Zhitong Financial APP learned that on November 22, 301391.SZ began to apply for an offering price of 96 yuan per share, with a ceiling of 4000 shares and a price-to-earnings ratio of 63.58 times. It belongs to the gem of the Shenzhen Stock Exchange, with China International Capital Corporation as its exclusive sponsor.
Cartwright is a high-tech company with video processing algorithms as the core and hardware equipment as the carrier to provide customers with professional display control products in the field of video images. The company's products are mainly divided into three categories: LED display control system, video processing equipment and cloud networking player, which can realize the display control, editing processing, transmission analysis and other functions of video signal and image data.
Carlette said that the company's innovation, creation and creativity mainly focus on the application of video image display control technology, with 5G+8K as the focus of innovation, creation and creativity. From the perspective of development trend, the application of 5G+8K will effectively promote the development of new media, command and dispatching, telemedicine, video conferencing, industrial control, culture, education and entertainment and AR/VR. In recent years, in line with the development trend of the industry, the company has developed a series of new products suitable for 5G transmission and 8K video processing, which have been recognized by customers and the market.
Carlette said that through years of research and development technology accumulation, the company has a first-class research and development and technical application team in software, hardware, optics, image algorithms, embedded, communications, cloud networking and so on. Through R & D-driven product iterative upgrading, the company continues to introduce product systems and technical solutions that meet and lead customer needs. After continuous and in-depth research and development and technology accumulation, the company has successively developed a large number of pixel fast optical correction technology, large screen physical distance fine-tuning technology, multi-channel over 8K video low delay processing technology, virtual shooting XR technology, image bit extension technology, nonlinear color gamut calibration technology, mobile display grid broadcast control management technology, etc., becoming one of the few enterprises in the industry to master the core technology of LED display control and video processing.
At present, Cartwright's products are widely used in celebration activities, competitive events, conference activities, exhibition display, monitoring and scheduling, television broadcasting, performing arts stage, commercial advertising, information release, creative display, smart city, virtual shooting and other video image display fields.
It is worth noting that Cartwright has the risk factors of market competition and high customer concentration. Specifically, Carlette said that the barriers in the video image display control industry are relatively high. At present, the company and Xi'an Nova are the representative manufacturers in the domestic sub-industry, with a high degree of industry concentration. At the same time, the broad market space and good economic returns of the industry may attract more new entrants, including large and medium-sized enterprises and listed companies in the upper and lower reaches of the industrial chain with financial advantages, which makes the overall competition in the industry increasingly fierce. Potential market competitors can shorten the research and development cycle to a certain extent, speed up the release process of similar products and provide products with lower prices through continuous research and imitation of existing products with the help of capital and industrial chain advantages. If domestic and foreign potential competitors continue to enter, it will lead to the gradual intensification of market competition.
In addition, during the reporting period, Cartwright's combined sales revenue to the top five customers (merger caliber) accounted for 36.29%, 56.06%, 60.56% and 52.44% of the company's operating income, respectively. Among them, the sales revenue of Qiangli Lottery accounted for 10.70%, 35.14%, 39.16% and 26.80% respectively, and the company added important customers during the reporting period. The company's main customers include strong Lottery, Liad, Chau Ming Technology, Changchun Xida, Planar and other LED display industry well-known customers, business stability and continuity is good, but high customer concentration may still bring certain risks to the company's operation.
The funds raised will be invested in the following projects:
In terms of finance, Carlette's operating income in 2019,2020,2021 and the first half of 2022 was about 330 million yuan, 395 million yuan, 582 million yuan and 271 million yuan respectively, and the net profits attributed to the owners of the parent company were about 62.7884 million yuan, 63.7894 million yuan, 108 million yuan and 53.64 million yuan respectively.