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中小公司新股研究(第64期):易德龙、英可瑞

SME IPO Research (Issue 64): Edelon, Incole

中信建投 ·  Jul 4, 2017 00:00  · Researches

  Edelon - a high-quality electronics manufacturing service provider for the world

Highlight 1: The company's “small batch, multi-variety” differentiated market strategy is in line with future trends. Most domestic companies in the same industry choose a business model with mass manufacturing and a single variety of products, while companies choose to serve customers in multiple industry segments. EMS companies that are positioned as “small batches, multiple varieties, high quality” have a relatively high gross margin compared to companies that provide “large quantities, single varieties”. This differentiated market positioning also provides a guarantee for the company's rapid and sustainable development.

Highlight 2: After the fund-raising project is delivered, it will effectively expand the company's production capacity and enhance R&D capabilities. The payback period of the high-end electronics manufacturing expansion project (including the construction period) is 5.24 years. It is estimated that 15 million PCBA production capacity will be added. After delivery, the project will break through production capacity limits to meet business growth needs. It is expected to increase operating income by an average of 1240 million yuan after delivery; after completion of the R&D center construction project, it will further enhance its core competitiveness in new product planning, product design, process technology improvement, etc.; the technological transformation project for the intelligent construction of the PCBA production workshop is to intelligently upgrade the company's existing production line, and increase the average annual business after delivery. Revenue is 150 million yuan.

Highlight 3: Intelligent robot vacuum cleaner control board sales are expected to continue to grow. The sales volume of the intelligent robot vacuum cleaner control board produced by the company reached 26.66% in 2014-2016. The gross margin of this product is high. The downstream robot vacuum cleaner has developed rapidly in the past two years because it does not require power line assistance during use, and it is expected that the high growth trend will continue in the future.

Incori—Charging Pile Core Module Supplier

Highlight 1: The charging pile market has clear expectations, the gap between supply and demand is large, and there is good room for growth. According to statistics from the Ministry of Industry and Information Technology, as of 2016, the number of new energy vehicles owned in China exceeded 1 million, but the number of public charging stations was about 150,000, and the pace of charging facility construction lags far behind the development of the NEV industry. According to the “Electric Vehicle Charging Infrastructure Development Guide (2015-2020)”, by 2020, more than 12,000 centralized charging stations were added, and more than 4.8 million decentralized charging stations were added to meet the charging needs of 5 million electric vehicles across the country. Policy expectations for the development of the NEV and charging pile industry are quite clear, and the future is promising Keep growing fast.

Highlight 2: The company has stocked charging power module technology and products since 2010, and has achieved mass production and sales in the initial stage of the downstream charging pile market in 2014, and has a certain first-mover advantage. In 2016, the company achieved revenue of 389 million yuan, an increase of 51.97% over the previous year; the net profit returned to the mother was 97.6928 million yuan, an increase of 61.26% over the previous year.

The translation is provided by third-party software.


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