There will be an inquiry by Xinling Electric, a listed company on gem, next Tuesday (October 18).
Xinling Electric (301388): the company is mainly engaged in the research and development, production and sales of low-voltage electrical appliances. It has a product system with tens of thousands of specifications in six categories, including relays, power distribution control, electric transmission and control, instruments, sensors and switches. From 2019 to 2021, the company realized operating income of 376 million yuan / 445 million yuan / 521 million yuan respectively, and its YOY was 5.52% 18.60% 17.00% respectively. The compound annual growth rate of operating income for three years was 13.55%. The net profit of returning to home is 49 million yuan / 84 million yuan / 82 million yuan, and the YOY is-10.37%, 72.17% and 1.64%, respectively. The compound annual growth rate of net profit for three years is 14.93%. During the latest reporting period, 2022H1 achieved an operating income of 260 million yuan, an increase of 3.47% over the same period last year, and a net profit of 34 million yuan, down 14.81% from the same period last year. The company expects to make a net profit of about 47 million yuan to 66 million yuan from January to September 2022, changing from-19.14% to 13.55% compared with the same period last year.
Investment highlights: 1, the company ploughed the field of low-voltage electrical appliances, and successfully created China's well-known trademark "Xinling", is expected to benefit from the growth of the industry scale and the promotion of domestic substitution trend. As a basic component in the field of electrical equipment and industrial automation, low-voltage electrical appliances are widely used in various industries of the national economy. Therefore, the low-voltage electrical appliance market not only continues to develop with the steady growth of traditional downstream markets such as automobiles, household appliances and industrial control, but also new industries such as new energy, artificial intelligence (AI) and intelligent manufacturing have opened up more and wider downstream application scenarios for the low-voltage electrical appliance industry. According to the "Statistical Analysis report on the Economic Operation of the low Voltage Electrical Appliance Industry in 2020" released by the General low Voltage Electrical Appliances Branch of the China Electrical Appliance Industry Association, the main business income of the industry in 2020 was about 96.3 billion yuan, an increase of 10.3% over the same period last year, and the industry grew well. At the same time, local enterprises are constantly narrowing the gap with international giants through technological innovation in order to accelerate the localization of high-end products; as a high-quality enterprise that has successfully created China's well-known trademark "Xinling", it has established a certain brand advantage in China, and is expected to benefit from the continuous growth of the industry scale and the continuous promotion of the domestic substitution trend. 2. the company's fund-raising project will be built ahead of schedule, and the new plant is expected to be completed by the end of 2022.
During the reporting period, many production lines of the company, including relays, instruments and sensors, were running at full capacity, and the capacity utilization of some production lines was close to or exceeded 100%. In order to solve the problem of capacity bottleneck and meet the expected growth of market space, the company plans to raise 390 million yuan for new plant and production line (including 348 million yuan for new plant construction). As of June 30, 2022, the plant of the investment project is tentatively estimated to have been completed at 81.3056 million yuan, which is expected to be completed by the end of 2022. After the project is completed and put into production, it will help to increase the company's production capacity and promote the company's performance expectations.
Compared with listed companies in the same industry: during the reporting period, the company was mainly engaged in the research and development, design, production and sales of low-voltage electrical appliances; from the point of view of its industry, business model and product types, Zhengtai Electric, Hongfa shares, Liangxin shares and Sanyou Lianzhong were selected as comparable listed companies of Xinling Electric. According to the above comparable companies, the average income of the industry in 2021 is 11.506 billion yuan, the PE-TTM (excluding Tianzheng Electric / arithmetic average) is 28.54X, and the sales gross profit margin is 27.50%. Comparatively speaking, the revenue scale of the company is not as large as that of the above-mentioned comparable companies, but the sales gross profit margin is higher than the average 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.
