On November 18th, Meier (China) Environmental Science and Technology Co., Ltd. (hereinafter referred to as "Mei-E Technology") was listed on Science and Technology Innovation Board, sponsored by Changjiang Securities, with an issue price of 29.19 yuan per share and a price-to-earnings ratio of 37.06 times, slightly higher than the industry price-earnings ratio of 34.28 times. As of press time, its share price has risen by more than 23%, and the latest market capitalization has exceeded 4.8 billion yuan.

The main business of Meier Technology is the R & D, production and sales of air purification products and atmospheric environment control products. The funds raised by IPO are mainly used for production expansion projects, R & D platform projects and supplementary liquidity.

The use of fund-raising, photo source: prospectus

During the reporting period, the revenue of US-Egypt Science and Technology was about 792 million yuan, 903 million yuan, 1.15 billion yuan and 567 million yuan respectively, and the net profit of returning mother was about 71 million yuan, 83 million yuan, 108 million yuan and 64 million yuan respectively, showing an overall growth trend.

Fundamentals, picture source: prospectus

Specifically, the products of Mei-E Technology mainly include filter products, fan filter units, air purification equipment and so on. Among them, the revenue of filter products is relatively high.

Main business by product, photo source: prospectus

The main products of Mei-E Technology (such as fan filter unit and filter) are the key equipment for the construction of clean workshop in semiconductor industry. in recent years, with the development of semiconductor industry, the increase of new projects in clean workshop has led to the growth of the company's business income.

During the reporting period, semiconductor customers accounted for more than 40% of the company's operating income, accounting for a relatively high proportion.Performance is greatly affected by fluctuations in the downstream semiconductor industry.. If the stock capacity of the semiconductor industry reaches saturation at a certain stage in the future, it may lead to a decrease in new investment, thus affecting the performance of the company.

During the reporting period, the company'sThe gross profit margin of the main business is 31.03%, 28.34%, 26.91% and 28.74% respectively, showing a fluctuating downward trend.. The change of the company's gross profit margin is mainly affected by the price of products, the price of raw materials, the change of product structure, market competition and other factors.

In fact, the main production cost of American-Egyptian technology products is direct materials, and during the reporting period, the cost of the main businessThe proportion of direct materials is more than 85%.The main raw materials are fans, plates, aluminum profiles, adhesives and so on. The price fluctuations of the above major raw materials have a greater impact on the company's main business costs and gross profit.

CompanyThere is a risk of supplier dependence. During the reporting period, the company purchased PTFE filter materials from Nidong (China) New Materials Co., Ltd. accounted for 98.85%, 97.93%, 64.53% and 49.25% of the total purchase of raw materials, accounting for a relatively high proportion, and the supply of raw materials depended on a single supply.

In addition, the suppliers of fans and fiberglass filter materials of Meier Technology are also highly concentrated. During the reporting period, fans were mainly purchased through Ebm Beteiligungs-GmbH, accounting for more than 70% of the total purchase volume. Glass fiber filter materials are mainly purchased through Hollingsworth & Vose Company, which accounts for more than 50% of the total purchase volume. If the company's cooperation with major suppliers changes, it may affect the company's procurement and normal production.

The company expects that from January to September 2022, the realizable operating income is about 850 million yuan to 900 million yuan, which is expected to increase by 10.98% to 17.51% compared with the same period last year; the net profit after deduction is expected to be about 90 million yuan to 95 million yuan, an increase of 44.49% to 52.52%.