Is Runpu food worth buying?

Chicheng, the second new share of the bank, finally went public after a few days' delay. The issuance and subscription are only one day later than the new Ganjiang River, but the listing transaction is a whole week later. However, the two listed companies behind it have experienced different days from subscription to listing. How long does it take for the North Stock Exchange to go public from subscription? Do you have a score? Fortunately, Chicheng's listing was successful, the opening price rose by more than 104%, and the closing price rose by more than 80%. As the opening price was much higher than expected, I decided to adopt the call auction method.

Yu Shun Seiko's subscription for Ainengju has basically ended. At present, the answer is only revealed on the night of Ai Nengju 17, and the next batch of subscriptions is only Runpu Food. Is this home worth buying? How much should I invest in the subscription? Simply sort out the relevant situation and make some comments for the reference of interested friends.

I. Basic information of the company

A few simple tips:

Runpu Food is located in guannan county Economic Development Zone, Lianyungang City, Jiangsu Province, and is mainly engaged in the research, development, production and sales of food additives. The products are mainly preservative food additives such as potassium sorbate and calcium propionate, supplemented by other food additives such as dipotassium hydrogen phosphate and potassium citrate. Among them, the core products, potassium sorbate and calcium propionate, belong to preservative food additives, which have strong competitiveness in the field of preservative food additives and are one of the main manufacturers of calcium propionate and potassium sorbate in China. The company has 22 patents, including 5 invention patents and 7 utility model patents/kloc-0.

The company belongs to the food manufacturing industry in terms of industry category and the food additive industry in terms of product segmentation. Products are widely used, and the compound annual growth rate of the industry exceeds 6%. Since 20 17, the company's revenue has basically increased rapidly every year, and its net profit has been growing steadily except for a slight decline in 20 18. In the last four years, the compound annual growth rate of revenue reached 2 1.86%, and the compound annual growth rate of net profit reached 46.83%, mainly in 20021and 2022. The growth rate of net profit exceeds the growth rate of revenue. The important reason is that the company's gross profit margin has maintained steady growth for several years, from less than 10% in 20 17 years to nearly 20% in 2022. At the same time, the company's operating cash flow performed well, and the profit quality was good except that the net operating cash flow in individual years exceeded the net profit of the current year. From the perspective of assets and liabilities, accounts receivable are still acceptable, with an asset-liability ratio of nearly 40% and loans of more than 40 million. Compared with the operating situation, the financial risk is generally controllable.

Compared with Concord Amorphophallus, which has completed subscription and will be listed soon, the total share capital of the two companies before issuance is about 60 million shares, and the number of old shares in circulation is basically the same.