A-share subscription | Corporates with specialized expertise in aerospace telemetry and control management start subscription for Xingtu Ce Kong (920116.BJ).

On December 24th, Xingtucekong (920116.BJ) started its IPO with an issue price of 6.92 yuan per share and a subscription limit of 1.3062 million shares. The price-earnings ratio is 14.98 times. It belongs to the Beijing Stock Exchange, and China Securities Co., Ltd. is its exclusive sponsor. According to the prospectus, Xingtucekong is a national high-tech enterprise specializing in space control and management services, focusing on space control management, space digital simulation, and the full life cycle management of satellites. The company has developed the "Insight" series of products with complete intellectual property rights, domestically controllable and independent. It is understood that the funds raised by Xingtucekong will be used for the following projects, after deducting issuance expenses: Financially, in 2021, 2022, and 2023, the company's operating income is expected to be approximately 104 million yuan, 141 million yuan, and 229 million yuan, respectively. The net profit is expected to be approximately 34.85 million yuan, 50.74 million yuan, and 62.62 million yuan, respectively. In 2023, the company will expand its ground control system construction business, providing services such as ground station design and construction, and control center design and construction based on user needs, generating sales revenue and creating new growth opportunities. Investors should be aware of the risk of negative cash flow from operating activities. During the reporting period, the net cash flow generated from operating activities was 40.52 million yuan, -6.05 million yuan, 14.845 million yuan, and -33.6412 million yuan, respectively. The fluctuation in the net cash flow from operating activities during the reporting period, including a negative period, differs significantly from the company's net profit. As the company's comprehensive service capabilities and market influence continue to grow, the company's project backlog increases rapidly, leading to an increase in accounts receivable, contract assets, inventory, and operating capital requirements. The fluctuation in the net cash flow from operating activities may pose a risk of temporary insufficient operating funds for the company.