Midea Energy delayed purchase time: continuous three risks reminded performance pressure hidden in performance pressure

The 21st Century Economic Herald reporter reported that the Midea Energy (001299.SZ), which was originally scheduled to be purchased on the 27th of this month, delayed the purchase time.

Recently, Midea Energy announced the issuer and sponsor (main underwriter) based on preliminary inquiry results and comprehensively considering the issuer's fundamentals, the industry, market conditions, the valuation level of listed companies in the same industry, demand for fundraising, and underwriting risks, etc. Factors, negotiated determine that the issue price is 10.69 yuan/share. At the same time, online road shows, online, and offline purchases scheduled to be held recently will be postponed.

Public information shows that Midea Energy is a specialized urban gas comprehensive operating service provider focusing on the field of clean energy supply. It is mainly engaged in urban gas transmission and distribution and operation, including natural gas terminal sales and services, and natural gas user facilities and equipment installation services.

It is worth noting that the above -mentioned post -purchase news was released on the same day, and Mei Energy released the "Special Announcement of the Special Announcement of the Investment Risk of the First Publicly Publicly Publicly Publicly Publicly issued stock investment (first)", of which the price -earnings ratio higher than the industry average became one of the important risk factors.

Behind the high price -earnings ratio, the company is not optimistic about the financial situation. The prospectus shows that in the past three years, the overall net profit growth rate of US energy energy has gradually slowed down, the gross profit margin is lower than the average value of listed companies in the same industry, the company's profitability has declined, and financial risks are hidden.

It is worth mentioning that the price of natural gas supply and demand at the moment has skyrocketed, and the entire energy industry is in the high prosperity cycle.

"Under the background of the industry as a whole, the company's performance has not increased significantly, which is not a good signal. Especially for an energy company that is in an IPO, the price -earnings ratio is too high. Behind this, there is no shortage of high price -earnings ratio. "Lin Boqiang, Dean of the China Energy Policy Research Institute of Xiamen University, told a reporter from the 21st Century Business Herald.

High price -earnings ratio?

The Midea Energy Announcement shows that the issuer corresponding to the issue price of 10.69 yuan/share was deducted by the audited by 2020 and the lowest price -earnings ratio of the shareholders of the parent company's shareholders was 22.97 times.

According to data from the CSRC, as of September 21, 2022, the gas production and supply industry of Midea Energy, the average static price -earnings ratio of the industry released by the CSI Index in the last month was 20.10 times.

In fact, if the company's own profitability is strong, the price -earnings ratio is relatively normal; if the company's own operating conditions are not optimistic and financial risks are hidden, there may be a large number of "foam" behind the high price -earnings ratio.

The prospectus shows that from 2019 to 2021, the revenue of Midea Energy achieved revenue of 456 million yuan, 463 million yuan, and 480 million yuan, respectively. The net profit attributable to shareholders of the parent company was 86.932 million yuan, 96,148,800 yuan, respectively. 101 billion yuan.

At the same time, the latest data show that the pre-loss announcement of the US Energy Release performance is expected to make a profit from January to September 2022 to 62.903 million yuan, a year-on-year decrease of 9.13%to 10.32%.

Faced with the decline of performance in the first half of 2022, Meimeng Energy explained: "The violent fluctuations in international energy prices led to the overall increase in domestic natural gas supply prices in 2022. In the context of strict epidemic prevention and control Implement the price linkage mechanism, the adjustment time and adjustment of the downstream natural gas sales price have a certain lag. "

It is worth noting that at the moment, the prices of global natural gas supply and demand are soaring, and the performance of listed companies in multiple natural gas industries has increased greatly.

Taking Shaanxi Natural Gas (002267.SZ) as an example, Shaanxi -based enterprises with obvious regional characteristics. The company achieved operating income of 5.292 billion yuan in the first half of 2022, an increase of 33.15%year -on -year; 100 million yuan, an increase of 80.6%year -on -year.

The above is not a lonely case. Listed companies such as Guanghui Energy (600256.SH) and Delonghui (000593.SZ) have not only achieved the product volume and price, but also performed very well in revenue profit data.

In the context of the more prosperous industries, US energy sources have a slowdown in revenue, slowing net profit growth, and even pre -loss trend. At the same time, the company's price -earnings ratio is still higher than the industry average.

In response to the situation where the price -earnings ratio is too high, the United States Energy also mentioned in the announcement: "New shares have large market risks, investors need to fully understand the risks of securities investment, carefully study the risks disclosed in the issuer's prospectus, and fully consider consideration Risk factor, cautiously participate in the issuance of this new shares. "

It is worth mentioning that the above -mentioned delayed purchase news was released on the same day, and Mei Energy said it will continue to release the "Shaanxi Mei Energy Group Co., Ltd. for the first time on September 26, September 30, and October 20, 2022 "Special Announcement of Stock Investment Risk", to remind the risks and impacts that may bring high price -earnings ratios and other factors in the future.

Profitability needs to be improved

"This year, many natural gas industry companies have achieved good results, and even have risen in volume and price." Lin Boqiang said, "The price rise is the main reason. If a natural gas company is still not optimistic at high prices, then then, then it is still not optimistic, then then There may be some problems between the business profitability of the enterprise itself or between the upstream and downstream transactions. "" The problem of beauty energy is very obvious. One is that the regional attributes are strong, and the other is that the company's industrial chain is narrowed and it is easily affected by upstream and downstream. " A local industry person said to the 21st Century Business Herald reporter.

The prospectus shows that as of the end of the reporting period, the operating area of ​​the US energy sources is mainly concentrated in the Korean cities, Shenmu City, and Fengxiang District of Baoji City, Shaanxi Province.

As of December 31, 2021, the company has built eight natural gas city gate stations, and the length of the high school pressure pipeline operated is 1220.18 kilometers. 1 CNG parent station and 4 CNG gas stations are put into operation.

Benefiting from the local endowment and local development advantages, in the past few years, Midea Energy has grown rapidly in the above -mentioned areas.

However, although cities in the operating area of ​​Midea Energy are cities and counties with high economic and social developments in Shaanxi Province, as a third- and fourth -tier cities, it is difficult to maintain a continuous growth trend in population and economic scale. This is not conducive to the sustainable growth of US energy performance, and even limits its business development space to a certain extent.

In addition to the increasing increase in the new market, Mei Energy also faces problems such as extending the industrial chain.

Public information shows that Midea Energy is mainly engaged in midstream transmission and operation of urban gas. The upstream of it needs to face suppliers of related units under PetroChina, Shaanxi natural gas and other suppliers. The downstream also needs to be sold to terminal consumers such as gas users and related enterprises in various types of cities and cities.

This means that Midea Energy's own price space for the product is small. Once the price of upstream suppliers floats, it is not conducive to the steady growth of its performance revenue.

Midea Energy may have realized the above issues. It stated in the prospectus: "Through capital bonds and means, the company's business area is continuously expanded and the industrial chain is continuously extended."

Public information shows that at present, US Energy has invested in the China Petroleum Weinan Pipeline Company to further expand the development of the midstream industry.

At the same time, it has registered and established a wholly -owned subsidiary of Shaanxi Mei Energy New Energy Co., Ltd., which will seek industrial layout in the field of clean energy fields such as geothermal energy utilization, charging stations, hydrogenation stations, and new energy utilization.

- END -