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超5000亿元打新资金哄抢,深度绑定国铁集团,西南交大校企背景的交大铁发明日上市看点几何?
Mei Ri Jing Ji Xin Wen· 2025-06-09 10:00
Company Overview - Company name is Jiaoda Tiefa, focusing on the research, development, production, and sales of intelligent products and equipment for rail transit, as well as providing professional technical services in this field [1][2] - Established in 2005 by Southwest Jiaotong University, the company is closely tied to its parent institution, which holds a 17.19% stake [1][2] - The company has participated in significant national and provincial research projects, including the development of a high-speed railway earthquake early warning system [1][2] Market Position - Jiaoda Tiefa's products are widely used in major rail projects such as the Beijing-Zhangjiakou High-Speed Railway and the Guangzhou Metro, with key clients including the China National Railway Group [2][3] - The company has a market share of approximately 40% in the earthquake warning system sector and over 90% in the switch monitoring system sector [2][3] Industry Context - The rail transit equipment industry is expected to grow rapidly, with China's railway operating mileage projected to increase from 146,000 kilometers in 2020 to 165,000 kilometers by 2025 [3] - Urban rail transit is also anticipated to expand significantly, with 59 cities operating urban rail systems and a total operational length of 11,224.54 kilometers as of the end of 2023 [3] Financial Performance - Projected revenues for 2022, 2023, and 2024 are 235 million, 273 million, and 335 million yuan respectively, with year-on-year growth rates of 15.26%, 16.12%, and 22.61% [4] - The company expects to raise 193.4 million yuan through its IPO, with funds allocated for three projects and working capital [4] IPO and Valuation - The IPO has generated significant interest, with subscription funds exceeding 5 billion yuan, setting a record for the North Exchange [5][6] - The dynamic price-to-earnings ratio for Jiaoda Tiefa is 12.26, significantly lower than the average of comparable companies at 30.86, indicating a strong valuation advantage [6][7] - If the stock reaches the average valuation of comparable companies, it could see an increase of 152% on its first trading day, with a potential price target of 22 yuan [7]
实控人为西南交大员工,轨道交通领域“小巨人”今日申购 | 打新早知道
Core Viewpoint - The company Jiao Da Tie Fa (920027.BJ) is set to be listed on the Beijing Stock Exchange, focusing on the research, production, and sales of intelligent products and equipment for rail transit, along with providing specialized technical services [1][4]. Group 1: Company Overview - Jiao Da Tie Fa specializes in rail transit intelligent products and equipment, including safety monitoring products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [1]. - The company has participated in the development of the "High-speed Railway Earthquake Early Warning System" in collaboration with the China Earthquake Administration and is one of the three certified suppliers for this product [4]. - Jiao Da Tie Fa's products are widely used in various rail systems, including high-speed railways and urban transit systems, with major clients being state-owned enterprises related to railways [4]. Group 2: Financial Information - The initial offering price for Jiao Da Tie Fa is set at 8.81 yuan per share, with an issuance price-to-earnings (P/E) ratio of 12.94, significantly lower than the industry average P/E ratio of 34.96 [2]. - The company plans to allocate raised funds for several projects, including 0.60 billion yuan (35.39%) for a new production project, 0.51 billion yuan (30.21%) for a research center, 0.25 billion yuan (14.79%) for marketing and after-sales service network construction, and 0.33 billion yuan (19.60%) for working capital [2]. Group 3: Management and Control - The actual controller of Jiao Da Tie Fa is Wang Pengxiang, who holds 13.99% of the shares directly and controls a total of 41.05% of the voting rights through various agreements [5]. - Wang Pengxiang has extensive experience within the Southwest Jiaotong University system and has transitioned to full-time work at the company after obtaining leave for entrepreneurship [5]. Group 4: Market Position and Strategy - The company aims to enhance its operational strength and pursue a national development strategy as a key future goal [6]. - The median TTM P/E ratio of comparable companies is noted to be 37.7X, indicating a potential investment interest in Jiao Da Tie Fa [6].