Company Overview - Full name: Wuxi Dingbang Heat Exchange Equipment Co., Ltd [1] - Abbreviation: Wuxi Dingbang [1] - Stock code: 872931.BJ [1] - IPO application date: June 30, 2023 [1] - Listing date: April 8, 2024 [1] - Listing board: Beijing Stock Exchange [1] - Industry: Specialized Equipment Manufacturing [1] - IPO sponsor: Dongwu Securities [1] - Lead underwriters: Dongwu Securities [1] - Legal advisor: Jiangsu Xinsu Law Firm [1] - Audit firm: Zhongxinghua Accounting Firm (Special General Partnership) [1] Regulatory and Compliance - Disclosure issues: Required to disclose risks related to project implementation, fixed asset depreciation, and sales data for specific products [2][3] - Regulatory penalties: Received a verbal warning from the National Equities Exchange and Quotations for failing to disclose external guarantees and loan transfer matters [2] - Public opinion supervision: No deductions [3] - Listing cycle: Listed in 283 days, shorter than the average of 629.45 days for 2024 A-share listings [3] - Multiple applications: Not applicable, no deductions [3] Financial Performance - Underwriting fees: Total underwriting and sponsorship fees amounted to 12.809 million yuan, with a commission rate of 7.19%, lower than the average of 7.71% [4] - First-day performance: Stock price increased by 64.52% on the first day of listing [5] - Three-month performance: Stock price increased by 20.67% compared to the issue price [6] - Issuance P/E ratio: Issued at a P/E ratio of 14.58, significantly lower than the industry average of 26.57, representing 54.87% of the industry average [7] - Actual fundraising: Expected to raise 222 million yuan, but actual fundraising was 178 million yuan, a decrease of 19.74% [8] - Short-term performance post-listing: In 2024, revenue decreased by 8.55% year-on-year, net profit attributable to shareholders decreased by 16.79%, and non-recurring net profit decreased by 16.60% [8] Overall Assessment - Total score: Wuxi Dingbang's IPO project scored 84 points, classified as B-level [9] - Negative factors affecting score: Disclosure quality needs improvement, regulatory penalties for disclosure violations, reduced actual fundraising, and declines in revenue and profit in the first accounting year [9]
东吴证券保荐无锡鼎邦IPO项目质量评级B级 实际募集金额缩水 上市首年营收净利润双降