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交大思诺(300851):新股询价报告

Sinuo of Jiaotong University (300851): new share inquiry report

華鑫證券 ·  Jun 23, 2020 00:00  · Researches

The company's main business is the R & D, production, sales and technical support of the key equipment of the rail transit train operation control system, which is mainly reflected in the product system design, software and hardware development and the whole process control of product realization. The company focuses on the independent research and development of key equipment of train control system, such as transponder system, cab signal on-board equipment and track circuit reader (TCR). The developed products have achieved the highest safety integrity level in the industry, SIL4. The company's main products include transponder system, cab signal CPU module and track circuit reader (TCR), which are widely used in general railway, high-speed rail, urban rail and other fields.

(1) the transponder system independently developed by the company is the first domestic transponder system with completely independent intellectual property rights, and the track circuit reader is the only vehicle equipment independently developed in the train control system used in the intercity opening between Beijing and Tianjin. The company has always focused on independent research and development, continuous innovation. The company has a domestic first-class core R & D team for the development of key equipment for train control systems, including a group of signal-related PhDs in China, providing strong technical guidance and support for R & D and innovation. The total number of R & D personnel in the company accounts for nearly 50%.

(2) the company is an early domestic enterprise focusing on the research and development of key equipment of rail transit train control system. In the speed-up reconstruction project of the existing line in the eastern section of the line, the company realized the batch application of domestic independent technology transponder system products for the first time, and realized the application of domestic track circuit reader in high-speed railway for the first time on the intercity between Beijing and Tianjin, and took the lead in realizing the scale application of digital universal locomotive signal on the national general-speed railway. Based on the outstanding contributions of various products, the company has accumulated a good brand and reputation in the industry. The company has accumulated a wealth of data on the use of products and a deep understanding of the signal industry. Therefore, with rich R & D experience and product application experience, the company can better cope with different product use environments and improve customer operation efficiency on the premise of ensuring product safety and reliability. at the same time, improve the usability and maintainability of the products, and enhance the user experience.

(3) in the railway field, the company's customers include major project general contractors such as China Rallway and China Railway Construction Corporation, major train control system integrators such as China General number and Hollysys, and end users such as various railway bureaus; in the field of urban rail transit, the company's customers include traffic control technology, Nanjing Enruitte, Zhonghe technology and other major train control system integrators. The company has established a relatively stable cooperative relationship with the above-mentioned customers. The company focuses on the research and development of the key equipment of the train control system, and has implemented the safety concept in all aspects of the company's business since its inception, adhering to safety and quality control in product R & D and design, verification and confirmation, product production, inspection and testing, etc. responsible for product safety.

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