This report is read as follows:
It is expected that the release of Kute Intelligence will be postponed by three weeks, and the IPO will be priced at 5.94 yuan.
Summary:
According to Kute's letter of intent, the company's IPO expects to raise 315.6087 million yuan, offering underwriting and other expenses totaling 40.7913 million yuan, totaling 356.4 million yuan. In the audited 2019 annual report, the net profit attributable to the owner of the parent company is 62.0866 million yuan after deducting non-recurring profits and losses, and the diluted EPS is 0.26 yuan. It plans to issue 60 million shares, which is calculated at a price of 5.94 yuan per share based on the total amount of capital raised, and the corresponding PE is 22.96 times.
Corresponding to the C18 industry (C18) nearly a month static PE is 14.81times, Kute intelligent fund-raising price corresponding to the PE is higher than the industry PE, Kute intelligent is expected to postpone the issue by three weeks, the IPO offering price is 5.94 yuan.
Kute Intelligence is an early enterprise in the domestic clothing industry to set foot in the field of personalized and customized intelligent manufacturing, and its products include a full range of formal clothing for men and women. and to provide domestic relevant traditional manufacturing enterprises with the overall transformation of digital customized factories and technical consulting services. The company's production system is highly intelligent, independent research and development to establish a system background system, so that clothing customization can be large-scale industrial production, at the same time improve the material utilization, shorten the product delivery time. The company adopts the business model of C/B2M+MTM ("Mass customization driven by orders") with high inventory turnover and short customization cycle. At present, the company is still based on ODM sales model, but OBM business revenue has shown a significant upward trend in the past three years, the company has a first-mover advantage in the field of large-scale personalized clothing customization.
Considering the disclosure of the prospectus and the above analysis, we choose 002154.SZ and 002687.SZ as comparable companies with an average price-to-earnings ratio of 32.93. According to the amount of money raised in the prospectus, Kute Smart's offering price is 5.94 yuan, corresponding to 22.96 times the net profit of homing in the 2019 annual report. Coot's intelligent valuation is higher than that of industry PE and comparable company PE, and the offering is expected to be postponed by three weeks. It is estimated that the total share capital after the issue will not exceed 240 million shares, and the market value after the issue is estimated to be 1.426 billion yuan.
Risk hints: (1) the pace of IPO issuance is delayed by force majeure; (2) the slowdown in macroeconomic growth leads to a reduction in downstream demand.
