The Zhitong Finance App learned that on March 15, Ping An Electric (001359.SZ) began the subscription. The issue price was 17.39 yuan/share, and the subscription limit was 18,500 shares, with a price-earnings ratio of 25.88 times. It belongs to the Shenzhen Stock Exchange, and CITIC Securities is its sole sponsor.

According to the prospectus, Ping An Electric is engaged in R&D, production and sales of mica insulation materials, glass fiber cloth and new energy insulation materials. It is committed to providing professional high-temperature insulating material products and technical services to global customers, and is one of the leading enterprises in the global mica insulation materials industry. The company's products are widely used in wire and cable, household appliances, new energy vehicles, energy storage systems, wind power, photovoltaics and rail transit.

During the reporting period, the company's main business revenue classified by product was as follows:

The gross profit situation of the company's main business products during the reporting period was as follows:

Looking at the mica market situation, according to statistics from market research agency Frost & Sullivan, the global mica market reached 14.6 billion yuan in 2020, and is expected to reach 19.9 billion yuan in 2023. The mica market can be divided into four categories according to terminal market use, namely refractory materials, insulating materials, pearlescent materials and other materials. In 2020, they accounted for 52.38%, 25.17%, 9.52% and 12.93%, respectively. The market segments were 7.7 billion yuan, 3.7 billion yuan, 1.4 billion yuan and 1.9 billion yuan respectively. The compound annual growth rate of refractory materials and insulation materials in 2016 to 2020 was 8.78% and 27.50% respectively. It is estimated that the market size of refractory materials and insulating materials will reach 17.9 billion yuan in 2025.

According to information, the funds raised by Ping An Electric are intended to be used for the following projects after deducting issuance fees:

On the financial side, in 2019, 2020 and 2021, the company achieved operating revenue of approximately $668 million, $670 million, and $887 million respectively. The company's net profit was approximately 125 million yuan, 860.155 million yuan, and 122 million yuan respectively.

It should be noted that the prospectus specifically reminds investors to pay attention to the risk of overdue or irrecoverable accounts receivable. At the end of each period of the reporting period, the company's accounts receivable balances were large, about 113 million yuan, 134 million yuan, 149 million yuan and 159 million yuan respectively. Among them, the original value of accounts receivable within 1 year accounted for 98.31%, 99.94%, 98.84%, and 99.17% of the total accounts receivable, respectively. There were no significant overdue amounts during the reporting period. In the future, if the company is unable to effectively manage accounts receivable, there may be a risk that bad debts will increase due to a large balance of accounts receivable, or that they will not be able to be recovered in a timely manner, which will have a significant adverse impact on the company's future business performance.