The most expensive new stock in history is here! The issue price is as high as 557.8 yuan per share, and a S1 visa is required to pay 280,000 yuan!
On December 8th, Hangzhou Hemai Power Electronics Co., Ltd. (hereinafter referred to as “Hemai shares” or “the company”) issued an initial public offering and listed on the Science and Technology Innovation Board. According to the announcement, the issuer’s stock abbreviation is “Hemai Shares”, the extended abbreviation is “Hemai Shares”, and the stock code is “688032”. This code is also used for the initial inquiry and offline subscription of this issuance.
Hemai shares said that this public offering of 10 million shares, accounting for 25.00% of the company’s total share capital after the issuance, is all new public offerings, and the company’s shareholders will not conduct public offerings of shares. After the public offering, the total share capital will be 40 million shares.
The initial strategic placement of this issuance is 1.5 million shares, accounting for 15.00% of the total issuance. The subscription funds and brokerage commissions for the placement of new shares promised by strategic investors have been remitted to the sponsor (lead underwriter) within the specified time. ) Designated bank account. The final strategic placement of this issuance is 735,151 shares, accounting for approximately 7.35 percent of the total issuance. The difference between the initial strategic placement and the final strategic placement of 764,849 shares will be transferred back to offline issuance.
After the adjustment of the strategic allotment, the number of offline issuances before the launch of the offline and online callback mechanism was 6,714,849, accounting for 72.48% of the total issuance after deducting the final strategic allotment; the number of online issuance was 2.55 million shares. , Which accounts for about 27.52% of the issuance after deducting the final strategic allotment quantity. The final total number of offline and online issuance is 9,264,849 shares, and the final online and offline issuance number will be determined based on the callback situation.
Hemai also stated that, based on the initial inquiry results of the issuer and the sponsor (lead underwriter), comprehensive evaluation of the company’s reasonable investment value, the valuation level of the secondary market of comparable companies, and the valuation level of the secondary market of the industry, are adequate Taking into account factors such as the effective subscription multiples of offline investors, market conditions, fund-raising requirements and underwriting risks, the issue price was negotiated and determined to be 557.80 yuan per share.
If the earnings per share are calculated according to the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses audited by an accounting firm in accordance with the Chinese Accounting Standards in 2020, divided by the total share capital after the issuance, the price-earnings ratio corresponding to the issuance price of Hemai shares It is as high as 225.94 times. After the issuance price is determined, the market value of Hemai shares at the time of listing is approximately 22.312 billion yuan.
Hermai shares catch the new energy express
Public information shows that Hemai is a high-tech enterprise with photovoltaic inverters and other power conversion equipment and complete electrical equipment as its main business. In the field of photovoltaic inverters, the company’s products include micro-inverters and monitoring equipment, as well as modular inverters and other power conversion equipment designed according to the concept of micro-inverters. Among them, micro-inverters are included in photovoltaic power generation systems. The inverter with component-level maximum power point tracking (MPPT) and component-level monitoring and management functions is an important solution for the component-level power electronics (MLPE) technical route. It can safely and efficiently implement distributed power conversion. Its power level is generally relatively Small, the usage scenarios are generally distributed power generation systems such as ordinary households and industrial and commercial use; modular inverters and other power conversion equipment refer to the use of the distributed power conversion design concept of micro-inverters in high-voltage grid-connected scenarios Inverters and other electrical equipment in China are mainly used in photovoltaic ground power stations. The main products of the company’s electrical equipment business include high-voltage switch cabinets, low-voltage switch cabinets and distribution boxes, etc., which can form a good synergy with the company’s photovoltaic inverter business.
At present, Hermag has become one of the manufacturers with certain technological and market advantages in the micro-inverter segment, and its business has touched the Americas, Europe, Asia and other regions. The power density, power range, conversion efficiency, stability and environmental adaptability of the company’s micro-inverters are among the best in the same type of products. Yang Bo, the company’s general manager and core technician, won the second prize of the National Natural Science Award in 2016 for his “high-gain power conversion control mechanism and topology theory”. The derivative technology of the foregoing theory has been applied in the company’s photovoltaic inverter products.
From 2018 to 2020, Hemai’s operating income was 307 million yuan, 460 million yuan, and 495 million yuan, respectively, and the corresponding net profits attributable to shareholders of the parent company were 15.862 million yuan and 805.8 million yuan respectively. Ten thousand yuan, 104 million yuan; from 2018 to 2020, the company’s research and development expenses totaled 69,380,500 yuan, accounting for approximately 5.50% of operating income.
Combining the development trend of the industry and the actual operating conditions of the company, Hemai shares forecasts that its operating income for 2021 will be approximately 70 million to 780 million yuan, an increase of approximately 41% to 58% over the same period last year, an increase of approximately 41% to 58%, mainly due to: (1 ) The company’s sales expansion and the increase in downstream customer demand have led to a rapid increase in the company’s micro-inverter product sales; (2) Modular inverters and other power change equipment revenue, electrical equipment and components business revenue also increased compared with the same period last year Increase.
Hemai shares are expected to achieve net profit attributable to shareholders of the parent company from 180 million yuan to 210 million yuan in 2021, compared with 104.10.5 million yuan in the same period last year, an increase of about 73% to 102% year-on-year; The parent company’s shareholders’ net profit was RMB 175 million to RMB 205 million, compared with RMB 98,752,400 in the same period last year, an increase of about 77% to 108%. Rapid growth, while the company’s products still maintained a good level of profitability, resulting in an increase in overall profitability over the same period last year.
Obviously, whether it is from the company’s fundamentals or financial data, Hemai shares have the strength to be sought after by market capital. However, with such a high issue price and issue price-to-earnings ratio, what will happen after listing is even more curious.