Markets· Equity· IPO

Jiangsu Haili Wind Power Equipment Technology’s IPO to debut on Shenzhen Stock Exchange

minutes 2021/11/23 02:41:38

Nov 23, 2021 (China Knowledge) - Jiangsu Haili Wind Power Equipment Technology (301155) to start trading on the Shenzhen ChiNext Market Nov 24, tomorrow. The firm has issued 54.35 mln shares priced at RMB 60.66 per share raising RMB 3.3 bln. Its price-to-earnings ratio (PE) stands at 21.54. During subscription the IPO was 4,940 times oversubscribed.

Huatai United Securities acts as the lead underwriter and sponsor for the IPO.

Jiangsu Haili Wind Power Equipment Technology Co Ltd is a China-based company mainly engaged in the research and development (R&D), production and sales of wind power equipment parts. The Company's main products include wind power tower, pile foundation and jacket, including onshore wind power tower, offshore wind power tower, offshore wind power pile foundation, offshore wind power pipe rack and others. The Company mainly sells products in the domestic market.

In FY 2020, Jiangsu Haili Wind Power Equipment Technology garnered a total revenue of RMB 3.93 bln, up 171% YoY. In terms of net income, it achieved RMB 679 mln, rising 224% YoY. In the first three quarters of 2021, the company reported revenue of RMB 4.37 bln, a YoY increase of 100%, and its net profits reached RMB 972 mln, up 128% YoY.

The company is in the electrical equipment industry that is currently made of 282 counters in Shanghai and the Shezhen Stock Exchange with a total combined market capitalization of RMB 9,161 bln, industry’s average PE of 81 times. The electrical equipment industry’s index is up 90.29% year-to-date, ranking it the 2nd place among all 29 broad industry groupings.

Shanghai Electric Group Company Limited (601727) takes up the top spot in terms of sales in the industry, reporting RMB 137.29 bln of sales in 2020, with a net profit of RMB 3.76 bln, at -26 times PE. The second largest is Xinjiang Goldwind Science&Technology Co.,Ltd (002202), a total revenue of RMB 56.27 bln and a net profit of RMB 2.96 bln, at 21 times PE. Longi Green Energy Technology Co., Ltd. (601012) ranked third. It garnered a total revenue of RMB 54.58 bln last year, and a net profit of RMB 8.55 bln, with 51 times PE.

The average industry’s PE for the same or similar stocks on Hong Kong Exchange (HKEx) and the U.S. stock markets for electrical equipment is 15 times and 28 times, respectively. On a year-to-date basis, the industry’s index on the HKEx rises 41.94% and the U.S is up 38.73%.

Since January, a total of 420 companies have listed on either Shanghai or Shenzhen Stock Exchange, most are mainly in the machinery equipment, electronics and pharmaceutical and biological industries.

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