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中小公司新股研究(第73期):智动力

中信建投 ·  Jul 23, 2017 00:00  · Researches

  Intelligent Power - A company specializing in the R&D, production and sales of functional consumer electronics devices. The main business is the R&D, production and sales of functional consumer electronics devices such as mobile phones, providing customers with a full range of services such as the design, production and testing of functional devices. The company's products are non-standard components specially customized by customers. The main products are functional devices for mobile phones, which can be divided into internal and external functional devices. Highlight 1: High quality customer resources, endorse the company's brand, and enhance the company's market recognition. After years of professional development, the company has won the trust of a number of well-known manufacturers of consumer electronics products and components, including Samsung, Lansi Technology, OFIL, Jinsheng Precision, Dongguan Jierong, BYD, Changying Precision, and Foxconn, and has established a stable customer relationship with them. High-quality customer resources make it easier for the company's products to win the trust of the market, enhance market recognition, and provide a solid foundation for business expansion. Highlight 2: The company has strong R&D capabilities and can cut into customer front-end design. The company has strong R&D and design capabilities and rich industry experience. It can directly participate in the pre-product design of downstream brand customers, and provide downstream customers with a full range of services such as functional device design, material selection, product trial production and testing, mass production, rapid delivery and supporting services. By participating in the early design of customer products, the company has increased the added value of the company's products, further increased customer stickiness, and strengthened the cooperative relationship between the company and customers. Highlight 3: Focusing on fund-raising projects to achieve production will effectively increase the company's production capacity and improve product structure. The company's production and sales rate in 2014-2016 were above 90%, and the capacity utilization rate in 2015 was as high as 94%, mainly because the company developed major customers such as Dongguan Samsung Vision, Tianjin Samsung Vision, and Ophite. Orders rose rapidly and production increased. Although Samsung's certification for Vietnam's intelligent power was passed at the end of 2016, only small-scale production was carried out to reduce the overall capacity utilization rate, the rapid increase in sales volume placed new demands on the company's production capacity. The consumer electronics functional device production base construction project can achieve the production capacity of 4 billion functional devices for consumer electronics products such as smartphones and tablets per year, while increasing the company's production capacity while expanding the product structure, so that the company can adapt to market demand trends and increase the production volume of other consumer electronics such as tablets and wearable devices.

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