Company Overview - The full name of the company is Xuchang Intelligent Relay Co., Ltd., with the abbreviation Xuchang Intelligent and the code 831396.BJ [1] - The IPO application date is December 30, 2022, and the listing date is January 26, 2024, on the Beijing Stock Exchange [1] - The company operates in the electrical machinery and equipment manufacturing industry [1] - The IPO sponsor is Minsheng Securities, with representatives Cao Wenxuan and Liu Na [1] Disclosure and Regulatory Issues - The company was required to explain inconsistencies in the prospectus and disclose risks related to accounts receivable turnover being below the industry average [2] - The company faced multiple regulatory penalties for disclosure violations, including warnings from the National Equities Exchange and Quotations and the Beijing Securities Regulatory Bureau [2][2][2] - The average listing period for A-share companies in 2024 is 629.45 days, while Xuchang Intelligent's listing period is 392 days, which is below the average [2] Financial Metrics - The underwriting and sponsorship fees amount to 15.4944 million yuan, with a commission rate of 9.01%, higher than the average of 7.71% [3] - On the first day of trading, the stock price increased by 61.30% compared to the issue price [4] - Over the first three months post-listing, the stock price rose by 23.26% compared to the issue price [5] - The company's issue price-to-earnings ratio is 30.56 times, significantly higher than the industry average of 16.97 times, representing 180.08% of the industry average [6] - The expected fundraising amount is 322 million yuan, but the actual amount raised is 172 million yuan, indicating a decrease of 46.63% [7] Performance Metrics - In 2024, the company's operating revenue increased by 7.37% year-on-year, while the net profit attributable to the parent company decreased by 8.40%, and the net profit excluding non-recurring gains and losses decreased by 7.12% year-on-year [8] - The overall score for the IPO project is 64 points, classified as Grade D, with negative factors including the need for improved disclosure quality and high issuance costs [10]
民生证券保荐许昌智能IPO项目质量评级D级 频因信披违规遭罚 实际募资额大幅缩水