K. Wah + Tongxingbao + Liante Technology + MGI IPO Analysis

time:2022-09-29 13:49:00 source:clevelanddrifters.com author:Individual stock analysis
K. Wah + Tongxingbao + Liante Technology + MGI IPO Analysis

1. Jiahua Co., Ltd. is a soybean deep processing enterprise with soybean protein as its main product. It has more than 20 years of experience in soybean deep processing research and development and production. The company's products are sold all over the country, and have established good cooperative relations with well-known domestic enterprises such as Shuanghui Development, Anjing Foods, COFCO, Arowana, etc. At the same time, they are sold to the international market. The main products of soybean protein and soybean dietary fiber are exported to the United States and Japan. , the European Union, Australia, Russia, South Africa, Central Asia and more than 60 countries and regions. The company started to subscribe on August 31, with an issue price of 10.55 yuan per share, a market value of 1.302 billion before the issue, and an issue price-earnings ratio of 22.98 times, which is lower than the industry price-earnings ratio of 36.78 times. It belongs to the main board of the Shanghai Stock Exchange, and the sponsor is Guotai Junan Securities. From 2019 to 2021, the company's revenue was 869.9 million, 968.5 million, and 1.234 billion respectively. The revenue in 2021 increased by 27.43% year-on-year; the net profit was 73.95 million, 74.09 million, and 79.15 million respectively, and the net profit in 2021 was year-on-year. An increase of 6.83%. The company expects that in the third quarter of 2022, revenue will increase by 16.54%~42.44% year-on-year, net profit will increase by 92.84%~135.69% year-on-year, and non-net profit will increase by 98.67%~142.81% year-on-year. Subscription strategy: The company's operation is relatively stable, and its revenue and net profit have maintained steady growth every year. The net profit in 2021 will increase by 6.83% year-on-year, and the company expects that the net profit in the third quarter of 2022 will increase by 92.84% to 135.69% year-on-year. The company's issuance price-earnings ratio is 22.98 times, which is lower than the industry's price-earnings ratio of 36.78 times. The valuation is not high, and the plate is relatively small. The issuance price of 10.55 yuan is also relatively cheap. It is recommended to purchase with confidence. I plan to participate in the purchase! 2. Tongxingbao is a leading supplier of intelligent transportation platform solutions for expressways, arterial roads and urban transportation in China. The company's main business includes the following three aspects: First, the smart transportation electronic toll collection business mainly based on ETC, including ETC issuance and sales, electronic toll collection service business, etc., focusing on the development of highway and urban traffic smart toll collection and management system construction Second, the smart transportation operation management system business based on cloud technology mainly includes system software development, comprehensive solutions and system technical services for smart transportation operation management; ETC+" is the core to carry out the construction of ecological scenarios, integrating vehicle refueling, insurance, road area economy, car maintenance and other car life, and develop ETC ecosystem business. The company began to subscribe on August 31, with an issue price of 18.78 yuan per share, a market value of 6.517 billion before the issue, and an issue price-earnings ratio of 46.68 times, which is 47.29 times lower than the industry price-earnings ratio. It belongs to the Growth Enterprise Market, and the sponsor is Huatai United Securities. From 2019 to 2021, the company's revenue was 1.431 billion, 466.3 million, and 256.6 million, respectively. The revenue in 2021 increased by 52.65% year-on-year; the net profit was 423.8 million, 181.9 million, and 201.6 million, respectively, and the net profit in 2021 was year-on-year. An increase of 10.83%. The company expects that in the third quarter of 2022, revenue will increase by 4.98%~8.48% year-on-year, net profit will increase by -9.39%~-3.25% year-on-year, and non-net profit will increase by 1.22%~8.64% year-on-year. Taking the 2021 annual report as an example, Lao Yu compared several companies in the same industry, and the quality of the companies is also uneven. Excluding the three loss-making companies, the average price-earnings ratio is 51.43 times. Overall, the valuation of Tongxingbao is not expensive. Subscription strategy: The company's operation is unstable, and its performance fluctuates. Fortunately, the net profit in 2021 will increase by 10.83% year-on-year. The company expects that the net profit in the third quarter of 2022 will decline, but the non-net profit will increase slightly. The company's issuance price-earnings ratio is 46.68 times, which is slightly lower than the industry's price-earnings ratio of 47.29 times. Lao Yu compared several companies in the same industry, and the quality of the company is also uneven. Overall, the valuation of Tongxingbao is not expensive. The company's plate is not small, and the total market value is 7.644 billion. The issue price of 18.78 yuan is still cheap. It is recommended to subscribe carefully. I plan to participate in the subscription! 3. Since its establishment, Liante Technology Co., Ltd. has focused on the research and development, production and sales of optical communication transceiver modules, adhered to the development strategy of independent innovation and differentiated competition, and mastered the design and production process of optoelectronic chip integration, optical devices, and optical modules. A series of key technologies, with the design and manufacturing capabilities of optical chips to optical devices, optical devices to optical modules. Relying on the core technology of independent research and development, the company is committed to the development of high-speed, intelligent, low-cost, low-power high-end optical module products, and provides optical module solutions for customers in the fields of telecommunications and data communication. The company started to subscribe on August 31, with an issue price of 40.37 yuan per share, a market value of 2.182 billion before the issue, and an issue price-earnings ratio of 28.93 times, which is lower than the industry price-earnings ratio of 29.27 times. It belongs to the Growth Enterprise Market and the sponsor is Haitong Securities. From 2019 to 2021, the company's revenue was 377.2 million, 517.4 million, and 698.4 million, respectively. The revenue in 2021 increased by 34.98% year-on-year; the net profit was 56.42 million, 43.15 million, and 105.9 million, respectively, and the net profit in 2021 was year-on-year. An increase of 145.4%. The company expects that in the third quarter of 2022, revenue will increase by 19.4%~31.75% year-on-year, net profit will increase by 15.05%~29.43% year-on-year, and non-net profit will increase by 13.5%~28.43% year-on-year. Taking the 2021 annual report as an example, Lao Yu compared several companies in the same industry, and the average price-earnings ratio is 23.04 times. The valuation of Liante Technology is a little higher, but not much. Subscription strategy: The company's operation is not very stable, and its performance in 2020 has declined. However, the net profit in 2021 will increase by 145.4% year-on-year, and the company expects that the performance in the third quarter of 2022 will also increase. The issue price-earnings ratio is 28.93 times, which is slightly lower than the industry price-earnings ratio of 29.27 times. Lao Yu compared several companies in the same industry. The valuation of Liante Technology is slightly higher, but not much. Overall, the valuation should be considered relative. reasonable. The company's plate is not large, and the total market value is 2.909 billion. Even the issue price of 40.37 yuan is not very cheap. It is recommended to subscribe carefully. I plan to participate! 4. MGI focuses on the fields of life science and biotechnology, with the R&D, production and sales of instruments, reagents, consumables and other related products as its main business. At present, it has formed two major business segments: gene sequencer business and laboratory automation business. And around the all-round life digitization, it has deployed products in emerging fields such as remote ultrasonic robots. Among them, the research and development and production of the company's gene sequencer business segment has been in a leading position in the world, with independent research and development capabilities and mass production of clinical-level sequencers. The company started to subscribe on August 31, with an issue price of 87.18 yuan per share, a market value of 32.41 billion before the issue, and an issue price-earnings ratio of 74.47 times, which is 36.17 times higher than the industry price-earnings ratio. It belongs to the Science and Technology Innovation Board, and the sponsor is CITIC Securities. From 2019 to 2021, the company's revenue is 1.091 billion, 2.78 billion, 3.929 billion, and the revenue in 2021 will increase by 41.32% year-on-year; net profit is -238.9 million, 255.6 million, 475.7 million, and the net profit in 2021. A year-on-year increase of 86.13%. The company expects that in the third quarter of 2022, revenue will increase by 15.26%~20.88% year-on-year, net profit will increase by 311.8%~340.08% year-on-year, and non-net profit will decrease by 17.4%~34.08% year-on-year. Taking the 2021 annual report as an example, Lao Yu compared several companies in the same industry, and the average price-earnings ratio is 26.79 times. In this way, the valuation of MGI is too high. The company's shareholders Hubei Science and Technology Investment, Qingdao Haifa, and Qingdao Haikong Financial Holdings are state-owned shares, holding 2.72%, 0.68%, and 0.68% respectively. Subscription strategy: The company is developing rapidly, from a loss of -238.9 million in 2019 to a profit of 475.7 million in 2021, with a year-on-year increase of 86.13% in net profit in 2021. Since the company reached a settlement with Illumina in July 2022 on all pending lawsuits in the United States and received a net compensation fee of US$325 million from Illumina, the company expects net profit in the third quarter of 2022 to increase by 311.8%~340.08% year-on-year, but Deducted non-net profit decreased by 17.4%~34.08% year-on-year. The company's issuance price-earnings ratio is 74.47 times, which is significantly higher than the industry's price-earnings ratio of 36.17 times. Lao Yu compared several companies in the same industry, and the valuation of MGI is also high. The company's plate is also quite large, with a total market value of 36.012 billion yuan, and the issue price of 87.18 yuan is too high. It is recommended to subscribe carefully. I plan to give up the subscription! Subscription level of new shares: Purchase with confidence > Purchase cautiously > Give up subscription My remarks represent only personal opinions and do not constitute any investment basis. The stock market is risky, and you need to be cautious when entering the market! Follow me: Xiaosan Laoyu# Caijing# #Playing new shares# #stock# #IPO#

(Responsible editor:Garbage)

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