Main points of investment
On October 10, there was an inquiry for Golden Orange, a listed company of Science and Technology Innovation Board.
Golden Orange (688291): the company's main business is the research and development and sales of laser processing equipment motion control system; after years of accumulation, the company's product series covers laser marking, laser cutting, laser welding and other fields.
From 2019 to 2021, the company achieved operating income of 92 million yuan / 135 million yuan / 203 million yuan, YOY of 32.73%, 46.21%, 50.09%, and a compound annual growth rate of 42.81%. The net profit of homing was 16 million yuan / 40 million yuan / 53 million yuan, the YOY was-6.85%, 150.39% and 31.28%, respectively, and the annual compound growth rate of three years' net profit was 45.21%. During the latest reporting period, 2022H1 achieved an operating income of 106 million yuan, an increase of 3.59% over the same period last year, and a net profit of 26 million yuan, down 14.16% from the same period last year. The company expects the net profit attributed to the owner of the parent company from January to September 2022 to be about 35 million yuan to 45 million yuan, down 12.85% from a year earlier to an increase of 12.05%.
Investment highlights: 1. As one of the few CNC system suppliers specialized in the field of laser processing control in China, the company has formed a leading position in the field of laser galvanometer control system and has high-quality customer resources. At present, it has basically achieved localization in the field of middle and low-end galvanometer control systems, but in the field of high-end applications, it is still dominated by international manufacturers such as Scaps and Scanlab of Germany, and the localization rate is only about 15%. As one of the few enterprises participating in the competition in the field of galvanometer control system, the company has formed a domestic leading advantage in this subdivision field, and its market share in the field of laser galvanometer processing control system is as high as 32.29% in 2020. With the comprehensive advantages of technology, brand and products, the company has established stable and good cooperative relations with Huagong Technology, Feiquan Laser and other domestic well-known enterprises. at the same time, the products are exported to more than 20 countries and regions, such as the United States, South Korea, the European Union and so on. it has established direct or indirect cooperative relations with thousands of downstream customers at home and abroad. 2. The company joined Huari Laser in 2020 to further consolidate the cooperative relationship with its core customer Huagong Science and Technology. On January 10, 2020, the company acquired 5.00% of Huari Laser; Huari Laser was once a holding subsidiary of Huagong Technology, the core customer of the company, mainly engaged in laser manufacturing. The company has maintained a long-term and stable cooperative relationship with its customers Huagong Technology, and the proportion of sales revenue from Huagong Technology ranked first during the reporting period. The company's acquisition of Huari Laser is expected to further consolidate the industrial resources and cooperative relationship with Huagong.
Comparison of listed companies in the same industry: the industry to which the company belongs is information transmission, software and information technology services; considering industry classification, revenue structure and other factors, select Baichu Electronics, Weihong shares and other enterprises which are also based on laser processing control systems as comparable listed companies. According to the above comparable companies, the average income of the industry in 2021 is 663 million yuan, PE-TTM (arithmetic average) is 52.98X, and sales gross profit margin is 67.05%. Relatively speaking, the company's revenue scale and 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.