Shenzhen minglida Precision Technology Co., Ltd
Initial public offering and listing on GEM
of
Listing announcement
Sponsor (lead underwriter)
No. 618, Shangcheng Road, China (Shanghai) pilot Free Trade Zone
April, 2002
hot tip
The shares of Shenzhen minglida Precision Technology Co., Ltd. (hereinafter referred to as "the issuer" or "the company" or "the company") will be listed on the gem of Shenzhen Stock Exchange on April 7, 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.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of Shenzhen minglida Precision Technology Co., Ltd. for initial public offering and listing on the gem.
Section I important statements and tips
1、 Important statement
The company and all directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the listing announcement, 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 Shenzhen 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 the information published on cninfo (website: www.cn. Info. Com. CN) China Securities Network (www.cs. Com. CN.) China Securities Network (www.cn. Stock. Com.) Securities Times (www.stcn. Com.) Securities Daily (www.zqrb. 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. 2、 Special tips on investment risk at the initial stage of gem IPO
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
The competitive trading of GEM stocks is subject to a wide range of rise and fall limits. For stocks that are IPO and listed on the gem, there is no rise and fall limit in the first five trading days after listing, and then the rise and fall limit is 20%. After relaxing the restrictions on the initial trading of new shares on the Shenzhen Stock Exchange, the limit on the rise and fall of new shares on the main board was 44%, and the first day's rise and fall was further increased by 36%. (II) a small number of tradable shares
At the initial stage of listing, the lock up period of the original shareholders is 36 months or 12 months, and the lock up period of the online lower limit share sale is 6 months. In this public offering of 40.01 million shares, the total share capital after the issuance is 40.01 million shares, of which 33805621 million shares are non tradable shares, accounting for 8.45% of the total share capital after the issuance. At the initial stage of listing, the number of tradable shares of the company is small, and there is a risk of insufficient liquidity. (III) the average p / E ratio of the same industry is higher than that of the same industry
According to the industrial classification of national economy (GB / t47542017) and the guidelines for industrial classification of listed companies (revised in 2012) (CSRC announcement [2012] No. 31) issued by the CSRC, the industry of the company is "metal products industry (C33)". As of March 22, 2022 (T-3), the average static P / E ratio of "metal products industry (C33)" released by China Securities Index Co., Ltd. in the latest month is 27.01 times.
As of March 22, 2022 (T-3), the valuation levels of comparable listed companies disclosed in the prospectus are as follows:
In 2020, deduct the static securities code corresponding to the stock deducted from T-3 in 2020. The securities are referred to as non front EPS and non rear EPS closing price 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 average value of static P / E ratio; Note 3: the tail difference of the mean calculation result is the influence of rounding.
The issuance price of 28.50 yuan / share corresponds to the lower net profit 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 average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. on March 22 (T-3), 2022, with an excess range of 236.32%; It is 63.79 times higher than the average static P / E ratio of comparable companies disclosed in the prospectus 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.
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. 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. (IV) the shares can be used as the subject matter of margin trading on 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 increase 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 is that when the index stock fluctuates violently, the financing purchase of securities or the repayment of securities sale, the sale of securities lending or the repayment of securities purchase may be blocked, resulting in greater liquidity risk. (V) risk of dilution of immediate return
With the funds raised by the company's initial public offering and listing on the gem in place, especially the situation of over raised funds in this offering, the scale of the company's net assets will increase significantly. After the completion of this offering, the company's return on net assets and other indicators have a certain degree of risk of decline in the short term. 3、 Special risk tips
The company reminds investors to carefully read all the contents of "section IV Risk Factors" in the prospectus and pay special attention to the following risks. (I) high customer concentration risk
The company's customers include Jabil, solardedge, Flextronics, venture, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Huawei, Byd Company Limited(002594) and other well-known enterprises at home and abroad. The company's main customers have set up a strict supplier access system. The company needs to go through strict review procedures and a long running in period to enter its supply chain system. Therefore, after becoming its qualified supplier, the company can form a relatively stable cooperative relationship with it. During the reporting period, the company's operating revenue was 942212 million yuan, 1360933 million yuan, 15164935 million yuan and 12462816 million yuan respectively. The company's sales to the top five customers accounted for 72.59%, 81.32%, 81.87% and 80.36% of the operating revenue respectively; From the perspective of end customers, during the reporting period, the sales revenue of the company's supporting precision structural parts for solardedge accounted for 40.29%, 39.84%, 46.55% and 36.38% of the operating revenue respectively. The company has a high sales concentration to its main customers.
Although the company continues to improve the development of new customers and begins to expand its business in more fields, the development of new customers and the expansion of new fields need a certain period. If there are major adverse changes in the operation of the above main customers or the amount of orders given to the company is greatly reduced, it will have an adverse impact on the operating performance of the company. (II) risk of decline in gross profit margin of main business
During the reporting period, the gross profit margin of the issuer's main business was 26.27%, 23.18%, 21.25% and 19.61% respectively, showing a downward trend. The issuer has many kinds of products. The product molding materials mainly include metal and plastic. The product molding process includes die casting, injection molding, profile cutting and metal stamping. The product application fields mainly include photovoltaic, security, automobile and consumer electronics.
The product structure of multiple categories and application fields improves the issuer's anti risk ability, but factors such as the price fluctuation of raw materials, the difference of downstream market competition environment and the change of product structure of different types will also have a certain impact on the issuer's gross profit margin of main business. If the market competition continues to intensify in the future, and the issuer fails to give full play to its competitive advantage, fails to develop new products and improve product quality in time to enhance the market competitiveness of products, or the issuer makes mistakes in decision-making, fails to expand the market and cannot meet the changes of customer needs, the issuer will face the risks of decline in market share, decline in gross profit margin and decline in operating performance. (III) price fluctuation risk of raw materials
The company's main raw materials are aluminum ingots, plastic particles, aluminum extrusions, etc. During the reporting period, the company's direct materials accounted for a high proportion of the main business costs, 65.35%, 67.66%, 69.54% and 69.07% respectively. The fluctuation of the market price of main raw materials has a great impact on the company's main business costs and profitability. During the reporting period, the market prices of aluminum ingots and plastic particles fluctuated to a certain extent. In the future, if the purchase price of the company's main raw materials fluctuates violently, and the company cannot transfer or digest the cost pressure caused by the price fluctuation of raw materials in time, it will have an adverse impact on the company's profitability and production and operation.
The issuer has established a good product price management mechanism, timely updated the quotation to customers according to the external environment and internal financial and business conditions faced by the company, and negotiated with customers to adjust the price. Due to the contract terms, negotiation ability, market supply and demand and other factors of both parties, there are delays and inadequacies in the transmission of raw material price fluctuations to downstream customers. It is estimated that the impact of changes in the purchase price of main raw materials on the issuer's total annual profit in 2021 is a year-on-year decrease of about 23.27% - 24.85%. If the price of raw materials continues to rise sharply in the future, and the company fails to timely and fully transfer the cost of raw material price growth to customers, there may be a risk of decline in product gross profit margin and performance fluctuation. (IV) risk of economic loss caused by failure to perform the agreement in time
In March 2021, Guangdong minglida signed the supplementary agreement on project investment (II) with the people's Government of Qingxi Town, Dongguan City. According to the above agreement, as of the date of signing the prospectus, the issuer's Dongguan Qingxi project has been constructed and put into operation according to the agreement, the investment intensity has reached the agreement, and the tax assessment period is from 2022 to 2031. If the company's tax assessment does not meet the agreement standard, The company has the risk of paying corresponding liquidated damages to the people's Government of Qingxi Town.
In November 2016 and March 2021, the issuer, the Management Committee of Jiangsu Hai'an high tech Industrial Development Zone, Haisui company and Hai'an Municipal People's government signed the investment agreement and relevant supplementary agreements respectively, which agreed on the investment intensity, construction cycle, tax efficiency incentives, land and real estate purchase funds and installment payments, It also specifies that the Management Committee of Jiangsu Hai'an high tech Industrial Development Zone designated Haisui company to fully inherit the rights and obligations under the above investment agreement. As of the date of signing the prospectus, the issuer has paid for the purchase of assets in accordance with the agreement, and has obtained the tax effective reward in the first two accounting cycles in terms of tax. According to the above agreement, if the company fails to pay the above due asset purchase payment on time, there is a risk of paying 5 million yuan of liquidated damages to Haisui company; If the total amount of tax paid by the issuer in the accounting period of the company does not reach the amount agreed in the agreement and the issuer fails to pay for the purchase of assets in accordance with the agreement for more than three months, there is a risk that the relevant land and real estate will be repurchased.
In June 2020, the company signed an agreement with the Management Committee of Chongqing Tongliang high tech Industrial Development Zone《
