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最赚钱高铁驶入A股京沪高铁发行价元
2020-01-08 00:27   来源:  www.drmcgowan.com   评论:0 点击:

最赚钱高铁驶入A股京沪高铁发行价元从报送申报到上会,京沪(601816)仅仅用了23天的时间,这一速度刷新了

从报送申报到上会,京沪(601816)仅仅用了23天的时间,这一速度刷新了发审纪录。现在,有着最赚钱高铁之称的京沪高铁即将“驶入”。

Beijing-Shanghai (601816) took just 23 days from filing to the meeting, a speed that refreshed the record for the trial. Now, with the most profitable high-speed rail known as the Beijing-Shanghai high-speed rail is about to \"enter.\"

1月3日凌晨,京沪高铁发布正式的发行公告和招股说明书,确定发行价为元/股,1月6日(下周一)申购,发行后摊薄市盈率为倍,突破了A股主板IPO市盈率23倍的“红线”。

In the early hours of january 3rd, beijing-hu high-speed rail issued a formal announcement and prospectus, setting the offer price at yuan\/share and applying for purchase on january 6th (next monday).

京沪高铁此次IPO计划发行不超过亿股,占发行后总股本的比例不超过%,预计总募资金额达到亿元,发行后公司总股本为亿股。发行后京沪高铁(发行价)市值为2396亿元,市值在目前A股市场排名约34名(1月3日收盘价)。

The IPO of Beijing-Shanghai high-speed rail is scheduled to issue no more than 100 million shares, or less than% of the total share capital after the issue, with a total capital raising of 100 million yuan and a total share capital of 100 million shares after the issue. Beijing-Shanghai high-speed rail (offering price), with a market value of 239.6 billion yuan, now ranks about 34 in the A-share market (closing price on January 3).

根据招股书,所募集的资金在扣除发行费用后拟全部用于收购京福安徽公司%股权,收购对价为500亿元,收购对价与募集资金之间的差额通过自筹资金解决。

According to the prospectus, the raised funds are all intended to be used to buy a% stake in jingfu anhui company after deducting the issue fee, with a consideration of 50 billion yuan, and the difference between the purchase consideration and the raised funds is solved by self-financing.

Wind数据显示,京沪高铁这次募资307亿元,不仅高于上个月邮储银行的284亿元,也成为2010年7月农业银行发行以来最大规模IPO,当年农业银行IPO募资额达685亿元,为A股史上最大IPO,至今无人超越。

Wind data showed that the 30.7 billion yuan raised by the Beijing-Shanghai high-speed rail was not only higher than the 28.4 billion yuan raised by the Postal Reserve Bank last month, but also the largest IPO since the Agricultural Bank issued in July 2010, which raised 68.5 billion yuan, the largest in A-share history, and so far no one has surpassed it.

京沪高铁IPO引入战略配售,战略投资者配售占将近一半,这些锁定12个月及以上;并且本次网下发行股票的70%,将锁定6个月。

Beijing-Shanghai high-speed rail IPO introduced strategic placing, with strategic investors placing nearly half, these locked in 12 months and more; and 70% of the offline issue will be locked in six months.

公告显示,本次公开发行股份数量为亿股,全部为公开发行新股,最终战略配售股份数量为亿股,约占本次发行股份数量的%。网下初始发行数量调整为亿股,网上初始发行数量为亿股。最终网下、网上发行数量将根据网上网下回拨情况确定。

According to the announcement, the number of shares in the public offering is 100 million shares, all of which are new shares in the public offering, and the final strategic placement is 100 million shares, accounting for about% of the number of shares in the issue. The number of initial issues under the Internet was adjusted to 100 million shares, and the number of initial online issuances to 100 million shares. The final number of offline and online distributions will be determined on the basis of online callback.

根据公告,按2018年归属于母公司股东的净利润除以本次发行后总股本计算,京沪高铁本次发行价格为元/股,对应的市盈率为倍,突破了A股主板IPO市盈率23倍的“红线”。

According to the announcement, based on the net profit attributable to the parent company shareholders in 2018 divided by the total share capital after this issue, the Beijing-Shanghai high-speed rail this issue price is yuan \/ share, the corresponding price-earnings ratio is double, breaking the A-share main board IPO price-earnings ratio of 23 times the \"red line \".

在招股说明书中,京沪高铁表示,该市盈率低于广深铁路、东方航空、南方航空、中国国航、招商公路等五家交通运输行业主要上市公司静态市盈率均值倍。

In its prospectus, beijing-Shanghai high-speed rail said the price-to-earnings ratio was lower than the static price-to-earnings ratio of five major listed companies in the guang-Shenzhen railway, Eastern Airlines, Southern Airlines, Air China of China and China Merchants Highway.

实际上,在A股IPO发行市场中,除了科创板外,虽然有多只股票的发行价逼近23倍的市盈率,但没有真正跨过这道“红线”。

In fact, in the A-share IPO market, in addition to Ke Chong board, although there are a number of stocks issued at a price-to-earnings ratio of nearly 23 times, but did not really cross this \"red line.\"

回溯历史,2014年1月证监会发布《关于加强新股发行监管的措施》,明确发行人应依据《上市公司行业分类指引》确定所属行业,并选取中证指数有限公司发布的最近一个月静态平均市盈率为参考依据。如果新股发行市盈率高于行业均值,发行人需在招股说明书及发行公告中补充说明其中的风险。此后,投行业内便约定了一个23倍市盈率的新股发行“红线”。有券商投行人士表示,一般来说,国有企业的发行价格不能低于每股净资产,因此偶尔会出现国企上市首发市盈率超过23倍的情况。

Back to history, in january 2014 the sfc issued measures to strengthen the regulation of new stock issuance, making it clear that issuers should identify their industry according to the industry classification guidelines for listed companies, and select the most recent month's static average price-earnings ratio issued by china stock index co., ltd as a reference. If the price\/earnings ratio of a new issue is higher than the industry average, the issuer will need to state the risks in the prospectus and the announcement. Since then, the industry has agreed to a 23-fold price-to-earnings ratio of new stock issuance \"red line.\" In general, state-owned companies can't issue at less than a net asset per share, so there are occasional cases where state-owned companies list at more than 23 times their first price-to-earnings multiples, according to investment bankers.

京沪高铁此次突破23倍“红线”,是在《证券法》修订通过之后,非科创板企业的IPO发行环节全面变革的前夕。虽然突破力度不大,但却有着重要的指示意义。有市场人士指出,截至目前,除京沪高铁外,尚未有新的新股发行市盈率突破23倍的案例,这一政策是否落地尚待观察。

Beijing-Shanghai high-speed rail exceeded 23 times the \"red line \", after the securities law was revised and passed, the ipo issue of non-science board companies on the eve of a comprehensive change. Although the breakthrough is not strong, it has important indication significance. Some marketers point out that so far, with the exception of the beijing-hu high-speed rail, there have been no new stock issue price-earnings ratio of more than 23 times the case, this policy landing remains to be seen.

招股书显示,2016年至2018年,京沪高铁分别实现营业收入亿元、亿元和亿元,分别实现归母净利润亿元、亿元、亿元。京沪高铁预计,2019年度营收为315亿~330亿元,同比增长%~%;预计2019年度净利润为110亿~120亿元,同比增长%~%。

According to the prospectus, between 2016 and 2018, Beijing-Shanghai high-speed rail achieved operating income of 100 million yuan,100 million yuan and 100 million yuan respectively, and net profit of 100 million yuan,100 million yuan and 100 million yuan respectively. Beijing-Shanghai high-speed rail forecast 2019 annual revenue of 31.5 billion-33 billion yuan, a year-on-year growth of%~%;2019 estimated net profit of 11 billion to 12 billion yuan, a year-on-year increase of%~%.

东北证券指出,京沪高铁未来的成长性主要来自于产能扩张和票价提升。产能扩张可通过增加动车组长度、增加列车开行数量实现,考虑到列车安全问题,增加17辆编组动车组数量是公司产能扩张的主要方式。票价方面,和航空、公路等方式相比,高铁性价比高,且目前高铁票价市场化已经放开,公司票价提升弹性可期。

Northeast Securities pointed out that the future growth of Beijing-Shanghai High-speed Railway is mainly due to capacity expansion and price increase. Capacity expansion can be realized by increasing the length of the EMU and increasing the number of train running. Considering the train safety problem, the number of 17 marshalling EMUs is the main way of capacity expansion of the company. In terms of fare, compared with air and highway, high-speed rail has higher cost performance ratio, and at present, the market price of high-speed railway has been released, and the price of the company can improve the flexible period.


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