Concentration Technology (300203) officially landed on the GEM on April 15, and the listed price was 21.970 yuan, which was 9.85% higher than the issue price.
Concentrated Technology's issue price of 20 yuan, issue price-earnings ratio of 60.89 times.
Appendix: Concentration Technology (300203) Listing and Positioning Analysis 1. Company Fundamental Analysis The company's main business is research and development, production and sales of instruments and meters used in environmental monitoring, industrial process analysis and safety monitoring. With advanced detection and informatization software technologies and products as the core, it provides integrated solutions for analysis, measurement, information, and operation and maintenance services for environmental protection, industrial processes, public safety, and industrial safety. The company's main products include: laser online gas analysis system, UV online gas analysis system, environmental gas monitoring system, environmental water quality monitoring system, digital environmental information system, near-infrared spectroscopy system. For the third consecutive year, the company was selected as the only analytical instrument company in the "China's Most Vital Top 100 Enterprises," and for the third consecutive year it ranked "Forbes China's Top 100 Most Potential Companies." The company has passed ISO9001: 2000 international quality system certification, ISO-14001 international environmental system certification, CMMI grade 3 assessment certification and other qualification certification, the company's R & D institutions have also been rated as a national technology center.
Second, the positioning of the first day of the listing forecast CITIC Securities Investment 21.07-25.42
Bohai Securities 23-28
Shen Yinuoguo 16.6-19.2
CSC Securities: Concentrated Science and Technology's reasonable value range is 21.07-25.42 yuan. The company expects to achieve earnings per share of 0.53, 0.73, and 0.96 yuan from 2011 to 2013, respectively. Taking into account the development prospects of the instrument and meter industry during the 12th five-year period, according to 35 times in 2011 and 30 times in 2012, the issuance price range is 18.43-21.79 yuan. According to the estimates of 40 times in 2011 and 35 times in 2012, the reasonable price range is 21.07-25.42 yuan.
Bohai Securities: Concentration Technology's reasonable value range is 23-28 yuan. The company's 2011-2013 EPS is expected to be 0.51 yuan, 0.68 yuan and 0.89 yuan, respectively, and the net profit growth rate is 41%, 33% and 30% respectively. Considering the development prospects of the instrumentation industry and the company’s competitive advantages, the company’s share price is subject to a one-year target price of 24 yuan and it is expected that the price on the first day of listing will be between 23-28 yuan.
Shenyin Wanguo: Concentration Technology's reasonable value range is 16.6-19.2 yuan. We expect the company to fully dilute the EPS to 0.52, 0.68 and 0.86 yuan in 11-13 years, a compound growth rate of 33%. For the comparable company's 11-year average of 37 times the relative valuation, given the company's dynamic price-earnings ratio of 32-37 times, a reasonable price range of 16.6-19.2 yuan.
Third, the company's competitive advantage analysis Concentration technology through "is not an assembly agent, but independent research and development", "not to sell equipment, but to sell solutions", "not only has superior research and development capabilities, but also a comprehensive, full coverage of marketing "System", "not only the internal growth generator, but also the expansion of the way to achieve the expansion of mergers and acquisitions," ** ** treasure, build its constant bigger and stronger moat, which has become the beneficiary of the process of continuous improvement in industry concentration.
Related news: Industry giants accumulate concentrated concentrator technology successfully listed Recently, Convergence Technology (Hangzhou) Co., Ltd. (stocks referred to as Concentrated Technology) successfully listed, the company issued 45 million shares of A shares, after the release of the total share capital 445 million shares. Concentrating Technology was established in 2002 and is a high-tech enterprise specializing in environmental and safety monitoring and providing comprehensive analytical technology and information management solutions. The funds raised in this issue were mainly invested in the "Environmental Monitoring System Construction Project", "Industrial Process Analysis System Construction Project", "Optical Fiber Sensing Safety Monitoring System Construction Project", "Digital Environmental Information System Construction Project", and "Operation and Maintenance System Construction Project And "Research and Development Center Construction Project." After the successful implementation of the raised investment project, the company will fully consolidate its leading edge in technology, improve the product line portfolio of environmental monitoring, industrial process analysis, and security monitoring markets, further increase production capacity and service levels, and enhance the company's core competitiveness and profitability.
In the long-term management process, Concentration Technology has formed an experienced management team, a strong R&D institution, a national leading technology platform, an excellent brand image in the industry and a perfect service system, which has laid a solid foundation for the company to enter the capital market. The foundation for investors has established full confidence.
Excellent management team is the company's ****
Concentration Technology has an excellent management team. Wang Jian, the chairman and chief engineer, successively obtained Ph.D. degrees from Zhejiang University and Stanford University, and has conducted in-depth research on international cutting-edge inspection technologies. Yao Naxin, general manager, graduated from the University of California, Berkeley, received a master's degree in MBA from Stanford University, served as the head of Alibaba's American company, and has extensive experience in business management. The two founders have an international vision and a deep understanding of the Chinese domestic market. Since the establishment of the company, they have formulated a clear development strategy and business operation model. They actively integrate international advanced technology and management concepts in response to the needs of Chinese customers. Taking full advantage of localized R&D and marketing services provides a broad space for the company to develop in the areas of industrial processes, environmental monitoring and safety monitoring.
In addition, the company's core management team has a deep understanding and grasp of the industry's technology development trends, ensuring that the company's strategic decisions can meet the development needs of the industry. The company’s experienced and well-executed management team provides important support for the company’s collective decision-making and plays a decisive role in the specific implementation process.
Strong R&D strength is the driving force for enterprise development Concentrating technology has strong R&D advantages. After years of training and investment, the company has formed an R&D team with rich industry experience, strong innovation capability, and interdisciplinary research. The company has nearly 400 R&D personnel, among whom the proportion of masters and doctors** is more than 30%. The technical background involves physics, chemistry, optoelectronics, precision instruments, industrial automation, software engineering and many other specialties. Innovative team with scale and innovative strength. In terms of funding, the company has been maintaining high investment in R&D, with R&D expenses accounting for more than 10% of operating revenue.
The company's R&D institutions have been identified as "Zhejiang High-Tech Enterprise R&D Center", "Zhejiang Enterprise Technology Center", "Zhejiang Information Industry Technology Research and Development Center", "Zhejiang Key Laboratory of Environmental and Safety Detection Technology" and " "Environmental and safety on-line detection technology provincial engineering laboratory" has become a domestic excellent instrumentation research and development institution.
The national leading technology platform is the key to the competitiveness of the company Concentrating technology has been focused on international advanced detection technology research and product development since its establishment, and has gradually mastered the spectrum, analytical chemistry, chromatography, electrochemistry, fiber optic transmission Sensing and other analytical technology platform, a number of detection technology in the international leading position.
In 2003, the company took the lead in the development of semiconductor laser absorption spectrum analysis technology in China, and was at the international advanced level in spectral line broadening compensation, alternative calibration, and other technologies. This technology has won the first prize of the 2005 Zhejiang Science and Technology Award, 2006. The National Science and Technology Progress Award second prize and the 2009 China Patent Gold Award. In 2005, the company took the lead in the development of a gas analysis technology for UV/visible fiber spectroscopy in-situ extraction process in China. It is an international leader in in situ extraction of hot and humid sampling pretreatment technology and electric tar detection technology. Won the first prize of the Zhejiang Science and Technology Award in 2007
2009 National Science and Technology Progress Award second prize.
In addition, the company has also developed a number of innovative technologies such as near-infrared spectroscopy, atomic emission element analysis, sequential injection water quality on-line analysis, Raman scattering distributed fiber temperature measurement, etc., forming the most comprehensive analysis and inspection in the country. Technology platform.
The brand is a magic weapon for companies based on the market Since its establishment, Concentration Technology has been focusing on the instrumentation industry and is committed to establishing a brand image of high-end analytical instruments. After many years of accumulation in the environmental monitoring, industrial process analysis and safety monitoring markets, the company has achieved a lot of results in product research and development, and has made great progress in production processes, quality control, and sales services. At present, the concentrating technology high-end instrument brand image has been widely recognized in the environmental monitoring industry and industrial process analysis industry, and has won a high reputation. For the third consecutive year, the company has been selected as the only analytical instrument company for "China's Most Vital Top 100 Companies," and has ranked "Forbes China's Top 100 Most Potential Companies" for four consecutive years. Corporate brand building has become a magic weapon for companies based on the market.
The perfect service system is the guarantee that the enterprise captures the market. Environmental monitoring systems, industrial process analysis systems, and safety monitoring systems are important technical means for environmental protection, process control, and safety production. Once the system fails, it may have a great impact on customers. Therefore, when customers choose products, they attach great importance to the timeliness, professionalism and completeness of the services provided by the manufacturers. As the company independently owns key technologies of core products, it can provide professional integrated engineering services for customers, including technical exchanges, site surveys, program design, system design, installation and commissioning, customer training, operation and maintenance inspection, and program optimization to upgrade. Expansion and other content, so as to better meet customer needs.
At the same time, in order to improve the timeliness of services, the company has established 30 engineering service outlets, and more customer service hotlines can provide domestic users with 48-hour on-site service and consultation, with on-site service and off-site technical support integrated service capabilities, can be the first Time to solve customer product use issues.
Perfect service network and timely and professional services have become an important guarantee for the company to consolidate and increase market share and increase market competitiveness.
Through this IPO, Concentrating Technology will open up a new journey in the capital market and inject new momentum into the company. In the future, Concentration Technology will adhere to the pursuit of excellence, beyond the spirit of the enterprise itself, committed to the industry's most cutting-edge research and application of various analytical and research and development, through continuous enhancement and upgrading of core competitive advantages, to provide international leading domestic and foreign customers The industry solutions such as environmental monitoring, industrial process analysis and safety monitoring are dedicated to developing into a world-class provider of high-end comprehensive analysis and measurement solutions, making work more efficient, safer, and making life more healthy and environmentally friendly!
Concentrated Technology's issue price of 20 yuan, issue price-earnings ratio of 60.89 times.
Appendix: Concentration Technology (300203) Listing and Positioning Analysis 1. Company Fundamental Analysis The company's main business is research and development, production and sales of instruments and meters used in environmental monitoring, industrial process analysis and safety monitoring. With advanced detection and informatization software technologies and products as the core, it provides integrated solutions for analysis, measurement, information, and operation and maintenance services for environmental protection, industrial processes, public safety, and industrial safety. The company's main products include: laser online gas analysis system, UV online gas analysis system, environmental gas monitoring system, environmental water quality monitoring system, digital environmental information system, near-infrared spectroscopy system. For the third consecutive year, the company was selected as the only analytical instrument company in the "China's Most Vital Top 100 Enterprises," and for the third consecutive year it ranked "Forbes China's Top 100 Most Potential Companies." The company has passed ISO9001: 2000 international quality system certification, ISO-14001 international environmental system certification, CMMI grade 3 assessment certification and other qualification certification, the company's R & D institutions have also been rated as a national technology center.
Second, the positioning of the first day of the listing forecast CITIC Securities Investment 21.07-25.42
Bohai Securities 23-28
Shen Yinuoguo 16.6-19.2
CSC Securities: Concentrated Science and Technology's reasonable value range is 21.07-25.42 yuan. The company expects to achieve earnings per share of 0.53, 0.73, and 0.96 yuan from 2011 to 2013, respectively. Taking into account the development prospects of the instrument and meter industry during the 12th five-year period, according to 35 times in 2011 and 30 times in 2012, the issuance price range is 18.43-21.79 yuan. According to the estimates of 40 times in 2011 and 35 times in 2012, the reasonable price range is 21.07-25.42 yuan.
Bohai Securities: Concentration Technology's reasonable value range is 23-28 yuan. The company's 2011-2013 EPS is expected to be 0.51 yuan, 0.68 yuan and 0.89 yuan, respectively, and the net profit growth rate is 41%, 33% and 30% respectively. Considering the development prospects of the instrumentation industry and the company’s competitive advantages, the company’s share price is subject to a one-year target price of 24 yuan and it is expected that the price on the first day of listing will be between 23-28 yuan.
Shenyin Wanguo: Concentration Technology's reasonable value range is 16.6-19.2 yuan. We expect the company to fully dilute the EPS to 0.52, 0.68 and 0.86 yuan in 11-13 years, a compound growth rate of 33%. For the comparable company's 11-year average of 37 times the relative valuation, given the company's dynamic price-earnings ratio of 32-37 times, a reasonable price range of 16.6-19.2 yuan.
Third, the company's competitive advantage analysis Concentration technology through "is not an assembly agent, but independent research and development", "not to sell equipment, but to sell solutions", "not only has superior research and development capabilities, but also a comprehensive, full coverage of marketing "System", "not only the internal growth generator, but also the expansion of the way to achieve the expansion of mergers and acquisitions," ** ** treasure, build its constant bigger and stronger moat, which has become the beneficiary of the process of continuous improvement in industry concentration.
Related news: Industry giants accumulate concentrated concentrator technology successfully listed Recently, Convergence Technology (Hangzhou) Co., Ltd. (stocks referred to as Concentrated Technology) successfully listed, the company issued 45 million shares of A shares, after the release of the total share capital 445 million shares. Concentrating Technology was established in 2002 and is a high-tech enterprise specializing in environmental and safety monitoring and providing comprehensive analytical technology and information management solutions. The funds raised in this issue were mainly invested in the "Environmental Monitoring System Construction Project", "Industrial Process Analysis System Construction Project", "Optical Fiber Sensing Safety Monitoring System Construction Project", "Digital Environmental Information System Construction Project", and "Operation and Maintenance System Construction Project And "Research and Development Center Construction Project." After the successful implementation of the raised investment project, the company will fully consolidate its leading edge in technology, improve the product line portfolio of environmental monitoring, industrial process analysis, and security monitoring markets, further increase production capacity and service levels, and enhance the company's core competitiveness and profitability.
In the long-term management process, Concentration Technology has formed an experienced management team, a strong R&D institution, a national leading technology platform, an excellent brand image in the industry and a perfect service system, which has laid a solid foundation for the company to enter the capital market. The foundation for investors has established full confidence.
Excellent management team is the company's ****
Concentration Technology has an excellent management team. Wang Jian, the chairman and chief engineer, successively obtained Ph.D. degrees from Zhejiang University and Stanford University, and has conducted in-depth research on international cutting-edge inspection technologies. Yao Naxin, general manager, graduated from the University of California, Berkeley, received a master's degree in MBA from Stanford University, served as the head of Alibaba's American company, and has extensive experience in business management. The two founders have an international vision and a deep understanding of the Chinese domestic market. Since the establishment of the company, they have formulated a clear development strategy and business operation model. They actively integrate international advanced technology and management concepts in response to the needs of Chinese customers. Taking full advantage of localized R&D and marketing services provides a broad space for the company to develop in the areas of industrial processes, environmental monitoring and safety monitoring.
In addition, the company's core management team has a deep understanding and grasp of the industry's technology development trends, ensuring that the company's strategic decisions can meet the development needs of the industry. The company’s experienced and well-executed management team provides important support for the company’s collective decision-making and plays a decisive role in the specific implementation process.
Strong R&D strength is the driving force for enterprise development Concentrating technology has strong R&D advantages. After years of training and investment, the company has formed an R&D team with rich industry experience, strong innovation capability, and interdisciplinary research. The company has nearly 400 R&D personnel, among whom the proportion of masters and doctors** is more than 30%. The technical background involves physics, chemistry, optoelectronics, precision instruments, industrial automation, software engineering and many other specialties. Innovative team with scale and innovative strength. In terms of funding, the company has been maintaining high investment in R&D, with R&D expenses accounting for more than 10% of operating revenue.
The company's R&D institutions have been identified as "Zhejiang High-Tech Enterprise R&D Center", "Zhejiang Enterprise Technology Center", "Zhejiang Information Industry Technology Research and Development Center", "Zhejiang Key Laboratory of Environmental and Safety Detection Technology" and " "Environmental and safety on-line detection technology provincial engineering laboratory" has become a domestic excellent instrumentation research and development institution.
The national leading technology platform is the key to the competitiveness of the company Concentrating technology has been focused on international advanced detection technology research and product development since its establishment, and has gradually mastered the spectrum, analytical chemistry, chromatography, electrochemistry, fiber optic transmission Sensing and other analytical technology platform, a number of detection technology in the international leading position.
In 2003, the company took the lead in the development of semiconductor laser absorption spectrum analysis technology in China, and was at the international advanced level in spectral line broadening compensation, alternative calibration, and other technologies. This technology has won the first prize of the 2005 Zhejiang Science and Technology Award, 2006. The National Science and Technology Progress Award second prize and the 2009 China Patent Gold Award. In 2005, the company took the lead in the development of a gas analysis technology for UV/visible fiber spectroscopy in-situ extraction process in China. It is an international leader in in situ extraction of hot and humid sampling pretreatment technology and electric tar detection technology. Won the first prize of the Zhejiang Science and Technology Award in 2007
2009 National Science and Technology Progress Award second prize.
In addition, the company has also developed a number of innovative technologies such as near-infrared spectroscopy, atomic emission element analysis, sequential injection water quality on-line analysis, Raman scattering distributed fiber temperature measurement, etc., forming the most comprehensive analysis and inspection in the country. Technology platform.
The brand is a magic weapon for companies based on the market Since its establishment, Concentration Technology has been focusing on the instrumentation industry and is committed to establishing a brand image of high-end analytical instruments. After many years of accumulation in the environmental monitoring, industrial process analysis and safety monitoring markets, the company has achieved a lot of results in product research and development, and has made great progress in production processes, quality control, and sales services. At present, the concentrating technology high-end instrument brand image has been widely recognized in the environmental monitoring industry and industrial process analysis industry, and has won a high reputation. For the third consecutive year, the company has been selected as the only analytical instrument company for "China's Most Vital Top 100 Companies," and has ranked "Forbes China's Top 100 Most Potential Companies" for four consecutive years. Corporate brand building has become a magic weapon for companies based on the market.
The perfect service system is the guarantee that the enterprise captures the market. Environmental monitoring systems, industrial process analysis systems, and safety monitoring systems are important technical means for environmental protection, process control, and safety production. Once the system fails, it may have a great impact on customers. Therefore, when customers choose products, they attach great importance to the timeliness, professionalism and completeness of the services provided by the manufacturers. As the company independently owns key technologies of core products, it can provide professional integrated engineering services for customers, including technical exchanges, site surveys, program design, system design, installation and commissioning, customer training, operation and maintenance inspection, and program optimization to upgrade. Expansion and other content, so as to better meet customer needs.
At the same time, in order to improve the timeliness of services, the company has established 30 engineering service outlets, and more customer service hotlines can provide domestic users with 48-hour on-site service and consultation, with on-site service and off-site technical support integrated service capabilities, can be the first Time to solve customer product use issues.
Perfect service network and timely and professional services have become an important guarantee for the company to consolidate and increase market share and increase market competitiveness.
Through this IPO, Concentrating Technology will open up a new journey in the capital market and inject new momentum into the company. In the future, Concentration Technology will adhere to the pursuit of excellence, beyond the spirit of the enterprise itself, committed to the industry's most cutting-edge research and application of various analytical and research and development, through continuous enhancement and upgrading of core competitive advantages, to provide international leading domestic and foreign customers The industry solutions such as environmental monitoring, industrial process analysis and safety monitoring are dedicated to developing into a world-class provider of high-end comprehensive analysis and measurement solutions, making work more efficient, safer, and making life more healthy and environmentally friendly!
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