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朝阳科技(002981):新股询价定价报告

Chaoyang Technology (002981): IPO Pricing Report

華鑫證券 ·  Mar 27, 2020 00:00  · Researches

Company profile

The company is a high-tech enterprise specializing in the research and development, production and sales of electro-acoustic products, mainly headphones and electro-acoustic product accessories. Through continuous R & D investment and technology accumulation, the company has mastered a series of core technologies, including RF test analysis and optimization technology, active noise reduction technology, key technology of intelligent headphones, headphone waterproof and sweat-proof technology, communication wire processing technology, headphone leather cover processing technology, automatic production technology, etc., which have laid a solid foundation for the sustained and rapid development of the company. The company has strong design, R & D and manufacturing capabilities, and a high standard of quality control. It can provide downstream brands of electroacoustic products and intelligent terminal manufacturers with headset products with intelligent or special functions, such as smart headphones, intelligent sports headphones, intelligent translation headphones, TWS headphones, high waterproof Bluetooth sports headphones, active noise reduction headphones, electronic competition headphones, etc. And for downstream electro-acoustic product manufacturers to produce high-quality electro-acoustic product accessories.

The highlight of the company

(1) the company's main customers are electro-acoustic product manufacturers, intelligent terminals and electro-acoustic product brands. After years of precipitation in the electro-acoustic industry, the company has accumulated rich customer resources, key customer development and service experience, established cooperative relations with many well-known customers, and entered the supply chain of well-known intelligent terminals and headset brands such as Apple Inc, Beats, Samsung, XIAOMI, Meizu, Asustek, Microsoft Corp and so on. These brands have an important influence in their industry, the market competitive advantage is obvious, and the main products occupy the leading position in the market.

(2) at present, the company has two major domestic production bases in Dongguan and Laiwu, and two overseas production bases in Vietnam and India. The company's production base takes China as the core to cover Southeast Asia, India and other emerging consumer electronics production and consumer gathering areas. The layout of the company's multinational production base can first make full use of the relatively low-priced labor resources in Southeast Asia, India and other places to reduce production costs; secondly, Southeast Asia and India have become emerging consumer electronics production gathering areas. it is a new key layout area for well-known manufacturers such as Samsung, Foxconn and XIAOMI, and the company's overseas production base can provide products for downstream customers nearby. Thirdly, Southeast Asia and India belong to the emerging markets of consumer electronics products, with huge market potential, and the company's overseas production base can be closer to the terminal market and respond more quickly; finally, the company's multinational production base can be more flexible to deal with trade disputes between individual countries and maintain the overall operational stability of the company.

(3) the company focuses on the R & D, production and sales of electro-acoustic products and accessories, based on the technical advantages, talents and market resources accumulated in the electro-acoustic industry, formed a complete product chain of communication wires, headphone leather covers, semi-finished headphones and finished headphones. Through the omni-directional vertical integration of the product chain, the company has formed a comprehensive competitive advantage in many aspects such as cost, efficiency and quality.

The translation is provided by third-party software.


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