New Hua Du Supercenter Co.Ltd(002264) Special Electric Co., Ltd
Initial public offering and listing on GEM
Special announcement on investment risk
Sponsor (lead underwriter):
New Hua Du Supercenter Co.Ltd(002264) Special Electric Co., Ltd. (hereinafter referred to as "Xinte electric", "issuer" or "company") applied for the initial public offering of no more than 61.92 million ordinary shares (A shares) (hereinafter referred to as "this offering") which was examined and approved by the Shenzhen Stock Exchange Chuangye board Listing Committee on September 10, 2021, and approved to register by the CSRC's Zhengjian permission [2022] No. 378 document on February 23, 2022.
After negotiation between the issuer and the recommendation institution (lead underwriter) Minsheng Securities Co., Ltd. (hereinafter referred to as "Minsheng securities" and "recommendation institution (lead underwriter)"), it is determined that 61.92 million new shares will be issued this time, accounting for about 25.01% of the total share capital after issuance, all of which are public issued new shares. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange").
The issuer and the recommendation institution (lead underwriter) specially draw investors' attention to the following contents:
1. This offering is conducted by a combination of directional placement to strategic investors (hereinafter referred to as "strategic placement"), offline inquiry placement to qualified offline investors (hereinafter referred to as "offline issuance") and online pricing issuance to social public investors holding non restricted A-share shares and non restricted depositary receipts market value in Shenzhen market (hereinafter referred to as "online issuance").
The strategic placement of this offering shall be organized and implemented by the sponsor (lead underwriter); The preliminary inquiry and offline issuance shall be organized and implemented by the sponsor (lead underwriter) through the offline issuance electronic platform of Shenzhen Stock Exchange; Online issuance is carried out through the trading system of Shenzhen Stock Exchange.
2. After the preliminary inquiry, the issuer and the sponsor (lead underwriter) shall, in accordance with the exclusion rules stipulated in the announcement on initial public offering and listing on gem of New Hua Du Supercenter Co.Ltd(002264) Special Electric Co., Ltd. (hereinafter referred to as the "announcement on preliminary inquiry and recommendation"), after excluding the preliminary inquiry results that do not meet the requirements of investors' quotation, Eliminate all placing objects whose proposed purchase price is higher than 16.10 yuan / share (excluding 16.10 yuan / share); The proposed subscription price is 16.10 yuan / share, and the placing objects whose subscription quantity is less than 15 million shares are eliminated; The proposed subscription price is 16.10 yuan / share, and the number of subscription is equal to 15 million shares, and the subscription time is 14:52:31:679 on March 30, 2022. According to the order of placement objects automatically generated by the offline issuance electronic platform of Shenzhen Stock Exchange, two placement objects are excluded from the back to the front. A total of 96 placing objects were excluded in the above process, and the total number of shares to be purchased was 1178.8 million, accounting for 1.0048% of the total number of shares to be purchased after excluding invalid quotations in this preliminary inquiry. The excluded part shall not participate in offline and online subscription. 3. According to the preliminary inquiry results, the issuer and the recommendation institution (lead underwriter) comprehensively consider the issuer's fundamentals, industry, valuation level of comparable listed companies, market conditions, demand for raised funds, effective subscription multiple, underwriting risk and other factors, and negotiate to determine that the price of this issuance is 13.73 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 April 7, 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 April 7, 2022 (t day), in 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.
4. The issuing price of this offering exceeds 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, whichever is lower, so the relevant subsidiaries of the recommendation institution need to participate in the follow-up investment.
According to the final price, the strategic placement of this issuance is composed of the special asset management plan of the issuer's senior managers and core employees and the follow-up investment of relevant subsidiaries of the sponsor. According to the final determined price, the final number of strategic placement shares in the special asset management plan for senior managers and core employees of the issuer is 3678077 million shares, accounting for 5.94% of the number of shares issued this time; The final number of strategic placement shares of relevant subsidiaries of the sponsor was 2913328 million shares, accounting for 4.70% of the number of shares issued this time.
The initial strategic allotment of this issuance was 9.288 million shares, accounting for about 15.00% of this issuance. The final number of strategic placement was 6591405 million shares, accounting for 10.65% of the total number of shares issued. The difference between the initial strategic placement and the final strategic placement of 269659500 shares will be transferred back to offline issuance.
5. The issue price is 13.73 yuan / share, and the corresponding P / E ratio is:
(1) 32.76 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) 30.72 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);
(3) The net profit per share attributable to the parent company after deducting 43.68 times of the total audited profit and loss of the parent company in 2020 according to the accounting standards;
(4) 40.97 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).
6. The issue price is 13.73 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 for listed companies (revised in 2012) issued by China Securities Regulatory Commission, the industry of Xinte Electric is "C38 electrical machinery and equipment manufacturing industry". As of March 30, 2022 (T-4), the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. was 42.05 times.
As of March 30, 2022 (T-4), the valuation levels of comparable listed companies are as follows:
2020 deduction 2020 deduction T-4 day stock corresponding static market corresponding static market securities abbreviation securities code non front EPS non back EPS closing price earnings ratio deduction non front earnings ratio deduction non back (yuan / share) (yuan / share) (yuan / share) (2020) (2020)
Tbea Co.Ltd(600089) Tbea Co.Ltd(600089) . SH 0.6564 0.4847 20.60 31.38 42.50
China Xd Electric Co.Ltd(601179) China Xd Electric Co.Ltd(601179) . SH 0.0473 0.0139 4.53 95.83 324.89
Ceepower Co.Ltd(300062) Ceepower Co.Ltd(300062) . SZ 0.0393 0.0322 9.02 229.80 280.37
State Grid Yingda Co.Ltd(600517) State Grid Yingda Co.Ltd(600517) . SH 0.2057 0.2197 5.71 27.77 25.99
Hainan Jinpan Smart Technology Co.Ltd(688676) Hainan Jinpan Smart Technology Co.Ltd(688676) . SH 0.5440 0.4791 20.75 38.14 43.31
Average 48.28 109.18
Data source: Hithink Royalflush Information Network Co.Ltd(300033)
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: among them, PE before and after deduction in 3 Hengli Industrial Development Group Co.Ltd(000622) 020 is much higher than the P / E ratio of the same industry, which is not included in the calculation of the average value of static P / E ratio of comparable companies.
Compared with the main competitors in the same industry, the company has certain advantages in industry status, core technology, customer and brand recognition, financial data and growth potential:
In terms of industry position, the company is the earliest manufacturer of frequency conversion transformer supporting high-voltage frequency converter in China. In 1997, the company began to customize and produce a small number of frequency conversion transformers according to the requirements of Siemens, abb and other users. In 2004, the company successfully developed a frequency conversion transformer with high insulation grade (Class H), breaking the monopoly of similar foreign products, realizing import substitution, and contributing to the rapid development of domestic high-voltage frequency converter manufacturers. As a pioneer in the frequency conversion transformer industry, after years of technology and experience accumulation and brand construction in the field of frequency conversion and speed regulation, with solid R & D strength and advantages in cost, management and service, the company has occupied more than 25% of the market share of China's frequency conversion transformer industry.
With its rapid development, the company actively promotes industry progress and leads technological innovation. The company is one of the main drafters of transformer industry standards for frequency conversion in China, and participated in the formulation of Nb / t420212013 dry type converter transformer for high voltage frequency conversion and speed regulation, Nb / t420222013 oil immersed converter transformer for high voltage frequency conversion and speed regulation, GB / t281802011 design guidelines for environmental requirements and awareness of transformers, GB / 200522013 energy efficiency limit and energy efficiency grade of three-phase distribution transformers Drafting and revision of 6 national standards and 2 industrial standards such as GB / t102282015 technical parameters and requirements for dry type power transformers and GB / t64512015 technical parameters and requirements for oil immersed power transformers. The company is a key high-tech enterprise in the national torch plan and has obtained the certificate of Beijing enterprise technology center. Its independently developed dry-type converter transformer ztsfg (H) for frequency conversion and speed regulation, oil immersed converter transformer ZTS products for frequency conversion and speed regulation, high-voltage frequency converter transformer ztsfgn, three-phase dry-type rectifier transformer for offshore platform and other products have won Beijing urban level scientific and Technological Development and progress awards for many times. The company has also undertaken the Beijing torch plan project, the national high-tech enterprise achievement transformation project and the Chaoyang District Enterprise R & D investment funding plan project for many times, and has been recognized as a national key new product and an independent innovative product in Hebei Province.
In terms of core technology, the company has conducted a lot of research, simulation, testing and basic development on product structure, electromagnetic field and temperature field in the design, manufacturing and test of H-class frequency conversion transformer, and accumulated rich application experience. The company has 28 Chinese invention patents and 3 foreign invention patents, as well as a number of non patented core technologies, covering the whole product design, structure and manufacturing process, Including new heat dissipation technology, impedance balance technology, intelligent design and production related technology, core related manufacturing technology, coil manufacturing technology, new structure and design technology, etc. The company also introduced simulation technology to integrate with product design and manufacturing process, further improving the basic strength of independent innovation and the foresight of technology application effect. The above technical achievements are also an important basis for the company to have the design and manufacturing capacity of high-capacity products. The maximum product capacity delivered is 48850kva, which is higher than that of its main competitors. In addition, the company creatively applies the three-dimensional triangle structure and product technology to product production. It is the only enterprise in the industry that has mastered the design and manufacturing process of transformer and reactor for frequency conversion of three-dimensional triangle structure and can realize mass production. Strong technological R & D and innovation advantages ensure that the company is in a leading position in the industry, bring significant economic benefits to the company, provide a reliable guarantee for continuous optimization and iteration of technology, continuous upgrading and innovation of products, and support the company to maintain a leading position in product technology. The patents and core technologies owned by the company have been fully and effectively applied to the design and manufacturing of the company's products, and good application effects and market feedback have been obtained. Moreover, the technical advantages have been transformed into the comprehensive advantages of the company's products in performance, quality, cost and other aspects.
In terms of customer and brand recognition, the frequency conversion transformer is a customized product, and the performance parameters, indicators and structure requirements of frequency conversion transformer products are different in different industries, users, service conditions and high-voltage frequency converter manufacturers. These products are mainly used in production systems in mining, steel, coal, electric power, metallurgy, cement, petroleum and petrochemical, chemical industry, municipal and other fields. End users have high requirements for long-term, uninterrupted, stable and reliable operation of products. As the first enterprise in China to develop and produce transformers for frequency conversion, the company has established long-term and stable cooperative relations with major manufacturers of high-voltage frequency converters in downstream industries, such as Schneider, abb, Siemens, Fuji Electric, Hitachi, Rockwell and other well-known multinational electric groups, as well as Wolong Electric Group Co.Ltd(600580) , Shenzhen Invt Electric Co.Ltd(002334) , Windsun Science Technology Co.Ltd(688663) , Shenzhen Inovance Technology Co.Ltd(300124) , Shenzhen Clou Electronics Co.Ltd(002121) Hiconics Eco-Energy Technology Co.Ltd(300048) and other certified suppliers of China's leading high-voltage frequency converter enterprises. At the same time, due to excellent product performance, stable quality and high technical service level, the company's products have also established a good reputation among end users, and have become a brand supplier of frequency conversion transformer designated and selected by end users in many projects. On this basis, as the explorer of the new business model, the company innovatively established a data sharing system, undertook the product performance test and supporting work usually carried out by the frequency converter manufacturer, and communicated with customers in real time through the data system
