Guangdong Ruide Intelligent Technology Co., Ltd
Guangdong real design Intelligent Technology Co., Ltd
Initial public offering and listing on GEM
Listing announcement
Sponsor (lead underwriter)
(No. 18, Meishan Road, Hefei, Anhui)
April, 2002
hot tip
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.
Red smart shares will be listed on the gem of Shenzhen Stock Exchange on April 12, 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.
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.) The contents of the "risk factors" section of the company's prospectus on the website 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 IPO of the company include but are not limited to the following:
(I) relaxation of price limit
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%. On the first day of the listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit was 44%, the decrease limit was 36%, and the increase and decrease limit was 10% from the next trading day. The gem further relaxed the restrictions on the rise and fall range at the initial stage of stock listing, improving the trading risk.
(II) a small number of tradable shares
After this issuance, the total share capital of the company is 101952 million shares, of which the number of tradable shares without sale conditions is 22571574 million shares, accounting for 22.14% 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 P / E ratio is higher than the average level of the same industry
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the issuer belongs to the "computer, communication and other electronic equipment manufacturing industry", and the industry code is C39. As of March 24, 2022 (T-4), the average static P / E ratio of "computer, communication and other electronic equipment manufacturing industry" (C39) released by China Securities Index Co., Ltd. in the latest month was 41.75 times.
As of March 24, 2022 (T-4), the average static P / E ratio of comparable listed companies is 32.47 times, and the valuation level is as follows:
In 2020, deduct the static securities code corresponding to the static market corresponding to the T-4 day shares in 2020. The securities are referred to as non front EPS and non back EPS. The closing price earnings ratio of non front EPS is deducted. After deducting the non (yuan / share) (yuan / share) (yuan / share) (2020) (2020)
Shenzhen Topband Co.Ltd(002139) .SZ Shenzhen Topband Co.Ltd(002139) 0.4244 0.3045 10.89 25.66 35.76
Shenzhen H&T Intelligent Control Co.Ltd(002402) .SZ Shenzhen H&T Intelligent Control Co.Ltd(002402) 0.4333 0.4008 18.47 42.63 46.08
Shenzhen Longood Intelligent Electric Co.Ltd(300543) .SZ Shenzhen Longood Intelligent Electric Co.Ltd(300543) 0.5522 0.5309 11.12 20.14 20.95
Wuxi Hodgen Technology Co.Ltd(300279) .SZ Wuxi Hodgen Technology Co.Ltd(300279) 0.0112 0.0050 7.82 698.21 1,564.00
Genbyte Technology Inc(003028) .SZ Genbyte Technology Inc(003028) 1.5645 1.5083 33.35 21.32 22.11
Shenzhen Longtech Smart Control Co.Ltd(300916) .SZ Shenzhen Longtech Smart Control Co.Ltd(300916) 1.3976 1.3216 49.50 35.42 37.45
Average 29.03 32.47
Source: wind data, as of March 24, 2022
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: the abnormal value ( Wuxi Hodgen Technology Co.Ltd(300279) ) is excluded when calculating the average value of P / E ratio.
The issue price is 31.98 yuan / share, which corresponds to the lower audited P / E ratio of shareholders' net profit attributable to the parent company after deducting non recurring profits and losses in 2020, which is 49.77 times higher than the average static P / E ratio of comparable companies after deducting non recurring profits and losses in 2020, It is also higher than the average monthly static P / E ratio of "computer, communication and other electronic equipment manufacturing industry" (C39) released by China Securities Index Co., Ltd. (as of March 24, 2022 (T-4)), and there is a risk that the decline of the issuer's share price will bring losses to investors in the future.
There may be 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 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) there may be a risk of falling below the issue 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.
(V) 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 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. 3、 Special risk tips
(I) macroeconomic environment and fluctuation risk of downstream white appliance industry
The company's main products are intelligent controllers for small household appliances and intelligent controllers for large household appliances, which are mainly used for white household appliances. During the reporting period, the sales revenue of these two types of products accounted for 97.39%, 96.86%, 97.91% and 96.83% of the company's main business revenue respectively. Therefore, the company's business development is closely related to the consumer demand and macroeconomic trend of the downstream white household appliance industry. When the macro-economy is in the rising stage, the market demand for white appliances develops rapidly; On the contrary, when the macro-economy is in the decline stage, the development of white appliance market slows down. As an intelligent controller supplier, the company's macroeconomic environment and fluctuations in the downstream white appliance industry have a great impact on the company's business growth and profitability.
(II) risk of continuous innovation
At the same time, the demand for the upgrading of the functions of the white home appliance industry is becoming more and more complex. At the same time, it also brings higher and higher requirements for the companies to keep up with the trend of the upgrading of the functions and technologies of the downstream home appliance industry. As of the signing date of this listing announcement, the issuer has obtained a total of 240 patents, including 33 invention patents. If the company has insufficient innovation ability in technology and product research and development in the future and fails to meet the changes of market demand, it may face the risk of backward technology and declining competitiveness.
(III) risk of relative concentration of customers
During the reporting period, the sales of the company's top five customers accounted for 57.69%, 53.26%, 47.22% and 45.47% of the current operating revenue respectively. Among them, the sales of the company's largest customer Zhejiang Supor Co.Ltd(002032) accounted for 32.44%, 32.83%, 26.54% and 21.04% respectively, with relatively high customer concentration. The top five customers of the company are well-known household appliance manufacturers in China, and the company has maintained long-term strategic cooperative relations with these customers. In the future, if such customers' demand for intelligent controllers decreases, or the company's cooperation with them changes adversely, it will have an adverse impact on the company's operating performance.
(IV) risk of shortage of raw material supply and price fluctuation
The main raw materials of the company's products are IC chips, PCBs, display screens, diodes and triodes, resistors, capacitors, relays, inductors and other electronic components. During the reporting period, the direct material cost of the company accounted for nearly 80% of the operating cost. Affected by the rising market price of raw materials, the gross profit margin of the company's main business from January to June 2021 decreased by 1.49 percentage points compared with 2020. If the supply of raw materials is in short supply or the price continues to rise due to the influence of market supply and demand, transportation costs, energy prices and other factors in the future, and the company cannot purchase the raw materials required for production in time, or transmit the price rise of raw materials to the downstream or effectively reduce the production cost, it will have an adverse impact on the production, delivery and profitability of the company.
(V) risk of bad debts of accounts receivable
With the expansion of the company's business scale and the growth of operating revenue, the company's accounts receivable balance increased accordingly. During the reporting period, the company's accounts receivable balance was 285549000 yuan, 282001700 yuan, 307006700 yuan and 3303719 million yuan respectively, accounting for 34.35%, 29.91%, 28.16% and 52.65% of the current operating revenue respectively. Most of the company's customers are well-known enterprises in China's household appliance industry, with good sales and credit conditions and low bad debt risk. However, with the further growth of sales, the accounts receivable will further increase. If the accounts receivable cannot be recovered on schedule or cannot be recovered, it will have an adverse impact on the company's operating performance, cash flow, capital turnover and other normal production and operation.
(VI) risk of failing to pay social security and housing provident fund for some employees
During the reporting period, the company and its subsidiaries failed to pay social insurance and housing provident fund for some employees due to their low willingness to pay, strong mobility and the failure of new employees to complete the procedures of social security and housing provident fund in the current month. At the end of each reporting period, the proportion of the company not paying social insurance for some employees was 45.05%, 53.60%, 19.54% and 6.80% respectively, and the proportion of unpaid housing provident fund was 79.67%, 82.47%, 20.72% and 7.08% respectively. It is estimated that during the reporting period, the amount of social insurance and housing accumulation fund not paid by the company and its subsidiaries for some employees were 8.7073 million yuan, 115203 million yuan, 2.9136 million yuan and 791600 yuan respectively, accounting for 23.03%, 17.28%, 3.68% and 1.74% of the total profits respectively. For the company's failure to pay social security and housing provident fund for some employees, there is a risk of being required to make up or punished by the regulatory authorities.
Section 2 stock listing
1、 Review of stock issuance and listing
(I) legal basis for preparing the listing announcement
This listing announcement is prepared in accordance with the company law of the people's Republic of China, the securities law of the people's Republic of China, the Listing Rules of Shenzhen Stock Exchange gem (revised in December 2020) and other relevant laws and regulations, and in accordance with the guidelines on the content and format of Shenzhen stock exchange gem listing announcement, The purpose is to provide investors with basic information about the IPO and listing of the company.
(II) the decision of the CSRC to approve the registration and its main contents
The company's initial public offering of shares (hereinafter referred to as "this offering") was approved by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") on January 25, 2022
