, the company's business introduction
The company is a comprehensive service provider of intelligent transportation, and its main business includes intelligent transportation system integration business, intelligent transportation technical service business, commodity sales and other businesses. Since its establishment, the company has focused on the field of intelligent transportation, and has extended from the initial field of highway intelligent transportation to multi-field comprehensive services related to intelligent transportation. At present, the company has contracted and contracted all the provincial-level administrative regions except Hong Kong, Macao and Taiwan, forming a national business network centered on the capital Beijing.
The company is one of the earliest enterprises engaged in the integration of highway intelligent transportation system in China, and is also one of the first companies in the industry to obtain the qualification. The company has accumulated rich experience in the field of intelligent transportation, and has executed the mechanical and electrical system integration of Zhejiang Shangyu-Sanmen Expressway independently contracted by the first domestic enterprise, the mechanical and electrical system integration of Zhejiang Zhajiasu Expressway and the construction project of Shuangliao-Taonan Expressway that has won the "Luban Award", the electromechanical system integration of Yalu Expressway Tunnel in Sichuan Province with double spiral tunnel structure, and a number of large-scale and complex mechanical and electrical system integration projects including cross-sea bridges and mountain tunnels in Fujian, Guangdong, Sichuan and other places.
The company's main products and services are as follows:
During the reporting period, the composition of the company's operating income by product classification is as follows:
, the company's performance
From 2015 to 2022, the company's growth and profitability are as follows:
As of September 30, 2023, the company's revenue, attributable net profit, and non-net profit were 160.7 billion, 85.24 million and 6.49 million, respectively, year-on-year. 13%。
, development and comparison with comparable companies
The company's issue price is 463 yuan, 72.47 million shares were issued, of which 61.6 million shares were issued online. Lead underwriter: First Capital, listing location: Beijing Stock Exchange, subscription date: January 3, 2024 (Wednesday). The market capitalization after issuance is 134.2 billion yuan, circulating market value of 40.3 billion. Dynamic P/E ratio of 1188, static P/E ratio 1356。The market capitalization, price-to-earnings ratio and revenue of comparable companies are as follows:
The estimated winning rate and the funds required to secure 100 shares are as follows:
, Summary
It is also a seemingly "technology" but not very profitable industry, the company's largest proportion of revenue in the system integration business, to put it bluntly, is an assembly business, and the so-called intelligent transportation technology service technology content is not very high. The issuer has not grown at all in recent years, but its valuation is not low, with a non-static P/E ratio of 213. This is not only higher on the Beijing Stock Exchange, but also almost to the average level of the main board.
From 2020 to 2022, the company's credit impairment losses will be -61.15 million, -41.76 million, and -28.22 million respectively, and the annual net profit will only be 10.7 billion, 1100 million. 9.9 billion;In the third quarter of 2023, due to the reversal of some credit impairment losses, the corresponding amount was 23.75 million, but the non-net profit deducted in the first three quarters was 64.9 million, and only about 40 million was left after excluding the reversal of credit impairment losses, which shows that the profit in the first three quarters of this year seems to be growing, but in fact it is declining year-on-year.
The overall quality of the company is poor (the Beijing Stock Exchange recently issued several tickets is worse than a one), if you have to say the highlights, the company is engaged in smart transportation business, it looks very powerful, the absolute value of the issue price seems to be low, but it is still recommended to subscribe cautiously. In view of the recent good atmosphere of the Beijing Stock Exchange, I will reluctantly participate in it.
New rating: cautious. I make a new plan: subscribe.
Notes: The performance of IPO on the first day is related to many factors, and this article is only a brief analysis of the company's business, main financial indicators and valuation. When investors hit the newIndependence requiredThink, and make a decision. If there is a conclusive statement in the article, it is also a personal opinion. We hope that investors will invest rationally.