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海星股份(603115)新股网下申购询价建议报告

Recommendation report on offline purchase of starfish shares (603115)

東莞證券 ·  Jul 23, 2019 00:00  · Researches

Nantong starfish Electronics Co., Ltd. was established by Nantong starfish Electronics Co., Ltd. in July 2013. The main business is the research and development, production and sales of electrode foil for aluminum electrolytic capacitor, the main products are a full range of low-voltage and medium-high voltage electrode foil for aluminum electrolytic capacitor. It is a high-tech enterprise jointly recognized by Jiangsu Science and Technology Department, Finance Department, National Taxation Bureau and Local Taxation Bureau. The company has established Jiangsu Province Electronic components functional Materials and equipment Engineering and Technology Research Center, and with the leading competitive advantage in the industry, it has undertaken and implemented 5 national Torch Plan projects, 1 National Innovation Fund for small and medium-sized Enterprises, 3 Torch Plan projects in Jiangsu Province, 2 Science and Technology support plans in Jiangsu Province, and 4 high-tech products in Jiangsu Province. The main products have won the third prize of Jiangsu Science and Technology Award, the first prize of scientific and technological progress in Nantong City, Jiangsu famous brand products and other awards. The electrode foil products produced by the company are widely used in aluminum electrolytic capacitors in energy-saving lighting, consumer electronics, communication electronics, industrial mechatronics and other fields. With strict quality control, continuous R & D investment and effective brand building, the company has established high brand awareness in the industry. And successively with Guimi Gong (NCC), Nikon (Nichicon), South Korea Sanying (Samyoung), Ai Hua Group (603989), Jianghai Co., Ltd. (002484), Lilong Electronics (Lelon) and other top 10 capacitor companies in the world, as well as well-known capacitor manufacturers such as South Korea Sanwa (Samwha), Taiwan Zhibao (Teapo), Guangzhou Jinri Technology Co., Ltd., Fengbin Electronics (Shenzhen) Co., Ltd.

From 2016 to 2018, the company's income was 756 million yuan, 960 million yuan and 1.092 billion yuan respectively, and the net profit was 78 million yuan, 90 million yuan and 149 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 20.18% and 38.69% respectively. In 2018, the company's comprehensive gross profit margin was 27.99%, and the net profit rate was 13.94%.

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