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Rongbai Technology (688005) Science and Technology Board Inquiry Report

Rongbai Technology (688005) Science and Technology Board Inquiry Report

Rongbai Technology (688005) Science and Technology Board Inquiry Report

The company is a domestic high nickel ternary first-level material leader.

Founded in 2014, the company is mainly engaged in the research, development, production and sales of lithium battery monomer materials and their precursors. The main products include NCM523, NCM622, NCM811, NCA and other series of ternary alternative materials and their precursors.

The company is the 厦门夜网 first company in China to achieve mass production of high nickel ternary additive material NCM811. It has advantages in technology and scale. Its customers include Ningde Times, BYD, LG Chemical, BAK and other mainstream battery manufacturers at home and abroad.

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  The company’s main financial indicators and profit forecasts.

The company achieved operating income of 30 in 2018.

410,000 yuan, an increase of 61 in ten years.

88%; realized net profit attributable to mother 2.

130,000 yuan, an increase of 583 in ten years.

92%; The company’s gross profit margin in 2018 was 16.

62%, with a net margin of 6.

94%, ROE is 6.

74%, budget of assets and liabilities 26.

55%, the overall operating conditions are good.

We predict that the company’s operating revenue for 2019-2021 will be 40.

8.9 billion, 55.

07 ppm 天津夜网 and 71.

2 billion; net profit attributable to mothers is 3 respectively.

2.6 billion, 4.

$ 4.5 billion and 5.

2.8 billion.

  Company valuation and inquiry analysis.

This report focuses on the evaluation and analysis of companies using different methodologies and systems, and at the same time the corresponding reasonable inquiry interval.

We use historical estimation method, PE relative estimation method and DCF absolute estimation method to analyze and calculate the company’s evaluation, and assign different weights to certain evaluation methods to estimate the company according to the industry and company’s specific conditions.

Based on comprehensive analysis, we use the historical estimation method to predict the company’s estimated 133 after the IPO.

1.6 billion, PE law estimates that the company is estimated to be about 78.

35 ppm, using the DCF method to predict the company’s estimate of approximately 127.

6.3 billion.

After assigning weights to the estimated budget methods, the company’s IPO is estimated to be reasonably estimated to be approximately 109 after dilution.

5.8 billion.

We assume that the number of new shares issued by the company this time is 45 million shares, and the total share capital of the company after issuance is 44328.

570,000 shares, according to the company’s predicted market value, the company’s corresponding priority is 24.

72 yuan / share, the recommended inquiry range should be[22.

47, 26.

97]yuan / share.

  Risk reminders: New energy vehicle sales are not up to expectations, the technical route changes, core technical personnel and technology loss, intensified competition leads to increased industry profitability, and market systemic risks.