Key points of investment
Next Wednesday (5/24), a company listed on the Science and Technology Innovation Board, “Shuangyuan Technology” will ask for a quote.
Shuangyuan Technology (688623): The company focuses on R&D, production and sales of online automated measurement and control systems and machine vision intelligent inspection systems. The company achieved revenue of 165 million yuan/262 million yuan/372 million yuan/372 million yuan in that order, YOY was 31.42%/58.50%/42.02% in that order, and the three-year compound annual revenue growth rate was 43.55%; achieved net profit of 42 million yuan/57 million yuan/96 million yuan in that order, YOY was 82.12%/37.27%/68.86%, and the three-year compound annual growth rate of Fumo's net profit was 61.61%. In the latest reporting period, the 2023Q1 company achieved operating income of 104 million yuan, an increase of 70.34% over the previous year; Guimu's net profit was 26 million yuan, an increase of 149.23% over the previous year. The company expects net profit attributable to the company's common shareholders in January-June 2023 to be 60.1866 million yuan to 66.8619 million yuan, an increase of 72.46% to 91.59% over the same period last year.
Investment highlights: 1. Focusing on the sheet inspection field, the company has laid out two major products, an automated measurement and control system and a machine vision intelligent inspection system. It is leading the way in new energy lithium battery measurement and control, thin-film measurement and control. The company is deeply involved in the field of sheet inspection. Currently, it has formed two major product lines around sheet inspection: an online automated measurement and control system and a machine vision intelligent inspection system, which gradually extends downstream application fields from the paper industry to new energy batteries, photovoltaics, etc., and is in a leading position in the above segmented circuit. Among them, the company's lithium battery surface density/thickness inspection system in 2021 ranked in the top three in the country. In 2022, the company's lithium battery cell chip raw material production and electrode production visual inspection system market share was 14.44%, leading the industry, with BYD and Beehive. Downstream leaders such as Energy, Sunwoda, and Yiwei Lithium Energy have all established cooperative relationships; in addition, the company's film thickness measurement system ranked first in the country in the plastic film industry and paper industry in 2021, and the market share of automated measurement and control systems and machine vision intelligent inspection systems in the field of spunlace nonwovens reached 40%. As of December 31, 2022, the company's contractual debt was 327 million yuan, which reflects the recognition of the company by downstream customers and highlights the company's ability to continue to develop. 2. The company has further enriched the existing product line, developed an X-ray internal defect detection system based on the original surface defect inspection products, and has now signed orders with customers such as BYD and Honeycomb Energy. The X-ray internal inspection system is similar to the image analysis principle of the company's existing VIS inspection system. Based on the original technology, the company successfully developed the X-ray internal defect detection system and put it on the market in 2021, extending the inspection scope from sheet surface inspection to internal inspection of battery cells. The product has been approved by some customers. By the end of 2022, the company had signed orders of 90 million yuan with customers such as BYD and Honeycomb Energy. In addition, during the reporting period, the company continued to invest in the development of 3D CT internal defect detection systems based on X-ray cameras, which is expected to develop multi-dimensional machine vision inspection capabilities covering two and three dimensions.
Comparison of listed companies in the same industry: Central Control Technology, Opt, Ling Yunguang, Tianzhun Technology, Precision Electronics, and Quzi Technology were selected as comparable listed companies based on the dimensions of main product types, industry competition, business and financial comparability.
Looking at the comparable companies mentioned above, the average revenue scale of the industry in 2022 was 2,586 billion yuan, the comparable PE-TTM (excluding outliers/arithmetic average) was 58.06X, and the gross sales margin was 42.41%; in comparison, the company's revenue scale was lower than the industry average, and the gross sales margin was higher than the industry average.
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.