预计胜蓝股份IPO 发行价格为10.01 元。
按照胜蓝股份招股意向书口径，公司IPO 预计募集资金32,159.66万元，发行承销及其他费用合计5,107.57 万元，两者合计募资总额为37,267.23 万元。公司经过审计的2019 年年报中扣除非经常性损益后归属于母公司所有者的净利润7,550.05 万元，摊薄后EPS 为0.51 元，计划发行3,723.00 万股，按募资总额倒算每股价格10.01 元，对应发行PE 为19.74 倍。
对应中证行业（C39）近一个月静态PE 为43.19 倍，胜蓝股份募资倒算价格对应PE 低于行业PE，不用考虑推迟发行，预计胜蓝股份IPO发行价格为10.01 元。
胜蓝股份是国内领先的电子链接器及精密零组件生厂商，公司主要产品应用于消费类电子、新能源汽车领域等。公司消费类电子领域产品包括消费类电子连接器及组件和光学透镜，其中消费类电子连接器及组件营收占比达75.90%，光学透镜营收占比达12.40%。公司具备大批量生产连接器组件端子和胶壳的能力，连接器产品主要供货给下游手机、电脑等终端应用品牌一二级供应商，包括立讯精密、富士康和三诺集团等。公司第一大客户为立讯精密，2019 年对其销售收入占比总营收11.64%，合作关系稳定。公司2017 年开始量产USB Type-C 相关连接器产品，并直接供货小米等终端品牌客户。公司光学透镜收入近三年快速提升，2017-2019 年销售收入年均复合增速达70.31%，目前主要客户为聚飞光电、兆驰股份、TCL 等。从全球及国内行业发展来看，连接器市场整体呈现持续增长态势，预计未来还将保持平稳发展。
综合考虑招股说明书的披露及上述分析，我们选择立讯精密（002475.SZ）、意华股份（002897.SZ）、徕木股份（603633.SH）、中航光电（002179.SZ）为可比公司，可比公司2020 年度平均市盈率预测值为35.00。按照招股意向书公布的募资额倒算，胜蓝股份发行价格为10.01 元，对应2019 年年报中归母净利润PE 为19.74 倍，胜蓝股份估值低于行业PE 及可比公司平均PE，预计不会推迟发行。以其预计发行后总股本不超过1.49 亿股来计算，预计发行后市值为14.90 亿元。
This report is read as follows:
It is estimated that the IPO offering price of Shenglan shares is 10.01yuan.
According to the letter of intent of Shenglan shares, the company's IPO expects to raise 321.5966 million yuan, offering underwriting and other expenses totaling 51.0757 million yuan, totaling 372.6723 million yuan. In the audited 2019 annual report, the net profit attributable to the owner of the parent company is 75.5005 million yuan after deducting non-recurring profits and losses, and the diluted EPS is 0.51 yuan. It plans to issue 37.23 million shares, which is calculated at a price of 10.01yuan per share based on the total amount of capital raised, and the corresponding PE is 19.74 times.
Corresponding to China Securities Industry (C39) nearly a month static PE is 43.19 times, Shenglan shares raising price corresponding to PE lower than industry PE, do not consider postponing the issue, it is estimated that Shenglan shares IPO offering price of 10.01yuan.
Shenglan Co., Ltd. is a leading manufacturer of electronic linkers and precision components in China. The company's main products are used in consumer electronics, new energy vehicles and so on. The company's consumer electronics products include consumer electronic connectors and components and optical lenses, of which consumer electronic connectors and components account for 75.90% of revenue and optical lenses account for 12.40% of revenue. The company has the ability to produce connector assembly terminals and plastic shells in large quantities. Connector products are mainly supplied to primary and secondary suppliers of downstream mobile phones, computers and other terminal application brands, including Lixun Precision, Foxconn and Sanno Group. The company's biggest customer is Lixun Precision, whose sales accounted for 11.64% of the total revenue in 2019, and the cooperative relationship is stable. In 2017, the company began mass production of USB Type-C-related connector products, and directly supply XIAOMI and other terminal brand customers. The company's optical lens revenue has increased rapidly in the past three years, with an average annual compound growth rate of 70.31% from 2017 to 2019. At present, the main customers are Jufei Optoelectronics, Zhaochi shares, TCL and so on. From the perspective of global and domestic industry development, the connector market as a whole shows a trend of sustained growth, and is expected to maintain steady development in the future.
Taking into account the disclosure of the prospectus and the above analysis, we choose 002475.SZ, 002897.SZ, 603633.SH and 002179.SZ as comparable companies with an average price-to-earnings ratio of 35.00. According to the reverse calculation of the amount of capital raised as announced in the letter of intent, the issue price of Shenglan shares is 10.01yuan, corresponding to the 2019 annual report of the return of the net profit PE is 19.74. the valuation of Shenglan shares is 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 149 million shares, and the market value after the issue is estimated to be 1.49 billion yuan.
Risk hints: (1) the release rhythm of IPO is delayed by force majeure; (2) Sino-US trade friction and the risk of decline in the prosperity of the consumer electronics industry.