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2021-09-01
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New Stock Research Report | Helens International (09869) is in a period of high growth and its stock price is expected to be affected by market atmosphere
公司知名度高,处于高增长期,过去叁年收入增长快速,但目前市况飘忽,股价走势视乎市场投资气氛。
New Stock Research Report | Helens International (09869) is in a period of high growth and its stock price is expected to be affected by market atmosphere
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20-year revenue, accounting for 1.1% of the market share</p><p>-Prospectus date: August 31 to September 3</p><p>-Launch date: September 10</p><p>-Sole Sponsor: CICC</p><p>-Receiving banks: China Merchants Wing Lung Bank, Standard Chartered Bank</p><p>-Offering of approximately 134 million shares, 90% placement, 10% public offering, and 15% over-allotment option</p><p>-The offering price per share is 18.82 yuan to 20.72 yuan, the maximum fund raising is about 2.79 billion yuan, and the listing expenses are about 149.2 million yuan</p><p>-Based on 500 shares per lot, admission fee is 10,464.4 yuan</p><p>-Based on the above price limit of 20.72 yuan, the market value is about 25.83 billion yuan (if the net profit is adjusted in the first three months of 21 years, it is estimated that this year's net profit will be about 119 million yuan, about 180 times that of P/E)</p><p>-As of the end of March 2021, the average net asset value was approximately 174 million yuan</p><p>-The Public Offer is divided into Pool A (5 million or less applicants) and Pool B (more than 5 million applicants)</p><p>Business:</p><p>-Revenue from 2018 to 2020 was RMB 114 million, RMB 564 million, and RMB 817 million respectively, and revenue in the first three months of 2021 was RMB 368 million</p><p>-Net profit from 2018 to 2020 was RMB 9.73 million, RMB 79.13 million and RMB 70.07 million respectively, and the net profit in the first three months of 2021 was a loss of RMB 76.33 million</p><p>-Adjusted net profit from 2018 to 2020 was RMB 10.83 million, RMB 79.13 million and RMB 75.75 million, respectively, and the adjusted net profit for the first three months of 2021 was RMB 29.68 million (after deducting equity-settled share-based payments, listing expenses, etc. Adjustment)</p><p>-Helen's International established the first Helen's pub in 2009, covering first-tier, second-tier and third-tier cities and below. The scale of its pub network has expanded rapidly in the past three years. As of March 2018, 2019, 2020 and 21 At the end of March, the total number of pubs in the pub network was 162, 252, 351 and 374 respectively, and further increased to 528 as of the Latest Practicable Date</p><p>-The company provides customers with a high-quality and cost-effective product portfolio, mainly self-owned products, supplemented by third-party products. The revenue from self-owned alcoholic beverages accounts for about 70% of the total revenue from alcoholic beverages. Its self-owned alcoholic beverages mainly include Helens draft beer, Helens craft beer, Helens fruit beer and Helens milk beer, etc. At present, the selling price of all bottled beer products is less than RMB 10 per bottle, which has obvious price advantage compared with similar products in the market</p><p>-The company serves customers primarily through Helen's Tavern located throughout the country. As a tavern chain, the customer base is mainly highly fragmented individual customers</p><p>-70% of the proceeds from the fund-raising will be used to open new pubs and realize expansion plans in the next three years; 10% is used to further strengthen the talent echelon construction of the company's tavern; 5% is used to further strengthen the basic capacity building of pubs; 5% is used to further strengthen Helen's brand awareness; 10% for working capital and general corporate purposes</p><p>Pre-IPO financing:</p><p>-Financing to BA Capital in February 21,<a href=\"https://laohu8.com/S/601995\">CICC</a>At that time, the offer price was about 47.27% discount to the middle price. The former had a 12-month lock-up period, but the latter had no lock-up arrangement. BA Capital Limited is indirectly owned as to 51% by Mr. He Yu, a co-founder and partner of Shenzhen Qianhai Black Ant Innovation Investment Partnership since February 2016</p><p>Structure of major shareholders after listing:</p><p>-69.06% owned by Mr. Tsui Ping Chung, Chairman</p><p>-11.24% held by directors, employees and an independent third party</p><p>-0.87% by Mr. Wang Zhenpeng, Senior Vice President of Finance</p><p>-2.06% owned by previous investors</p><p>-5.97% owned by the trustee of the share unit plan</p><p>-10.8% held by other public shareholders</p><p>Brief comment:</p><p>-Helens International (9869) is the largest pub chain in China, ranking first in China's pub industry in terms of 20-year revenue, accounting for 1.1% of the market share</p><p>-Calculated at the above price limit of 20.72 yuan, the market value is about 25.83 billion yuan. If the net profit is adjusted in the first three months of 2021, it is estimated that this year's net profit will be about 119 million yuan, which is about 180 times that of P/E</p><p>-The company has a high reputation and is in a period of high growth. The revenue has increased rapidly in the past three years, but the current market conditions are erratic, and the stock price trend depends on the market investment sentiment</p><p><strong><span>This article was contributed by \"Prudential Securities\", author: Chen Bohao, analyst of Prudential Securities; Zhitong Finance Editor: Wenwen.</span></strong></p><p></div></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Stock Research Report | Helens International (09869) is in a period of high growth and its stock price is expected to be affected by market atmosphere</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew Stock Research Report | Helens International (09869) is in a period of high growth and its stock price is expected to be affected by market atmosphere\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2021-08-31 10:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>-Helens International (09869) is the largest pub chain in China, ranking first in China's pub industry in terms of 20-year revenue, accounting for 1.1% of the market share</p><p>-Prospectus date: August 31 to September 3</p><p>-Launch date: September 10</p><p>-Sole Sponsor: CICC</p><p>-Receiving banks: China Merchants Wing Lung Bank, Standard Chartered Bank</p><p>-Offering of approximately 134 million shares, 90% placement, 10% public offering, and 15% over-allotment option</p><p>-The offering price per share is 18.82 yuan to 20.72 yuan, the maximum fund raising is about 2.79 billion yuan, and the listing expenses are about 149.2 million yuan</p><p>-Based on 500 shares per lot, admission fee is 10,464.4 yuan</p><p>-Based on the above price limit of 20.72 yuan, the market value is about 25.83 billion yuan (if the net profit is adjusted in the first three months of 21 years, it is estimated that this year's net profit will be about 119 million yuan, about 180 times that of P/E)</p><p>-As of the end of March 2021, the average net asset value was approximately 174 million yuan</p><p>-The Public Offer is divided into Pool A (5 million or less applicants) and Pool B (more than 5 million applicants)</p><p>Business:</p><p>-Revenue from 2018 to 2020 was RMB 114 million, RMB 564 million, and RMB 817 million respectively, and revenue in the first three months of 2021 was RMB 368 million</p><p>-Net profit from 2018 to 2020 was RMB 9.73 million, RMB 79.13 million and RMB 70.07 million respectively, and the net profit in the first three months of 2021 was a loss of RMB 76.33 million</p><p>-Adjusted net profit from 2018 to 2020 was RMB 10.83 million, RMB 79.13 million and RMB 75.75 million, respectively, and the adjusted net profit for the first three months of 2021 was RMB 29.68 million (after deducting equity-settled share-based payments, listing expenses, etc. Adjustment)</p><p>-Helen's International established the first Helen's pub in 2009, covering first-tier, second-tier and third-tier cities and below. The scale of its pub network has expanded rapidly in the past three years. As of March 2018, 2019, 2020 and 21 At the end of March, the total number of pubs in the pub network was 162, 252, 351 and 374 respectively, and further increased to 528 as of the Latest Practicable Date</p><p>-The company provides customers with a high-quality and cost-effective product portfolio, mainly self-owned products, supplemented by third-party products. The revenue from self-owned alcoholic beverages accounts for about 70% of the total revenue from alcoholic beverages. Its self-owned alcoholic beverages mainly include Helens draft beer, Helens craft beer, Helens fruit beer and Helens milk beer, etc. At present, the selling price of all bottled beer products is less than RMB 10 per bottle, which has obvious price advantage compared with similar products in the market</p><p>-The company serves customers primarily through Helen's Tavern located throughout the country. As a tavern chain, the customer base is mainly highly fragmented individual customers</p><p>-70% of the proceeds from the fund-raising will be used to open new pubs and realize expansion plans in the next three years; 10% is used to further strengthen the talent echelon construction of the company's tavern; 5% is used to further strengthen the basic capacity building of pubs; 5% is used to further strengthen Helen's brand awareness; 10% for working capital and general corporate purposes</p><p>Pre-IPO financing:</p><p>-Financing to BA Capital in February 21,<a href=\"https://laohu8.com/S/601995\">CICC</a>At that time, the offer price was about 47.27% discount to the middle price. The former had a 12-month lock-up period, but the latter had no lock-up arrangement. BA Capital Limited is indirectly owned as to 51% by Mr. He Yu, a co-founder and partner of Shenzhen Qianhai Black Ant Innovation Investment Partnership since February 2016</p><p>Structure of major shareholders after listing:</p><p>-69.06% owned by Mr. Tsui Ping Chung, Chairman</p><p>-11.24% held by directors, employees and an independent third party</p><p>-0.87% by Mr. Wang Zhenpeng, Senior Vice President of Finance</p><p>-2.06% owned by previous investors</p><p>-5.97% owned by the trustee of the share unit plan</p><p>-10.8% held by other public shareholders</p><p>Brief comment:</p><p>-Helens International (9869) is the largest pub chain in China, ranking first in China's pub industry in terms of 20-year revenue, accounting for 1.1% of the market share</p><p>-Calculated at the above price limit of 20.72 yuan, the market value is about 25.83 billion yuan. If the net profit is adjusted in the first three months of 2021, it is estimated that this year's net profit will be about 119 million yuan, which is about 180 times that of P/E</p><p>-The company has a high reputation and is in a period of high growth. The revenue has increased rapidly in the past three years, but the current market conditions are erratic, and the stock price trend depends on the market investment sentiment</p><p><strong><span>This article was contributed by \"Prudential Securities\", author: Chen Bohao, analyst of Prudential Securities; Zhitong Finance Editor: Wenwen.</span></strong></p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://www.zhitongcaijing.com/content/detail/550821.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210831/20210831102200_98031.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{"CYB":"人民币ETF-WisdomTree Dreyfus"},"source_url":"http://www.zhitongcaijing.com/content/detail/550821.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2163883123","content_text":"- 海伦司国际(09869)是中国最大的连锁酒馆,按20年收入计,在中国酒馆行业中排名第一,占据1.1%的市场份额- 招股日期︰8月31日至9月3日- 上市日期︰9月10日- 独家保荐人︰中金- 收款行︰招商永隆银行、渣打银行- 发售约1.34亿股,90%配售,10%公开发售,另有15%超额配股权- 每股招股价为18.82元至20.72元,集资最多约27.9亿元,上市开支约1.492亿元- 按每手500股,入场费10,464.4元- 以上限价20.72元计算,市值约258.3亿元(若以21年首叁个月经调整纯利,估算今年纯利约为1.19亿人民币,市盈率约180倍)- 截至21年3月底 ,平均资产净值约1.74亿人民币- 公开发售分为甲组(500万或以下申请人)、乙组(500万以上申请人)业务︰- 18至20年收入分别为1.14亿人民币、5.64亿人民币、8.17亿人民币,21年首叁个月收入为3.68亿人民币- 18至20年纯利分别为973万人民币、7,913万人民币、7,007万人民币,,21年首叁个月纯利为亏损7,633万人民币- 18至20年经调整净利润分别为1,083万人民币、7,913万人民币、7,575万人民币,21年首叁个月经调整净利润为2,968万人民币(若扣除以权益结算以股份为基础的付款、上市开支等一次调整)- 海伦司国际于09年成立首家Helen's酒馆,遍佈一线、二线及叁线及以下的城市,旗下酒馆的网络规模于过去叁年快速扩张,截至18年、19年、20年及21年3月底,酒馆网络中的酒馆总数分别为162家、252家、351家及374家,并进一步增加至截至最后实际可行日期的528家- 公司为顾客提供优质且具性价比的产品组合,以自有产品为主,第叁方产品为辅,自有酒饮收入佔总酒饮收入约七成,其自有酒饮主要包括海伦司扎啤、海伦司精酿、海伦司果啤以及海伦司奶啤等。目前,所有瓶装啤酒产品的售价均低于每瓶10元人民币,与市场上同类产品相比具有明显价格优势- 公司主要通过遍佈全国的Helen's酒馆向顾客提供服务。作为一家连锁酒馆,客户群体主要为高度分散的个人客户- 集资所得其中70%将用于在未来叁年开设新酒馆及实现扩张计划;10%用于进一步加强公司酒馆的人才梯队建设;5%用于进一步加强酒馆的基础能力建设;5%用于进一步强化Helen's的品牌知名度;10%用作营运资金及一般企业用途首次公开发售前进行融资︰- 于21年2月曾进行融资予BA Capital、中金公司,当时发售价较中间价折让约47.27%,前者设12个月禁售期,后者却没有禁售安排。BA Capital Limited由何愚先生间接拥有51%权益,何先生自16年2月起为深圳前海黑蚁创新投资合伙企业的共同创办人及合伙人上市后主要股东架构︰- 主席徐炳忠先生持股69.06%- 董事、雇员及一名独立第叁方持股11.24%- 高级财务副总裁王振鹏先生持股0.87%- 前期投资者持股2.06%- 股份单位计划的受托人持股5.97%- 其他公众股东持股10.8%简评︰- 海伦司国际(9869)是中国最大的连锁酒馆,按20年收入计,在中国酒馆行业中排名第一,占据1.1%的市场份额- 以上限价20.72元计算,市值约258.3亿元,若以21年首叁个月经调整纯利,估算今年纯利约为1.19亿人民币,市盈率约180倍- 公司知名度高,处于高增长期,过去叁年收入增长快速,但目前市况飘忽,股价走势视乎市场投资气氛本文由“信诚证券”供稿,作者:信诚证券分析师陈伯豪;智通财经编辑:文文。","news_type":1,"symbols_score_info":{"CNHmain":0.9,"CYB":0.6,"UCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}