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珩湾科技(1523.HK):信誉良好的SD-WAN路由器供货商

Hengwan Technology (1523.HK): Reputable SD-WAN router supplier

光大證券 ·  Jul 1, 2016 00:00  · Researches

High-quality SD-WAN router products and unique SpeedFusion technology. Hengwan Technology is the fifth largest supplier of SD-WAN routers in the world in 2015. According to the Quocirca report, the global SD-WAN router market is only a small part of the global router market, accounting for about 1.9% of the global router market. The SD-WAN router market is expected to expand at a CAGR of 31.8%, reaching about $1.51 billion in 2020. As a large supplier of SD-WAN routers, the company meets the different network needs of users with its own unique portfolio of products and services. Among them, the company's InControl cloud service management technology simplifies the installation, maintenance and management of routers for customers, which is widely recognized by customers and provides a certain recurrent income for the company. In addition, in recent years, with the patented SpeedFusion technology, the company has greatly improved the efficiency of its routers, making the company stand out from many competitors and maintain a certain competitiveness in the market.

Has a professional R & D team. Hengwan Technology has a strong R & D capability, coupled with years of rich experience and expertise in developing and manufacturing routers, the company has a good track record of developing and commercializing innovative routers. Among them, the R & D team has developed MediaFast series routers and MAX HD4 routers and other products. As of December 31, 2015, the company has obtained 4 patents granted by the United States Patent and Trademark Office and submitted 161 intellectual property patents developed by the R & D team internationally. The company also won the 2015 Deloitte High-tech High-growth China Top 50 and the star of tomorrow, which shows the strength of the company's R & D team. In the future, the company will continue to focus on the research and development of a user-centric product portfolio that can meet the specified different needs, and continue to expand market share and increase revenue.

Extensive sales network and close relationship with customers. The company believes that a large sales network is very important, so it has also actively developed its distribution network over the past decade. The company's number of distributors increased from 309 at the beginning of 2013 to 415 as of December 31, 2015 in more than 70 countries. The company can use the distribution network to promote its products to end users in different countries and different fields, which can not only increase sales, but also help to enhance the company's brand awareness and maintain competitive advantage. In addition, the company also attaches great importance to the relationship with customers. To this end, the company has set up a comprehensive website to promote and sell products and host online community forums. Through the online forum, the company can quickly respond to customer inquiries to meet customer needs, but also understand customer feedback on products.

It is recommended to subscribe carefully. Hengwan Technology maintains its leading position in the international SD-WAN router market through its professional R & D capability, huge distribution network and good customer relationship. With the huge development potential of the SD-WAN market and the increased demand for routers, the company's revenue grew steadily, with a turnover of US $21.859 million in fiscal 2015, an increase of 21.8% over the same period last year. The valuation is also reasonable, with a price-to-earnings ratio of 17.19-24.82 times, so it is recommended to subscribe cautiously.

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