Stock abbreviation: Science and technology navigation Stock Code: 688282 Beijing Science and technology navigation control technology Co., Ltd
(Room 101, building 7, No. 97, Changping Road, Shahe Town, Changping District, Beijing)
Initial public offering announcement on the listing of science and Innovation Board
Sponsor (lead underwriter)
(27th and 28th floors, building 2, international trade building, No. 1 Jianguomenwai street, Chaoyang District, Beijing)
March 17, 2002
hot tip
The shares of Beijing Science and technology navigation control technology Co., Ltd. (hereinafter referred to as "science and technology navigation", "the company", "the issuer" or "the company") will be listed on the science and Innovation Board of Shanghai Stock Exchange on March 18, 2022.
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 decision and rational investment.
Section I important statements and tips
1、 Important statement
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 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 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. The reporting periods in this listing announcement refer to 2018, 2019, 2020 and January June 2021. 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) the restrictions on rise and fall are relaxed
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. (II) a small number of tradable shares
At the initial stage of listing, because the lock up period of the original shareholders is 36 months or 12 months, the lock up period of the sponsor's follow-up shares is 24 months, the lock up period of the shares allocated to the special asset management plan is 12 months, and the lock up period of the online lower limit share sale is 6 months. After this issuance, the company's non tradable shares are 19653830, accounting for 22.33% 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 shares 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 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. (IV) the price earnings ratio is higher than the average level of Companies in the same industry
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is "computer, communication and other electronic equipment manufacturing industry (C39)". As of March 3, 2022 (T-3), the average static P / E ratio of "computer, communication and other electronic equipment manufacturing industry (C39)" issued by China Securities Index Co., Ltd. in the latest month is 44.27 times.
The price earnings ratio of the company in this offering is:
1. 60.40 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. 60.65 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. 80.53 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. 80.87 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).
The P / E ratio of comparable listed companies whose main business is similar to that of the issuer is as follows:
Deduction in 2020 non deduction in 2020 non deduction in 2020 non T-3 day stock corresponding static corresponding static securities code securities abbreviation pre EPS (yuan / post EPS (yuan / closing price (before Yuan P / E ratio (deducting non P / E ratio (deducting non shares) / share))
Beijing Starneto Technology Co.Ltd(002829) .SZ Beijing Starneto Technology Co.Ltd(002829) 0.71 0.66 42.08 59.12 63.60
Xi'An Chenxi Aviation Technology Corp.Ltd(300581) .SZ Xi'An Chenxi Aviation Technology Corp.Ltd(300581) 0.20 0.15 27.05 132.84 178.73
North Navigation Control Technology Co.Ltd(600435) .SH North Navigation Control Technology Co.Ltd(600435) 0.04 0.01 9.62 229.24 -
China Aerospace Times Electronics Co.Ltd(600879) .SH China Aerospace Times Electronics Co.Ltd(600879) 0.18 0.15 7.42 42.17 49.82
Mean 0.28 0.24 - 115.84 97.38
Data source: wind information, data as of March 3, 2022 (T-3).
Note 1: calculation criteria of EPS before / after deducting non recurring profits and losses in 2020: net profit attributable to the parent company before / after deducting non recurring profits and losses in 2020 / total share capital on T-3 (March 3, 2022).
Note 2: North Navigation Control Technology Co.Ltd(600435) 2020 static P / E ratio (after deduction) is an extreme value, so it is not included in the calculation of the average value of static P / E ratio (after deduction).
Note 3: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding.
The issuance price of 65.21 yuan / share corresponds to the company's diluted P / E ratio of 80.87 times before and after deducting non recurring profits and losses in 2020, which is higher than the average static P / E ratio of the company's industry in the latest month released by China Securities Index Co., Ltd. there is a risk that the decline of the company's share price will bring losses to investors in the future. The company 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 rationally. 3、 Special risk tips (I) risks with relatively single product structure
The company is a disciplinary company established by Beijing University of technology in 2016. In October 2016, Beijing University of technology agreed to invest in the company with intangible assets (six invention patents and four proprietary technologies of inertial navigation device products) to transfer the business related to inertial navigation system from Beijing University of technology to the company. At present, the company's main core technology is formed by the actual controller during his work in Beijing University of technology. The main products sold are inertial navigation systems developed and finalized in Beijing University of technology based on the above core technology, which were transferred to the company for production after being reviewed and approved by the military in the second half of 2018.
During the reporting period, the company's main products are the above four models of inertial navigation systems and their core components (two of which have large sales scale). The proportion of relevant business income in the main business income is 91.95%, 97.41%, 96.51% and 97.97% respectively. The company's product structure is relatively single. If the military's procurement demand for the ammunition supporting the above inertial navigation system decreases or even no longer purchases, the sales scale of the company's products will decline, which will have a significant adverse impact on the business performance, and the company has the risk of single product structure. (II) the company's revenue mainly comes from the conversion of order products. The products under research have not yet formed mass sales, and there is a risk that the commercialization of new products is not as expected
Except for a small amount of products of the gyroscope and other parts of the inertial navigation system that are not produced by the company in the reporting period, other products of the gyroscope are mainly in batch sales.
As of the signing date of the prospectus, relying on its own technical strength, the company has independently obtained a number of R & D projects cooperating with the military or subordinate enterprises of the Ordnance Group and is in the process of development. However, due to the complex and long cycle of military product development, it has not been listed and finalized at present. Therefore, whether the new model products of inertial navigation system can be finalized by the military, and the mass production time after finalization is uncertain, and the company has the risk that the commercialization of new products is not as expected. (III) risk of high concentration of customers and suppliers
During the reporting period, the company's main business product inertial navigation system is mainly used for multi type precision guided ammunition. Subordinate units a, B and C of China ordnance industry group are the final assembly or supporting manufacturers of the above ammunition, while unit f is the manufacturer of optical fiber gyroscope determined in the finalization document of the company's finalized inertial navigation system, Therefore, the company's customers and suppliers are relatively concentrated.
In terms of sales, the company's main customers are subordinate units a, B and C of China Ordnance Industry Group Co., Ltd. during the reporting period, the total sales revenue to the three units accounted for 65.69%, 99.34%, 98.77% and 97.71% of the operating revenue respectively. As of June 30, 2021, the total amount of orders on hand of the company is 374747 million yuan, mainly for the inertial navigation system products of unit a. The company's customer concentration is high, and there is a risk of significant decline in the company's performance due to adverse changes in the cooperative relationship with existing customers or changes in customer needs.
In terms of procurement, the company's main suppliers include F, a subordinate unit of China Ordnance Industry Group Co., Ltd. In the reporting period, 64.50% of the total purchase amount of fiber-optic gyroscope and inertial gyroscope from the company accounted for 64.50% and 98.99% of the total purchase amount of fiber-optic gyroscope and inertial gyroscope respectively. In the future, if the operation of the company's main suppliers changes adversely, the production capacity is limited or the cooperation relationship is tense, or the business cooperation with the company cannot be continued due to other force majeure factors, they may not be able to ship in time in sufficient quantity, which will have a negative impact on the production and operation of the company. (IV) risk that the company's product sales and revenue are greatly affected by military procurement policies
China's national defense in the new era (2019) proposes that the strategic goal of China's national defense and military construction in the new era is to basically realize the modernization of national defense and military by 2035. The proposal of the Central Committee of the Communist Party of China on formulating the 14th five year plan for national economic and social development and the long-term goals for 2005 (2020) proposes to accelerate the modernization of weapons and equipment and focus on independent and original innovation of national defense science and technology. On August 20, 2021, the army equipment department issued the proposal on accelerating the development of army equipment with high quality, high efficiency, high speed and low cost. It proposed to adhere to quality first and benefit first, adhere to low-cost and low-cost oriented high-quality with high quality as the premise, and fully promote the organic unity of high-quality and low-cost, Including the key points of demonstration, precise discussion on the budget estimate of development funds, the target price of ordering and the cost of whole life cycle; The development link should strictly implement the requirements of "limited cost and low-cost design" and continuously improve the overall cost performance of equipment; Strengthen supply chain management and production cost control in production and procurement; The price reduction in the use of train equipment shall be coordinated, and the awareness of quality, service and cost control shall be further strengthened.
The company's main product inertial navigation system is mainly used for weapons and equipment such as long-range guidance ammunition for specific purposes. As a key technology of national defense, inertial navigation technology is one of the main supporting technologies of weapon equipment informatization and an important factor to improve the combat capability of our army. The continuous growth of national defense expenditure and the modernization and informatization of weapons and equipment are important factors to support the improvement of the scale of guidance ammunition equipment supporting the issuer's main products and the accelerated application of inertial navigation technology. However, the military procurement policy serves the needs of national defense and is affected by the national defense expenditure budget and national defense strategic arrangement. Defense spending budget cuts
