Is Guang Hai's subscription worth subscribing to?

Worth subscribing to. I. Sub-item: The issue price is 36 yuan, and the issue price-earnings ratio is 3 15. 18 times. The issue price-earnings ratio is higher than the sky. Second, bonus points: rapid growth in performance. The company's earnings per share since 20 18 are: -0.08 yuan; -0.04 yuan; -0.02 yuan; 0. 16 yuan. Earnings per share in the middle of this year was 0.23 yuan. Third, bonus items: high-end chip track, domestic substitution concept, industry head enterprise. The company is the leader of independent advanced microprocessor industry, and its main products are CP in Guang Hai and DCU in Guang Hai. The company adopts a fabless business model, focusing on R&D, design and sales of high-end processors, and handing over the remaining links such as wafer manufacturing and packaging testing to wafer manufacturing enterprises, packaging testing enterprises and other processing manufacturers. It is one of the few integrated circuit design enterprises with high-end general-purpose processor and coprocessor R&D capability. Guang Hai Information took the lead in completing the successful streaming of high-end general-purpose processors and coprocessors in China. The performance of the first generation, the second generation CPU and the first generation DCU products reached the level of mainstream high-end processors of the same type in the world, and it was in a leading position in China. Fourth, reduce the breakdown: the sales price of some series of CPU products in Guang Hai has dropped. The products sold by the company are Guang Hai 7000, Guang Hai 5000, Guang Hai 3000 series CPU products and Guang Hai 8000 series DCU products. 7000 series products are mainly used in high-end servers, 5000 series CPU products are mainly used in low-end servers, and 3000 series CPU products are mainly used in workstations and edge computing servers. Among them, the sales prices of 7 100 series products, 7200 series products, 5 100 series products, 5200 series products, 3 100 series products and 3200 series products are all in 202 1 00 series products and 5 100 series products. Fifth, reduce the breakdown: the cost of raw materials soared. With the tight supply of raw materials in 20021global integrated circuits, the prices of raw materials such as wafers and substrates have risen, and the amount and proportion of raw materials purchased by the company have increased rapidly, from 201364,444,400 yuan to 201190,000 yuan. Sixthly, the sub-item: the gross profit margin has decreased. From 20 18 to 2020, the gross profit margin of Guang Hai Information is decreasing year by year, but it is increasing year by year. In two years, the gross profit margin increased from 40.45 million yuan of 20 1630% to 692 million yuan in 2020. According to the prospectus, from 20 18 to the first half of 20021year, the gross profit margin of Guang Hai Information was 83.84%, 70. 17%, 67.67% and 70.28% respectively, all exceeding 65%. The reason for the decline is that Guang Hai information products began to be mass-produced in 20 18, and the initial output was small, and the average unit price was relatively high, so the comprehensive gross profit margin was high. Gross profit margin decreased from 20 19 to 2020, mainly due to the fact that Guang Hai Information 3000 series CPU products started mass production and sales, and the average unit price decreased, and the proportion continued to expand. In the first half of 20021,Guang Hai Information mainly sold the new product Guang Hai No.2, and the average unit price increased, resulting in a slight increase in gross profit margin. Seventh, reduce sub-items: customers and suppliers are highly concentrated, and sales depend on related parties. The company's main customers are domestic server manufacturers. From 20 19 to 202 1, the company's sales revenue to the top five customers reached 376 million yuan, 942 million yuan and 2180,000 yuan respectively, accounting for 99 12%, 92.2 1% and 965433. Among them, Company A and Company D, the largest customers, are related parties of Guang Hai Information, accounting for 87.39%, 55.83% and 65.95% respectively, accounting for more than half. At the same time, the main counties where the company purchases from the top five suppliers are wafer manufacturing services, chip packaging services, technology licensing, ip and EDA tools. The total purchases accounted for 82.35%, 68.42% and 84.3 1% of the total purchases in this period respectively. Eighth, sub-item: high inventory. The inventory of Guang Hai Information mainly includes raw materials, semi-finished products, finished products, contract performance costs and issued goods. 202 1, the inventory increased rapidly, from182 million yuan at the end of 2020 to124 million yuan at the end of 20265438, accounting for 5.92% of current assets. Ninth, reduce sub-items: no actual controller. The company's major shareholders, Zhongke Shuguang, Chengdu State-owned Assets, Haifu Tianding Partnership and Lanhai Canoe Partnership, respectively hold 32. 10%, 19.53%, 12.4 1% and 6.99% of the company's shares. Among them, Zhongke Shuguang holds 32. 10%, making it the largest shareholder. The company has no controlling shareholder and no actual controller. Tenth, comprehensive evaluation: Guang Hai CPU series products have performed well and have been widely used in many fields; Guang Hai DCU series products have superior performance, which is helpful to open up the financial technology market; The market demand of emerging technology industries promotes the development of high-end processors, and the integrated circuit industry is supported by policies, welcoming domestic substitution opportunities. The hidden worries are high concentration of customers and suppliers, falling product prices, falling gross profit margin and high inventory. Confusingly, by the end of 20021,the company still had 196 billion yuan in monetary funds, and it was not short of money, but the company still came to collect money. Considering that the company is a leading enterprise in the industry and has technical advantages, there may be a premium on the first day of listing.