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新股网下申购询价建议报告:东岳硅材(300821)、贝仕达克(300822)

IPO Offline Purchase Request Proposal Report: Dongyue Silicon (300821), Bestock (300822)

東莞證券 ·  Feb 24, 2020 00:00  · Researches

Dongyue silicon material

Company profile

The company specializes in the research and development, production and sales of silicone materials, the main products include silicone rubber, silicone oil, fumed silica and other organosilicon downstream processing products and silicone intermediates. The company is one of the largest production enterprises in China's silicone industry. The company has built and operated two sets of silicone monomer production equipment, with an annual production capacity of 250000 tons of silicone monomer (equivalent to about 118000 tons of polysiloxane). According to the production capacity of polysiloxane, the company ranks among the top 10 in the silicone industry and the fourth in China. At the same time, the company is also an important domestic supplier of silicone downstream deep processing products, and now has more than 120 specifications of various downstream products such as silicone rubber, silicone oil, fumed silica and so on. The company's organosilicon production technology and technology is in the leading level in China.

The company has been ploughing the silicone industry for more than ten years, and has mastered a number of core technologies and key production processes through long-term production practice and technological innovation, and continues to develop and apply new technologies and processes to enhance the core competitiveness of the enterprise. The company has mastered the design and operation technology of 150,000 tons / year monomer synthesis device, which is one of the domestic devices with the highest production capacity. He has successively undertaken a series of major scientific research projects, such as the 2017 "strong Industrial Base" project of the Ministry of Industry and Information Technology of China, the science and technology plan of Shandong Province, the project of independent innovation and achievement transformation of Shandong Province, and the key project plan of innovation and development of Zibo City.

From 2016 to 2018, the company's income was 1.692 billion yuan, 2.441 billion yuan and 3.401 billion yuan respectively, and the net profit was 61 million yuan, 310 million yuan and 663 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 41.76% and 231.12% respectively. In 2018, the company's comprehensive gross profit margin is 37.20%, and the net profit rate is 19.51%.

Besdack

Company profile

The company is a company with strong R & D strength, is a national high-tech enterprise, mainly engaged in intelligent controller and intelligent product research and development, production and sales, intelligent controller is mainly used in the field of power tools, and expand to smart home, automotive motor and other fields, the main customers include TTI, Jiehe Motor and other international well-known enterprises. Intelligent products are the downstream extension of intelligent controller, mainly including intelligent lighting, intelligent security and other products, the main customers include Amazon.Com Inc, TTI and so on. It has obtained 73 utility model patents, 2 design patents and 38 software copyrights, mastered the core technologies of intelligent controllers and intelligent products, and can efficiently realize customers' design concepts on the appearance, structure and function of products. Dozens of new products are launched every year. The company is good at developing automatic production and testing equipment according to different product characteristics, constantly improving the level of production automation and intelligence, and improving production efficiency, which is conducive to ensuring product quality and enhancing customer stickiness. The company has a high-quality and stable customer base, and has established a good cooperative relationship with TTI, Amazon.Com Inc, Jiehe Motor and other well-known customers; the company has obtained the certification of Walmart Inc, Costco, QVC, BJs and other international well-known enterprises, and intelligent products are sold by customers through the above channels and customer-owned channels.

From 2016 to 2018, the company's income was 327 million yuan, 473 million yuan and 559 million yuan respectively, and the net profit was 59 million yuan, 43 million yuan and 98 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 30.74% and 28.71% respectively. In 2018, the company's comprehensive gross profit margin is 31.06%, and the net profit rate is 17.62%.

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