Location Analysis Of Three New Stock Exchanges Such As Shu Tai Shen

Today (April 15th), three new shares will be listed on the gem.

Stock Code: 300202

Stock short: Julong shares

Purchase code: 300202

Listing place: Shenzhen Stock Exchange Gem

Issue price (yuan / share): 22.38

Issue price earnings ratio: 60.32

The company's main business: mainly engaged in R & D, production and sales of financial machinery, the main products are banknote clearing machine and banknote binding machine.

Sponsor: China National Securities Co., Ltd.

Valuation of brokerages:

CITIC construction investment: the reasonable price range is 20.79 yuan -23.10 yuan.

Taking into account the rapidly growing market demand of the domestic banknote clearing machine industry, and the company's outstanding technology, cost and customer resource advantages, it is expected that the company will achieve net profit of 65 million 110 thousand, 91 million 570 thousand and 119 million 830 thousand yuan in the next 2011-2013 years, corresponding to EPS 0.77, 1.08 and 1.41 yuan respectively. Referring to the valuation level of the comparable listed companies, such as broadcasting and TV express, Royal Electric shares, and certification electronics, the company gave the company 27-30 times PE in 2011, and the reasonable price interval was 20.79 yuan -23.10 yuan.

State Securities: reasonable pricing 18-21.5 yuan

Forecast Ltd 2011-2012 years EPS0.782, 1.12 yuan, compared with the industry's year-on-year company, we think that the reasonable price of Julong shares is 18-21.5 yuan, corresponding to 23X11PE, 19X12PE respectively.

　　 shares Code: 300203
Stock short: spotlight Technology

Purchase code: 300203

Listing place: Shenzhen Stock Exchange gem

Issue price (yuan / share): 20

Issue price earnings ratio: 60.89

The company's main business: research and development, production and sales of instruments used in environmental monitoring, industrial process analysis and safety monitoring.

Sponsor: CITIC Negotiable securities Limited company

Valuation of brokerages:

Qilu Securities: the inquiry interval is 18.9-21.6 yuan.

It is estimated that in the 2011-2013 years, the company's EPS will be 0.54 yuan, 0.72 yuan and 0.94 yuan, respectively, giving the 35-40 times earnings ratio of EPS in 2011, corresponding to the inquiry interval of 18.9-21.6 yuan. Under the microcosmic background of environmental protection, Internet of things, the integration of the two industries and the microcosmic background of the company's ongoing strategy of mergers and acquisitions, the company will continue to offer catalysts in the future.

Guotai Junan: the inquiry interval is 18.5-21.2 yuan.

It is estimated that the company's EPS will be 0.36 yuan, 0.53 yuan and 0.72 yuan in 2010-2012 years respectively. The GEM listed companies have an average of 11 years PE of 34 times, corresponding to 2010-2012 years PE of 57/35/25. Taking into account the company's excellent business conditions, the company gave 11 times PE35-40 times PE, corresponding to the inquiry range 18.5-21.2 yuan.

Stock Code: 300204
Stock abbreviation: Shu Taishen

Purchase code: 300204

Listing place: Shenzhen Stock Exchange gem

Issue price (yuan / share): 52.50

Issue price earnings ratio: 63.25

The company's main business: mainly engaged in research and development, production and sales of biological products and some chemicals.

Sponsor: Huatai Securities Limited by Share Ltd

Valuation of brokerages:

Shanghai Securities: the inquiry interval is 47.12-56.54 yuan.

Taking into account the fundamentals of the company, the valuation of the listed companies in the same industry, and the recent valuation of the newly listed stocks, we propose to choose a 5% discount rate, corresponding to the inquiry interval of 47.12-56.54 yuan, which is 55.48-66.57 times compared with the 2010 static price earnings ratio (diluted after issue).

Haitong Securities: the reasonable price range is 47.14-54.28 yuan.

We believe that with the further expansion of the company's products into the insurance industry, the company is expected to maintain a high growth rate in the next three years. It is estimated that the company's EPS will be 1.43 yuan, 2.15 yuan, 3 yuan, and a compound growth rate of 44.86% in the next 2010-2012 years. Referring to the valuation level of the comparable company and considering the investment risk of the gem at present, we think that we can give 33-38 times earnings per share in 2011, the reasonable price range is 47.14-54.28 yuan, and the company's issuing price is 52.5 yuan, so we should apply for caution.