Jiangsu Juncheng Electronic Technology Co., Ltd
Jiangsu Smartwin Electronics Technology Co.,Ltd.
(floors 1-3, building 01, west side of West Ring Road, Jurong Economic Development Zone)
Initial public offering and listing on GEM
Listing announcement
Sponsor (lead underwriter)
(No. 689, Guangdong Road, Shanghai)
January 27, 2002
hot tip
The shares of Jiangsu Juncheng Electronic Technology Co., Ltd. (hereinafter referred to as "Juncheng technology", "issuer", "the company" or "the company") will be listed on the gem of Shenzhen Stock Exchange on January 28, 2022. This market has high investment risk. 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 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 Jiangsu Juncheng Electronic Technology Co., Ltd. for initial public offering and listing on the gem.
The "reporting period" of this listing announcement refers to 2018, 2019, 2020 and January June 2021.
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 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 (www.cn. Info. Com. 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 risks at the initial stage of IPO
The company's shares will be listed on the gem of Shenzhen Stock Exchange on January 28, 2022. The company specially reminds investors to fully understand the investment risks in the initial stage of IPO (hereinafter referred to as "new shares") and rationally participate in the trading of new shares. Investment risks are as follows:
(I) stock trading risk caused by the 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 listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit is 44%, the decrease limit is 36%, and the increase and decrease limit is 10% from the next trading day. The gem further relaxed the limit on the rise and fall of stocks in the initial stage of listing, and improved the trading risk.
(II) risk of a small number of circulating shares
The total share capital of the company after the issuance is 72586668 shares, of which the number of non tradable shares in the initial stage of the IPO is 181466667 shares, accounting for 25.00% of the total share capital after the 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 different from 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 in October 2012
According to the industry catalogue and classification principle of the revised version, the industry of the company currently belongs to C39 computer, communication and other industries
He is engaged in electronic equipment manufacturing. As of January 13, 2022 (T-3), China Securities Index Co., Ltd. issued
The industry's average static P / E ratio in the last month was 49.39 times, and the average rolling P / E ratio in the last month was
35.23 times.
The P / E ratio of listed companies whose main business is similar to that of the issuer is as follows:
January 13, 2022 to 2020 to deduct corresponding static P / E ratio to 2021 dynamic P / E ratio (Times) stock code securities abbreviation 20 trading days before deducting EPS (Times) earnings ratio (Times)
Daily average price (including EPS in January (yuan / share) (not before deduction, not after deduction, not before deduction, not after deduction, not 13 days after deduction) (yuan / share) / share)
300120.SZ Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) 9.65 0.1714 0.0798 56.30 120.86 68.80 81.07 88.54 173.05
000823.SZ Guangdong Goworld Co.Ltd(000823) 13.23 0.5773 0.5092 22.91 25.97 18.03 18.41 17.98 18.56
002952.SZ Yes Optoelectronics (Group) Co.Ltd(002952) 18.06 0.5249 0.3204 34.41 56.36 59.46 106.83 60.13 108.75
300939.SZ Shenzhen Av-Display Co.Ltd(300939) 56.50 1.0418 0.7961 54.23 70.97 41.86 52.11 43.98 54.97
Arithmetic average p / E ratio 41.96 68.54 47.04 64.60 52.66 88.83
Arithmetic average p / E ratio (excluding Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) ) 37.18 51.10 39.78 59.12 40.69 60.76
Market capitalization weighted average p / E ratio 35.14 46.04 31.86 35.37 32.87 37.93
Market capitalization weighted average p / E ratio (excluding Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) ) 32.04 39.42 27.85 30.71 28.08 31.22
301106.sz Juncheng technology 37.75 (issue price) 0.8860 0.9437 42.61 40.00 34.28 36.35 35.48 37.73
Data source: wind, data as of January 13, 2022 (T-3)
Note 1: the average price and corresponding P / E ratio of comparable companies in the first 20 trading days (including the current day) are the data of January 13, 2022 (T-3);
Note 2: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding;
Note 3: 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 (January 13, 2022)
(T-3 days);
Note 4: dynamic P / E ratio before / after deduction in 2021 = average price of the first 20 trading days / (earnings per share before / after deduction in the third quarter of 2021) * 4 / 3);
Note 5: rolling P / E ratio before / after deduction = average price of the first 20 trading days / (deducting non recurring losses from October to December 2020 and January to September 2021)
Net profit attributable to the parent company before / after profit / total share capital (January 13, 2022 (T-3));
Note 6: market value weighted average p / E ratio = ∑ market value of comparable companies on January 13, 2022 (T-3) ÷∑ net profit attributable to parent company;
Note 7: Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) products are mainly liquid crystal display devices and touch modules, electromagnetic wires, reactors, etc., which are affected by the global epidemic and the price of raw materials
Due to the rise, Sino US trade frictions, exchange rate fluctuations and other factors, the net profit of Tianjin Jingwei Huikai Optoelectronic Co.Ltd(300120) 2020 decreased by 42.11% year-on-year, deducting non net profit year-on-year
Decreased by 71.11%, and the net profit for the half year of 2021 decreased by 37.70% year-on-year.
Affected by this change in operating conditions, its P / E ratio is especially non post deduction P / E
The rate is significantly higher than that of other comparable companies in the same industry.
The issue price is 37.75 yuan / share, which corresponds to the lower of the issuer's net profit before and after deduction in 2020
The post market earnings ratio was 42.61 times, which was lower than the industry's average static market in the latest month released by China Securities Index Co., Ltd
Earnings ratio (as of January 13, 2022); Less than the comparable companies selected in the prospectus, deduct non-profit in recent 20 days
The post arithmetic average static P / E ratio (as of January 13, 2022) is higher than the comparable ratio selected in the prospectus
The company's arithmetic average static P / E ratio (as of January 13, 2022) before deduction in recent 20 days has a future
The risk of loss to investors caused by the decline of the issuer's share price. The issuer and the recommendation institution (lead underwriter) submit
Investors pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
(IV) risk that can be regarded as the subject matter of margin trading on the first day of stock 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 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.
(V) risk of decline in return on net assets caused by raised funds
After the funds raised in this public offering are in place, especially in the case of over raised funds in this offering, the net asset scale of the company will be greatly improved. However, due to the certain construction period of the investment project with raised funds, it takes a certain time and process to reflect the investment benefits. The investment project of the raised funds issued this time will not produce economic benefits until it is implemented and reached. At the same time, the R & D center construction project is a project implemented to improve the overall R & D capacity of the company and enhance the core competitiveness of the enterprise, which itself does not directly produce economic benefits. Therefore, after the completion of this offering, the company's return on net assets, earnings per share and other indicators will have a certain degree of risk of decline in the short term. 3、 Special risk tips
(I) growth risk
During the reporting period, the company's revenue from monochrome LCD products accounted for relatively high, accounting for 100.00%, 94.70%, 96.46% and 99.31% respectively. The advantages of the company's monochrome LCD products include the industrial control field dominated by smart meters, the automotive electronics field dominated by VA vehicle mounted instrument full LCD products, and the consumer electronics field dominated by calculator displays. The company takes the industrial control field as the main business support and the automotive electronics field as the future business growth point. Monochrome LCD products have many competitors in various application fields, and different market participants have their own business advantages and market positioning. Since the first appearance of LCD products in the 1960s, the application of LCD in the display field has been more than half a century. After continuous technological upgrading and process improvement, the monochrome LCD technology has developed to a relatively mature stage, and the downstream market of monochrome LCD products is also relatively mature and stable. If the company cannot keep up with the development trend of the industry and maintain competitiveness in the development of subdivided application fields in the future, it will face certain growth risks.
(II) risk of monochrome LCD products being replaced due to display technology iteration
The company's products use liquid crystal display technology. At present,
