a famous brand product in Shandong in 2015" and "2018"
"Top 50 petrochemical equipment manufacturing enterprises" and other honorary qualifications in Petrochina Company Limited(601857) .
Since the mid-1980s, the company has started to cooperate with drilling and oilfield units subordinate to PetroChina and Sinopec
After decades of accumulation of technology, technology, talents and production services, the company has established business cooperation relations and obtained the certification of major customers such as PetroChina and Sinopec, as well as large foreign oil and gas enterprises and industry standards such as foreign Irkutsk Petroleum Service Co., Ltd. and Ukrainian natural gas exploration company, which has a strong competitive advantage in market access, It is the basis for the company's products to enter large oil and gas companies, oilfield service and equipment companies outside China and successfully export to overseas markets such as the Middle East, North America and Russian speaking region.
② The company has profound R & D technology accumulation in the field of core products such as screw drilling tools
Since the 1990s, the company has developed and produced core products such as screw drilling tools and wellhead devices. After more than 20 years of research and development, the company has accumulated a large number of advanced processes and technologies. Over the years, the company has provided in-depth services to major oil and gas producing areas in China, including Daqing and Liaohe oilfields in Northeast China, Tarim and Turpan basins in Xinjiang, Changqing area in Northern Shaanxi, Sichuan Chongqing gas field, Shengli and Zhongyuan oilfields in North China, Dagang Oilfield and Jianghan Oilfield in Central China. It has an in-depth understanding of the stratigraphic environment of major oil and gas producing areas and accumulated rich production practice experience, The products have the advantages of high power, high efficiency, corrosion resistance, strong stability and easy maintenance. They can still maintain good work efficiency in complex oil and gas formations outside China.
At present, the company has 51 self-developed utility model patents, 15 invention patents, presided over or participated in the preparation of industry standards, and has successively won the "high-tech enterprise", "Shandong recognized enterprise technology center" and "Dezhou Petroleum Equipment Industry Cluster"
