Main points of investment
This Thursday (September 1), there is a gem listed company "Gibbon Technology" inquiry.
Gibbon Technology (301326): the company is a customized precision functional parts and structural components production service provider, the main products are consumer electronics precision functional parts and structural parts. From 2019 to 2021, the company achieved operating income of 607 million yuan / 857 million yuan / 1.001 billion yuan, YOY of 35.57%, 41.03% and 16.88%, respectively, with a compound annual growth rate of 30.74%. The company realized a net profit of 69 million yuan / 70 million yuan / 95 million yuan, and the YOY was 3077.08%, 1.83% and 36.49%, respectively, and turned losses into profits in 2019. During the latest reporting period, 2022H1 achieved an operating income of 467 million yuan, down 2.49% from the same period last year, and a net profit of 42 million yuan, down 17.05% from the same period last year. The company expects net profit from January to September 2022 to be 68 million yuan to 77 million yuan, a year-on-year change of-15.81% to-4.67%.
Investment highlights: 1, the company is one of the main suppliers of Apple Inc precision functional parts; relying on this high-quality downstream manufacturers, the company's business is expected to achieve good development. From the perspective of terminal brands, most of the company's products are used in Apple Inc's tablet computers, notebooks and all-in-one computers, which is one of Apple Inc's main suppliers of precision functional parts, while Apple Inc is also the company's largest customer. the cooperation between the two sides has strong stickiness and stability.
After years of development in the consumer electronics industry, terminal brands have formed the characteristics of high market concentration, while Apple Inc, a leading enterprise in the consumer electronics industry, is expected to maintain strong competitiveness for a long time in the future; Apple Inc tablet PC and notebook computer shipments continued to grow during the reporting period, driving the company's demand for corresponding products to increase, the company is expected to rely on stable cooperation with it to achieve its own good development. 2. The company has developed carbon nanotube products that can be used in the fields of consumption, energy storage and power lithium batteries. During the reporting period, the business is developing well and is expected to become a new revenue growth point. In addition to precision structures and functional components for consumer electronics, the company has also extended to the field of new materials to develop carbon nanotube products with comparative advantages in mechanics and electrical conductivity, which are mainly used in the fields of consumption, energy storage and power lithium batteries. it can increase the energy density of lithium battery and improve the cycle life. The company's carbon nanotube products began to generate revenue in 2020. at present, the sales revenue is relatively small, but the growth rate is relatively fast. The business income in 2020 and 2021 is 5.6242 million yuan and 25.8818 million yuan respectively. At present, the product is still mainly in the process of certification and introduction to downstream customers. In the field of consumption and energy storage lithium battery, it has become a qualified supplier of Penghui Energy, Jiusen Energy and Tobang New Energy and realized its supply. In the field of power lithium battery, it has become a qualified supplier of Tafel and Polyfluorodo to achieve supply, and Ningde era has begun to issue a small number of orders, and BYD has completed the pilot test of related projects. Is about to enter the supply phase. With the continuous progress of the certification process, it is expected to gradually become a new revenue growth point of the company in the future.
Comparison with listed companies in the same industry: select similar products of Anjie Technology, Hengmingda, Intelligent Power, Bosch Technology, Darry Electronics, Hongfuhan as comparable companies. According to the above comparable companies, the average revenue is 1.662 billion yuan, the average PE-TTM (excluding outliers / arithmetic average) is 34.01X, and the average sales gross profit margin is 31.58%. In comparison, the company's revenue scale and sales gross profit margin are lower than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.