Key investment points
Zhongtai Securities Co.Ltd(600918) small and medium-sized market research team conducted corresponding sorting and Research on the companies approved by the CSRC for IPO registration in the latest week of gem and science and Innovation Board (202204.17202204.24), and launched the weekly special research report on new shares. This weekly report involves 2 enterprises to be issued on the science and innovation board and 3 enterprises to be issued on the gem:
Kechuang board:
Sinosteel luonai (a20680. SH): the company is committed to providing all-round, whole process, personalized and lean services for high-temperature industry through technology integration. It is an advanced medium and high-end refractory R & D and manufacturing, engineering design and technology integration service provider in China. The compound annual growth rates of the company's revenue and net profit from 2017 to 2020 were 12.48% and 169.28% respectively, with good development capacity. The refractory industry has a certain market demand. In the future, the company's investment in R & D and manufacturing of various refractory materials will continue to increase, and the raised investment projects will greatly improve the company's R & D and operation capacity and enhance its core competitiveness. The company is expected to further improve its industry strength and market position.
Biyi micro (a21047. SH): the company is mainly engaged in the design and sales of power management chips. Its products are mainly used in LED lighting, general power supply, household appliances, IOT and other fields. The company has good development ability. From 2019 to 2021, the compound annual growth rates of operating revenue and net profit of the company were 59.61% and 259.23% respectively. The company has strong competitive advantages in technology research and development and product types. In the future, the company is expected to take the lead in benefiting from the further development of national favorable policies for the integrated circuit industry, the growth of analog chip demand and the acceleration of domestic substitution of Analog IC. In addition, with the progress of the company's fund-raising projects, the company's technical advantages will be further strengthened and the company's market position will continue to improve.
Gem:
Dongtian micro (a21024. SZ): the company focuses on the field of smart phone camera and optical communication, mainly engaged in the R & D, production and sales of precision photoelectric thin film components. The compound annual growth rates of the company's revenue and net profit from 2017 to 2021 were 25.67% and 29.92% respectively, with good development capacity and significantly higher than the average level of comparable companies in the same industry. With the promotion of the new infrastructure policy, downstream application fields such as 5g base station, data center and optical fiber access network will continue to develop, thus driving the growth of market demand for optical modules; In addition, the company has a wide range of downstream application fields and broad growth space, and the raised investment projects will significantly improve the company's production scale and R & D capacity and enhance its core competitiveness. The company is expected to further improve its industry strength and market position.
Shengbang Co., Ltd. (a20647. SZ): the company is a high-tech enterprise specializing in the R & D, production and sales of rubber polymer products, providing high-performance and customized sealing and insulation products for customers in automotive, electrical, aviation and other fields. The compound growth rates of the company's revenue and net profit attributable to the parent company from 2017 to 2020 were 9.18% and 27.57% respectively, much higher than the average level of comparable companies in the same industry. With the development of new energy vehicle industry, the demand of downstream automobile enterprises for new energy vehicle related parts and components will increase, which provides a foundation for the long-term development of the company. The implementation of raised investment projects will also improve the company's production and R & D level, promote the company to develop rubber products related to new energy vehicles and enhance market competitiveness.
National cable testing (a21118. SZ): the company is an independent third-party inspection and testing service organization specializing in wires and cables, optical fiber cables and their components. Its main business is the inspection and testing services of wires and cables and optical fiber cables, covering corresponding inspection and testing, equipment measurement, capability verification, etc. The compound annual growth rate of the company's main business income from 2018 to 2020 was 4.87%. In 2019, 2020 and 2021, the company realized a net profit of 538605 million yuan, 556769 million yuan and 732147 million yuan. The company is expected to benefit from the scale effect and the continuous income generation of high-quality customer groups and achieve further growth.
Risk tips: 1) the corresponding companies still have the risk of failure to be listed due to special events; 2) The research is only based on the prospectus (Registration draft) and other public materials of the corresponding company, which can not fully reflect the latest situation of the company.
