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新股网下申购询价建议报告(米奥兰特(300795)、佳禾智能(300793))

Inquiry proposal report for offline purchase of new shares (Miolante (300795), Jiahe Intelligence (300793))

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

Miolante

Company profile

The company specializes in planning and initiating, organizing, undertaking, promoting and operating services for exhibition projects. To create an exhibition service platform with independent brand and independent operation as the carrier to lead Chinese small and medium-sized enterprises to open up the "Belt and Road Initiative" market. According to the business types of hosting exhibitions, the company's exhibition business can be divided into overseas self-organized exhibitions, domestic self-organized exhibitions and overseas agent exhibitions. At present, the core business is overseas self-organized exhibitions. Homelife and Machinex global series exhibitions under "Miolante International Exhibition" have developed into overseas exhibition brands with high industry popularity and international influence. From its inception to December 31, 2017, the company has held 48 events in 11 countries, including Poland, Turkey, Brazil, South Africa, Jordan, Kazakhstan, Egypt, the United Arab Emirates, India, Mexico and Iran.

From 2016 to 2018, the company's income was 333 million yuan, 421 million yuan and 437 million yuan respectively, and the net profit was 35 million yuan, 53 million yuan and 68 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 14.56% and 39.39% respectively. In 2018, the company's comprehensive gross profit margin is 44.10%, and the net profit rate is 15.89%.

Jiahe intelligence

Company profile

The company is a leading domestic manufacturer of electro-acoustic products specializing in the design, development, manufacture and sales of electro-acoustic products. With its rich market experience, leading design and development capabilities and manufacturing capabilities, the company has achieved outstanding advantages in the wireless and intelligent trend of the electroacoustic industry. The company has developed and manufactured a series of electroacoustic products for international well-known customers such as Harman, Beats, House of Marley, V-Moda, Pioneer, JVC and domestic well-known customers such as Marvel Acoustics, Lenovo, Wedding Electronics, Anke, iFLYTEK, etc. The company has made a series of innovative achievements in intelligent electroacoustic products, and has made Xiaoya AI speakers, Mobius full-voice artificial intelligence headphones, Ticpods Free and other products that lead the development trend of domestic intelligent electroacoustics for Himalayan FM, XIAOMI, Migu and other brands, and have become the leading R & D and production partners in the field of intelligent electroacoustics. In the field of sound quality, the company has mastered the design and implementation of characteristic headphones such as double diaphragm horn, ring iron and planar diaphragm horn; in the field of wireless transmission, the company has mastered the application methods of wireless solutions such as Bluetooth / WiFi radio frequency, LDS antenna, TWS true wireless stereo and the design scheme of corresponding electroacoustic products. In the field of intelligent electroacoustics, the company has mastered the design and implementation methods of a series of key functions, such as active noise reduction, physiological parameter monitoring, digital audio effect processing, artificial intelligence voice interaction and so on. at present, the company has become a national high-tech enterprise, Guangdong Intelligent Electro-Acoustic Engineering Technology Research Center and Guangdong Intelligent Wear Engineering Technology Research and Development Center.

From 2016 to 2018, the company's income was 832 million yuan, 1.818 billion yuan and 1.347 billion yuan respectively, and the net profit was 30 million yuan, 62 million yuan and 110 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 27.26% and 91.89% respectively. In 2018, the company's comprehensive gross profit margin is 20.14%, and the net profit rate is 8.19%.

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