On June 26th, Huaxing Yuanchuang (68800 1. SH) officially released, and then will officially enter the online and offline subscription link on June 27. The diluted price-earnings ratio of 24.26 yuan/share corresponding to 20 18 is 39.99 times, which directly breaks the "curse" of the previous A-share price-earnings ratio of 23 times.
At the same time, Ruichuang Micro-Nano and Tianzhun Technology have also launched roadshows to make inquiries recently, and will officially start subscription next Tuesday. Starting from Huaxing Yuanchuang, the first batch of science and technology innovation board enterprises entered the "IPO time".
On the morning of June 2 1, the Pan-Pacific Hotel at No.2 Garden Street in Beijing welcomed a wave of business people in travel-stained suits. These representatives of institutional investors who came to participate in the offline roadshow of Huaxing Yuanchuang, the first stock of science and technology innovation board, made a conference hall on the second floor of the hotel the focus.
On June 19, Huaxing Yuanchuang, which completed the registration, quickly started the preliminary inquiry work. According to the issuance arrangement. The company will hold a three-day off-line roadshow from June 19 to collect preliminary inquiry and finally confirm the issue price.
June 2 1 is the third day of the road show, but many institutional investment representatives have not made up their minds about what price to participate in the quotation.
"The valuation range given by the intermediary is 30-38 times, and the corresponding price range per share is 2 1. 17 yuan -26.82 yuan, but how to quote in this range is still quite a headache. We consulted many professional organizations. Once the quotation is wrong, you will miss the opportunity to participate in the first science and technology innovation board enterprise. " Wang Si, a small and medium-sized fund manager in Beijing, had a headache during the road show.
"I still want to postpone it until next Monday (June 24). Before the deadline for preliminary inquiry, we will ask our peers after we have a clear price." During the whole roadshow in Wang Si, participants' questions and Huaxing Yuanchuang's replies were recorded, "I have to go back and discuss with my colleagues".
Many institutional investors, Rainbow Jones, chose to write down the roadshow and then go back to discuss it. At the road show site, you can also see the institutional people who discuss the inquiry with each other. A clear quotation will attract the surrounding peers, and the participants of Huatai Securities, the sponsor of Huaxing Yuanchuang, will be surrounded after the roadshow.
Under the pilot registration system in science and technology innovation board, the 23 times P/E ratio of listed companies was broken. How to give a reasonable declaration price according to your own judgment has become a difficult problem for investors to consider. In addition, the institutional bonus that the first batch of enterprises in science and technology innovation board may bring has also affected the judgment of many professional investment institutions.
"At present, we prefer the upper-middle price," Wang Si said. As the first registered enterprise of science and technology innovation board, the valuation of Huaxing Yuanchuang should not only be based on fundamentals, but also consider the heat of the market. "I think it may not be possible to report a valuation of 32 times."
Zhang Chi, chairman of Ding Xin Capital, who is engaged in private equity investment in the primary market, also pointed out that investing in the first batch of enterprises in science and technology innovation board can not only share the dividends brought by enterprise growth, but also enjoy the dividends brought by policies. This may be the biggest opportunity since the establishment of GEM in 2009.
It can be seen that for investment institutions, accurate quotation and shortlisting of placing institutions have been the last "boarding opportunity" before science and technology enterprises enter the secondary market and the valuation expands with high probability, which has to be cherished and the quotation has to be cautious.
Interestingly, driven by the policy dividend of the science and technology innovation board, some institutions chose blindfolded investment. On June 19, when Huaxing Yuanchuang launched the first round of roadshows, a director of Shanghai referendum told Interface News that he had rejected the invitation of roadshows issued by sponsors: "You don't need to look at the first one, just subscribe according to the sponsors' pricing, and you will definitely make money."
After all, there are still a few institutional people who choose to vote blindfolded. Most investment institutions still hope to get in touch with the management of Huaxing Yuanchuang Company through roadshows and get information to help with accurate pricing.
On June 2 1 day, Huaxing Yuanchuang Beijing offline roadshow was divided into two sessions. 1. The management of the company and the senior management of institutional investors held a "one-on-one, small and many" roadshow at 9: 00, and * * * invited representatives of institutional investors from about 10 to participate. Then came the "one-to-many" roadshows of 10 and 15.
"Being able to get in touch with the company's management and understand each other's personality is also a key step in deciding to invest, although it may not affect the final pricing." Wang Si said.
According to the interface news, in the two roadshows of the day, the contents introduced by Huaxing Yuanchuang are basically the same, highlighting the business contracting ability, the benchmarking of advanced global enterprises and the new technologies being tested, and finally introducing the company's fundamentals.
Although the offline questioning session of institutional investors still focuses on the company's existing business and future development potential, the content of the questions is obviously more professional than that of the main board roadshow.
"What is the distribution of array, unit and module services in flat panel inspection equipment?" "Will the company still focus on flexible organic light-emitting diodes and six-generation linear liquid crystal displays in the future?" These obscure terms make it hard for ordinary investors to understand.
Of course, not all investors present are asking technical questions. Some investors also asked about the market share of Huaxing Yuanchuang products, whether the high proportion of cooperation with Apple will be affected by trade friction, and how storage orders are more biased towards the company's fundamentals. It is worth noting that these questions raised by investment institutions are highly consistent with the contents previously inquired by the Shanghai Stock Exchange.
However, he also believes that the content of the roadshow can not have a great impact on the final declared price. "Our analysts have also studied it in the early stage, and I feel that the main significance of coming today is to communicate with peers."
"In fact, for analysts, the first roadshow of science and technology innovation board enterprises is not much different from the previous A-share IPO roadshow." An analyst of a medium-sized brokerage firm in Beijing also believes that at the roadshows of the two companies, investors will ask questions about the company's performance fluctuation, performance sustainability, market share and customer concentration, so as to determine the company's future growth.
"Perhaps the biggest difference is that the science and technology innovation board roadshow materials are too professional for me to understand." After reading the on-site roadshow materials provided by Huaxing Yuanchuang, the above analyst said with a smile.
Whether it is to obtain information from the company's management through offline roadshows or to exchange pricing experience with peers, it is impossible to dispel the cautious attitude of investment institutions in declaring prices.
The placement of Huaxing Yuanchuang adopted the "three-file quotation" model. Offline investors who participate in inquiry can fill in a quotation for different allotment accounts managed by them, and each quotation declares the price per share and the number of shares to be purchased corresponding to that price. There are no more than three different purchase prices in all quotations of investors under the same net, that is, the so-called third gear.
In addition, in the preliminary inquiry, the difference between the highest price and the lowest price in the proposed purchase price declared by the same offline investor shall not exceed 20%.
Judging from the final placement announced by Huaxing Yuanchuang, the game between institutional investors has become fierce. According to the agreed elimination rules, all the placing objects whose declared price is higher than 26.8 1 yuan/share or lower than 24.26 yuan/share are eliminated, and the difference between the upper and lower limits of the effective quotation range is only 10.5%.
"This is really a price war with one digit after the decimal point." According to Wang Si, the final offer of his institution was 0.0 1 yuan more than the upper limit of the effective offer, and he finally failed to participate in the placement.
"26.82 yuan/share is the reference price given by Huatai Securities. We are also troubled by market news. We said we would report it, but we were still afraid of losing this opportunity. I didn't expect to report it. " Wang Si wry smile way.
There is more than one institution that has such an idea as Wang Si. Judging from the final placing situation, there are 79 placing targets with a price of 26.82 yuan/share, accounting for 44% of the total number of placing targets excluding high prices.
"Close to 150 institutions have shown such a concentrated quotation for a company, not because everyone's expectations for the company are the same, but in the case that the first batch of expectations in science and technology innovation board cannot be broken, it is more important to get chips than to earn more." Wang, a former senior investment banker, commented.
He said that according to the rules, the high price quoted by the inquiry object will be rejected (the rejection ratio is not less than 10%), and the quotation below the issue price cannot participate in offline subscription. To ensure that you can qualify for offline subscription, the quotation must be above the issue price. Therefore, Huatai Securities' investment report has become the key anchor point for the pricing of science and technology innovation board.
Zhu Haibin, assistant general manager of Essence Securities Research Center, said that science and technology innovation board's offline subscription is very different from the new regulations of previous A shares. It is suggested that the differentiated quotation of multiple products may increase the probability of effective quotation.
According to the data, the sponsor institution (lead underwriter) received the preliminary inquiry and quotation information of 65,438+0,752 placing objects managed by 265,438+04 offline investors through the online subscription platform system of Shanghai Stock Exchange, and the corresponding declared number was 65,438+0,026,600 shares, so the subscription was enthusiastic.
According to the statistics of each coast, the final pricing of Huaxing Yuanchuang is in the middle of the reporting interval, which does not exceed the lower of the median and weighted average of offline investors' quotations. Even lower than the P/E ratio of precision test electronics (49.22 times) and Changchuan Technology (180.57 times).
"Huaxing Yuanchuang is not lacking in industry themes, and its performance growth rate during the reporting period was significantly weaker than that of comparable companies." Shen Wan Hongyuan's strategy team said that the centralized listing of rights issue may have a certain impact on the fluctuation of product net value, which may force offline inquiry investors to be more cautious and consider selective participation.
In addition, 10% accounts will be allocated shares for half a year by lottery, which will make some products with strict risk control during the investment cycle consider selective participation, and on the other hand, guide them to make rational quotations to some extent.
But in any case, Huaxing Yuanchuang has broken through the curse of "23 times profit pricing" for A shares for a long time, and the pricing process and logic of the first share of science and technology innovation board are of great reference significance, which also makes the market look forward to the listing and trading of science and technology innovation board enterprises under the future registration system.
Q: The sales revenue from the cooperation between Huaxing Yuanchuang and Apple is relatively high. Will trade friction affect cooperation? Will there be any problems with the import of core components?
A: From the enterprise's point of view, these are two problems on the sales side and the purchasing side. Changes in the sales environment have been fully disclosed in the previous prospectus. The core supply chain of Huaxing Yuanchuang is still in China. Of course, we are also cooperating with the most advanced customers in the industry to promote our integrated circuit testing technology and testing equipment. In terms of procurement, the prospectus also disclosed the procurement of chips, and it is also expanding its choice to purchase from Japan or Europe.
Q: Please tell us something about semiconductor testing. Are there any formed orders, or are there any intention orders?
A: Our BMS chip test equipment actually introduces customized test solutions to customers. Thanks to the company's software and hardware platform construction in the first two years, through some special needs of customers, chip digital signal channel, analog signal channel, DPS power supply and so on. As far as chip testing is concerned, there are many kinds, and each chip needs to be tested at the development interface, which is called measurement level. Simply planning the measurement level and registering different types of chips on our platform is the direction for us to test and develop integrated circuits. BMS chip test equipment, the cumulative amount of this signed order has exceeded 300 million yuan.
Q: What is the gap between the company and the two leading testing machine companies Tereda and Edwan? How are you going to narrow it down? How long will it take?
A: Both companies are very large professional test instrument manufacturers in the industry. They were exhibited abroad in the late 1960s and early 1970s. After years of hard work, they have formed certain standards in the industry. Our R&D team of Huaxing Yuanchuang is also composed of chip talents at home and abroad. Huaxing Yuanchuang still has a long way to go (narrowing the gap), hoping to get the support of investment institutions and the state by listing on the science and technology innovation board. As a company, we do have some feelings and hope to make a breakthrough in the field of chips and integrated circuits with our country as soon as possible.
Q: How long is the service life of the equipment? Apart from the demand of downstream enterprises for new production lines, what else is related to our performance growth?
A: From the perspective of the tablet industry, we have been engaged in customized equipment for more than ten years. Every customer has different needs, and the whole product iteration needs the upgrading of electronic products. From the original year to the present two to three years, Huaxing Yuanchuang will first develop complete customized new equipment in the cycle. At the same time, Huaxing Yuanchuang's test business will follow every iteration of the customer's chip update, and the customer needs to improve the performance through the transformation of our test chip.
Q: In terms of flat panel inspection equipment, what is the distribution of array batteries and module services?
A: Huaxing Yuanchuang's detection equipment on the flat panel is mainly aimed at the intermediate battery and the back-end module, whether it is circuit, signal or optics. In the past, LCD was carried out by manual semi-automatic cooperation, but recently it was carried out by full automation. Optics is mainly divided into these categories. The most representative is the flexible organic light-emitting diode, which repairs the color spots on the core technology. Organic light-emitting diodes (OLEDs) are organic display screens, and special situations will occur during the manufacturing process. Through equipment collection and compensation, if the color is off color, the color will be perfectly presented. After years of hard work, the company's AOI equipment is fully capable of completing it at the cell stage. In module AOI(ABI), this is the final completion stage, and we also have our own core equipment.
Q: Panel inspection equipment, what percentage of our equipment is now used for LCD and OLED equipment?
A: The revenue increased explosively in 20 17, and more than 70% was brought by organic light-emitting diode equipment. In 20 18, the revenue of organic light-emitting diodes continued to decline, about 30%-40%.
Q: The nature of the company's testing fixture consumables is mentioned in the prospectus. What is the significance and replacement frequency of consumables?
A: Our test fixture will wear when it comes into contact. In the development and design stage, the replacement time will be defined for specific customers, and the replacement will be carried out independently.
Q: Does Apple have 80% or 90% direct and indirect orders? About 40% of them are designated by Apple, and 40% are provided by downstream customers who supply equipment to Apple. Is this the concept?
A: There are some products designated by Apple in the order, which are determined according to their design requirements and indicators. (The other part) Downstream customers will complete the orders given by Apple through our test fixture, and the final equipment will still be applied to the production process of Apple mobile phones.
Q: Is the downstream highly dependent on Apple? Top customers have a great influence on the fluctuation of our annual profit.
A: As I said before, there are some fluctuations in profits, which have nothing to do with direct and indirect purchases by customers, but mainly the impact of products. For example, the gross profit in 20 17 years is relatively low, because Samsung's big orders are mainly automatic monitoring equipment, and the whole automation needs a lot of equipment and materials, and the price is relatively open, which lowers our gross profit level.
Q: The Chip Experiment Department was established on 20 17, and now it takes orders quickly. Is this part a new order from our existing customers or a new customer in the field of mobile phone batteries?
A: At present, it is still a commercial confidentiality period. I can only reveal that it is the new demand of Huaxing Yuanchuang's old customers.