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【江海证券】英飞拓新股定价报告

江海證券 ·  Dec 24, 2010 00:00  · Researches

Shenzhen Infinetuo Technology Co., Ltd. was formerly known as Infinetuo Technology (Shenzhen) Co., Ltd. (formerly “Kuantuo Technology (Shenzhen) Co., Ltd.”). Infineon Limited was founded in October 2000 and was completely changed to a limited company on January 8, 2008. Liu Zhaohuai directly and indirectly holds 95% of the company's shares through JHLINFINITELLC and is the controlling shareholder and actual controller of the company. Yingpai Yibai and Hong Xingbao hold 3% and 2% of the company's shares respectively. The company directly holds 100% of the shares of Shanghai Infineon, Infineon Software, and Infineon International; at the same time, it also holds 100% of the shares of Infineon in the US, Infineto in Hong Kong, and Infineto in India through Infineon International. The company is one of the few suppliers of high-end security electronic products in China. Its main products include front-end and back-end video surveillance systems, transmission products, and access control products. The company ranked first, first and second with market shares of fastball, matrix, and optical transceiver, which contributed the most to revenue, with 5.3%, 12.6% and 8.5% respectively. Relying on technological advantages, a perfect sales network, and the middle and high-end brand effects accumulated over many years, the company has won the recognition of downstream customers for its higher pricing of similar products compared to other domestic competing brands. The consolidated gross margin was significantly higher than the industry average, and the consolidated gross margin in 2009 was as high as 59%.

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