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【长城证券】大恒科技:多点花开,再迎成长

長城證券 ·  Sep 13, 2010 00:00  · Researches

The company is a holding listed company: Daheng Technology is a typical holding listed company. Its controlling companies such as China Daheng (Group) Co., Ltd. (holding 72.7%), Daheng Laser (51%), Ningbo Mingxin Microelectronics (73%), and China Science and Technology (56.48%) are exclusively engaged in IT technology and office automation, laser equipment, semiconductor components, and television digital network editing and broadcasting systems. Since this year, there have been positive changes in the operating conditions of many of the company's subsidiaries. The highlight of Daheng Group is its image of Daheng: Daheng Group has a relatively complete sales channel, and its main revenue comes from agency sales of office IT equipment. This business has annual sales revenue of more than 2 billion dollars, but the benefits are average. Daheng Image, a subsidiary of Daheng Group, was founded in 1991 and specializes in video image processing equipment. Its main products are imaging equipment, mainly image capture cards, industrial cameras and smart cameras, as well as printing quality inspection systems. Looking at previous years, Daheng Image's annual revenue is between 120 and 140 million yuan, and the net profit margin is around 10%. Revenue reached 780 million in the first half of this year. Since the company's products have extensive application space in the printing field and industrial online inspection, it is expected that it will continue to grow rapidly in the future. Its laser division experienced a detour from industrial to civilian use and then back to industrial laser equipment. Last year, it returned to making laser marking machines. The asset scale was around 50 million, and it already reversed its losses in the first half of this year. Its subsidiary Daheng Medical specializes in technical products such as radiation therapy systems, radiological diagnosis, and medical imaging networks. Due to the limitations of the medical administration system, it is difficult to develop and grow. The annual sales revenue is 340 million yuan, and the net profit is only about 3 million yuan. The subsidiary also holds 49% of Shanghai mainland futures, with annual revenue of only tens of millions of yuan, and net profit reached 12 million yuan last year. In the first half of this year, in order to cooperate with the stock index futures business, net profit fell by about 60% year on year. Ningbo Mingxin's business has reached an inflection point and is expected to enter rapid growth: Ningbo Mingxin, which specializes in semiconductor power device packaging, has experienced accumulation in previous years, and the inflection point in operation has already reached. Highlights include: 1) At the end of 2007, it introduced a power device packaging and testing production line worth about 100 million yuan from Jinpeng in Singapore. After years of installation, commissioning and production climbing in '08 and '09, Ming Xin will enter a new stage of development. Sales in the fourth quarter of 2009 doubled year-on-year. Sales revenue for the first half of this year reached 183.5 million yuan, an increase of 143% over the same period in 2009. Net profit was 5.76 million yuan, and annual sales are expected to reach 400 million yuan. 2) Ningbo Mingxin signed a full cooperation agreement with NIEC (Japan Indah), a Japanese power device listed company in the first half of this year: Ningbo Mingxin will invest 250 million yen in NIEC to participate in NIEC;

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