Key points of investment: in the new round of development of the security electronics industry, video surveillance will be taken as the core, system integration + customization as the trend, and the industry concentration will increase rapidly. With the extension of the construction of "Ping an City" to second-and third-tier cities, the security electronics industry will usher in a broad market space of 50 billion yuan a year and a new round of development peak in the next five years. The topology structure is becoming more and more complex from point to area, and the demand is also developing to depth. Communication networking, system integration and application intelligence will become the trend. In the process of system integration and customization, video surveillance vendors will play an important role, deeply involved in project engineering, fully understand customer needs, and gradually transform from equipment suppliers to system integrators and overall solution providers. Demand integration will promote the concentration of the industry, and the market share will be quickly concentrated to the advantageous enterprises and leading enterprises with full product line, technical strength and brand status, and rich experience in project engineering.
Infoto is a middle and high-end brand manufacturer in the field of video surveillance in China, with outstanding system integration and customization ability.
At present, the company has a full product line of security electronics, including cameras, matrices, DVR, optical machines and access control systems. The products are located in the domestic middle and high-end market, and the price is more than 30-50% higher than that of domestic equipment manufacturers. At the same time, relying on the implementation of many large-scale projects, the company has accumulated rich application experience in the industry, and has outstanding capabilities in system design, integration and customization. it will be able to share the high growth cake of the security electronics industry in the future.
1.86 billion yuan raised funds to invest in research and development, production capacity, channels and other key links, looking forward to great-leap-forward development in the future.
The company uses 510 million yuan to raise funds, focusing on the research and development of new products and new technologies, production capacity expansion in the next three years, and the construction of domestic and foreign marketing network channels. In addition, we believe that the company's over-raised capital of 1.35 billion yuan may timely achieve the superposition effect of the product line and the regional complementary expansion of marketing channels through the extension of M & An expansion, which is conducive to further enhance the competitive advantage of system integration + customization as the core. At the same time, with the help of rich product lines, high-end brands and technical capabilities, and sufficient financial strength, the company has obvious advantages and great potential in large-scale projects such as "Ping an City", and its market share is expected to increase rapidly.
The "overweight" rating is given for the first time. We predict that 2011-2013 corresponds to EPS=0.72/1.02/1.48 yuan. We believe that the company's core competitiveness of system integration and customization is outstanding, which can support the continuous acquisition of orders and better-than-expected performance growth, and give the "overweight" rating for the first time.