On February 8, Guangzhou Lingwei Science and Technology Co., Ltd. (referred to as: Lingwei Technology) officially landed on the gem.The issue price is 33.73 yuan per share, corresponding to a price-to-earnings ratio of 54.17 times.(higher than the average price-to-earnings ratio of comparable companies by 32.45 times).The net amount raised is about 821 million yuan.CITIC is his sponsor.
(comparable price-to-earnings ratios of listed companies, Wind information, data as of January 12, 2023)
N Lingwei (301373.SZ) opened sharply higher in trading, with its share price up more than 30% as of press time at 45.30 yuan.The latest total market capitalization is about 4.914 billion yuan.
Lingwei Technology was founded in 2007, mainly engaged in the research and development, production and sales of new nano-silica materials, coating additives and other materials sales.
The company was listed and publicly transferred in the stock conversion system on October 13, 2016, and terminated its listing on November 14, 2017.
Before the issue, the controlling shareholder of the company is Hu Yingni, and the actual controls are Hu Yingni and Hu Xiangzhong (Hu Yingni's father). Among them, Hu Yingni directly holds 62.39% shares of the company, indirectly controls 8.60% and 3.69% shares of the company through Gao Ling Investment and Ling Wei Power, respectively, Hu Xiangzhong directly holds 7.32% shares of the company, and indirectly holds 0.49% shares of the company through Gaoling Investment. the two together directly and indirectly control 82.01% of the shares of the company.
(pre-IPO ownership structure chart, prospectus)
In terms of operating results, during the January-June reporting period from 2019 to 2022, Lingwei's operating income was 333 million yuan, 350 million yuan, 409 million yuan and 192 million yuan respectively, and the corresponding net profit was 65.8514 million yuan, 80.2552 million yuan, 68.0328 million yuan and 44.6649 million yuan respectively.
(major financial data and indicators, prospectus)
Classified by products, during the reporting period, the company's main business income mainly came from nano-new materials and coating auxiliaries, in which the sales amount of nano-new materials accounted for 69.99%, 70.34%, 74.69% and 84.33% of the main business income, respectively.
In addition, the company in November 2014Start to represent BYK's productsDuring the reporting period, BYK products accounted for 27.27%, 26.43%, 23.51% and 13.96% of sales in Chongqing, Sichuan, Guizhou, Yunnan and Tibet respectively, which decreased year by year.
It is worth mentioning that during the reporting period, the parent company Lingwei Technology actually placed an order with BYK to purchase BYK products and sell them to foreign customers, including customers outside Chongqing, Sichuan, Guizhou, Yunnan and Tibet, and the company sold BYK products beyond the agency region.Risk of potential disputes.
In terms of gross profit margin, the company'sThe gross profit margin of the main business is 43.90%, 45.58%, 44.17% and 45.71%, respectively.The gross profit margins of new nano-materials are 52.93%, 56.25%, 51.38% and 48.98%, respectively, and those of coating auxiliaries are 23.19%, 20.62%, 23.15% and 28.49%, respectively.
(comparison of the company's comprehensive gross profit margin with companies in the same industry, prospectus)
In fact, the company exists.Rely on suppliersThe situation. During the reporting period, the total procurement volume of the company's top five suppliers was 111 million yuan, 119 million yuan, 150 million yuan and 58.7549 million yuan respectively, accounting for 69.99%, 69.39%, 67.99% and 56.63% of the total procurement respectively.
According to the latest announcement, the company expects operating income from January to December 2022 to be 400 million yuan to 420 million yuan, a year-on-year change of-2.25% to 2.64%. The net profit attributable to shareholders of listed companies is expected to be 87 million yuan to 95 million yuan, an increase of 28.8% to 40.65% over the previous year.