This Friday (September 9), there is a gem listed company "Yibo Technology" inquiry.

Yibo Technology (301366): the company is an one-stop hardware innovation service provider which is based on printed circuit board (PCB) design services and provides printed circuit board assembly (PCBA) manufacturing services. From 2019 to 2021, the company achieved operating income of 406 million yuan / 574 million yuan / 709 million yuan, YOY of 19.05%, 41.32%, 23.70%, 27.67%, respectively, and realized net profit of 80 million yuan / 127 million yuan / 149 million yuan, YOY of 100.12%, 59.11% and 17.31%, respectively, and a compound annual growth rate of 55.16%. During the latest reporting period, 2022H1 achieved an operating income of 362 million yuan, an increase of 9.03% over the same period last year, and a net profit of 68 million yuan, an increase of 4.36% over the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 118 million yuan to 129 million yuan from January to September 2022, an increase of 6.70% and 16.64% over the same period last year.

Investment highlights: 1. The company currently has the largest PCB design and R & D team in the industry, supporting the company to form outstanding service advantages and high-speed, high-density PCB design technology advantages. PCB design service is the core for the company to establish industry status and form industry reputation. The company has the largest PCB design and R & D team in the industry, supporting the company to form a unique advantage in the field of PCB design. The team members are distributed in many domestic cities, which can timely respond to customers' parallel and urgent R & D project needs, and have strong service advantages; at the same time, the team has the design ability and experience of about 11000 PCB per year to help the company develop PCB design technology. At present, the company has in-depth research and application experience in the fields of mass storage PCB board design and simulation technology, high-density HDI PCB board design and simulation technology, and some key technologies are in the leading position in the industry; the accumulated design solutions cover the application of many domestic and foreign mainstream chip manufacturers' products in PCB, such as Feiteng, Longxin, Hayes, Intel, AMD, Qualcomm and so on. 2. The company's PCBA manufacturing business focuses on proofing, small and medium-sized batch PCBA welding assembly subdivision, with a strong first-mover advantage and differential competitive advantage. The field of R & D proofing and medium and small batch PCBA manufacturing has the characteristics of "multi-variety, small batch, multi-order, fast delivery" and has a relatively high gross profit margin. Taking PCB design service as the origin, the company expanded PCBA manufacturing services based on welding assembly around R & D proofing and small and medium-sized batches from 2011 to 2014, forming a first-mover advantage and differential competitive advantage. From 2019 to 2021, the number of PCBA manufacturing service projects and the corresponding revenue grew at a compound annual growth rate of 27.24% and 36.79%, respectively. During the reporting period, the company's PCBA Chengdu plant and Changsha plant were completed and put into operation one after another. With the gradual increase in the capacity utilization of the new plant and the completion and commissioning of the Zhuhai PCBA production line, the company's PCBA production capacity is expected to gradually increase, leading to further growth.

Comparison of listed companies in the same industry: at present, there is no enterprise with the same business as the company in A-share listed companies; according to business similarity, select Shennan circuit of PCB board design and EMS, Pengding Holdings of PCB board design and production, and Xingsen Technology, which is mainly engaged in PCB board manufacturing but engaged in PCB design link, as comparable listed companies. According to the above-mentioned comparable companies, the average income of the industry in 2021 is 17.432 billion yuan, the PE-TTM (arithmetic average) is 23.98X, and the gross profit margin of sales is 25.42%. Comparatively speaking, the revenue scale of the company is in the lower reaches of the industry, but the gross profit margin is higher than that of the above-mentioned comparable companies.

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.