Ultra-low frequency high voltage generator for insulation withstand voltage test microcomputer relay protection tester



Hello everyone, recently the break of Beijing Stock Exchange has almost become as severe as the Science and Technology Innovation Board. If we add the issues of capital occupation and inability to abandon purchases, the risk is even greater. Considering the current decrease in popularity of the Beijing Stock Exchange and the gradually increasing risk, the threshold for subscription will also be gradually lowered. Panda will try to update the subscription strategy for the Beijing Stock Exchange as much as possible. Look at the business scope of the enterprise, determine the industry it belongs to, and select comparable companies with high similarity. Of course, it is most convenient to compare with existing ones. Under the registration system, the pricing and valuation of new stock issuance tend to be more market-oriented. The value of any enterprise cannot escape the industry fundamentals and corporate fundamentals, so the price-earnings ratio is an absolutely key element in new stock analysis. Excellent enterprises can indeed obtain higher valuations than the industry due to their growth exceeding the industry average. Therefore, the third step is to screen for growth. Is the enterprise's historical revenue and profit growing steadily or declining year by year? Are there significant fluctuations? If there are significant fluctuations, it is necessary to consider whether there is suspicion of adjusting financial statements for the purpose of listing and valuation. It is undeniable that in new stock issuance, besides fundamentals, the influence of sentiment is also significant, especially for certain hot tracks where funds are more willing to speculate. Therefore, this part of the analysis will also be appropriately increased, but of course, everything must start from fundamentals. The main products are ultra-high voltage and high voltage power cables of 500kV and below, medium and low voltage power cables, wires and cables for equipment, and overhead insulated cables, etc. The company has advanced cable production and testing equipment, including the drum twisting and cabling production line from SKET Germany, two 500kV VCV production lines from TROESTER Germany, the multi-layer co-extrusion composite smooth aluminum sheath production line from ROSENDAHL Austria, the continuous cladding aluminum extrusion production line from BWE UK, and the 700kV series resonance test system from HIGHVOLT Germany. The main business revenue mainly comes from power cables, accounting for about 90% of revenue, while overhead insulated cables are growing rapidly. The corresponding Shenwan tertiary industry is wire and cable components and others. Comparable domestic listed companies are Hanhe Cable (002498), Wanma Co., Ltd. (002276), Hangzhou Cable (603618), and Zhongchen Cable (300933). The lead underwriter is Minsheng Securities, with a total online issuance of 37.3333 million shares, an issue price of 4.3 yuan, a total market value after issuance of 803 million yuan, and an issue price-earnings ratio of 14.34. In terms of specific gross margin, from 2019 to 2021, the gross margin of main business was 13.83%, 12.59%, and 11.17% respectively, which is very low and declining year by year.