Abstract:
According to Perry's letter of intent, the company's IPO expects to raise 269.3119 million yuan, offering underwriting and other expenses totaling 49.0881 million yuan, totaling 318.4 million yuan. In the audited 2019 annual report, the net profit attributable to the owner of the parent company is 60.8409 million yuan after deducting non-recurring profits and losses, and the diluted EPS is 0.19 yuan. It plans to issue 80 million shares, which is calculated at a price of 3.98 yuan per share based on the total amount of capital raised, and the corresponding PE is 20.93 times.
Corresponding to China Securities Industry (C39) nearly one month static PE is 43.40 times, Perry shares raise capital inversion price corresponding to the corresponding PE is lower than the industry PE, do not consider postponing the issue, Perry shares IPO offering price is expected to be 3.98 yuan.
Perry shares is the leader of domestic super-power thyristor production enterprises. The company is a subsidiary of Xidian Institute, mainly engaged in the R & D and production of power semiconductor devices and devices, including thyristors for high voltage DC valves, common components and power electronic devices. The company is in the international leading level in the field of thyristor technology for high-voltage DC valve and realizes import substitution in the domestic market, and Zhuzhou CRRC Times Electric is the only two thyristor manufacturers for high-voltage DC valve in China that can meet the technical requirements of power transmission and transformation project. market share is leading, customer resources are stable. The power semiconductor device industry is one of the key industries encouraged and supported by the state. In the future, the power semiconductor device industry will continue to develop, benefiting from the continuous growth of investment in the construction of the national distribution network and the expansion of strategic emerging industries and policy encouragement in the downstream power transmission and transformation industry. It is expected that the market scale of power semiconductor devices will grow at a compound annual growth rate of 5.08% from 2016 to 2020, and the market size is expected to reach 14.45 billion yuan in 2020.
Taking into account the disclosure of the prospectus and the above analysis, we select Taiwan Foundation shares (300046.SZ), Jingjiawei (300474.SZ), Jiuzhiyang (300516.SZ) and 300623.SZ as comparable companies with an average price-to-earnings ratio of 80.00 for 2019. According to the reverse calculation of the amount of capital raised as announced in the letter of intent, Perry shares are issued at 3.98 yuan, corresponding to 20.93 times the net profit PE in the 2019 annual report. Perry shares are valued lower than the industry PE and the average PE of comparable companies, and the offering is not expected to be delayed. It is estimated that the total share capital after the issue will not exceed 320 million shares, and the market value after the issue is estimated to be 1.274 billion yuan.
Risk hints: (1) the release rhythm of IPO is delayed by force majeure, and (2) the performance fluctuation is caused by the imbalance of national HVDC project investment.