This report is read as follows:

Taking into account the valuation of the industry and comparable companies, as well as the underpricing behavior caused by the removal of risk during the inquiry process, we expect the Guodun quantum offering price range of 36.36 yuan to 42.53 yuan.

Summary:

Taking into account the valuation of the industry and comparable companies, as well as the underpricing behavior caused by the removal of risk during the inquiry process, we estimate that the national shield quantum corresponding inquiry range of June 19 is between 36.36 yuan and 42.53 yuan.

Guodun Quantum is a leading manufacturer of quantum communication equipment and system service provider in China, and its market share ranks first in China. In the past three years, the compound growth rate of revenue and return net profit of the company is-4.66% and-18.55% respectively, which slows down slightly, but the gross profit margin is stable at about 70%, mainly due to the high rate of management expenses and R & D expenses of the company. the company's R & D investment accounts for more than 20% of revenue, far ahead of the average of comparable companies. Guodun Quantum, which originated from the quantum information research team of China University of Science and Technology, has won a series of awards with international influence. Core technicians have rich strength and experience in quantum communication research, forming four categories of product lines, taking the lead in key indicators such as working distance and code rate of QKD products, and independently developed core components such as electro-optic modulators and polarization controllers. The independent supply of the core components of quantum communication is basically realized. By 2018, the total length of the practical optical fiber quantum secure communication network built in China has reached 7000 km. The company's products have been used on the Beijing-Shanghai trunk line, Beijing Metropolitan area Network, Shanghai Metropolitan area Network and so on, with a cumulative deployment network length of 6475 km. The market share of the products ranks first in China, far higher than Kyushu Quantum, QQ and other competitors, and the company is actively expanding government affairs, finance, power and other fields. Following the cooperation with Shanghai Telecom on Shanghai metro backbone network and access network in 2019, the company launched strategic cooperation with China Telecom Corporation. With the completion of the fund-raising project, the company will continue to enrich its product range and improve its production capacity.

Based on the above analysis and the disclosure of the company's prospectus, according to the similarity of products or business, we choose 002268.SZ, 300386.SZ, 300659.SZ and 603232.SH as comparable companies. The price-to-earnings ratio of comparable companies is 67.41-113.83 times in 2019, with an average of 89.00 times, and the predicted price-to-earnings ratio in 2020 is 44.34-68.44 times, with an average of 59.75 times.

Reference to the company's industry "C39 computer, communications and other electronic equipment manufacturing" nearly a month (as of June 18, 2020) static price-to-earnings ratio of 43.35 times. We take the valuation of comparable companies and industries as the basis, and according to the 2019 net profit disclosed in the letter of intent, we give a valuation range of 59-69 times PE, which is higher than the industry price-to-earnings ratio but lower than the average price-earnings ratio of comparable companies. Based on the estimated total share capital of no more than 80 million shares, the market capitalization after the offering is expected to be 2.909 billion-3.406 billion yuan, and the corresponding offering price range is 36.36-42.53 yuan.

Risk tips: (1) beware of 10% high price rigid elimination risk and the second game behavior on the day of market quotation. (2) the largest customer accounts for nearly 60% of the sales revenue in the past two years, so be on guard against the risk caused by the high concentration of customers.