Core Viewpoint - Sichuan Southwest Jiaotong University Railway Development Co., Ltd. (stock code: 920027, referred to as "Jiaoda Tifa") was listed on the Beijing Stock Exchange on June 10, with a significant first-day performance, reflecting strong market interest and a favorable environment for new listings [1][4]. Company Performance - Jiaoda Tifa's first-day opening price was 33.90 yuan, representing a 284.79% increase, and it closed at 31.90 yuan, a 262.09% increase, with a total trading volume of 621 million yuan and a turnover rate of 72.03% [1]. - The company issued 19.09 million shares at an issue price of 8.81 yuan per share, raising 168 million yuan for new projects [1]. - The rolling price-to-earnings ratio (PE) reached approximately 45 times, exceeding the industry average of around 35 times [2]. Financial Stability - From 2022 to 2024, Jiaoda Tifa's revenue is projected to grow from 235 million yuan to 335 million yuan, with net profit increasing from approximately 33.80 million yuan to 53.39 million yuan [3]. - The company's gross profit margins are expected to remain stable at around 45% to 46%, with net profit margins between 14% and 17% during the same period [3]. - Jiaoda Tifa has established a direct sales model and a production model based on sales, primarily serving major clients such as China Railway Group and China Railway Construction [3]. Market Environment - The high subscription amount of 516.77 billion yuan and the low winning rate of 0.03% during the subscription phase indicate strong market interest in Jiaoda Tifa [4]. - The Beijing Stock Exchange is expected to see an increase in the quality of new listings and fundraising amounts, which may enhance the performance of newly listed stocks [5]. - The average net profit of companies accepted for listing in 2024 is projected to be around 10.4 million yuan, with an average fundraising amount close to 40 million yuan [4].
交大铁发上市首日涨超260%，北交所新股二级市场交投仍活跃