长江证券保荐海昇药业IPO项目质量评级C级 上市首年扣非归母净利润大降近五成 报告期内因信披违规遭罚

Company Overview - Company Name: Zhejiang Haisheng Pharmaceutical Co., Ltd [7] - Stock Code: 870656.BJ [7] - IPO Application Date: April 28, 2023 [7] - Listing Date: February 2, 2024 [7] - Industry: Pharmaceutical Manufacturing [7] - IPO Sponsoring Institution: Changjiang Securities [7] Disclosure and Regulatory Evaluation - Disclosure Issues: The company underwent more than three rounds of inquiries; it has improved the clarity of "major matters" and "risk factors," but failed to disclose detailed product composition and end-use applications during the reporting period [2] - Regulatory Penalties: On May 5, 2023, the company received a verbal warning from the National Equities Exchange and Quotations for major transaction violations; in June 2023, it received a warning letter from the Zhejiang Securities Regulatory Bureau for disclosure violations [3] Listing Performance - Listing Cycle: The average listing period for A-share companies in 2024 is 629.45 days, while Haisheng Pharmaceutical's listing cycle is 280 days, which is below the average [4] - First Day Performance: The stock price on the first day of listing remained unchanged from the issue price [6] - Three-Month Performance: The stock price decreased by 25.23% compared to the issue price [8] Financial Metrics - Issuance Price-to-Earnings Ratio: The company's issuance P/E ratio is 15.08 times, which is 65.45% of the industry average of 23.04 times [9] - Actual Fundraising: The company expected to raise 475 million yuan but actually raised 398 million yuan, a decrease of 16.22% [10] - Short-term Performance: In 2024, the company's revenue decreased by 22.73% year-on-year, net profit attributable to the parent company decreased by 40.12%, and non-recurring net profit decreased by 48.10% [10] Overall Evaluation - Total Score: Haisheng Pharmaceutical's IPO project received a total score of 71, classified as Grade C [11] - Negative Factors: The score is impacted by the need for improved disclosure quality, multiple penalties for disclosure violations, high issuance costs, reduced actual fundraising, and declining stock price and financial performance in the first accounting year [11]