The shares of Guangdong Dingtai Hi-Tech Co., Ltd. (hereinafter referred to as "Dingtai Hi-Tech") were listed on the growth Enterprise Market of Shenzhen Stock Exchange on November 22nd, 2022, with CITIC as its sponsor, raising a net fund of about 1.046 billion yuan.
This timeThe issue price is 22.88 yuan per share, corresponding to 42.24 times earnings.. 301377.SZ rose nearly 30% on its first day of trading.The latest total market capitalization is about 12 billion yuan。
Dingtai Hi-Tech, founded in 2013, is a high-tech enterprise specializing in providing integrated solutions of tools, materials and equipment for PCB, CNC precision machinery and other enterprises, with independent R & D and innovation capabilities.
(the position of the company's main products in the industrial chain, prospectus)
Before the issue, the controlling shareholder of the company was Taiding Holdings, holding 312552000 shares of the company, accounting for 86.82% of the total share capital of the issuer; the actual controllers were Wang Xin, Lin Xia, Wang Junfeng and Wang Xuefeng, who held a total of 94.67% of the company directly or indirectly.
(ownership structure chart, prospectus)
According to statistics, Dingtai Hi-Tech ranks first in revenue among cutting tool special materials enterprises of China Electronic and Circuit Industry Association in 2021.In 2020, the company accounted for about 19% of the global PCB drill needle sales market., ranked first.
During the reporting period from January to June from 2019 to 2022, the company's operating income was 700 million yuan, 967 million yuan, 1.222 billion yuan and 607 million yuan respectively, and the corresponding net profit was 71.1932 million yuan, 176 million yuan, 238 million yuan and 113 million yuan respectively.
(major financial data, prospectus)
In terms of products, the company's main products include drill needles, milling cutters and other cutting tools, brush grinding wheels, etc.Drill needles are the company's main source of income.It accounts for about 70% of its income.
(composition of income from main business, prospectus)
During the reporting period, the company'sThe gross profit margin of sales is 34.92%, 38.35%, 38.59% and 38.59% respectively, which is higher than the average level of comparable listed companies.。
(comparison of gross profit margin with comparable companies, prospectus)
At the end of the reporting period, the current ratios of the company were 1.27, 1.23, 1.44 and 1.45, respectively, and the quick ratios were 0.87, 0.82, 1.01 and 0.99, respectively.Working capital is tight.. At present, the company's business is in a period of rapid growth, and there is a great demand for working capital. If the company can not effectively expand the financing channels in the future, it will face the risk of short-term solvency.
In additionThe company's accounts receivable continue to grow. During the reporting period, the book value of the company's accounts receivable was 315 million yuan, 376 million yuan, 479 million yuan and 457 million yuan respectively, accounting for 44.95%, 38.90%, 39.15% and 75.32% of the operating income, respectively. If the market competition intensifies or there are major adverse changes in the customer's own business, it will not be conducive to the recovery of the company's accounts receivable, and will have a negative impact on the company's asset quality and operating performance.
Dingtai Hi-Tech expects its operating income from January to September 2022 to be 920 million yuan to 950 million yuan, an increase of 1.45% to 4.76% over the previous year, and an estimated net profit of 172 million yuan to 175 million yuan, an increase of 1.74% to 3.51% over the previous year.The growth rate of performance has slowed down significantly。