Recomendaciones para la suscripción a nuevas acciones | 9 de abril, suscripción a dos nuevas acciones

1. Shenghe Jingwei(Science and Technology Innovation Board)

Subscription code: 787820

Stock code: 688820

Issue price: 19.68

Issue P/E ratio: 195.62

Industry P/E ratio: 62.61

Issue size: 5.028 billion yuan

Main business: Advanced packaging and testing industry of integrated circuits, including middle-stage silicon wafer processing and back-end advanced packaging

Other important company information is shown in the figure below:

Comment: Regarding industry prospects, from the market size perspective, the global integrated circuit packaging and testing industry market size grew from 55.46 billion USD in 2019 to 101.47 billion USD in 2024, with a compound growth rate of 12.8%. According to Yole and Zhuoshi Consulting, the global market size for integrated circuit packaging and testing is expected to reach 134.90 billion USD by 2029, with a compound growth rate of 5.9% from 2024 to 2029. Among them, the market size of mainland China’s integrated circuit packaging and testing industry will reach 438.98 billion yuan by 2029.

In terms of company performance, from 2022 to 2025, Shenghe Jingwei achieved revenues of 1.633 billion yuan, 3.038 billion yuan, 4.7 billion yuan, and 6.521 billion yuan respectively; net profits attributable to shareholders after deducting non-recurring gains and losses were -349 million yuan, 31.62 million yuan, 187 million yuan, and 859 million yuan respectively. The company expects to achieve revenues of 1.65 billion to 1.8 billion yuan in Q1 2026, an increase of 9.91% to 19.91% year-on-year; and net profits attributable to shareholders after deducting non-recurring gains and losses of 135 million to 150 million yuan, an increase of 7.32% to 19.24% year-on-year.

Regarding fundraising, according to the prospectus, Shenghe Jingwei originally planned to issue 255 million shares, raising 4.8 billion yuan, for the 3D multi-chip integration packaging project(4 billion yuan), and ultra-high-density interconnected 3D multi-chip integration packaging project(800 million yuan). Based on the issuance price of 19.68 yuan per share, the company’s actual fundraising this time is about 5.028 billion yuan, which is approximately 5% more than the original plan.

Reviewing the new stock situation in 2025, in 2025, there were 116 new stocks listed on the A-share market, with no delistings on the first day. Among them, 19 new stocks were listed on the Science and Technology Innovation Board throughout the year, with an average first-day closing increase of 244%, and an average floating profit of about 58,200 yuan per lot(500 shares). Since 2026, 33 new stocks have been listed on the A-share market, with no delistings on the first day.

From a valuation perspective, the company’s issue P/E ratio is much higher than the industry average, which is relatively rare among recent new stocks. However, considering the company’s Sci-Tech attributes and the obvious first-day profit effect of new stocks in the past two years, a comprehensive judgment indicates that the probability of Shenghe Jingwei’s first-day delisting is relatively small.

2. Ruili Jinda(Beijing Stock Exchange)

Subscription code: 920191

Stock code: 920191

Issue price: 7.71

Issue P/E ratio: 14.99

Industry P/E ratio: 39.14

Issue size: 342 million yuan

Main business: R&D, production, and sales of high-efficiency, long-life, energy-saving, green, environmentally friendly refractory materials and related technologies for blast furnaces

Comment: Regarding industry prospects, according to Bess Consulting’s research, the global refractory materials market size reached 27.5 billion USD in 2024, and is expected to reach 42.5 billion USD by 2032.

In terms of company performance, from 2022 to 2025, Ruili Jinda achieved revenues of 403 million yuan, 466 million yuan, 476 million yuan, and 478 million yuan respectively; net profits of 59.85 million yuan, 92.27 million yuan, 84.84 million yuan, and 92.64 million yuan respectively. The company expects to achieve revenues of 105 million to 120 million yuan in Q1 2026, an increase of 3.65% to 18.46% year-on-year; and net profits attributable to shareholders of 19 million to 21 million yuan, an increase of 0.57% to 11.15% year-on-year. It can be seen that the company’s recent performance growth rate has significantly slowed and nearly stagnated.

Regarding fundraising, according to the prospectus, Ruili Jinda originally planned to issue 44.35 million shares, raising about 335 million yuan, for the construction of projects such as new metallurgical process carbon capture technology and energy-saving long-life new materials intelligent equipment base(2.61 billion yuan), metallurgical process carbon capture technology and energy-saving long-life materials R&D center(0.48 billion yuan), and composite metal phase gunite production line technical renovation and expansion project(0.26 billion yuan). Based on the issuance price of 7.71 yuan per share, the company’s actual fundraising this time is about 342 million yuan, approximately 2% more than the original plan.

Reviewing the new stock situation in 2025, in 2025, there were 116 new stocks listed on the A-share market, with no delistings on the first day. Among them, 26 new stocks were listed on the Beijing Stock Exchange throughout the year, with an average first-day closing increase of 368%, and an average floating profit of about 4,650 yuan per lot(100 shares). Since 2026, 33 new stocks have been listed on the A-share market, with no delistings on the first day.

From a valuation perspective, the company’s issue P/E ratio is significantly lower than the industry average, and considering the obvious first-day profit effect of recent new stocks, a comprehensive judgment indicates that Ruili Jinda’s probability of first-day delisting is small.