On September 23rd, 6881322.SH was listed in Science and Technology Innovation Board.The offering price is 28.88 yuan per share, corresponding to a price-to-earnings ratio of 76.54 times.It is higher than the industry average price-earnings ratio (29.08 times), and Guoxin Securities is its sponsor.
On the first day of listing, N Bangyan fell more than 12% to 25.45 yuan per share as of press release.The latest total market capitalization is about 3.88 billion yuan。
Bangyan Technology is mainly engaged in the research and development, manufacture, sales and service of information communications and information security equipment, and its core business includes three major sectors: converged communications, ship communications and information security.
From 2019 to 2021, the company's revenue was 270 million yuan, 279 million yuan and 308 million yuan respectively, and the net profit was 27.8901 million yuan, 71.1012 million yuan and 79,2684 yuan respectively.The comprehensive gross profit margin is maintained above 70%。
(the company's main financial data, prospectus)
In each period of the reporting period, the revenue of warship communications business was 173 million yuan, 146 million yuan and 137 million yuan respectively, accounting for 64.35%, 52.82% and 44.62% of the company's main business income, respectively.Ship communication business is an important source of revenue for the company's main business.However, revenue from the business is showing a weak trend.
At present, the company's products are concentrated in the small and medium tonnage ship market, while the national unit C6 has a higher share in the larger tonnage ship market. In the future, if the main competitors extend from the large ship communication product market to the small and medium tonnage ship communication product market, the competition will be intensified.There is a risk of a decline in orders and deliveries of warship communication products., or will have a greater adverse impact on the company's operating performance.
The customers of Bangyan technology are mainly the army or large state-owned scientific research institutes and other government agencies that serve the army, and the settlement cycle of these customers is long, which leads to the end of each period of the company's reporting period.High balance of accounts receivable. At the end of each period of the reporting period, the net accounts receivable of the company were 280 million yuan, 352 million yuan and 325 million yuan respectively, accounting for 103.56%, 126.46% and 105.50% of revenue in the same period, respectively.
In addition, the company'sHigh customer concentration. The company mainly provides information and communication system-level products to military customers in their industry, and the revenue of the military industry accounts for more than 90%. The total sales of the top five customers (according to the caliber of group consolidation) in each period of the reporting period were 181 million yuan, 192 million yuan and 247 million yuan respectively, accounting for 67.29%, 69.25% and 80.28% of the main business income, respectively.
The company said that revenue from January to September in 2022 is expected to be 199 million yuan to 239 million yuan, a year-on-year increase of 59.79% to 91.94%. The estimated net profit is-6.7604 million yuan to 17.2396 million yuan.Year-on-year change-199.29% to 153.20%.