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中小公司新股研究(第94期):森霸股份

Research on New shares of small and medium-sized companies (No. 94): Samba shares

中信建投 ·  Aug 22, 2017 00:00  · Researches

Samba shares: small parts, big prospects, domestic middle and high-end photoelectric sensor pioneer company is a research and development, design, production, sales and service in one of the professional photoelectric sensor supplier. The company's main products include pyroelectric infrared sensor series and visible light sensor series, which is one of the few domestic enterprises in the industry with the ability to mass produce CMOS linear visible light sensors.

The main points to watch in the future are:

Point one: leading technological R & D capability and high gross profit margin. Through technological innovation, the company's products and technology have reached the international level. The company has 47 R & D personnel, 22 patents and 4 high-tech R & D projects supported by the state. Its main products are independent research and development, with a certain pricing power. The technological advantage of the product brings a large profit margin, with the company's gross profit margin as high as 50.76% in 2016, an increase of 7.6% over the same period last year.

Point two: the leading position in the field of pyroelectric infrared sensors is prominent. The concentration of the pyroelectric infrared sensor industry is relatively high, with the top three companies accounting for 60% of the market.

Samba shares occupy 30% of the market share of the industry, with an output of 69.58 million, making it a well-deserved leader in the industry.

Point 3: the field of visible light sensor has a bright future, and the domestic alternative logic is established. In the field of visible light sensors, the industry is still in a state of free and complete competition. The company takes the lead in overcoming the technical barriers of high-end visible light sensors, with an annual output of 29.15 million photosensitive transistors and CMOS linear visible light sensors, forming a first-mover advantage in the domestic market of middle and high-end visible light sensors, so as to seize more market share. In the face of the competition of foreign visible light sensor products, the company gives full play to its production cost advantage, and the domestic substitution logic is established.

The translation is provided by third-party software.


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