Must-Read for IPOs | March 27th Subscription for Two New Stocks

1. Sanrui Intelligent (ChiNext)

Subscription Code: 301696

Stock Code: 301696

Issue Price: 24.68

Issue Price-to-Earnings Ratio: 30.80

Industry Price-to-Earnings Ratio: 29.25

Issue Size: 987 million yuan

Main Business: Research, production, and sales of electric power systems for drones and robotic power systems

Other important company information is shown in the figure below:

Commentary: Regarding industry prospects, according to Frost & Sullivan data, the global market size for industrial and consumer-grade drone electric power systems (excluding power batteries) is expected to reach 21.593 billion yuan by 2029, with the Chinese market expected to reach 11.019 billion yuan.

In terms of company performance, from 2022 to 2025, Sanrui Intelligent achieved revenues of 362 million yuan, 534 million yuan, 831 million yuan, and 1.075 billion yuan, with net profits attributable to the parent company of 113 million yuan, 172 million yuan, 333 million yuan, and 421 million yuan, respectively. The company expects to achieve revenues of 250 million to 300 million yuan in Q1 2026, a year-on-year increase of 29.11% to 54.94%; and net profits attributable to the parent company of 100 million to 118 million yuan, a year-on-year increase of 20.91% to 42.68%.

In terms of fundraising, according to the prospectus, Sanrui Intelligent originally planned to issue 40.01 million shares, raising approximately 769 million yuan, to be used for the expansion project of drone and robotic power systems (407 million yuan), the construction project of the research and development center and headquarters (258 million yuan), and the information technology upgrade and intelligent warehousing center construction project (105 million yuan). Based on the issuance price of 24.68 yuan/share, the company actually raised about 987 million yuan, which is approximately 28% more than the original plan.

Looking back at the new stock situation in 2025, there were a total of 116 new stocks listed on the A-share market in 2025, with none breaking below their issue price on the first day. Among them, 33 new stocks were listed on ChiNext throughout the year, with an average first-day closing increase of 229%, and an average profit of about 23,500 yuan per subscription (500 shares). Since 2026, 25 new stocks have been listed on the A-share market, with none breaking below their issue price on the first day.

From a valuation perspective, the company’s issue price-to-earnings ratio is slightly higher than the industry average; however, the significant profit effect on the first day of new stocks over the past two years suggests that the probability of Sanrui Intelligent breaking below its issue price on the first day is low.

2. Hongban Technology (Shanghai Main Board)

Subscription Code: 732459

Stock Code: 603459

Issue Price: 17.70

Issue Price-to-Earnings Ratio: 25.60

Industry Price-to-Earnings Ratio: 64.2

Issue Size: 1.77 billion yuan

Main Business: Research, production, and sales of printed circuit boards

Other important company information is shown in the figure below:

Commentary: Regarding industry prospects, according to Prismark data, the global PCB market value is expected to reach 73.565 billion USD in 2024, with a steady compound annual growth rate of 5.20%, reaching 94.661 billion USD by 2029. As a global PCB manufacturing hub, the PCB market value in mainland China is expected to reach 49.704 billion USD by 2029.

In terms of company performance, from 2022 to 2025, Hongban Technology achieved revenues of 2.205 billion yuan, 2.34 billion yuan, 2.702 billion yuan, and 3.677 billion yuan, achieving net profits excluding non-recurring items of 120 million yuan, 87 million yuan, 194 million yuan, and 521 million yuan, respectively. The company expects to achieve revenues of 900 million to 950 million yuan in Q1 2026, a year-on-year increase of 16.08% to 22.53%; and net profits excluding non-recurring items of 115 million to 120 million yuan, a year-on-year increase of 9.70% to 14.47%.

In terms of fundraising, according to the prospectus, Hongban Technology originally planned to issue 100 million shares, raising approximately 2.057 billion yuan, all to be used for an annual production project of 1.2 million square meters of high-precision circuit boards. Based on the issuance price of 17.7 yuan/share, the company actually raised about 1.77 billion yuan, which is approximately 14% less than the original plan.

Looking back at the new stock situation in 2025, there were a total of 116 new stocks listed on the A-share market in 2025, with none breaking below their issue price on the first day. Among them, there were 38 new stocks listed on the Shanghai and Shenzhen main boards throughout the year, with an average first-day closing increase of 218%, and an average profit of about 16,700 yuan per subscription (500 shares). Since 2026, 25 new stocks have been listed on the A-share market, with none breaking below their issue price on the first day.

From a valuation perspective, the company’s issue price-to-earnings ratio is significantly lower than the industry average; considering the notable profit effect on the first day of new stocks over the past two years, the probability of Hongban Technology breaking below its issue price on the first day is also low.