Hello everyone, I'm Quantum Panda.
At the beginning, I wish you all a happy New Year's Day, in 2024, it will be running, ** long red, especially tomorrow on the first trading day of the year, you must have a good start, so the value of the title is mainly to stack a red buff for everyone.
Originally, I planned to arrange the first tweet in 2024 to write a special article, but I didn't expect to arrange two new shares to be issued on the first trading day of the new year, and the whole holiday across two provinces is too fulfilling, so I can only write new shares first to interpret the rest of the paddling transition, and I will make up for it as soon as possible
Then into today's new content, the new stock research panda from 2021 to the present, although the accuracy rate is high, but it is indeed impossible to guarantee a certain accuracy, so I will also provide you with your own analysis ideas, you can make secondary decisions in combination with your own risk appetite.
The IPO analysis mainly revolves around the following four core elements, namely:Comparable industries and companies, developments, historical performance, market sentiment,For specific analysis and application, please refer to the text.
Analysis of IPO shares available for subscription on January 2, 2024
The full name is "Suzhou Xidian New Energy Electric Co., Ltd.", the main business is the research and development, design, production and sales of electrical connection products.
The main products include battery connection systems and composite busbars. Since its establishment, the company has been engaged in the research, development and application of electrical connection technology, and its products are widely used in new energy vehicles, electrochemical energy storage, rail transit, industrial frequency conversion, new energy power generation and other fields.
The company has accumulated high-quality customers such as CATL, BYD, Farah Electronics, CRRC, Sungrow, Guoxuan Hi-Tech, Westinghouse Brake, Rockwell, Toshiba Mitsubishi, etc., and its product quality and reputation have been highly recognized by customers, and have successively won many honors such as CATL's "Quality Excellence Award", Rockwell's "Technology Innovation Excellence Award", Sungrow's "Excellent Merchant", Toshiba Mitsubishi's "Design Cost Reduction Excellence Award" and so on. In the field of new energy vehicles, the company's products are used in the hot-selling models of BYD, Tesla, NIO, Ideal, Xiaopeng, Great Wall, Cialis and other OEMs.
The issuer's main products include composite busbars (industrial electrical busbars, electronically controlled busbars) and battery connection systems. The details of the main products are as follows:
The main business is electrical connectors used in new energy batteries such as new energy vehicles and industries.
In terms of specific revenue, the main revenue comes from battery connection systems, accounting for about 70% of revenue.
The corresponding industry is the electrical machinery and equipment manufacturing industry, and the comparable listed companies are Ruida (688800).
Issued on the main board of the Shanghai Stock Exchange, underwritten by Huatai United **, the market value of the new issue is 117.2 billion yuan, with a total market value of 46 after issuance9 billion yuan, issued **2902 yuan, the issue price-earnings ratio is 3055，pe-ttm25.80x, 12 for the top grid purchase500,000 yuan market value.
Compared to the electrical machinery and equipment manufacturing industry, the PE-TTM is 1702x, which is 42 for Pitra PE-TTM04x。
The company's operating income in 2023 is 180,000000000 to 195,0000000000000000000000000000000002% to 2244%；
Net profit attributable to owners of the parent company after non-recurring gains and losses was 18,130000,000 to 19,2550000000000000000000000000000009% to 2542%。
The operating income in 2022 is 159,267460,000 yuan, 2021 revenue of 82,157210,000 yuan, revenue in 2020 24,989500,000 yuan, with a compound annual growth rate of 15246%。
In 2022, the net profit deducted from non-attributable to the parent company was 15,352730,000 yuan, and the net profit deducted from the non-attributable parent in 2021 was 8,004810,000 yuan, net profit not attributable to the parent company in 2020 was 2,203290,000 yuan, with a compound annual growth rate of 16397%。
From 2020 to 2022, the growth rate of revenue and profit is very high, and then in 2023, revenue and profit will continue to grow, but the growth rate will drop significantly.
In terms of specific gross profit margins, the gross profit margins of the main business from 2020 to the first half of 2023 are: 90% and 1807%, gross profit margin fluctuation declined.
Refer to the prospectus to explain that it is mainly due to the impact of demand in the new energy vehicle industry.
Compared with its peers, it is at an average level.
From the perspective of the company's fundamentals, the industry concept is okay, the past performance is very good, and the performance in 2023 is not as good as before, which is mainly related to the slowdown in the growth of the entire industry and the intensification of competition.
Judging from the issuance situation, the main board of the Shanghai Stock Exchange is issued, the unit price of the issuance is average, the price-earnings ratio of the issuance is slightly higher, and the PE-TTM is okay.
The final summary is as follows.
New rating: cautious, my operation: subscription.
Positive, the fundamentals and the development situation are better, and the risk of breakage is small.
Be cautious, there are certain problems with the fundamentals or development conditions, and the risk of breakage is average.
Give up, there are big problems with the fundamentals or development conditions, and the risk of breakage is greater.
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