Suzhou ousheng Electric Co., Ltd
Initial public offering and listing on GEM
Special announcement on investment risk
Sponsor (co lead underwriter): Zhongtai Securities Co.Ltd(600918)
Co lead underwriter: Minsheng Securities Co., Ltd
The application of Suzhou ousheng Electric Co., Ltd. (hereinafter referred to as "ousheng electric" and "the issuer") for the initial public offering of no more than 45.652 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"), It has been approved to register by China Securities Regulatory Commission (hereinafter referred to as "CSRC") (zjxk [2022] No. 438).
Zhongtai Securities Co.Ltd(600918) serves as the sponsor of this offering (hereinafter referred to as " Zhongtai Securities Co.Ltd(600918) ," sponsor (co lead underwriter) "and" sponsor "), Minsheng Securities Co., Ltd. (hereinafter referred to as" Minsheng securities ") serves as the co lead underwriter of this offering ( Zhongtai Securities Co.Ltd(600918) and Minsheng securities are hereinafter referred to as" co lead underwriters "). After negotiation between the issuer and the joint lead underwriters, the number of shares issued this time is 45.652 million, accounting for 25.00% of the total number of shares after this issuance. All the shares issued this time are new shares issued to the public, which does not involve the public offering of shares by the original shareholders. The shares issued this time are planned to be listed on the gem of Shenzhen Stock Exchange. The issuer and the joint lead underwriter specially draw the attention of investors to the following contents:
1. After the preliminary inquiry, the issuer and the joint lead underwriters shall, in accordance with the elimination rules stipulated in the announcement on preliminary inquiry and promotion of initial public offering of shares by Suzhou ousheng Electric 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 25.22 yuan / share (excluding); Eliminate all placing objects with the proposed subscription price of 25.22 yuan / share and the subscription quantity of less than 15 million shares (excluding); Among the placing objects with the proposed purchase price of 25.22 yuan / share and the proposed purchase quantity equal to 15 million shares, all placing objects whose purchase time is later than 14:59:29.725 (excluding) on April 6, 2022 are eliminated; Among the placing objects with the proposed subscription price of 25.22 yuan / share and the proposed subscription quantity of 15 million shares and the subscription time of 14:59:29.725 on April 6, 2022, they are arranged from the back to the front according to the Commission serial number automatically generated by the offline issuance electronic platform, Remove the placing objects before the name of the placing object managed by "CCB Fund Management Co., Ltd." is "CCB Xinwen return flexible allocation hybrid securities investment fund" (including). A total of 103 placing objects were excluded in the above process, and the total number of shares to be purchased was 1003.7 million, accounting for 1.0104% of the total number of 993299 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. Based on the preliminary inquiry results, the issuer and the joint lead underwriters negotiated and determined the issuance price of 21.33 yuan / share by comprehensively considering the issuer's industry, market conditions, valuation level of comparable listed companies, demand for raised funds, underwriting risk and other factors, and no cumulative bidding inquiry will be conducted for offline issuance.
Investors are requested to make online and offline subscription at this price on April 11, 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 11, 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 issue price determined through negotiation between the issuer and the joint lead underwriters is 21.33 yuan / share. The issue price of this issue shall not exceed the median and weighted average of the quotation of offline investors after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as "public fund") and the National Social Security Fund (hereinafter referred to as "social security fund") established through public offering after excluding the highest quotation The lower of the median and weighted average of the quoted prices of the basic endowment insurance fund (hereinafter referred to as "pension"), the enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund (hereinafter referred to as "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, Therefore, the relevant subsidiaries of the recommendation institution do not need to participate in the follow-up investment. This issuance does not arrange the strategic placement to the senior managers and core employees of the issuer, the asset management plan and other external investors. According to the issuing price, the relevant subsidiaries of the sponsor will not participate in the strategic placement. Finally, this issuance will not be targeted to strategic investors. The difference between the initial strategic placement and the final strategic placement of 2282600 shares will be transferred back to offline issuance.
4. 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-share 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 21.33 yuan / share, and the corresponding P / E ratio is:
(1) 24.36 times (earnings per share in accordance with Chinese accounting standards approved by accounting firms in 2020)
The audited net profit attributable to shareholders of the parent company after deducting non recurring profits and losses is divided by the total share capital before the issuance
Calculate);
(2) 21.32 times (earnings per share in accordance with Chinese accounting standards approved by accounting firms in 2020)
The audited net profit attributable to shareholders of the parent company before deducting non recurring profits and losses is divided by the total share capital before the issuance
Calculate);
(3) 32.48 times (earnings per share in accordance with Chinese accounting standards approved by accounting firms in 2020)
The audited net profit attributable to shareholders of the parent company after deducting non recurring profits and losses is calculated by dividing the total share capital after the issuance
Calculate);
(4) 28.42 times (earnings per share in accordance with Chinese accounting standards approved by accounting firms in 2020)
The audited net profit attributable to shareholders of the parent company before deducting non recurring profits and losses is divided by the total share capital after the issuance
Calculate).
6. The issue price is 21.33 yuan / share. Investors are requested to judge the issue price according to the following conditions
Rationality of.
(1) According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by the CSRC, the issuer
The industry is "C38 electrical machinery and equipment manufacturing industry". As of April 6, 2022 (T-3), medium
C38 electrical machinery and equipment manufacturing industry average static market in the latest month released by China Securities Index Co., Ltd
The profit ratio is 41.32 times.
The issue price is 21.33 yuan / share, which is lower before and after deducting non recurring profits and losses of the issuer in 2020
The diluted P / E ratio is 32.48 times, which is lower than C38 electrical machinery and appliances issued by China Securities Index Co., Ltd
The average static P / E ratio of the material manufacturing industry in the last month still exists, and the issuer's share price will fall for investment in the future
The risk of loss. The issuer and the co lead underwriters draw investors' attention to investment risks and make prudent judgments
The rationality of issue pricing and rational investment decision-making.
(2) As of April 6, 2022 (T-3), the valuation levels of comparable listed companies are as follows:
Non pre deduction in 2020 static market stock code securities corresponding to T-3 day stock closing in 2020 referred to as EPS (yuan / share) non post EPS price (yuan / share) ratio - non pre deduction earnings ratio - non post deduction (yuan / share) (2020) (2020)
Kingclean Electric Co.Ltd(603355) .SH Kingclean Electric Co.Ltd(603355) 0.5707 0.8308 21.13 37.02 25.43
Hangzhou Great Star Industrial Co.Ltd(002444) .SZ Hangzhou Great Star Industrial Co.Ltd(002444) 1.1808 1.0790 16.56 14.02 15.35
Ecovacs Robotics Co.Ltd(603486) .SH Ecovacs Robotics Co.Ltd(603486) 1.1172 0.9251 107.63 96.34 116.34
Non pre deduction in 2020 static market stock code securities corresponding to T-3 day stock closing in 2020 referred to as EPS (yuan / share) non post EPS price (yuan / share) ratio - non pre deduction earnings ratio - non post deduction (yuan / share) (2020) (2020)
0669.hk Chuangke industry 2.7849 2.784994.36 33.88 33.88
Average 28.31 24.89
Data source: wind information, data as of April 6, 2022 (T-3)
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-3 day;
Note 3: the stock closing price of "Chuangke industry" on day T-3 and EPS before / after deduction in 2020 are measured in RMB, and the exchange rate is 2022
The central parity rate of the people's Bank of China on April 6, 2014 (T-3).
Note 4: among them, the P / E ratios before and after deduction in Ecovacs Robotics Co.Ltd(603486) 2020 are much higher than those in the same industry, and are not included in comparable companies
The calculation scope of the average value of static P / E ratio.
The issue price is 21.33 yuan / share, which is lower before and after deducting non recurring profits and losses of the issuer in 2020
The diluted P / E ratio of is 32.48 times, which is higher than the average static P / E ratio of comparable companies after deducting non profits in 2020, exceeding
The range of the share price is 30.49%, and there is a risk that the future decline of the issuer's share price will bring losses to investors.
The pricing rationality of this offering is explained as follows:
First, the company's small air compressor and two dry and wet vacuum cleaners are positioned as medium and high-end brands of large retailers
The company is one of the few well-known enterprises in China that occupy a certain proportion through ODM mode and brand authorization mode
Retailer market share. After years of market development, the company has cooperated with Walmart, Lowe's and thehome
Dozens of international well-known retailers such as depot and Costco have established stable cooperative relations, and the company is in North America
It is equipped with a professional sales team to help the above-mentioned global well-known retailers develop and design their own brand products
At the same time, it uses the medium and high-end brands of well-known brand licensors to sell to large retailers, and successfully built
It has a perfect sales network of well-known retailers in North America. At the same time, the company has successfully opened up Amazon's e-commerce channel, and the public
The company's revenue from Amazon platform is growing rapidly, and the company's own brand is mainly sold through Amazon channels, effectively improving
Increase the market penetration of private brands. In addition, the company has built an overseas storage center in the United States to facilitate timely response
In response to the scattered order demand of retailers and other customers, provide local supporting services in the United States to further meet the needs of well-known retailers
The in-depth needs of suppliers. The company's overseas storage center can further support the demand of Amazon platform market
The newly-built storage center is geographically close to the storage center of West Chicago of Amazon in the United States
Warehouse, store goods, and then respond at the first time according to Amazon's sales orders
Local warehouse sorting, packaging and distribution.
Second, the company has rapid R & D response ability and has accumulated rich R & D experience and R & D technology achievements
Fruit. Based on the multi department R & D participation mechanism and the flat R & D project management system, the company can timely
Respond quickly to the latest needs of the market and customers, and ensure that the products are continuously updated. Small air compressor and dry wet vacuum cleaner products have the characteristics of fast product upgrading and iteration, and consumers' demand for product appearance design and function changes with each passing day. In recent years, the R & D Department of the company has designed hundreds of small air compressor and dry wet vacuum cleaner every year
