Stock abbreviation: Xinghui environmental materials stock code: 300834 Xinghui environmental protection materials Co., Ltd
RASTAR ENVIRONMENTALPROTECTION MATERIALS CO.,LTD.
(No. 37, Tongyang Road, Shantou Free Trade Zone)
Initial public offering and listing on GEM
of
Listing announcement
Sponsor (lead underwriter)
(16 / 22 / 23 / F, Changtai international finance building, 1589 Century Avenue, China (Shanghai) pilot Free Trade Zone) January 2002
hot tip
The shares of Xinghui environmental protection materials Co., Ltd. (hereinafter referred to as "the company", "the issuer", "the company" or "Xinghui environmental materials") will be listed on the gem of Shenzhen Stock Exchange on January 13, 2022.
GEM companies have the characteristics of unstable performance, high operation risk and high delisting risk, and investors are facing greater market risk. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently.
The company reminds investors to fully understand the stock market risks 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 shall have the same meanings as those in the prospectus of the company's initial public offering of shares and listing on the gem.
The value of this listing announcement is usually reserved to two decimal places. If the total number is inconsistent with the mantissa of the sum of the values of each sub item, it is caused by rounding.
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 information disclosed in 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 http://www.cn.info.com.cn 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, pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors that investors are invited to refer to the full text of the company's prospectus for relevant contents not involved in this listing announcement.
Unless otherwise specified, the abbreviations or terms in this listing announcement shall have the same meanings as those in the prospectus of the company. 2、 Special tips on investment risk at the initial stage of gem IPO
The company reminds investors to pay attention to the investment risk at the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risk 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 restrictions. For stocks that are IPO and listed on the gem, there are no rise and fall restrictions in the first five trading days after listing, and then the rise and fall restrictions are 20%. On the first day of listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit ratio is 44%, the decrease limit ratio is 36%, and the increase and decrease limit on the next trading day is 10%. Gem further relaxed the restrictions on the rise and fall of stocks in the early stage of listing, and increased the trading risk.
(II) the number of tradable shares is small
After this issuance, the total share capital of the company is 193712353 shares, including the number of tradable shares with unlimited sales conditions
45931488 shares, accounting for 23.71% of the total share capital after issuance. Number of outstanding shares at the initial stage of listing
Less, there is a risk of insufficient liquidity.
(III) risk that P / E ratio is higher than the average level of the same industry
According to the guidelines for Industry Classification of listed companies (revised in 2012) issued by China Securities Regulatory Commission, xinghuihuan
The industry of Baoji Materials Co., Ltd. is "chemical raw materials and chemical products manufacturing (C26)". As of 2021
On December 28, 2004 (T-4), the "chemical raw materials and chemical products manufacturing industry" issued by China Securities Index Co., Ltd
(C26) "the average static P / E ratio in the latest month is 44.79 times.
As of December 28, 2021 (T-4), the market value of listed companies whose main business is similar to that of the issuer
The profitability level is as follows:
In 2020, deduct the static City corresponding to the T-4 day shares in 2020, and the static City corresponding to the static city stock code securities are referred to as non front EPS and non back EPS. Closing price earnings ratio - non front earnings ratio - non back (yuan / share) (yuan / share) (yuan / share) (2020) (2020)
002386.SZ Yibin Tianyuan Group Co.Ltd(002386) 0.1484 0.0894 12.37 83.36 138.37
605008.SH Ningbo Changhong Polymer Scientific & Technical Inc(605008) 0.4695 0.4199 14.67 31.25 34.94
688219.SH Orinko Advanced Plastics Co.Ltd(688219) 0.3967 0.3494 12.02 30.30 34.40
300848.SZ Miracll Chemicals Co.Ltd(300848) 0.7652 0.6741 32.33 42.25 47.96
Average 34.60 39.10
Data source: wind information, data as of December 28, 2021.
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 the comparable companies disclosed in the prospectus, Renxin Xincai has not been listed, so it is not included in the valuation of comparable companies
Ratio;
Note 4: the extreme value ( Yibin Tianyuan Group Co.Ltd(002386) ) is excluded when calculating the average value of P / E ratio.
The issue price is 55.57 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 net profit attributable to shareholders of the parent company is 49.48 times, higher than that of China Securities Index Co., Ltd
The static average p / E ratio of the industry in the latest month released on December 28, 2021 (T-4) exceeds the range
10.47%; 2020 is higher than that of A-share comparable listed companies whose main business and business model are similar to those of the issuer
The average value of P / E ratio after deducting non annual earnings is 26.55%, and there is a possibility that the issuer's share price will fall to the investment in the future
The risk of loss. The issuer and the recommendation institution (lead underwriter) shall request investors to fully close their accounts
The risk factors contained in the price marketization, knowing that the stock may fall below the issue price after listing, practically improving the risk awareness, strengthening the value investment concept, avoiding blind speculation, carefully studying and judging the rationality of the issue pricing, and making rational investment decisions. (IV) the shares can be used as the subject matter of margin trading on the first day of listing
GEM stocks can be used as the subject of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin call risk and liquidity risk. Price fluctuation risk means that margin trading will aggravate the price fluctuation of the underlying stock; Market risk means that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the changes in the original stock price, but also the risks caused by the changes in the stock price of new investment, and pay corresponding interest; Margin increase risk means that investors need to monitor the guarantee ratio level throughout the transaction process to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk means that when the price of the underlying stock fluctuates violently, the financing purchase of securities or the repayment of securities sales, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk. (V) 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 sponsors (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing. 3、 Special risk tips
The company specially reminds investors that before making investment decisions, they must carefully read all the contents of "section IV Risk Factors" in the prospectus of the company, and pay special attention to the following risk factors: (I) macroeconomic policy risk
The issuer is an earlier large-scale enterprise engaged in polystyrene R & D, production and sales in China. Its main products are high impact polystyrene (HIPS) and general-purpose polystyrene (GPPS). From January 2018 to June 2021, the rapid growth of the issuer's net profit was due to the impact of national industrial policies and great positive changes at the supply side and demand side of the market. Subsequent major adverse changes in national industrial policies may adversely affect the issuer's operating income, gross profit margin and net profit.
(II) price fluctuation risk of main raw materials
The main raw material of the company's product polystyrene is styrene, which is a bulk chemical product downstream of petroleum refining and chemical industry. It is more active in market transactions. The price of styrene fluctuates obviously with the price of crude oil. From January 2018 to June 2021, the purchase amount of styrene accounted for about 90% of the total purchase amount of raw materials of the company. From 2018 to January June 2021, affected by the fluctuation of crude oil price and the relationship between supply and demand, the company's average purchase price of styrene per ton was 9285.85 yuan, 7410.45 yuan, 5419.49 yuan and 7598.64 yuan respectively, of which January June 2021 increased by about 40.21% compared with 2020.
Therefore, if the price of raw materials fluctuates greatly due to large fluctuations in oil prices or large changes in the supply-demand relationship of styrene, the company may not be able to effectively resolve the cost pressure through the conventional cost transfer mechanism, which will lead to the decline of the company's gross profit margin. At the same time, the sharp fluctuation of raw material price may bring great management difficulties to the company's inventory management, production cost control and pricing mechanism, resulting in the risk of fluctuation of operating performance. (III) risk that intensified market competition may affect the continuous growth of the company's operating performance
High impact polystyrene (HIPS) industry has an extremely wide range of applications. At present, it has penetrated into all fields of national economy, national defense construction and life. It is the basis for the development of high-tech industry and plays an important role in the development of national economy. With the continuous development of new technology, it further promotes the continuous optimization and improvement of the performance of high impact polystyrene (HIPS), especially in addition to its traditional application fields, it can also replace some applications of ABS resin with high energy consumption and pollution in the production process, which is an important direction of the development of polystyrene industry. In the future, if the price of ABS decreases due to the increase of new production capacity and the contraction of downstream demand, and the price of hips products remains relatively stable, the price difference between ABS and hips will narrow, and the substitution effect of some high-performance hips on ABS will weaken, resulting in the reduction of hips demand of downstream production enterprises, and the company will have a certain risk of declining profitability.
At the same time, in recent years, with the support of national industrial policies and growing market demand, social capital has also gradually flowed into PS industry. Chinese Enterprises above designated size are also actively improving product quality and expanding sales market. In the future, the competition in the same industry or the entry of investors outside the industry may lead to the intensification of product competition, In addition, the technological development of relevant alternative products will also affect the downstream demand of the company's products and reduce the overall profit margin of the industry.
(IV) technical risks
The company has used "new polymerization technology of in-situ modified polystyrene resin with ultra-fine powder", "hips technology of synergistic toughening of ordinary low CIS rubber and different types of rubber and ultra-fine powder reinforcement", "purification and treatment technology of styrene refining and polymerization recovery solution", "powder material addition technology of bulk polymerization production line", "large devolatilizer technology of polystyrene unit" "Devolatilization condensate recycling technology" and "hot oil furnace waste heat recycling technology" and other core technologies. The above core technologies constitute the main technical advantages of the company and are applied to the actual production of products, so as to maintain the adaptability of the company's products to the needs of downstream customers. However, with the continuous improvement of product performance by downstream customers, the company's R & D and technical reserves need to be continuously updated to meet the market demand. If the company can not maintain technical innovation in the future and the product performance can not maintain a high matching with customer demand, the company's sales will be blocked and the company's sustainable operation will be affected. (V) environmental protection risk
The production process of the company will produce a small amount of solid waste, waste water and waste gas, accompanied by low dust and noise. The company has always attached importance to environmental protection. In recent years, the company has continuously improved the production process and increased the investment in environmental protection treatment. The pollutants generated in the production process have been well controlled and treated.
However, with the gradual enhancement of people's awareness of environmental protection, the improvement of national environmental protection policies and the improvement of environmental pollution control standards, the company's investment in environmental protection will continue to increase. At the same time, with the expansion of the company's production scale
