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英可瑞(300713)新股询价报告

Inkeri (300713) IPO inquiry report

華鑫證券 ·  Oct 11, 2017 00:00  · Researches

Company profile

The company is in the power electronics industry, mainly engaged in the R & D, production and sales of intelligent high-frequency switching power supplies and related power electronic products. The company is located in the intelligent high-frequency switching power supply core components supplier, the current products mainly include electric vehicle charging power supply module and system, power operation power supply module and system and other power products. The products are mainly used in new energy vehicle charging facilities, power system, communication system, rail transit and other fields.

The highlight of the company

The main results are as follows: (1) the products in the industry of the company are updated quickly, showing the characteristics of high price and high gross profit margin of new products. However, with the improvement of technological maturity and the addition of competitors, the supply increases rapidly and the product price decreases rapidly. In view of the characteristics of the industry, the company needs to have good cost control ability.

In the course of many years of operation, the company pays more attention to the establishment and linkage of the supply chain system. First of all, the company has a group of long-term cooperative suppliers and assists the suppliers to improve the manufacturing process, so as to improve the procurement efficiency and control the procurement cost; secondly, with the rapid growth of the company's business and the expansion of the procurement scale, large-scale procurement is conducive to reducing the purchasing price of raw materials. Thirdly, through research and development and reasonable process design, the company has made good progress in component miniaturization and standardization, reducing the manufacturing cost of unit products; finally, the company is located in Shenzhen, the local power electronics raw materials are mature and adequate supply, it is also conducive to reduce the procurement cost of the company.

(2) the downstream customers of the company are mainly system integrators, and their end users are mainly power grids, power plants, charging facilities operators and so on. These end users have high requirements for the quality and stability of the system. As the core component of the system, the stability of its quality and the timeliness of supply have a great impact on the equipment operation of the end-users. The above end-users usually consider the application cases and effects of the supplier's products in their facility system.

Therefore, if we can take the lead in realizing the application of our own products in its system and achieve good results, it will be more conducive to the acquisition of follow-up orders compared with other suppliers, thus forming a market first-mover advantage. Over the years, the company has achieved good application results with excellent product quality and comprehensive customer service. Especially in the aspects of new products, it takes the lead to put into use and has a good effect, and has a certain market first-mover advantage.

(3) the core technology of the company ensures the high efficiency and reliability of the products, and provides customers with cost-effective products. A full range of products, perfect after-sales system, can design products according to customer needs, and can put forward efficient and flexible solutions as soon as possible. "Enkeri" products have accumulated certain brand advantages among customers. The company's good product quality, continuous research and development capabilities and technical advantages have won a good reputation for the company, the company has accumulated more high-quality customers, stable cooperative relationship, and laid a certain foundation for the company to obtain orders for new products. For example, some of the customers who purchase the electric vehicle charging power products of the company are the customers of the original electric power supply.

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