001378.SZ, which belongs to the Shenzhen Stock Exchange and has an exclusive sponsor China Merchants, is listed on the Shenzhen Stock Exchange at an offering price of 31.68 yuan per share, with a ceiling of 12000 shares and a price-to-earnings ratio of 26.12, Zhitong Financial APP learned.
According to the prospectus, Deguan New material is mainly engaged in the R & D, production and sales of functional film and functional masterbatch, providing customers with functional BOPP film, BOPE film and functional masterbatch. At present, the company is a new material manufacturing enterprise with rich variety of functional BOPP film products and leading technology.
It is understood that functional film is an important basic material for commodity packaging, which endows commodity packaging with properties such as waterproof and moisture-proof, anti-tearing, corrosion resistance, anti-pollution, anti-counterfeiting and marking, so as to prolong the life of commodity packaging, enhance the beauty of commodity appearance and improve the quality of goods. The company's products are widely used in the end, including packaging boxes for products such as liquor, dairy products and cosmetics, cover decoration protection for printed materials such as books and magazines, commodity labels and anti-counterfeiting marks for daily chemical products, food, beverages, medicine bottles, electronic product labels and outer packaging, as well as electronic process consumables, household decoration materials and other fields. The company is currently a supplier of domestic and foreign well-known enterprises Avery Dennison, UPM Raflatac, Silk Ai, Folai New Materials and Zijiang Enterprises.
The composition of the main business income of the issuer during the reporting period is shown in the following table:
It is understood that the funds raised by Deguan's new materials will be used for the following projects after deducting the issuance expenses:
In terms of finance, in 2019,2020 and 2021, the company's operating income was about 1.058 billion yuan, 1.021 billion yuan and 1.314 billion yuan respectively. The company's net profit is about 55.6238 million yuan, 90.1943 million yuan and 191 million yuan respectively.
It should be noted that the prospectus particularly reminds investors of the risk of low innovation rate of machinery and equipment. The innovation rate of the company's machinery and equipment is 29.20%, and the innovation rate is low. The cost of equipment renovation and maintenance may increase in the future, which will affect the profitability of the company.
In addition, we should pay attention to the risk of customer stability. In 2019, 2020 and 2021, the sales revenue of the top five customers accounted for 17.25%, 17.71% and 16.76% of the company's operating income, respectively, which was relatively low. In the future, if the purchasing scale of the company's major customers is reduced due to macroeconomic cyclical fluctuations and the decline of their market competitiveness, or if the company cannot meet the business needs put forward by customers in a timely manner through R & D innovation and service improvement, or if the company's business delivery problems such as quality and timeliness can not meet customer requirements, it will have a negative impact on the company's sustainable operating capacity.