Main points of investment
On Thursday (September 15), a company listed on the main board made an inquiry.
Better (001298): the company is a distributor of electronic components, mainly sells electronic components to electronic product manufacturers in consumer electronics, Internet of things, lighting and other application fields, and provides related product design solutions and technical support services. From 2019 to 2021, the company achieved operating income of 4.119 billion yuan / 5.261 billion yuan / 6.841 billion yuan, YOY of-4.39% 27.71% and 30.04%, respectively, with a compound annual growth rate of 16.66%. The net profit of homing was 53 million yuan / 118 million yuan / 186 million yuan, and the YOY was 52.40%, 123.49% and 57.73%, respectively, and the annual compound growth rate of three years' net profit was 75.14%. During the latest reporting period, 2022H1 achieved an operating income of 3.64 billion yuan, an increase of 3.86% over the same period last year, and a net profit of 86 million yuan, down 10.44% from the same period last year. According to the preliminary forecast, the company is expected to achieve a return net profit of 12202.11 to 131.3888 million yuan from January to September 2022, with a range of-14.13% to-7.54%.
Investment highlights: 1. The company is a leading distributor of electronic components in China, especially in consumer electronics, Internet of things, lighting and other fields. Since its establishment, the company has been deeply engaged in the distribution of electronic components and is currently leading in this field. In 2020, the company ranked 13th in the ranking of local electronic components distributors published by International Electronic Business Intelligence. In 2020 and 2021, the company was awarded by the Electronic components Application and supply chain Branch (ECAS) of the China Information Industry Chamber of Commerce (CIITA) as the "Vice Chairman Unit".
Title, "2019 Global Electronic components Distributor Excellence Award" issued by International Electronic Business Intelligence, and so on. The company has strong advantages in consumer electronics, Internet of things, lighting and other fields, has rich original factory resources, and has been widely recognized by downstream customers; after years of accumulation, the company has obtained the authorization of many original factories, including MediaTek, PI, Nordic, Jingchen Semiconductor and Sacred Bond, some of which have cooperated for more than ten years. It has been recognized by many well-known customers in the industry, such as XIAOMI Group, Sichuan Changhong, Anke Innovation, Gore shares and so on. 2. Based on the in-depth understanding of the needs of the consumer electronics and Internet of things industry and the accumulation of technology, the company has gradually expanded its independent product design and manufacturing business. At present, the main products include Internet of things related products and TWS Bluetooth headset chips. The company entered the Internet of things product design and manufacturing business and chip customization business in 2018 and 2020 respectively. The main products of the company's Internet of things plate include smart home products, Internet of things wireless modules and public network communication devices, etc., chip customization module products currently include intelligent reset MCU, intelligent reset and high-speed communication chips for TWS Bluetooth headphones; corresponding business income increased rapidly during the reporting period. The research projects of the company's independent products include intelligent home APP "soybean intelligence", dimming and color-adjusting Bluetooth intelligent power supply, intelligent door magnetic, window pusher, intelligent Bluetooth stethoscope, intelligent gas alarm system and low-voltage motor driver chip design, etc., with the gradual enrichment of independent product lines in the future, it is expected to further promote the company's performance growth.
Compared with listed companies in the same industry: the company is a domestic distributor of electronic components, mainly selling electronic components to electronic product manufacturers in consumer electronics, Internet of things, lighting and other application fields. According to the similarity of the business, Shenzhen Huaqiang, Liyuan Information and Yingtang Intelligence Control are selected as comparable listed companies. According to the above comparable companies, the average income of the industry in 2021 is 13.207 billion yuan, the PE-TTM (excluding abnormal value / arithmetic average) is 16.78X, and the sales gross profit margin is 9.81%. In comparison, the company's revenue scale and gross profit margin are in the lower reaches of the industry.
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.
