Key points of investment
Next Wednesday (5/24), a GEM listed company “Haojiang Intelligence” will ask for a quote.
Haojiang Intelligent (301320): The company's main products are intelligent linear drive products, which were mainly used in the fields of smart home, smart medical care, smart office and industrial transmission during the reporting period. The company achieved revenue of 624 million yuan/766 million yuan/665 million yuan/665 million yuan respectively in 2020 and 2022, YOY was 22.55%/22.81%/-13.21% in that order, and the three-year revenue compound annual growth rate was 9.31%; achieving net profit of 86 million yuan/73 million yuan/67 million yuan, YOY was 38.05%/-14.97%/-8.73%, and the three-year compound annual growth rate of Gumo's net profit was 2.33%. In the latest reporting period, 2023Q1 achieved operating income of 161 million yuan, a year-on-year decrease of 13.87%; it achieved net profit of 13 million yuan to its mother, a year-on-year decrease of 20.45%. According to preliminary forecasts, the company expects to achieve net profit of 24 million yuan to 28 million yuan from January to June 2023, up -17.41% to -3.65% year-on-year from January to June 2022.
Investment highlights: 1. The actual controller of the company has rich experience in the industry, which has helped the company become one of the leading linearly driven enterprises in the domestic smart home field. The actual controller and management team of the company have been engaged in the production, marketing and research activities of intelligent linear drive products since 2003, and have nearly 20 years of experience in the industry. Under the leadership of the management team, the company became one of the few enterprises in the industry with a full chain of production capacity from precision component design and development, case manufacturing to complete system assembly. It has basically achieved self-research and production of core key components and automated and modular production of linear drive products such as motor drives and controllers, which effectively enhances the added value of the company's products while also ensuring product stability. Up to now, the company's products have established long-term and stable partnerships with well-known domestic and foreign brands such as Dream Lily, Leggett & Platt, etc., and have formed advantageous fields in market segments such as electric bed drives. 2. Based on technology accumulation in the smart home field, the company is actively expanding its business into office, industrial and other application scenarios. The company entered the smart office linear drive field in 2019, and sales revenue from the office sector reached nearly 30 million yuan in 2022; subsequently, the company also entered the field of linear drives for industrial drives, with sales revenue from the industrial sector exceeding 20 million yuan in 2022. Furthermore, the company also expanded into the intelligent shading business through its subsidiary Yongke Electromechanical, and achieved related revenue of more than 7 million yuan in 2022. It is expected that with the further development of the intelligent trend in the above fields, there is still plenty of room for demand for the company's products; to this end, the company plans to actively promote the expansion of production capacity in businesses such as smart office and smart shading through fund-raising projects.
Comparison of listed companies in the same industry: Based on the similarity of their main business, Jiechang Drive, Kaidi Co., Ltd., and Lego Co., Ltd. were selected as comparable listed companies of Haojiang Intelligence. Judging from the comparable companies mentioned above, the average revenue scale of comparable companies in 2022 was 2,462 billion yuan, the comparable PE-TTM (arithmetic average) was 27.90X, and the gross sales margin was 26.74%; in comparison, the company's revenue scale and gross sales margin fell short of the average of peers.
Risk warning: There is still a possibility that companies that have begun the inquiry process will not be able to go public due to special reasons; company content is mainly based on the content of prospectus and other public information; there is a risk that the selection of listed companies in the same industry is not accurate enough; there may be interpretation deviations in the selection of content data. The specific risks of listed companies are shown in the text.