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矩阵股份创业板上市破发,股价跌超7%!

Matrix's GEM listing broke through, and the stock price fell by more than 7%!

Gelonghui Finance ·  Nov 22, 2022 10:05

On November 22, Matrix Longitudinal and horizontal Design Co., Ltd. (hereinafter referred to as "Matrix shares") landed on the gem and listed on the gem, with the sponsor of Changjiang Securities. The offering price is 34.72 yuan per share, the price-to-earnings ratio is 19.22 times, and the latest market capitalization is 3.8 billion yuan as of press time.

Matrix shares are mainly engaged in space design and soft decoration business, and the main types of services are residential real estate sales offices, model rooms and other space areas. In the non-residential field, the company follows the policy guidance and development trend of the country and industry, and its business covers office, hotel, education, health care, cultural venues and other fields.

Prior to this issue, Crown directly held 29.41% of the shares of the company, and controlled 40.76% of the voting rights of the company through Tianyu Yuheng Investment, Jishan Youhe Investment, Mikis Investment and Hexiang Consulting. Crown directly and indirectly controls 70.18% of the company's shares, which is the actual controller of the company.

The funds to be raised by IPO are mainly used for headquarters design center construction project, design service network construction project, intelligent design platform construction project and information construction project.

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The use of fund-raising, photo source: prospectus

During the reporting period, the realized revenue of matrix shares was 457 million yuan, 612 million yuan, 886 million yuan and 386 million yuan respectively, and the net profits attributed to the owners of the parent company were 123 million yuan, 160 million yuan, 220 million yuan and 91.4352 million yuan respectively.

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Fundamentals, picture source: prospectus

During the reporting period, Matrix shares mainly provided space design and soft furnishings services for the sales offices and sample rooms of real estate development projects, and the downstream customers were mainly real estate developers. From January to June from 2019 to 2022, the company's comprehensive gross profit margin was 51.95%, 50.05%, 49.59% and 45.02% respectively, showing a downward trend year by year.

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The company's main business income is shown by business type. Photo source: prospectus.

In fact, the space design and soft decoration industry that the company belongs to are closely related to the real estate industry. The real estate industry has a certain periodicity.It is obviously influenced by the macroeconomic situation and industrial policy regulation and control..

At the end of each period of the reporting period, the balance of the company's accounts receivable (including contract assets) was 97.8008 million yuan, 162 million yuan, 350 million yuan and 430 million yuan respectively, which increased due to the expansion of the company's business scale. The downstream customers of the company are mainly national and cross-regional large real estate enterprises, if these customers are affected by macroeconomic fluctuations, regulation and control policies of the real estate industry or their own operation and management, as a result, the company will face the risk of working capital turnover and bad debt losses caused by the increase in the balance of accounts receivable (including contract assets).

At the same time, during the reporting period, the proportion of accounts receivable with the age of less than one year showed a downward trend, while the proportion of accounts receivable with the age of more than one year increased, and the age structure was lengthened. As of June 30, 2022, the amount of accounts receivable (including contract assets) of the company with an age of more than one year is 121 million yuan, accounting for 28.06%. The age of these accounts receivable (including contract assets) is relatively long and there is a certain risk of repayment.

Affected by the epidemic and other factors, the operating performance of matrix shares fluctuates to a certain extent. From January to September in 2022, the company's operating income is expected to be 592 million yuan to 705 million yuan, an increase of-5.99% to 11.95% over the same period last year. Net profit attributable to the owner of the parent company after deducting non-recurring profits and losses is 122 million yuan to 154 million yuan, an increase of-14.93% to 7.38% over the same period last year.

The translation is provided by third-party software.


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