Company Overview - Company Name: Fujian Tietuo Machinery Co., Ltd [1] - Stock Code: 873706.BJ [1] - IPO Application Date: June 30, 2023 [1] - Listing Date: March 8, 2024 [1] - Underwriter: Zhongtai Securities [1] - Legal Advisor: Fujian Tianheng Law Firm [1] - Audit Firm: Huaxing Accounting Firm [1] Disclosure and Regulatory Issues - The company was required to clarify discrepancies between its marketing strategies and financial data, particularly regarding a significant revenue increase in 2022 [1] - The company received multiple warnings for information disclosure violations, including a verbal warning from the Beijing Stock Exchange on January 4, 2024, and a warning letter from the Fujian Securities Regulatory Bureau on August 28, 2024 [2] Listing Performance - The average listing period for A-share companies in 2024 was 629.45 days, while Tietuo Machinery's listing period was only 252 days, indicating a faster process [3] - The underwriting and sponsorship fees amounted to 15.4175 million yuan, with a commission rate of 9.00%, higher than the industry average of 7.71% [6] - On the first day of trading, the stock price increased by 140.06% compared to the issue price [7] - Over the first three months post-listing, the stock price rose by 48.37% from the issue price [8] Financial Metrics - The company's issue price-to-earnings (P/E) ratio was 10.92, significantly lower than the industry average of 25.01, representing only 43.66% of the industry mean [9] - The expected fundraising amount was 230 million yuan, but the actual amount raised was 171 million yuan, reflecting a decrease of 25.63% [10] - For the year 2024, the company's revenue increased by 10.54% year-on-year, while the net profit attributable to the parent company decreased by 18.47%, and the non-recurring net profit fell by 16.62% [10] Overall Assessment - The total score for Tietuo Machinery's IPO project was 60.5, categorized as D-level, primarily due to concerns over disclosure quality, multiple penalties for disclosure violations, high issuance costs, and declining profitability in the first accounting year post-listing [11]
中泰证券保荐铁拓机械IPO项目质量评级B级 承销保荐佣金率较高 上市首年扣非净利润下降