Shenzhen minglida Precision Technology Co., Ltd
Special announcement on investment risk of initial public offering and listing on GEM
Sponsor (lead underwriter): Guotai Junan Securities Co.Ltd(601211)
The application of Shenzhen minglida Precision Technology Co., Ltd. (hereinafter referred to as "minglida", "issuer" or "company") for the initial public offering of 40.01 million common shares (A shares) (hereinafter referred to as "this offering") has been examined and approved by the members of the GEM Listing Committee of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange"), And has been registered by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") (zjxk [2022] No. 377).
After negotiation between the issuer and the recommendation institution (lead underwriter) Guotai Junan Securities Co.Ltd(601211) (hereinafter referred to as " Guotai Junan Securities Co.Ltd(601211) " or "recommendation institution (lead underwriter)"), the number of shares issued this time is 40.01 million, all of which are new shares issued publicly, and the shareholders of the issuer will not transfer their old shares. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange.
The issuer and the recommendation institution (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 stipulated in the announcement on preliminary inquiry and promotion of initial public offering of shares by Shenzhen minglida Precision 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, By consensus, all placing objects whose proposed purchase price is higher than 37.37 yuan / share (excluding 37.37 yuan / share) will be eliminated; All placing objects with a proposed subscription price of 37.37 yuan / share and a subscription amount of less than 12.1 million shares (excluding) will be eliminated until the total amount of excluded subscriptions is not less than 1% of the total amount of offline investors. A total of 124 placing objects were excluded in the above process, and the total number of shares to be purchased was 925.8 million, accounting for 1.01% of the total number of 915742 million shares to be purchased after excluding the quotation of unqualified investors 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 issuer's fundamentals, industry, market conditions, valuation level of Listed Companies in the same industry, demand for raised funds, underwriting risk and other factors, and negotiate to determine that the price of this issuance is 28.50 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 March 25, 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 March 25, 2022 (t day). Among them, 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 of this offering shall not exceed the median and weighted average of the quotations of offline investors after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as "public fund"), the National Social Security Fund (hereinafter referred to as "social security fund"), the basic old-age insurance fund (hereinafter referred to as "pension") established through public offering after excluding the highest quotation 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 and other provisions, whichever is lower, is 285098 yuan / share. According to item (IV) of Article 39 of the implementation rules, the relevant subsidiary of the sponsor Guotai Junan Securities Co.Ltd(601211) Zhengyu Investment Co., Ltd. (hereinafter referred to as "Zhengyu investment") does not need to participate in this strategic placement, and all the shares initially invested by Zhengyu investment will be transferred back to offline issuance.
According to the final determined price, the final strategic placement number of the special asset management plan for the senior management and core employees of the issuer is 4001000 shares, which is consistent with the initial expected number of shares.
The initial strategic placement quantity of this issuance is China Cssc Holdings Limited(600150) 0 shares, accounting for 15.00% of this issuance quantity. The final number of strategic placement was 4001000 shares, accounting for 10% of the number of shares issued this time. The difference between the initial strategic placement and the final strategic placement of 2.005 million shares will be transferred back to offline issuance.
4. This issuance is finally carried out by a combination of directional placement to strategic investors (hereinafter referred to as "strategic placement"), offline inquiry placement to qualified investors (hereinafter referred to as "offline issuance") and online pricing issuance to social public investors holding the market value of non restricted A-Shares and non restricted depositary receipts in Shenzhen market (hereinafter referred to as "online issuance").
This offline issuance is conducted through the offline issuance electronic platform of Shenzhen Stock Exchange; The online issuance is carried out through the trading system of Shenzhen Stock Exchange by means of subscription and pricing according to market value.
5. The issue price is 28.50 yuan / share, and the corresponding P / E ratio is:
(1) The net profit per share attributable to the parent company in 2020 divided by the total profit and loss attributable to the parent company before the issuance in accordance with the accounting standards of the people's Republic of China (13.60 times the net profit and loss attributable to the parent company before the issuance in 2020); (2) 81.75 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) 66.81 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); (4) 90.84 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).
6. The issue price is 28.50 yuan / share. Investors are requested to judge the rationality of the issue price according to the following conditions.
(1) According to the industry classification guidelines of listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of the issuer is metal products industry (C33). As of March 22, 2022 (T-3), the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. was 27.01 times.
The issuance price of 28.50 yuan / share corresponds to the issuer's net profit diluted P / E ratio of 90.84 times before and after deducting non recurring profits and losses in 2020, which is higher than the industry's average static P / E ratio in the latest month released by China Securities Index Co., Ltd. on March 22 (T-3), 2022, with an excess range of 236.32%. There are five reasons: 1. According to the guidelines for Industry Classification of listed companies, When the proportion of operating income of a certain type of business of a listed company is greater than or equal to 50%, it will be classified into the corresponding industry of the business. The company's business income of metal products exceeds 50%, which is the largest business of the company. Therefore, the company belongs to "C33 metal products industry".
However, the company's precision injection molding structural parts business belongs to "C29 rubber and plastic products industry". From the perspective of the purpose of the company's products, the company belongs to "C39 computer, communication and other electronic equipment manufacturing industry". The company has a multi material and multi molding product supply system. In 2020, the sales revenue of precision die-casting structural parts, precision injection molding structural parts and profile stamping structural parts accounted for 35.97%, 34.90% and 25.32% of the main business revenue respectively. The company has a strong one-stop comprehensive supply capacity; 2. The company's products are mainly used in the photovoltaic, security, automotive and consumer electronics industries, among which the photovoltaic industry is the most important application field of the company's products. In 2020, the sales revenue of the company's products in the photovoltaic field accounted for 61.12% of the main business revenue. As of March 22, 2022 (T-3), the average static P / E ratio of "photovoltaic equipment" industry released by China Securities Index Co., Ltd. in the latest month is 78.04 times; 3. During the reporting period, the company's business showed a rapid growth trend, its profitability continued to increase and had good growth. From 2018 to 2020, the annual compound growth rates of the company's operating revenue and net profit attributable to the owner of the parent company were 26.87% and 70.92% respectively. The annual compound growth rates of the operating revenue and net profit attributable to the owner of the parent company of 87 companies in the "C33 metal products industry" in the same period were 10.13% and 24.82% respectively. The business growth rate of the issuer was significantly higher than that of Listed Companies in the same industry; 4. The company has sufficient orders on hand. As of September 30, 2021, the total amount of orders on hand of the company was 698556500 yuan, an increase of 107.20% over the end of 2020. The growth of the company's business scale is guaranteed; 5. The company has strong customer resource advantages. Its main customers are leading enterprises in their respective industries. In the process of long-term cooperation with well-known customers, the company has accumulated advanced structural part design experience and good market reputation in various application fields. Rich cooperation experience will also bring more international well-known customers to the company, so as to form a virtuous circle and continuously expand the business scale of the company.
As of March 22, 2022 (T-3), the valuation levels of comparable listed companies are as follows:
In 2020, deduct the static securities code corresponding to the T-3 day shares deducted in 2020. The securities are referred to as non front EPS non back EPS ticket closing price state p / E ratio state p / E ratio (yuan / share) (yuan / share) (yuan / share) (after deduction)
Wencan Group Co.Ltd(603348) .SH Wencan Group Co.Ltd(603348) 0.3197 0.3207 39.05 122.15 121.76
Tianjin Ruixin Technology Co.Ltd(300828) .SZ Tianjin Ruixin Technology Co.Ltd(300828) 0.5962 0.5375 21.39 35.88 39.80
Suzhou Cheersson Precision Metal Forming Co.Ltd(002976) .SZ Suzhou Cheersson Precision Metal Forming Co.Ltd(002976) 0.4627 0.3480 21.05 45.49 60.48
Dongguan Eontec Co.Ltd(300328) .SZ Dongguan Eontec Co.Ltd(300328) 0.0235 -0.0272 8.08 344.10 -296.57
Ningbo Tianlong Electronics Co.Ltd(603266) .SH Ningbo Tianlong Electronics Co.Ltd(603266) 0.4664 0.4144 13.73 29.44 33.13
Mean value --- 58.24 63.79
Data source: wind information, data as of March 22, 2022 (T-3).
Note 1: 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 on T-3 (March 22, 2022).
Note 2: the abnormal value Dongguan Eontec Co.Ltd(300328) P / E ratio is excluded from the calculation of the mean value of static P / E ratio. Note 3: the tail difference of calculation results is the influence of rounding.
The issuance price of 28.50 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 90.84 times higher than the industry's average static P / E ratio of 27.01 times in the latest month issued by China Securities Index Co., Ltd., with an excess range of 236.32%; It is 63.79 times higher than the average static P / E ratio of comparable companies after deducting non-profit in 2020, with an excess range of 42.40%. There is a risk that the decline of the issuer's share price will bring losses to investors in the future. The issuer 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 decisions rationally.
(2) Investors are reminded to pay attention to the difference between the issue price and the quotation of offline investors. For the quotation of offline investors, please refer to China Securities Journal, Shanghai Securities News, securities times, securities daily and cninfo (www.cn. Info. Com. CN) published on the same day Shenzhen minglida Precision Technology Co., Ltd. initial public offering and listing on the gem (hereinafter referred to as the "issuance announcement"). (3) This offering follows the principle of market-oriented pricing. In the preliminary inquiry stage, offline investors quote based on the real subscription intention. The issuer and the sponsor (lead underwriter) negotiate and determine the offering price according to the preliminary inquiry results and comprehensively considering the issuer's fundamentals, industry, market conditions, valuation level of listed companies in the same industry, demand for raised funds, underwriting risk and other factors. The offering price does not exceed the lower of the median and weighted average of the offline investors' quotation after excluding the highest quotation, and the median and weighted average of the quotation of public funds, social security funds, pensions, enterprise annuity funds and insurance funds after excluding the highest quotation. If any investor participates in the subscription, it shall be deemed that it has accepted the issue price. If there is any objection to the issue pricing method and issue price, it is suggested not to participate in this issue.
(4) 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 the risk awareness, strengthen the value investment concept, and avoid blind speculation. Regulators, issuers and recommendation institutions (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing.
7. Based on the issuance price of 28.50 yuan / share and the issuance of 40.01 million new shares, the total amount of funds raised by the issuer is expected to be 114028500 yuan. After deducting the estimated issuance cost of about 983052 million yuan (excluding value-added tax), the net amount of funds raised is expected to be about 10419798 million yuan. 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.
8. In the shares issued this time, cnki.com
