According to the comprehensive analysis of Fujie Environmental Protection, Borui data, Blue Shield Optoelectronics fundamentals and comparable companies in the same industry, we expect that Fujie Environmental Protection issue price may be in the range of 49.74 yuan to 54.21 yuan. Bourui data may be in the range of 69.54 yuan to 77.27 yuan, and Blue Shield optoelectronic price may be in the range of 36.99 yuan to 46.23 yuan.
AHP scores-Fujie Environmental Protection 2.78 points, Bouri data 2.82 points, Blue Shield Optoelectronics 1.90 points, located in 44%, 45% and 33% of the total score, respectively. Fujie Environmental Protection is a leading sludge treatment equipment and service supplier in China. the company creatively realizes efficient sludge dewatering, low temperature drying and process energy saving, which fills the gap of integrated sludge dewatering and drying technology at home and abroad. At present, the company's integrated technology of low-temperature vacuum dewatering and drying has reached the international advanced level and has been successfully applied to more than 30 sludge dewatering and drying projects in domestic municipal and industrial fields. Bora data is the first A share in the application performance management market, and its market position is in the first echelon. It has formed a technology group covering desktop collection, mobile collection, server collection, data storage and analysis, and AI intelligent analysis, with strong competitiveness. The company is one of the few manufacturers in the industry with the ability to collect APP performance data of analog user phones. Downstream customers include Tencent, Baidu, Inc., Huawei, BABA, Ping an and other leading enterprises. Blue Shield Optoelectronics is one of the few enterprises in the industry with strong ability of instrument independent innovation and research and development, system software development, system integration, operation and data service, and industry analysis and measurement instruments with independent intellectual property rights. In the field of environmental monitoring, the company's programs and instruments have been successfully applied to the guarantee of major national events such as the Beijing Olympic Games, Shanghai World Expo, APEC Conference and so on. In the field of traffic management, it is the pioneer and leader in the field of civil speed radar in the domestic intelligent transportation industry. After taking into account the liquidity premium, Fujie Environmental Protection, Borui data and Blue Shield Optoelectronics AHP scored 2.78,2.82,1.90 points respectively, ranking in the 44%, 45% and 33% quantiles of the total score, respectively. Fujie Environmental Protection and Borui data are all at the middle level of all listed new shares in the same industry of Science and Technology Innovation Board, and Blue Shield Optoelectronics is in the middle level of new shares listed on the gem in 2020.
It is expected that the PE of Fujie Environmental Protection, Borui data and Blue Shield Optoelectronics is lower than that of their peers or comparable companies. Fujie Environmental Protection is a leading domestic sludge treatment equipment and service supplier, and the integrated technology of low temperature vacuum dehydration and drying has reached the international advanced level. Fujie Environmental Protection's revenue return net profit compound growth rate is obviously higher than that of its peers, and its gross profit margin and R & D investment grow rapidly, but it also faces risks such as service market region and relative concentration of customers, and its AHP score is in the middle level of all Science and Technology Innovation Board listed new shares in the same industry. To sum up, after the dilution of Fujie Environmental Protection IPO, the PE is 56.23-61.29 times, and the corresponding price range is 49.74-54.21 yuan. Borui data is the first A share in the application performance management market, forming a technology group covering five major areas such as desktop collection, but faced with risks such as sluggish active business income growth, its AHP score is in the middle of all Science and Technology Innovation Board's listed new shares in the same industry. To sum up, after diluting the initial public offering of Borui data, the PE is 50.58-56.21 times, and the corresponding price range is 69.54-77.27 yuan. Blue Shield Optoelectronics is one of the enterprises with strong ability of independent innovation in China's instrument industry, with experience in major national events such as the Beijing Olympic Games and the Shanghai World Expo. At the same time, it is also a pioneer and leader in the field of civil speed radar in the domestic intelligent transportation industry. The compound growth rate of revenue return and net profit of Blue Shield Optoelectronics is obviously higher than that of its peers, and its gross profit margin and R & D investment are growing rapidly, but it is also faced with risks such as intensified market competition. Its AHP score is in the middle level of new shares listed on the gem in 2020. To sum up, the PE after diluted by Blue Shield Optoelectronic IPO is 31.92-39.90 times, and the corresponding price range is 36.99yuan-46.23yuan.
Risk tips: (1) quotation: we should be on guard against the risk of elimination of high quotation and invalidity of low price. (2) the fundamentals of the company: it is necessary to guard against the risks such as the market area of environmental protection services and the relative concentration of customers, the iteration of technology upgrading, and the expansion of new business areas that do not meet expectations. It is necessary to guard against the risks such as weak growth of active business income of Borui data, less than expected development of passive business, intensified market competition, bad debts of accounts receivable and so on. It is necessary to guard against the risks such as the intensification of competition in the Blue Shield optoelectronic market, the relatively high proportion of accounts receivable and the decline of government subsidies.
