Core Viewpoint - The newly listed stock, Yufan Technology (001396), experienced a significant initial surge followed by a continuous decline, raising concerns among investors about its long-term viability and the potential for market manipulation [3][6][11]. Company Overview - Yufan Technology specializes in urban underground drainage and sewage pipeline operation and maintenance services, addressing issues like urban flooding and water pollution [5]. - The company holds a 4.8% market share in its sector as of 2024, with operations spanning 32 provinces across the country [5]. Financial Performance - Revenue is projected to grow from 513 million yuan in 2022 to 730 million yuan in 2024, with net profit expected to rise from 73.37 million yuan to 121 million yuan during the same period [5]. - For 2025, the company forecasts a net profit of 140 million yuan, reflecting a year-on-year growth of 7.83% [5]. Market Reaction - On its first trading day, Yufan Technology's stock price surged by 169%, closing with a 124.36% increase, but subsequently fell for five out of the next seven days, resulting in a cumulative decline of over 19% [3][6]. - The stock price dropped from a peak of 64.5 yuan to around 40 yuan, leading to significant losses for investors who bought in at higher prices [3][6]. Investment Concerns - The stock's high turnover rate of over 75% on the first day indicated a quick exit by speculative investors, leaving retail investors to absorb the losses without institutional support [11]. - The company's price-to-earnings (PE) ratio is approximately 40, significantly above the industry average, suggesting a potential for valuation correction [11]. - Concerns about the company's cash flow are highlighted by the fact that accounts receivable and contract assets make up over 80% of total assets, indicating pressure on cash collection [5].
新股上市7天跌5天，从64跌到40，保荐费4766万，这是来卖公司的吧