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贝仕达克(300822)新股询价报告

Bestduck (300822) IPO Quotation Report

華鑫證券 ·  Feb 24, 2020 00:00  · Researches

Company profile

The company's main business is R&D, production and sales of intelligent controllers and smart products. Intelligent controllers are mainly used in the field of power tools, and expanded to fields such as smart homes and automobile motors. The company's main products include smart controllers and smart products. An intelligent controller plays the role of a “nerve center” and “brain” in a terminal product. It uses a microcontroller (MCU) chip as the core, incorporates custom-designed software programs, and implements specific functions of the terminal product after electronic processing. The company's intelligent controllers are mainly used in the field of power tools, including motor controllers and lithium battery controllers, and expanded to fields such as smart homes and automobile motors. The company's smart products are an extension of the smart controller business. They mainly include smart lighting, smart security, smart home and other products. They are used in European and American home scenarios such as gardens, corridors, garages, and interiors. Using radio frequency, Bluetooth, WIFI and other technologies, they can achieve human body sensing, smart products, and Internet connections. They can be controlled through terminal devices such as smartphones to achieve functions such as lighting and security.

Company highlights

(1) The company has established good cooperative relationships with well-known customers such as TTI, Amazon, Jiehe Electric. Among them, TTI is the leader in the global power tool market, ranking second in the world in 2017. Among them, the market share in the consumer/DIY power tool field was over 50%, ranking first in the world. In 2018, its power tool business achieved revenue of 6 billion US dollars, ranking first in the world; Amazon is the world's largest e-commerce multinational company with a full range of categories, and its subsidiary Ring Wireless is a pioneer in the smart home field. The business is growing rapidly; Jiehe Electric is a world-renowned motor manufacturer. The company has established long-term and stable cooperative relationships with these well-known customers, and has successively developed high-quality customers such as Lake Electric, Sanfeng Co., Ltd., Daye Garden, Tianbao Electronics, and Shanghai Baicheng. High-quality customer resources are conducive to the continuous and rapid development of the company's business.

(2) The company has always attached importance to the construction of an R&D system. It has an experienced R&D team, gradually formed an advanced R&D system, obtained 113 utility model patents, 2 design patents and 52 software copyrights, and has mastered the core technologies of intelligent controllers and smart products such as general high-performance measurement and control system technology, high-precision electric motor overcurrent protection technology, and high-precision lithium battery overcharge protection technology, which can efficiently implement customer design concepts such as product appearance, structure and function. With a strong R&D team and advanced technology, the company is deeply involved in customer product development, launches dozens of new products every year, and can independently develop testing equipment according to product characteristics, effectively improving product quality.

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