On May 30th, Yuneng Technology disclosed its initial public offering and listed in science and technology innovation board. Online investors subscribed for 301.8 million, which was close to the initial level in science and technology innovation board, hitting a new low since July 20 19. Science and technology innovation board IPO Huahai Zero2IPO subscribed the day before yesterday has only 3.57 million online investors, and the number of new investors is relatively low.
These two new shares happen to be the new shares with a price-earnings ratio of 100 yuan and 100 times in the A-share market after Naxinwei. The issue price of Huahai Zero2IPO is 136.66 yuan, and the issue price-earnings ratio is 127.9 times. The issue price of Yuneng Technology is 163 yuan, and the issue price-earnings ratio is 135.2 yuan.
Previously, under the background of making money by winning lots in new shares, high-priced stocks were called "meat labels" by new customers and were highly sought after. "In the past, regardless of high prices or low prices, new shares can get a lot of income after listing, and investors are also brainless." Analysts pointed out that after several rounds of breaking the tide, innovation is no longer a risk-free transaction, investors have awe of new shares, and innovation begins to become rational.
The number of new investors in Yuneng Technology Online is low.
After the previous boom, the new generation has more concerns about high-priced and high-price-earnings ratio new shares.
On May 30th, the data released by science and technology innovation board new stock Yuneng Technology showed that there were only 3182,600 new investors online, which was lower than 3.2 million in mid-April, and also the lowest in nearly 34 months since July 20th19th.
The issue price of Yuneng Technology is 163 yuan/share, and the issue price-earnings ratio is 135.20 times. The company's fundraising project is expected to use raised funds of 556 million yuan. According to this issue price and the number of new shares issued, it is estimated that 3.26 billion yuan will be raised.
The reason why the company is so sought after by offline investors is mainly because its industry is in the field of photovoltaic power generation and new energy. The company is mainly engaged in the research and development, production and sales of component-level power electronic equipment in distributed photovoltaic power generation systems. The main products include: micro inverter, intelligent shutdown device, energy communication and monitoring and analysis system.
Benefiting from the high prosperity of the industry, Yuneng Technology's revenue and profit have increased rapidly. 20 19-202 1, the company realized operating income of 385 million yuan, 489 million yuan and 665 million yuan respectively, with growth rates of 6327%, 27.29% and 3585% respectively, and realized net profit of 22 million yuan, 77 million yuan and/kloc-.
In the first quarter of 2022, the company achieved an operating income of 654.38+74 billion yuan, a year-on-year increase of 5654.38+0.6654.38+0%; The net profit of returning to the mother was 36,543.8 billion yuan, a year-on-year increase of 65,438+023.87%. According to the company's preliminary forecast, it is estimated that the company's net profit will increase by 265,438+06% to 243% in the first half of 2022.
It is worth mentioning that Hemai's main products also include micro inverters, which are similar to the company's business structure. Previously, the issuance of Hemai shares was also well received by offline institutions, and the issue price reached 557.8 yuan/share, setting a new record for the highest issue price of A shares.
Co-purchase shares have been abandoned by a large number of online investors before. However, after listing, Hemai shares not only did not break, but rose sharply on the day of listing, with the highest increase of nearly 50% on the first day. According to the highest price, the first signing can earn 6.5438+0.3 million yuan, and even according to the closing price, the first signing can earn 83.6 million yuan.
High prices scare away a new generation.
In addition to Yuneng Technology, the number of online investors subscribing for science and technology innovation board IPO Huahai Zero2IPO recently issued is obviously less.
Huahai Zero2IPO is also a new stock with a price-earnings ratio of 100 yuan, with an issue price of 136.66 yuan and an issue price-earnings ratio of 127.9 times. Faced with such a high price and price-earnings ratio, online investors are discouraged, and the number of online subscriptions is only 3.57 million. Although it is slightly higher than the online investors of Yuneng Technology, it is at a lower level since the opening of science and technology innovation board.
According to the data, Huahai Qingke is mainly engaged in research and development, production, sales and technical services of special semiconductor equipment, and its main products are chemical mechanical polishing (CMP) equipment. It is reported that CMP is a key process necessary for advanced integrated circuit manufacturing and advanced packaging.
At present, the mainstream model of CMP equipment produced by the company has successfully filled the domestic gap, broken the monopoly of international giants for decades, effectively reduced the procurement cost of domestic downstream customers and their dependence on foreign equipment, and supported the rapid development of domestic integrated circuit industry.
At present, the company has shipped more than 65,438+040 sets of CMP equipment, and more than 70 sets of products have not been issued. The equipment has been widely used in large-scale production lines of advanced integrated circuit manufacturers at home and abroad, such as SMIC, Changjiang Storage, Hua Hong Group, Intel, Changxin Storage, Xiamen Lian Xin, Guangzhou Xinyue and Shanghai Guitar.
New shares with low price and low P/E ratio are favored by online innovators.
Judging from the recent issuance of new shares, online investors prefer low-priced new shares with low price-earnings ratio. For example, the issue price of Sinosteel Luonai is 5.06 yuan, and the price-earnings ratio is 32.82 times. The low price attracted 4.445 million investors to buy, reaching the highest value in the near future.
The situation on GEM is similar. Shareholders of new shares with low price and low P/E ratio actively subscribe, while those with high price or high P/E ratio will be significantly less.
For example, the recent listing price of Feilingx is 72 yuan, and the previously published data shows that the number of online subscription investors is 9,498,900, which is significantly lower than the recent average. Relatively low-priced new shares such as Xianglou New Materials, Dongli Machinery, Tengya Seiko and Yubang New Materials have attracted more than100000 investors.
Analysts pointed out that the high price and P/E ratio of new shares often correspond to the high prosperity of the industry and the rapid growth of the company's performance. It is not excluded that its high price and high P/E ratio itself overdraw the growth of the company, and it is reasonable for investors to worry about "breaking" and giving up subscription. But this does not mean that new shares with low price and low P/E ratio will not be broken. Shareholders need to pay more attention to the company's fundamentals, the whole industry and the market environment.
Offline investors are cautiously involved.
When offline innovation is no longer a business of "only earning but not losing", offline investors are becoming more and more cautious in participating in inquiry. Although it is not "abandoned" like online investors, the enthusiasm for participation has decreased.
Whether in science and technology innovation board or Growth Enterprise Market, the number of institutions participating in inquiry shows a downward trend. Recently, with the return of the profit-making effect of new shares, the number of new investors under the net has increased, but it is not obvious.
According to the data previously published by Cloud Technology, only 15 1 institutional investors participated in the offline inquiry, which is the least number of participating institutions since the opening of science and technology innovation board. It used to be Haichuang Pharmaceutical. At that time, there were only 18 1 quotation agencies.
Science and technology innovation board's new shares Matsui Intelligent and Sinosteel Luonai announced 283 and 282 offline inquiry institutions respectively, while Huahai Zero2IPO and Yuneng Technology announced 273 and 274 offline inquiry institutions respectively, which are still at a low level.
The number of offline institutions on GEM is also relatively small. There are about 280 offline institutions of new shares on GEM, such as Zhongke Jiangnan, Tengya Seiko, Dongli Machinery, Xianglou New Materials and Yubang New Materials. Among them, there are only 278 new investors in Xianglou New Materials, setting a new record for the number of participating institutions in offline quotation since the implementation of the GEM registration system in 2020.
Guangyin International believes that the increase in the breaking rate is mainly due to the combination of many factors, such as the running-in period after the introduction of the new inquiry rules, large market fluctuations, lack of confidence, and insufficient investment and research ability of institutional new shares. The soaring breaking rate of A-share market has attracted the attention of all participants in the market. However, it should be noted that the increase in the number of new shares is an inevitable phenomenon in the reform of the registration system. At this stage, the reform has achieved initial results, and further deepening the market-oriented reform is the consensus of all parties in the market.
"Overall, new shares were broken on the first day, and the number of inquiry targets was lower than that of new shares that were not broken during the same period. To some extent, this reflects that institutions have some prudent considerations and stock selection when participating in the quotation. In the case that the new shares are broken on the first day, the finalist rate of the final inquiry account is also low, which also shows that the institutional quotation process is more cautious. " According to the research of CICC, private equity funds and Public Offering of Fund have higher enthusiasm for participation, while trust companies and insurance companies have lower enthusiasm for participation.
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