Ruima Industry (002976): New Share Purchase Strategy

Ruima Industry (002976): New Share Purchase Strategy

Guide to this report: The IPO price of Rema Industrial is expected to be 19.

01 yuan.

Summary: Following the prospectus of the prospectus of Ruima Industrial, the company’s IPO is expected to raise funds 43426.

670,000 yuan, total underwriting and other expenses of 4098.

330,000 yuan, the total fundraising funds of the two are 475.25 million yuan.

The company’s audited 2018 annual report replaced the non-recurring gains and losses attributable to the owner’s net profit of 8,430.

820,000 yuan, the diluted EPS is 0.

843合肥夜网082 yuan, plans to issue 25 million shares, at a price of 19 raised from the raised funds.

01 yuan, corresponding to 22 for PE.

5482 times.

Corresponding to the CSI industry (C33), the static PE was 23 in the past month.

At 98 times, the PE corresponding to the reciprocal price of the funds raised by Rima Industry exceeds the PE of the industry. Regardless of the distribution issue, it is estimated that the Rima Industry IPO issue price is 19.

01 yuan.

The Rema industrial service chain covers the entire series of precision metal parts.

The company takes mold research and development and product development as its core technology. Among them, advanced mold, continuous mold, transfer mold, mixed mold and other mold technologies constitute the company’s core competitiveness in terms of process.

The company 佛山桑拿网 mainly serves mobile communication main equipment suppliers, auto parts suppliers and electronics manufacturing service providers, and has passed the customer certification of well-known companies such as Nokia, Ericsson, Flextronics.

The company has a relatively large sales scale in the mobile communication parts market, while its auto parts business is small, and the company’s production capacity is at a high level. It raises funds through IPO to build automotive, communications and other precision metal component construction projects.

With the acceleration of 5G network construction and the rapid development of new energy vehicles, the increase in downstream demand will drive the development of the upstream industry and provide new growth points for the precision metal parts industry. In addition, the company has abundant resources for the supply of upstream metals and purchased parts, The company has a higher bargaining power, which is conducive to the company to maintain a competitive advantage.

Based on the main business and product composition, the industry and business model, manufacturing process and other factors, we choose Xintian Technology, Aikedi and Huada Technology as comparable companies. The 2019 company’s estimated price-earnings ratio is 97.

4 times.

The profit growth rate of Xintian Technology quickly expanded to the increase of target earnings, which was translated into a reference meaning in the price-earnings ratios of Aikedi and Huada Technology, while the average PE was 22.

Three times, the company’s industry “C33 metal products industry” in the past month (as of February 18, 2020) static earnings decreased 24.

06 times.

In the 2018 annual report of Remar Industries, the net profit PE attributable to the mother was 22.

55 times, compared with industry PE and comparable companies, the valuation of Rema Industrial is reasonable.

Risk reminders: (1) the IPO issuance rhythm is delayed due to force majeure; (2) intensified competition in the precision metal parts industry and downstream demand growth.