The biggest IPO of the GEM: a total of 5.9 billion | Mindray Medical Sprint GEM

Medical Network October 10 News The biggest IPO in the history of the GEM has finally opened its mystery.

On the evening of October 9, Mindray Medical disclosed the results of the listing. According to the announcement of the results of the announcement, the total amount raised by Mindray Medical reached 5.93 billion yuan, of which online investors paid 5.322 billion yuan, and offline investors subscribed 592 million yuan. Yuan, the joint lead underwriters underwritten 19.25.51 million yuan.

According to the Mindray Medical Prospectus, Mindray Medical will pay a total of 180 million yuan for the listed company to the sponsor institution and the joint lead underwriters Huatai United Securities and Bank of China International Securities. The remaining 5.75 billion yuan will be used for 7 projects including the expansion of Guangming Production Base.

Founded in 1991, Mindray Medical is a medical device and solution provider. Its revenue is mainly composed of life information and support products, in vitro diagnostic products, medical imaging products and other products. It is the largest medical device company in China. In 2006, Mindray Medical is listed on the New York Stock Exchange. Ten years after landing in the US stock market, Mindray Medical completed the privatization delisting for US$3.3 billion in 2016.

Mindray Medical disclosed that as of the end of 2017, the company's total assets were 14.438 billion yuan, operating income was 11.174 billion yuan, and net profit was 2.601 billion yuan. In the first half of 2018, the company's operating income was 6.8 billion yuan, attributable to the net profit of shareholders of listed companies. It is 1.87 billion yuan.

From the company's valuation, according to Wind data statistics, the current A-share medical device industry average P/E ratio is 55 times. Start a business Board listed A shares medical instruments For example, Lepu Medical has a rolling P/E ratio of 43 times and a 2018 P/E ratio of 39.5 times. Benchmarking the current A-share medical device company's P/E range, with Mindray Medical's net profit of 2.6 billion yuan last year is simple. It is estimated that the market value of Mindray Medical after the listing is expected to break 100 billion yuan.

According to the issue price of Mindray Medical's 48.8 yuan, the initial market value of Mindray Medical after listing is more than 59 billion yuan. According to the 44% daily limit calculation on the first day, only the total market value of 4 consecutive daily limit boards can be harvested, which can exceed the current market value of Ningde. The times, I want to be a brother of the GEM.

This time, Mindray Medical's initial public offering raised a total of 5.93 billion yuan, setting a new record since the establishment of the GEM.

In addition to refreshing the GEM record, it can also rank in the top 60 in all A-share IPOs, and is the only IPO that has been raised this year after Industrial Confederation.

It is worth mentioning that Mindray Medical's issue price is 48.8 yuan, which is the highest price of new shares issued by the GEM in the past year. As a high-priced new stock, Mindray Medical's winning rate is also expected to be considerable. If all the new shares in the year are average In terms of 8 daily limit, the first one can earn 44,000 yuan; if the average price of the new shares of the GEM in the year is 9 daily limit, the first one can earn 51,000 yuan.

In the roadshow issued by Mindray Medical, Li Xiting, the chairman of Mindray Medical, said that the company will use this new share issuance as a new development opportunity, combined with the construction of fund-raising investment projects, integrating the existing research and technology of the company worldwide. Management, sales and other resource advantages, further deepen the global market business layout. At the same time, improve and expand the company's deep layout in the medical device industry, based on the life information and support series, with in vitro diagnostic products as the driving force, medical imaging series The products are expanding, and new areas such as minimally invasive surgery are the new growth exploration points. The company will continue to focus on further reducing medical costs and improving research and development innovation capabilities, and actively face foreign competitors on the basis of maintaining the cost-effective advantages of the company's products. Challenge, strive to become the world's leading medical device enterprise.

In addition to the issuer's own confidence in the future development, many institutions also have high hopes for Mindray Medical, and give a target price of around 100 yuan.

Tianfeng Securities predicted in the September 28 research report that the reasonable valuation of Mindray Medical was 93.1 yuan. Tianfeng Securities pointed out that Mindray Medical is the leading domestic device, and the market share of multiple product lines ranks in the domestic TOP3. Medical equipment There are many sub-industries, different subdivisions, and their product technologies, processes, and channels are all very different. Industry technology is isolated, and it is difficult to cross product lines. Mindray has achieved balanced development of multi-product lines. Minray Medical's three cornerstone products The lines are life information and support, medical imaging, in vitro diagnosis, and the market share of several sub-categories has become domestic TOP3, domestic TOP1, the brand influence of products is widely recognized by the medical circle.

In the September 20th research report, Caitong Securities believes that the reasonable range of Mindray Medical's share price is 106.8 yuan to 133.5 yuan. Caitong Securities pointed out that Mindray Medical products cover life information and support, in vitro diagnostics, medical imaging, The sales network covers more than 190 countries and regions around the world. It is the world's leading provider of medical equipment and solutions. In 2017, the company achieved revenue of 11.174 billion yuan, ranking among the top 50 medical device manufacturers in the world, and ranking first in domestic medical device companies. It is predicted that the EPS of Mindray Medical will be 2.67 yuan, 3.38 yuan and 4.10 yuan respectively from 2018 to 2020, up by 25.35%, 26.59% and 21.30% respectively. The valuation of comparable companies in the industry is given to the company in 2018. Double the price of 50 times, the corresponding stock price is 106.80 yuan -133.50 yuan.