The dust of the first batch of enterprises accepting the science and technology innovation board has settled, but the discussion around them has just begun.
When answering a reporter's question in the evening, the Shanghai Stock Exchange mentioned that the first nine enterprises accepted were distributed in five industries: new generation information technology, high-end equipment, biomedicine, new materials and new energy. Nine companies adopt two sets of listing standards, with an estimated average market value of 7.276 billion yuan.
How to evaluate several companies with different businesses according to their own characteristics, and which businesses are more interesting? A series of reports given by Shen Wan Hongyuan in the evening may give some reference directions.
Chen Jing shares: PE or pipeline valuation is recommended, and a certain premium can be given.
Shen Wanhongyuan pointed out that the company adopted the first set of listing standard valuation (market value+net profit/income) and recommended PE or pipeline valuation. There are two reasons:
First, the company has good profitability and high financial quality, so PE valuation can be adopted and a certain premium can be given.
Second, considering the high net interest rate of the company and the mismatch between manpower expansion and income growth, it is suggested that the gross profit generated by mass production products in the future should be returned to the current (pipeline) valuation method.
Shen Wanhongyuan analyzed in the report that the company's chip products are mainly used in OTT, ip smart set-top boxes, smart TVs, AI audio and video and other smart terminals. In operation, it is a typical factory-free mode, focusing on the design itself, and wafer manufacturing and sealing are handed over to TSMC, Riyue and other international first-line manufacturers.
(Photo: Chen Jing's financial data)
In addition, the controlling shareholder of the company is Chen Jing Holdings, with a shareholding ratio of 39.52%. Tclaice is the second largest shareholder of the company, with a shareholding ratio of 1 1.29%.
Shen Wanhongyuan believes that the company will further strengthen its leading edge in ultra-high definition, multi-format and low power consumption in the future. In addition, with the continuous promotion of smart cities and safe cities, the company will strategically enter the field of IPC (network camera) SOC to seize the new blue ocean of intelligent security.
Jiangsu Beiren: The industry model is mature, so we should use the PE valuation method of comparable companies.
Shen Wanhongyuan believes that the company chooses to apply the listing rules with an estimated market value of not less than 654.38 billion yuan and a net profit of not less than 50 million yuan in the last two years, and should adopt the PE valuation method of comparable companies.
Shen Wanhongyuan believes that the technology and mode of the company's industrial robot integration business are relatively mature, especially the penetration rate of welding automation in the automobile industry is already high. The company is in the period of using core technology to expand downstream applications, which is close to the development stage of most A-share listed industrial robot integrators. The PE valuation method of comparable companies should be adopted for valuation.
In view of the mature industry model, Shen Wanhongyuan also pointed out the risks in this regard: the demand for automobiles dropped significantly, the competitive environment in the industrial robot integration industry deteriorated, and the downstream expansion of the company was blocked.
Ruichuang micro-nano: The benchmark A-share Gaode infrared adopts the relative valuation method.
Shen Wanhongyuan pointed out in the report that the company's estimated market value, net profit and revenue scale are applicable to "(1) the estimated market value is not less than 654.38 billion yuan, the net profit in the last two years is positive and the accumulated net profit is not less than 50 million yuan, or the estimated market value is not less than 654.38 billion yuan, and the net profit in the last year is positive and the operating income is not less than 654.38 billion yuan".
Therefore, relative valuation method is recommended. A-share comparable companies include Gaode Infrared and Dali Technology.
According to reports, the current dynamic P/E ratio of Gaode Infrared is 134.9 times; The dynamic P/E ratio of Dali Technology is 87.5 times.
According to Shen Wan Hongyuan, at present, the company has 22 R&D personnel1person (the total number is 59 1 person, accounting for 37.4%), and has made many breakthroughs in the fields of megapixel infrared MEMS chips, 12 and 17 micron detectors. At present, only a few countries in the world have mastered the design technology of uncooled infrared chips.
The company plans to raise 450 million yuan for the technical transformation and expansion of uncooled infrared focal plane chips, the research and development and industrialization of infrared thermal imaging terminal application products and the construction project of Ruichuang Research Institute, and intends to become the world's leading infrared imaging solution provider in the future.
Li: The business is still in the period of high-speed penetration, and it can be valued by combining PE/PEG.
Shen Wanhongyuan believes that the company chooses to apply the listing rules with an estimated market value of not less than 654.38 billion yuan and a net profit of not less than 50 million yuan in the last two years, and applies the valuation method combining PE valuation method and PEG valuation method of comparable companies respectively.
Shen Wanhongyuan pointed out that the company's existing business is still in a period of high-speed penetration, and the revenue of lithium battery equipment business has been continuously improved in the core customer supply system, and it has also maintained a good historical growth in other business ends. We can refer to the rapid development stage of comparable companies and combine the company's future growth expectations to evaluate the existing business by using PEG valuation method.
(Photo: Li's financial data)
Nai Tian Science and Technology: The profitability is stable, and PE/PEG and other methods are selected for valuation.
Shen Wanhongyuan believes that the company can meet the listing standards in the second paragraph of the first set of standards, and PE/PEG and other methods can be used for valuation.
According to Shen Wanhongyuan's analysis, the issuer chooses the second paragraph of the first set of standards in Article 2. 1.2 of the Listing Rules, with an estimated market value of not less than 654.38 billion yuan, a positive net profit in the latest year and an operating income of not less than 654.38 billion yuan. Considering the stable profitability of the company and the continuous growth of income and non-net profit deduction, PE/PEG and other methods can be used for valuation.
Shen Wanhongyuan pointed out in the financial report analysis that although the three-year income and non-net profit continued to grow, the operating cash flow needs to be improved.
From 20 16 to 20 18, the company's main business income is 1.34, 308 and 328 million yuan respectively; The net profit returned to the mother was 9.75 million yuan,-1.48 million yuan and 67.58 million yuan respectively; The net profit after non-deduction is 5265438 yuan +0, 65438 yuan +0009 and 65 million yuan. Net profit loss 18 yuan is mainly due to the problem of customer Waterma's capital chain, which makes the accounts receivable unrecoverable, and the provision for impairment is 69.79 million yuan.
At the same time, the gross profit margin of the company's products is 49. 1%, 42. 1% and 40.4% respectively, and the proportion of R&D expenses to income is 5.8%, 4.5% and 5.0% respectively, and the net cash flow generated from operating activities is-537,265,438+03 and.
(Photo: Nai Tian technology and finance data)
Bai Rong Science and Technology: The valuation of PB-ROE framework combined with cash flow model is expected to be moderately optimistic.
Shen Wanhongyuan believes that the company chooses the fourth condition of Article 2. 1.2 of the Listing Rules for Science and Technology Innovation Boards as the criteria for applying for listing, and suggests using the PB-ROE framework combined with the cash flow model for valuation.
According to Shen Wan Hongyuan's analysis, combined with the external equity financing and the secondary market valuation of comparable A-share listed companies during the reporting period, the company achieved an operating income of 3,046,543.8 million yuan in 20 18. It is suggested that the PB-ROE framework should be used to understand the position of the company in the industry boom cycle, and the absolute valuation of FCFF should be used to quantitatively evaluate the long-term value of the company.
Shen Wanhongyuan said that the power battery industry is in a new round of growth cycle brought by product upgrading, and it is expected that the company's unit profit growth rate and high-speed growth period will be moderately optimistic.
(With photos: financial data of Bai Rong Science and Technology)
(Article source: Shen Wan Hongyuan)