Core Viewpoint - Guangdong JianKe is launching an IPO with a subscription price of 6.56 yuan per share, which is lower than the industry average P/E ratio, indicating a potential investment opportunity [1] Company Overview - Guangdong JianKe focuses on inspection and testing technology services in the construction engineering sector, covering various areas such as municipal, transportation, water conservancy, energy conservation, environmental protection, and safety production [1] - The company has undertaken significant projects including the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport [1] Financial Performance - Revenue for 2022, 2023, and projected 2024 is approximately 1.072 billion, 1.154 billion, and 1.197 billion yuan respectively, with inspection and testing services accounting for over 98% of total revenue [2] - Net profit for the same years is reported as 102 million, 98 million, and 105 million yuan, with a gross margin of 48.44%, 47.72%, and 48.44% respectively [2] - The decline in net profit in 2023 is attributed to increased credit and asset impairment losses, along with a slight decrease in gross margin [2] Key Financial Data - For 2024, the projected operating income is 119.74 million, with net profit expected to be 105.47 million [3] - In Q1 2025, the company reported an operating income of 20.23 million, showing a slight increase, but a net loss of 14.29 million, reflecting a 34.32% decline year-on-year [5] Risks - The company faces risks related to revenue concentration in Guangdong, with over 97.45% of revenue coming from this region, which may increase competition and impact growth [6] - There are concerns regarding accounts receivable and contract assets, with significant amounts at risk due to the slowdown in the real estate sector and long settlement cycles for large projects [6] Fundraising and Investment Plans - The IPO aims to raise 480 million yuan, which will be allocated to the construction of an innovation technology research institute and the establishment of a testing and marketing service network [7]

Core Viewpoint - Three new stocks are available for subscription next week, including Han Gao Group, Ding Jia Precision, and Han Sang Technology, with specific details on their issuance and financial performance provided [2][3]. Group 1: Han Gao Group - Han Gao Group is a leading domestic home hardware enterprise, focusing on the research, design, production, and sales of home hardware and outdoor furniture [4]. - The subscription code for Han Gao Group is 001221, with an issuance price of 15.43 yuan per share and a price-to-earnings ratio of 11.86, compared to the industry average of 27.73 [5]. - The total issuance quantity is 40.01 million shares, with an online issuance quantity of 10.80 million shares. The maximum subscription limit for investors is 10,500 shares, requiring a market value of 105,000 yuan in the Shenzhen market [5]. - Projected revenues for Han Gao Group from 2022 to 2024 are 1.62 billion yuan, 2.22 billion yuan, and 2.86 billion yuan, respectively, with net profits of 206 million yuan, 333 million yuan, and 531 million yuan [5]. - The management expects revenue for the first half of 2025 to be between 1.39 billion yuan and 1.50 billion yuan, representing a year-on-year growth of 17.04% to 26.77%, with net profits expected to be between 234 million yuan and 263 million yuan, a growth of 18.64% to 33.66% [7]. Group 2: Ding Jia Precision - Ding Jia Precision's subscription code is 920005, with an issuance price of 11.16 yuan per share and a price-to-earnings ratio of 14.73, compared to the industry average of 40.93 [8]. - The total issuance quantity is 20 million shares, with an online issuance quantity of 16 million shares. The maximum subscription limit for investors is 950,000 shares [8]. - Ding Jia Precision specializes in the design, research, production, and sales of functional and protective products for consumer electronics, with clients including major manufacturers like Luxshare Precision and BOE [9]. - Projected revenues for Ding Jia Precision from 2022 to 2024 are 329 million yuan, 367 million yuan, and 408 million yuan, respectively, with net profits of 53.57 million yuan, 51.95 million yuan, and 59.55 million yuan [9]. - The management anticipates revenue for the first half of 2025 to be between 215 million yuan and 230 million yuan, with a year-on-year growth of 18.62% to 26.89%, and net profits expected to be between 38 million yuan and 42 million yuan, a growth of 35.37% to 49.62% [10]. Group 3: Han Sang Technology - Han Sang Technology is a domestic high-end audio solution provider, with a subscription code of 301491. The issuance price and earnings ratio have not yet been disclosed, but the industry average is 41.10 [12]. - The total issuance quantity is 32.25 million shares, with an online issuance quantity of 7.74 million shares. The maximum subscription limit for investors is 7,500 shares [12]. - Projected revenues for Han Sang Technology from 2022 to 2024 are 1.39 billion yuan, 1.03 billion yuan, and 1.45 billion yuan, respectively, with net profits of 190 million yuan, 136 million yuan, and 254 million yuan [16]. - The management expects revenue for the first half of 2025 to be between 650 million yuan and 700 million yuan, with a year-on-year change of -3.14% to 4.31%, and net profits expected to be between 85 million yuan and 90 million yuan, a decline of -24.22% to -19.76% [18].

Group 1: Huazhi Jie - Huazhi Jie is a leading company in the electric tools sector in China, focusing on the research, production, and sales of components for electric tools and consumer electronics [2][4] - The company plans to issue 25 million shares, with 8 million shares available for online subscription, and the maximum subscription limit for investors is 8,000 shares [2] - The global electric tools market was valued at $53.55 billion in 2023 and is projected to reach $98.7 billion by 2030, with China being the largest producer and exporter [2] - Huazhi Jie's revenue and net profit for 2022 to 2024 are projected to be 1.019 billion, 937 million, and 1.230 billion CNY, and 101 million, 121 million, and 154 million CNY respectively [2][11] Group 2: Xin Heng Hui - Xin Heng Hui is a leading enterprise in the smart card industry, involved in the research, production, sales, and testing services of integrated circuits [8][10] - The company plans to issue 59.89 million shares, with 14.37 million shares available for online subscription, and the maximum subscription limit for investors is 14,000 shares [9] - Xin Heng Hui's revenue and net profit for 2022 to 2024 are projected to be 684 million, 767 million, and 842 million CNY, and 110 million, 152 million, and 186 million CNY respectively [11][13] - The management expects the company's revenue for the first half of 2025 to be between 430 million and 465 million CNY, representing a year-on-year growth of 3.80% to 12.25% [14]

Summary of Key Points Core Viewpoint Three new stocks are available for subscription next week in the A-share market, including companies in the electric vehicle charging and intelligent transportation sectors. Group 1: Yoyo Green Energy - Yoyo Green Energy is a leading supplier of charging modules in China, focusing on the research, production, and sales of core components for electric vehicle charging equipment [1][4]. - The subscription code for Yoyo Green Energy is 301590, with an issue price of 89.60 CNY per share and a price-to-earnings ratio of 15.37, compared to the industry average of 19.25 [1][4]. - The company is recognized as a national-level "specialized and innovative" small giant enterprise, with notable clients including NIO and ABB [1][4]. Group 2: Financial Performance of Yoyo Green Energy - Projected revenues for Yoyo Green Energy from 2022 to 2024 are 988 million CNY, 1.376 billion CNY, and 1.497 billion CNY, respectively, with net profits of 196 million CNY, 268 million CNY, and 256 million CNY [2]. - As of December 31, 2024, total assets are expected to reach 1.797 billion CNY, with equity attributable to shareholders at 1.024 billion CNY and a debt-to-asset ratio of 42.89% [3]. - Management forecasts for the first half of 2025 indicate revenues between 750 million CNY and 914 million CNY, with net profits ranging from 118 million CNY to 142 million CNY [5][6]. Group 3: Jiao Da Tie Fa - Jiao Da Tie Fa is a high-tech enterprise specializing in the research, production, and sales of intelligent products and equipment for rail transportation, also recognized as a national-level "specialized and innovative" small giant [7][9]. - The subscription code for Jiao Da Tie Fa is 920027, with an issue price of 8.81 CNY per share and a price-to-earnings ratio of 12.94, significantly lower than the industry average of 34.96 [8][9]. - Projected revenues for Jiao Da Tie Fa from 2022 to 2024 are 235 million CNY, 273 million CNY, and 335 million CNY, with net profits of approximately 33.8 million CNY, 47.7 million CNY, and 53.4 million CNY [9][10]. Group 4: Financial Performance of Jiao Da Tie Fa - As of December 31, 2024, total assets are projected to be approximately 635.9 million CNY, with equity attributable to shareholders at 257.6 million CNY and a debt-to-asset ratio of 58.42% [10]. - Management forecasts for the first half of 2025 suggest revenues between 110 million CNY and 130 million CNY, with net profits ranging from 10.5 million CNY to 14 million CNY [12][13]. Group 5: Ying Shi Innovation - Ying Shi Innovation is a leading provider of intelligent imaging equipment, focusing on the research, production, and sales of panoramic and action cameras [14]. - The subscription code for Ying Shi Innovation is 787775, with the issue price and earnings ratio yet to be disclosed, but the industry average is 38.34 [14]. - Projected revenues for Ying Shi Innovation from 2022 to 2024 are 2.041 billion CNY, 3.636 billion CNY, and 5.574 billion CNY, with net profits of 407 million CNY, 830 million CNY, and 995 million CNY [15][16]. Group 6: Financial Performance of Ying Shi Innovation - As of December 31, 2024, total assets are expected to reach 502.1 million CNY, with equity attributable to shareholders at 318.1 million CNY and a debt-to-asset ratio of 36.16% [16]. - Management forecasts for the first half of 2025 indicate revenues between 3.214 billion CNY and 3.815 billion CNY, with net profits ranging from 494 million CNY to 583 million CNY [17].

Summary of Key Points Core Viewpoint - This week, three new stocks are available for subscription in the A-share market, including Hanbang Technology, Weigao Blood Purification, and Taili Technology [1][2]. Group 1: Hanbang Technology - Hanbang Technology is a leading company in chromatography equipment in China, with a subscription code of 787755 and an issue price of 22.77 yuan per share, with a P/E ratio of 26.35 times [3][6]. - The total number of shares issued is 22 million, with 5.28 million shares available for online subscription. The maximum subscription limit for investors is 5,000 shares, requiring a market value of 50,000 yuan in the Shanghai market [3][6]. - The company’s revenue is projected to grow from 482 million yuan in 2022 to 691 million yuan in 2024, with net profits increasing from 38.56 million yuan to 79.34 million yuan during the same period [7][10]. - Major clients include domestic pharmaceutical companies and international clients such as INTECH ANALYTICAL INSTRUMENTS and REETEC AS [7]. Group 2: Weigao Blood Purification - Weigao Blood Purification is a manufacturer of medical products for blood purification, with a subscription code of 732014. The total number of shares issued is 41.14 million, with 11.11 million shares available for online subscription [12][14]. - The company’s revenue is expected to rise from 3.426 billion yuan in 2022 to 3.604 billion yuan in 2024, with net profits increasing from 315.00 million yuan to 449.39 million yuan [12][14]. - Key clients include major pharmaceutical groups such as China National Pharmaceutical Group and China Resources Group [12]. Group 3: Taili Technology - Taili Technology focuses on new material research and vacuum technology applications, with a subscription code of 301595. The total number of shares issued is 27.07 million, with 6.90 million shares available for online subscription [17]. - The company’s revenue is projected to grow from 638 million yuan in 2022 to 1.020 billion yuan in 2024, with net profits increasing from 58.84 million yuan to 87.64 million yuan [17][18]. - Major clients include international retailers such as IKEA and Walmart, with Taili Technology being the exclusive supplier of vacuum bags for China's aerospace applications [17].

Group 1: ZERUN New Energy - ZERUN New Energy specializes in photovoltaic module junction boxes, with over 94% of its revenue derived from this segment during the reporting period [4][6][9] - The company has a significant reliance on a single customer, with over 50% of its gross profit coming from Customer A during the reporting period [8][9] - ZERUN's revenue for the years 2022, 2023, and 2024 was approximately 522 million, 844 million, and 876 million CNY, respectively, with a declining gross margin trend [9] Group 2: TIANGONG Co., Ltd. - TIANGONG Co., Ltd. focuses on the production, research, and sales of titanium and titanium alloy materials, with a significant portion of its revenue coming from wire products [11][13] - The company's revenue for the years 2022, 2023, and 2024 was approximately 383 million, 1.035 billion, and 801 million CNY, respectively, with a notable spike in 2023 due to the application of titanium in consumer electronics [15] - TIANGONG faces substantial customer dependency risks, with a significant portion of its revenue derived from a few major clients, particularly in the consumer electronics sector [15][16]

兄弟姐妹们，明天大A将迎来2只新股申购！ 格隆汇新股获悉，本周二（4月15日），可申购深主板新股江顺科技（001400.SZ）和创业板新股众捷汽车 （301560.SZ）。 江顺科技本次发行价格为37.36元/股，对应发行市盈率15.32倍，低于行业平均市盈率29.52倍，低于"模具制造"细分行 业平均静态市盈率31.73倍，公司此次发行保荐人是华泰联合证券股份有限公司。 江顺科技本次发行新股1500万股，全部为网上发行，预计募集资金总额为5.6亿元，扣除发行费用后，预计募集资金净 额约为4.9亿元。网上申购每一个申购单位为500股，申购数量上限为1.5万股，顶格申购须配深市市值15万元。 众捷汽车本次发行价格为16.5元/股，对应发行市盈率21.3倍，低于行业平均市盈率27.16倍，低于同行业可比上市公司 平均市盈率26.08倍，此次发行保荐人是天风证券股份有限公司。 众捷汽车本次发行新股3040万股，网上初始发行数量为729.6万股，预计募集资金总额为5.02亿元，扣除发行费用后， 预计募集资金净额约为4.23亿元。网上申购每一个申购单位为500股，申购数量上限为7000股，顶格申购须配深市市值 7万元。 ...

Core Viewpoint - The upcoming IPOs in the A-share market, particularly for Taihong Wanli, present a favorable investment opportunity due to the low issuance price and the historical performance of new stocks in the market [1][3]. Company Overview - Taihong Wanli, headquartered in Taizhou, Zhejiang, specializes in the research, production, and sales of automotive structural and functional components [5][6]. - The company was established in August 2005 and became a joint-stock company in July 2017, with major shareholders being Ying Zhengcai and Ying Lingmin, holding a combined 37.35% of shares [6]. - Taihong Wanli's products are critical components in automotive manufacturing, with a significant market presence among major automotive manufacturers such as Geely, Great Wall, and Volvo [6][9]. Financial Performance - The company's revenue for the years 2021 to 2023 was reported at 1.01 billion yuan, 1.48 billion yuan, and 1.54 billion yuan, respectively, with a compound annual growth rate (CAGR) of 23.57% [11]. - For the first half of 2024, Taihong Wanli achieved a revenue of 738 million yuan, with a projected full-year revenue of 1.689 billion yuan, reflecting a year-on-year growth of 9.35% [12]. - The net profit attributable to the parent company for 2024 is expected to be 170 million yuan, representing an 8.03% increase year-on-year [12]. Market Position - Taihong Wanli's market share in the passenger car structural components for the first half of 2024 includes 3.1% for front floor structural components and 4.6% for rear floor structural components [9][10]. - The company has a high customer concentration, with significant revenue dependence on Geely and Great Wall, accounting for 35.91% and 51.64% of total revenue, respectively [15]. Industry Context - The A-share market has shown a strong performance for new listings, with an average first-day gain of 246.92% for 26 new stocks listed in 2025 [2]. - The low initial public offering (IPO) price of Taihong Wanli at 8.6 yuan per share, with a price-to-earnings ratio of 18.6, is below the industry average, making it an attractive investment option [1].