智通财经APP在《上市首日暴跌47.67%，基石“包圆”国配为何难护海螺材料科技（02560）股价？》中指出，海螺材料科技IPO完成后，其总股本接近5.8亿股，以每股3港元的发行价计算，其IPO市值达到了约17.4亿港元。而其2023年的净利润仅1.44亿人民币，对应2023年的PE高达约11.4倍。且从PB估值来看，海螺材料科技截至2024年6月30日止的总资产为24.16亿人民币，总负债为14.07亿人民币，净资产为10亿人民币，IPO市值对应的PB估值高达1.64倍。纵观港股已上市的水泥股，PB估值大部分处于0.5倍以下，即使水泥龙头海螺水泥也仅0.509倍的PB。Conch Material Technology (02560) went public yesterday and closed down more than 47% on the same day. Today's early trading fell by more than 10%. The intraday low was HK$1.39, which is already lower than the offering price of HK$3. As of press release, it fell 10.19% to HK$1.41, with a turnover of HK$15.9373 million.
The Zhitong Finance App learned that Conch Material Technology (02560) went public yesterday and closed down more than 47% on the same day. Today's early trading fell by more than 10%. The intraday low was HK$1.39, which is already lower than the offering price of HK$3. As of press release, it fell 10.19% to HK$1.41, with a turnover of HK$15.9373 million.
According to reports, Conch Materials is a company founded by the Conch Group to explore the field of fine chemical materials. Conch Materials is a fine chemical materials supplier that produces and sells cement admixtures, concrete admixtures and related upstream raw materials. With its R&D efforts and capabilities, Conch Materials also provides customers with technical support related to the products it provides. According to Frost & Sullivan, in terms of cement admixture sales volume and revenue for fiscal year 2023, conch materials ranked first in China.
The Zhitong Finance App plummeted 47.67% on the first day of listing. Why is it difficult to protect the stock price of Conch Material Technology (02560), which is the cornerstone of “Bao Yuan”?” According to China, after the IPO of Conch Material Technology was completed, its total share capital was close to 0.58 billion shares. Based on the issue price of HK$3 per share, its IPO market value reached approximately HK$1.74 billion. However, its net profit in 2023 was only 0.144 billion yuan, which is about 11.4 times as high as PE in 2023. Also, judging from the PB valuation, Conch Material Technology's total assets as of June 30, 2024 were 2.416 billion yuan, total liabilities were 1.407 billion yuan, net assets were 1 billion yuan, and the PB valuation corresponding to the IPO market value was 1.64 times higher. Looking at cement stocks that have already been listed in Hong Kong stocks, most of the PB valuations are below 0.5 times. Even the leading cement company, Conch Cement, is only 0.509 times PB.
