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新股网下申购询价建议报告(三只松鼠、朗进科技)

Inquiry proposal report for offline purchase of new shares (three squirrels, Langjin Technology)

東莞證券 ·  Jun 3, 2019 00:00  · Researches

Company profile

The three squirrels are a pure Internet food brand, a modern new enterprise that sells forest foods such as nuts, dried fruits, tea and other forest foods by R & D, sub-packaging and online B2C brands. Products of Anhui three Squirrel Electronic Commerce Co., Ltd.

From 2016 to 2018, the company's income was 4.423 billion yuan, 5.554 billion yuan and 7.001 billion yuan respectively, and the net profit was 237 million yuan, 302 million yuan and 304 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 25.82% and 13.35% respectively. In 2018, the company's comprehensive gross profit margin was 28.25%, and the net profit rate was 4.34%.

300594.SZ Langjin Technology

Company profile

The company is an integrated air conditioning system designer and manufacturer with frequency conversion energy saving technology and system control core technology, mainly engaged in the research and development, production, sales and service of energy saving variable frequency heat pump air conditioners and frequency conversion controllers for rail transit vehicles. The company's main products include rail transit vehicle energy-saving frequency conversion heat pump (cold and warm) air conditioning and frequency conversion controller. At present, the company's income and profits mainly come from the sales of rail transit vehicle air conditioners. With the development of rail transit construction projects, the output of rail transit vehicles in China has shown explosive growth, which has brought a huge market space for the company's energy-saving frequency conversion air conditioners. With the continuous heating up of national strategies such as "Belt and Road Initiative" and "made in China 2025", the pace of urbanization construction has been accelerated, the construction of rail transit has increased, and the market prospect of rail transit equipment manufacturing industry is broad. The company will seize the opportunity of technological upgrading and industrial development and implement the quality pursuit of "made in Germany", which will usher in more market space.

From 2016 to 2018, the company's income was 302 million yuan, 412 million yuan and 474 million yuan respectively, and the net profit was 44 million yuan, 62 million yuan and 76 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 25.17% and 32.35% respectively. In 2018, the company's comprehensive gross profit margin is 39.17% and net profit rate is 16.07%.

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