IPO项目质量评级

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国元证券保荐科拜尔IPO项目质量评级B级 承销保荐佣金率较高
Xin Lang Zheng Quan· 2025-07-31 09:26
Company Overview - Company Name: Hefei Kobal New Materials Co., Ltd [2] - Stock Code: 920066.BJ [2] - IPO Application Date: December 29, 2023 [2] - Listing Date: October 31, 2024 [3] - Listing Board: Beijing Stock Exchange [3] - Industry: Rubber and Plastic Products [3] - Sponsoring Institution: Guoyuan Securities [3] - Lead Underwriters: Lv Tao, Zhu Peifeng [3] - Legal Advisor: Anhui Tianhe Law Firm [3] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [3] Performance Evaluation - Total Score for Kobal's IPO Project: 89 points, classified as B grade [4] - Negative Factors Affecting Score: Disclosure quality needs improvement, high issuance cost ratio, and actual fundraising amount decreased [4][30] - Average Days from Application to Listing for A-share Companies in 2024: 629.45 days; Kobal's listing cycle is 307 days, below the average [8][25] Financial Metrics - Underwriting and Sponsorship Fees: 16.476 million yuan, with a commission rate of 9.95%, higher than the average of 7.71% [10][25] - Initial Day Stock Price Increase: 294.59% compared to the issue price [12][26] - Stock Price Increase in Three Months: 162.17% compared to the issue price [14][27] - Issuance Price-Earnings Ratio: 14.45 times, compared to the industry average of 20.96 times, which is 68.94% of the industry average [16][28] - Expected Fundraising: 170 million yuan; Actual Fundraising: 166 million yuan, indicating a decrease of 2.31% [18][29] Short-term Performance - Revenue Growth for 2024: 16.73% year-on-year [20][29] - Net Profit Growth for 2024: 7.25% year-on-year [20][29] - Non-recurring Net Profit Growth for 2024: 0.32% year-on-year [20][29]