The Ocean King, which is scheduled to be issued on October 22, 2014 and issued on the 24th, will conduct an online roadshow on October 21.
“The company did not arrange on-site promotion for this issue.†Ocean King’s secretarial secretary Chen Hui said.
According to the prospectus, Ocean King’s initial public offering was 50 million shares, accounting for 12.5% ​​of the total issued share capital of 400 million shares. Its investment is for production line construction projects, R&D center construction projects and domestic marketing center expansion projects. 550 million yuan, it is planned to invest 399 million yuan.
“If the actual fundraising cannot meet the project investment needs, the fund gap will be partially solved by the company with its own funds or through other financing methods. If the actual fundraising has surplus, it will be used for other working capital related to the main business.†Ocean King Director and Chief Financial Officer Li Caifen said.
According to it, Ocean King belongs to the electrical machinery and equipment manufacturing industry. As of October 17, the average P/E ratio of the industry in the last one month, three months, six months and one year was 27.58 times and 26.18 times respectively. 26.18 times, 24.47 times and 25.87 times, and the non-per-share earnings of Ocean King from 2011 to the first half of this year were 0.5007 yuan, 0.4116 yuan, 0.4434 yuan and 0.0743 yuan respectively.
“At present, the concentration of domestic special environmental lighting industry is relatively low. Except for internationally renowned lighting companies such as Philips, there are fewer large-scale enterprises.†Zhou Mingjie, chairman and general manager of Ocean King, said, “When the time is ripe, The company will implement foreign investment and mergers and acquisitions activities on the basis of full consideration of its own conditions."
"The company's implementation of the established development goals requires a large amount of funds. Before the fundraising is in place, the shortage of funds is the biggest constraint for the company's future development." Gao Chuanfu, director and sponsor representative of China Merchants Securities Investment Bank headquarters.
In fact, the special environmental lighting equipment industry engaged by Ocean King has faced increasingly fierce market competition. However, Zhou Mingjie said that Ocean King's sales scale is in a leading position among domestic enterprises, cultivating a large customer base, and more than 90% of its customers are old customers. “The company has established a direct sales network throughout the country, with more than 2,000 sales staff at the grassroots level,†said Zhou Mingjie.
Direct sales skipped the middlemen and saved channel costs to bring high gross profit. According to the prospectus, from 2011 to 2013, Ocean King's gross profit margin was 70.48%, 71.77% and 71.84%, respectively, while the average gross profit margin of listed companies in the same industry was 27.52%, 26.62% and 25.86% respectively.
However, the direct sales model and marketing network require large fixed labor, rent, water and electricity and travel expenses, which have a significant impact on business performance. The prospectus of the prospectus shows that from 2011 to 2013, Ocean King's sales expense ratio was 42.35%, 41.55% and 39.54%, respectively, while the same period of the listed companies in the same industry sales rate was only 6.69%, 7.47% and 7.28%.
“The company mainly uses direct sales mode to directly sell to end users, and more than 65% of its employees are sales personnel. The number and proportion are higher than those of listed companies in the same industry, so travel expenses, marketing expenses, and communication costs are higher.†Li Caifen believes “The office space and staff quarters of 139 service centers and more than 780 service departments are mainly leased properties, resulting in higher rental fees.â€
In addition, the management fee of Ocean King also showed a year-on-year growth trend. From 2011 to the first half of this year, the proportion of management expenses to operating income was 11.34%, 13.68%, 15.24% and 15.67% respectively.
However, higher gross profit still brings profit margins for the company. According to the prospectus, the net interest rates of Ocean King from 2011 to 2013 were 13.25%, 13.12% and 13.72% respectively; however, the net interest rates of listed companies in the same industry were 13.91%, 10.87% and 9.22%, respectively, which declined year by year.
In addition, it is worth noting that the prospectus shows that the IPO, the actual controller of Ocean King, Zhou Mingjie and Xu Su, the status of “one big share†has not changed. Before IPO, the total shareholding ratio of the two people was 83.62%. After the start, it dropped to 73.17%.
“The company did not arrange on-site promotion for this issue.†Ocean King’s secretarial secretary Chen Hui said.
According to the prospectus, Ocean King’s initial public offering was 50 million shares, accounting for 12.5% ​​of the total issued share capital of 400 million shares. Its investment is for production line construction projects, R&D center construction projects and domestic marketing center expansion projects. 550 million yuan, it is planned to invest 399 million yuan.
“If the actual fundraising cannot meet the project investment needs, the fund gap will be partially solved by the company with its own funds or through other financing methods. If the actual fundraising has surplus, it will be used for other working capital related to the main business.†Ocean King Director and Chief Financial Officer Li Caifen said.
According to it, Ocean King belongs to the electrical machinery and equipment manufacturing industry. As of October 17, the average P/E ratio of the industry in the last one month, three months, six months and one year was 27.58 times and 26.18 times respectively. 26.18 times, 24.47 times and 25.87 times, and the non-per-share earnings of Ocean King from 2011 to the first half of this year were 0.5007 yuan, 0.4116 yuan, 0.4434 yuan and 0.0743 yuan respectively.
“At present, the concentration of domestic special environmental lighting industry is relatively low. Except for internationally renowned lighting companies such as Philips, there are fewer large-scale enterprises.†Zhou Mingjie, chairman and general manager of Ocean King, said, “When the time is ripe, The company will implement foreign investment and mergers and acquisitions activities on the basis of full consideration of its own conditions."
"The company's implementation of the established development goals requires a large amount of funds. Before the fundraising is in place, the shortage of funds is the biggest constraint for the company's future development." Gao Chuanfu, director and sponsor representative of China Merchants Securities Investment Bank headquarters.
In fact, the special environmental lighting equipment industry engaged by Ocean King has faced increasingly fierce market competition. However, Zhou Mingjie said that Ocean King's sales scale is in a leading position among domestic enterprises, cultivating a large customer base, and more than 90% of its customers are old customers. “The company has established a direct sales network throughout the country, with more than 2,000 sales staff at the grassroots level,†said Zhou Mingjie.
Direct sales skipped the middlemen and saved channel costs to bring high gross profit. According to the prospectus, from 2011 to 2013, Ocean King's gross profit margin was 70.48%, 71.77% and 71.84%, respectively, while the average gross profit margin of listed companies in the same industry was 27.52%, 26.62% and 25.86% respectively.
However, the direct sales model and marketing network require large fixed labor, rent, water and electricity and travel expenses, which have a significant impact on business performance. The prospectus of the prospectus shows that from 2011 to 2013, Ocean King's sales expense ratio was 42.35%, 41.55% and 39.54%, respectively, while the same period of the listed companies in the same industry sales rate was only 6.69%, 7.47% and 7.28%.
“The company mainly uses direct sales mode to directly sell to end users, and more than 65% of its employees are sales personnel. The number and proportion are higher than those of listed companies in the same industry, so travel expenses, marketing expenses, and communication costs are higher.†Li Caifen believes “The office space and staff quarters of 139 service centers and more than 780 service departments are mainly leased properties, resulting in higher rental fees.â€
In addition, the management fee of Ocean King also showed a year-on-year growth trend. From 2011 to the first half of this year, the proportion of management expenses to operating income was 11.34%, 13.68%, 15.24% and 15.67% respectively.
However, higher gross profit still brings profit margins for the company. According to the prospectus, the net interest rates of Ocean King from 2011 to 2013 were 13.25%, 13.12% and 13.72% respectively; however, the net interest rates of listed companies in the same industry were 13.91%, 10.87% and 9.22%, respectively, which declined year by year.
In addition, it is worth noting that the prospectus shows that the IPO, the actual controller of Ocean King, Zhou Mingjie and Xu Su, the status of “one big share†has not changed. Before IPO, the total shareholding ratio of the two people was 83.62%. After the start, it dropped to 73.17%.
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