The first day of listing fell 23.9%!Cong Lin Technology became the most tragic stock in August, and the net profit attributable to the first half of the year fell 14%

China Times (chinatimes.net.cn) reporter Zhao Yihu Jinhua Shanghai report

Another new shares break!

On August 25, Shanghai Conglin Environmental Protection Technology Co., Ltd. (hereinafter referred to as "Conglin Technology"; 688370.SH) officially landed on the science and technology board. On the first day of listing, Conglin's opening price was 49 yuan. After the opening, its stock price continued to fall. As of the close of August 25, Cong Lin Technology Newspaper was 45.48 yuan, a decline of 23.9%, making it the first day of listing since August since August. One of the new stocks with the largest decline. After calculation, the investor will have a loss of over 7,000 yuan.

On August 26, Cong Lin's technology stock price continued to fall. As of the close, it was 42.64 yuan, a decrease of 28.65%from the issuance price. On August 29, Conglin's technology stock price rose slightly. As of the afternoon, it was reported at 42.89 yuan, up 0.59%.

Regarding this listing related issues, the reporter of Huaxia Times has called Cong Lin Technology many times and sent an interview letter, but as of press time, no reply has been received.

Broken on the first day of listing

The reporter noticed that Cong Lin Technology was one of the only two new stocks in August, and another new shares were North Road Zhikong (301195.SZ) on the GEM on August 1.

In response to the situation of the first day of the listing of the new shares, Wu Zhongyan, a person in the financial system industry, told the reporter of the Huaxia Times that in the context of the stock issue that is about to fully implement the registration system, the supply of new shares has increased, the scarcity decreases, and the differences in the fundamentals of new stocks are different. As a result, the increase in the increase after listing was two eight divide. Previously, the new shares broke frequently on the first day of breaking. Closing eyes blindly playing newly became "past time". For newcomers, it is especially important to select and prefer individual stocks. To pay attention to whether the company, especially the company issued by the company, has the ability to continue to grow, can analyze from the development trend of the company's industry, the company's position in the industry, the core technology, and business model.

"New stocks in mature markets are normal. Investors will need to be more and more professional in the future, and they can make independent judgments based on the market." Xu Zhiqiang, manager of Suzhou Zhenghe Fund Fund, also told the reporter of Huaxia Times.

In addition, while breaking, Conglin Technology's fundraising has not reached expectations. According to the prospectus of Conglin Technology, the company is expected to raise 2.03 billion yuan in funds and will be used in the industrial waste resource use and disposal demonstration base for industrial waste resource utilization and disposal base in Shanghai. Yuncheng Industrial Waste Comprehensive Utilization Project, Yuncheng Industrial Waste Comprehensive Utilization and disposal base rigid landfill project, supplementary mobile funds and other aspects.

According to the listed announcement, the company's issuance of about 26.6062 million shares. After calculation, the company's actual fundraising amount was about 1.59 billion yuan. Compared with the company's expected funding amount, it shrinks 440 million yuan.

Public information shows that Conglin Technology's main business is the resource utilization and harmless disposal of hazardous waste. According to its introduction, Conglin Technology is currently a leading enterprise in Shanghai's hazardous waste treatment. It can deal with 32 major types of hazardous wastes. /Year+18,000 barrels/year, leading other hazardous waste treatment companies in Shanghai.

In terms of performance, Cong Lin Technology fell slightly in 2021. According to the prospectus, from 2019 to 2021, Cong Lin Technology achieved operating income of 610 million yuan, 670 million yuan, and 667 million yuan respectively. In the same period, net profit attributable to 222 million yuan, 231 million yuan, and 189 million yuan were achieved.

Conglin Technology's operating income is mainly for hazardous waste treatment income (including harmless disposal income and resource utilization income). During the reporting period, the company's harmless disposal revenue was 322 million yuan, 442 million yuan, and 417 million yuan, respectively, accounting for 5333%, 66.67%, and 62.78%, respectively. Yuan, 247 million yuan, accounting for 46.67%, 33.33%, and 37.22%, respectively.

The reporter noticed that in 2020 and 2021, the unit price and gross profit margin of Conglin Technology's harmless business were declining. From 2019 to 2021, the average unit price of Conglin Technology's harmless disposal business was 6225.89 yuan/ton, 5356.51 yuan/ton, 4157.45 yuan/ton, and the gross profit margin was 63.39%, 57.07%, and 51.04%. They were 55.98%, 53.16%, and 49.01%, respectively.

In this regard, Cong Lin's technology said that as more companies have entered the field of hazardous waste treatment, the production capacity of dangerous waste treatment in my country has increased significantly, competition in the industry has intensified, and the price of hazardous waste treatment, such as incineration, is facing pressure on the price, thereby Cause adverse effects.

It is worth noting that in the first half of 2022, Cong Lin's net profit attributable to technology was still declining. In the first half of this year, its operating income was about 329 million yuan, an increase of 7.32%year -on -year; A year -on -year decrease of 13.57%.

In this regard, Cong Lin Technology said that with the new crown virus mutant strains, Omircor, the world's globally spread widely. Recently, regional epidemic incidents occurred in the region of the company and some subsidiaries, and the company's production and operation will inevitably receive customer needs. Temporarily declining, logistics and other unfavorable situations, normal operation activities and company performance are negatively affected. The degree of centralization of hazardous waste treatment industry is low

The reporter learned that since the dangerous waste volume in 2016, the market has attracted many participants, the approval process of the dangerous waste business license has accelerated, and the industry's capacity has achieved rapid expansion. However, due to the differences in regulatory policies, production capacity planning, hazardous waste production, and types of hazardous waste, the hazardous waste treatment industry has a certain region.

The research report released by Guotai Junan Securities on August 8 shows that there are fewer companies with core competitiveness in the hazardous waste treatment industry, and the market concentration is low. With the rapid development of the industry, the number of companies in the industry continues to expand, but new entrants generally choose the harmless disposal model with relatively low technology thresholds, and the scale of processing is generally small. The single -qualification and coverage areas are single, showing a significant characteristic of "scattered, small, weak" and single. There are fewer companies with core competitiveness. Therefore, industry competition is still in the stage of primary competition in price competition and production capacity competition.

Taking Dongjiang Environmental Protection (002672.SZ) as an example, as one of the largest companies in the industry, Dongjiang Environmental Protection has a total qualification license of 2020 years exceeding 2 million tons/year, and the qualification utilization rate is about 40.54%. 100 million tons of calculations, Dongjiang environmental protection market share is about 1%, the proportion is low.

The Anxin Securities Research Report also stated that due to the economic development and industrial advantages, the amount of dangerous waste in different regions has a large difference in the amount of hazardous waste, and the difference in the supply side of hazardous waste treatment is also obvious. The number of licenses increased by more than 4 times from 2018 to the present, and the approved capacity scale reached 23.2456 million tons/year, an increase of more than 2.5 times. The company has obtained the license of hazardous waste. The total approval of the total critical waste in the city is 1.1294 million tons/year, only 1/20 of Shandong.

In response to the current problems in the hazardous waste treatment industry, Liu Jiaqi, director of the Environmental Resources and Energy Law Research Center of Liaoning University, told the reporter of "Huaxia Times": "At present, there is a phenomenon of low -cost competition in hazardous waste companies. It also occurs from time to time. This shows a considerable extent that the cost of hazardous waste disposal is still relatively high, resulting in some production and expense units at the expense of risks. Cost is an important path for future development and resisting overcapacity. "

Editor -in -chief: Xu Yunqian Editor: Gong Peijia

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