ipo weekly report | three new shares were subscribed this week, and saic group and starbucks suppliers are here
2024-09-03
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this week, the ipo market will welcome suppliers from two star companies.
according to statistics compiled by the paper based on wind and public information, from september 2 to september 6, a-shares arranged online subscription for three new stocks, but no new stocks were listed. the new stocks subscribed were huihan microelectronics co., ltd. (referred to as "huihan shares", 301600.sz), anhui zhongcao fragrance co., ltd. (referred to as "zhongcao fragrance", 920016.bj), and zhejiang zhongxin environmental protection technology group co., ltd. (referred to as "zhongxin shares", 603091.sh). among them, huihan shares, the leader in smart car networking, is a supplier of gac group, and saic group is also a shareholder and the largest customer of the company; zhongxin shares is a supplier of starbucks.
1. new stock subscription this week
this week, investors will have three new shares available for subscription. among them, huihan shares on the chinext will be available for subscription on monday, zhongcao fragrances on the beijing stock exchange will be available for subscription on tuesday, and zhongxin shares on the shanghai stock exchange will be available for subscription on friday.
according to huajin securities research report,huihan shareschen guoying, the founder of the company, once worked in the domestic postal and telecommunications research system and silicon valley in the united states. he promoted the company to compete with international manufacturers in vehicle-mounted short-range communication modules and to break the foreign monopoly by developing its own vehicle-mounted 4glte cellular modules. at the same time, since its establishment in 2008, the company's downstream product applications have focused on the vehicle field, and it is one of the earliest companies in china to launch vehicle networking solutions. relying on its good technical strength and first-mover advantage, the company has become a major supplier of domestic products such as tbox and ecall, and its products have entered many mainstream vehicle manufacturers. among them, the company has started cooperation with saic since 2012, and saic has been the company's largest customer during the reporting period. at the same time, saic has also reached an equity cooperation with the company, and its subsidiary saic venture capital holds 2.85% of the company's equity. in addition, the company has become a major domestic ecall supplier, and its products cover export models of independent brands such as saic, chery, geely, great wall, and byd.
huihan shares is mainly engaged in the research and development, production and sales of intelligent terminals for internet of vehicles and intelligent modules for the internet of things. huajin securities selected desay sv, jingwei hirain and hongquan iot, which are also engaged in the sales of internet of vehicles modules, and quectel communications in the field of the internet of things as comparable companies for huihan shares. however, due to differences in business structure, huajin securities tends to believe that the reference value of comparable companies may be relatively limited. from the above-mentioned comparable companies, the average industry revenue scale is 10.214 billion yuan, the comparable pe-ttm (excluding outliers/arithmetic mean) is 27.87x, and the sales gross profit margin is 26.18%; in comparison, the company's revenue scale is lower than the industry average, but the sales gross profit margin is higher than the industry average.
according to a research report by zheshang securities,chinese herbal spicesit is a flavor and fragrance supplier with cooling agents as its core. the company has high-quality and stable customer resources and has entered the list of leading flavor and fragrance suppliers in the world. relying on its advantages in technology research and development, manufacturing process, product quality and quality management, the company's customer base remains stable, and the sales amount of existing customers accounts for more than 70% in 2021-2023. at the same time, the company has been able to enter the supplier system of well-known customers such as symrise and givaudan, and continue to maintain cooperation.
according to huajin securities research report,zhongxin shareswith nearly 20 years of experience in the field of biodegradable pulp molded tableware, the company is able to independently provide a one-stop point-to-point overall solution from front-end appearance design, sample manufacturing, product production to subsequent risk management and control, becoming an important supplier of international leading packaging manufacturers. it also leverages the sales channel advantages of its customers to cover various catering, supermarkets and other terminals, and is exported to more than 80 countries and regions. in 2022, the company's global market share in the field of pulp molded tableware will reach approximately 16%. at present, the company is still actively exploring new high-quality customers to consolidate its position in the industry. it is now working with starbucks to develop special molds for cup lid production; it has connected with the well-known daily fmcg brand reynolds consumer products and has now started small batch samples; it has reached a business cooperation with biopak, an australian environmentally friendly food packaging company, and its sales in the first half of 2024 will exceed 20 million yuan.
based on the similarity of the main business, huajin securities selected yutong technology, jialian technology, and nanwang technology as comparable listed companies of zhongxin shares. from the above comparable companies, the average revenue of comparable companies in 2023 is 6.031 billion yuan, the comparable pe-ttm (excluding jialian technology with large net profit fluctuations/arithmetic average) is 22.46x, and the gross profit margin is 21.10%; in comparison, the company's revenue scale is lower than the average of comparable companies, and the gross profit margin is in the middle and high range of the same industry.
second, new stocks were listed last week
last week, a total of three new stocks were listed, namely shanghai xiaofang pharmaceutical co., ltd. (referred to as "xiaofang pharmaceutical", 603207.sh), anhui jialiqi advanced composite materials technology co., ltd. (referred to as "jialiqi", 301586.sz), and chengdu chengdian optoelectronics technology co., ltd. (referred to as "chengdian optoelectronics", 920008.bj).
august 26,xiaofang pharmaceuticalit was listed on the shanghai stock exchange main board with an issue price of 12.47 yuan per share. it opened 140.6% higher on the first day of listing and closed at 33.3 yuan per share, up 167.04%. based on the closing price, investors who won one contract would have a floating profit of 10,415 yuan.
according to huajin securities' research report, xiaofang pharmaceutical's main business is the research and development, production and sales of topical medicines, and its products cover the sub-sectors of digestive, skin and ent. the company is based on household medicines and is a domestic leader in core products such as enema and calamine lotion. the company has been deeply engaged in the research, production and sales of household medicines. since the creation of the "xinlong" brand in 2002 and its use to date, the brand's core products include enema and calamine lotion. these two types of products are widely used by the public, and the domestic market size has reached 983 million yuan and 245 million yuan respectively (minei.com data, 2022).
august 28,jialiqiit was listed on the shenzhen stock exchange's growth enterprise market with an issue price of 18.09 yuan per share. on the first day of listing, jialiqi once soared by more than 270%. as of the close, it closed at 62.29 yuan, an increase of 244.33%. based on the closing price, investors who won one contract made a floating profit of 22,100 yuan.
according to a research report by huajin securities, jialiqi focuses on composite parts for military aircraft and missiles, and has achieved in-depth cooperation with many main manufacturers under the aviation industry corporation of china. the company has formed a long-term and stable cooperative relationship with the aviation industry corporation of china, a major domestic military aircraft supplier, including that the company has achieved in-depth cooperation with four of the eight main manufacturers under the aviation industry corporation of china, and is the only composite parts company that has been rated as a "gold supplier" for five consecutive years; at the same time, aviation industry corporation of china's aviation industry chain and hangzheng kechuang increased their capital in 2021 and acquired 2.21% and 0.74% of the company's shares respectively. in addition, major projects in the aviation field are expected to support the stability of the company's performance; at the same time, the company will expand its business to the field of flying cars through cooperation with xiaopeng huitian.
august 29,chengdian optoelectronicsofficially listed on the beijing stock exchange, the issue price was 10.0 yuan per share. on the first day of listing, chengdian optoelectronics once rose by more than 150%. as of the close, it closed at 20.10 yuan, an increase of 101.00%. based on the closing price, investors who won one contract had a floating profit of 1,010 yuan.
according to a research report by shenwan hongyuan, chengdian optoelectronics is mainly engaged in the research and development, production and sales of network bus products and special display products, and its products are widely used in the field of national defense and military industry. the company's fc network bus products have the advantages of high bandwidth, low latency, and high reliability. they have been successfully used in fourth-generation fighters such as f-22 and f-35, filling the gap in related fields in china. the led ball screen vision system developed by the company solves the dependence of the flight simulation system on foreign equipment, significantly improves the display effect and maintenance efficiency, and is now widely used in flight training of my country's new main fighters. the company has established stable cooperative relations with subordinate units of large state-owned enterprises such as avic, china shipbuilding, and china electronics technology group corporation.
3. a-share ipo meeting this week
in terms of ipo review, the three major exchanges did not issue any new review meeting announcements this week.
last week, the beijing stock exchange arranged a company to attend the meeting, and the ipo project jiangsu tiangong technology co., ltd. was finally suspended for review. the paper noted that before tiangong, the beijing stock exchange reviewed a total of 14 ipo projects this year, with a 100% approval rate. as a result, tiangong became the first ipo project suspended for review by the beijing stock exchange this year.
according to the prospectus, tiangong group is a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise, mainly engaged in the research, development, production and sales of titanium and titanium alloy materials. it uses the raw material sponge titanium and other metal elements through proportioning, smelting, forging and various finishing processes to make products that can maximize the technical performance of titanium and titanium alloy materials.
in addition, last week, a total of 6 ipo companies withdrew their ipo applications, including anhui dachang technology co., ltd., zhejiang chunhui environmental protection energy co., ltd., dongguan better electronic technology co., ltd., hunan xingtian electronic technology co., ltd., jiangsu riken technology co., ltd., and zhejiang zhongkong information industry co., ltd.
4. latest developments of hong kong stocks
wind data shows that this week, the hong kong stock exchange's new stock jixin guokong (08629.hk) will continue to be subscribed on monday and tuesday, and is scheduled to be listed on friday.
last week, three new stocks submitted prospectuses in hong kong stocks, among which yingen biotechnology, shuangdeng group co., ltd., and chifeng jilong gold mining co., ltd. all submitted for the first time. one company passed the hearing of the hong kong stock exchange, which is midea group co., ltd. (referred to as "midea group").
according to the prospectus, based on sales and revenue in 2023, midea group is the world's largest home appliance company, with a market share of 7.9% in terms of sales. in 2023, based on sales, it ranked among the top three in the world in the fields of household air conditioners, washing machines, refrigerators, kitchen appliances and other home appliances, with market shares of 23.7%, 14.2%, 10.5% and 6.0% respectively. during the same period, based on retail sales, the company also ranked among the top three in the world in these four fields, with market shares of 21.1%, 12.5%, 7.7% and 4.6% respectively, among which it ranked first in the fields of household air conditioners and kitchen appliances and other home appliances.
data from the prospectus shows that in the four months ending april 30, 2021, 2022, 2023 and 2024, midea group's revenue was approximately rmb 343.361 billion, rmb 345.709 billion, rmb 373.710 billion and rmb 145.780 billion, respectively, and the annual/period profits in the same period were approximately rmb 29.031 billion, rmb 29.812 billion, rmb 33.747 billion and rmb 13.646 billion, respectively.
according to media reports, midea group aims to raise up to us$3 billion in september, which is expected to become the largest ipo in the hong kong stock market this year.
5. latest investment and financing news
1. on august 30, hancheng technology announced the completion of over rmb 100 million in series b financing, successfully introducing capital injection from international energy and resources company fortescue and gl ventures.
2. on august 29, xinwanxing composites co., ltd. completed nearly 1 billion yuan in equity financing, further accelerating its layout in the field of aviation composite materials and parts production. the investors of this round of financing, zhongding capital and jinshi investment, jointly added momentum to the development of the aviation industry.
3. on august 29, weiyuan synthetic biology technology (beijing) co., ltd. (hereinafter referred to as "weiyuan synthetic") announced the completion of a round a financing of over rmb 300 million. the lead investor of this round of financing was beijing guotou fund, followed by beijing pharmaceutical and health industry investment fund, shenzhen capital group, and hebei industrial investment jincai synthetic equity investment fund. old shareholders shunxi fund and henan investment group huirong fund continued to increase their investment.
4. on the morning of august 28, navinfo announced that its joint-stock company nanjing siwei zhilian technology co., ltd. ("siwei zhilian") intends to carry out strategic capital increase and share expansion, and the company intends to invest 100 million yuan to increase the capital of siwei zhilian. at the same time, didi smart transportation technology co., ltd. ("didi smart transportation") will increase its capital by 450 million yuan and 220 million yuan in cash with its 100% equity in ruilian xingchen (beijing) technology co., ltd.
5. on august 28, zhongqing robotics, a manufacturer focusing on the research and development of embodied intelligent general-purpose robot products, completed the angel round and angel+ round of financing totaling nearly 100 million yuan. the angel round and angel+ round were led by sensetime guoxiang capital and honghui fund respectively, and other follow-up investors included hefei binhu capital and xunshang capital. zhao tongyang, the founder of zhongqing robotics, is the founder of pengxing intelligence, a robot team under xiaopeng.
6. on august 26, chinese outdoor brand pelliot announced that it had completed a b round of financing of several hundred million yuan. this round of financing was led by qiming venture partners, followed by sinovation ventures, gsr ventures and others. this round of financing will be used for the innovative design and research and development of pelliot's professional and high-end product lines, as well as for the company's offline channel layout and the improvement of its global supply chain system.
the paper reporter qi yeyun
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