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新股网下申购询价建议报告:建霖家居(603408)、力鼎光电(605118)

New shares offline application inquiry proposal report: Jianlin Home (603408), Liding Optoelectronics (605118)

東莞證券 ·  Jul 9, 2020 00:00  · Researches

Jianlin home

Adhering to the business strategy of technology-driven development, the company is mainly engaged in the research and development, design, production and sales of kitchen and sanitary products, water purification products and other products. Among them, kitchen and bathroom products include shower series, faucet series, inlet and drainage series and kitchen accessories, and water purification products include water purifiers and water purification accessories. other products include air treatment products, care products, household appliances and plumbing installation and other household products, as well as non-household products such as auto parts. The company's main customers include Musk Group, Kohler Group, Jiebi Group, Moen Group, Conrigan Group, 3M Company Group, Lishu Group, Magna Group, Ferguson Group, Royal Philips of the Netherlands, Qingdao Haier, Midea and other international well-known enterprises. As of February 11, 2019, the company and its subsidiaries have a total of 1620 patents at home and abroad, including invention patents, 1162 utility model patents and design patents. The company is a high-tech enterprise, a national intellectual property advantage enterprise, a national industrial design center, a national enterprise technology center and an innovative pilot enterprise in Xiamen. A number of technologies have won honors from the Ministry of Science and Technology, China Surface Engineering Association, China Building Sanitary Ceramics Association and Xiamen Municipal Government. A number of products have won many international or domestic industrial design awards, such as German "Red Dot Award", German "iF Design Award", American "IDEA Gold Award", Japan "G-Mark Award" and China "Red Star Award".

From 2017 to 2019, the company's income was 30.90,35.30 and 3.393 billion yuan respectively, and the net profit was 2.37,3.35 and 334 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 4.79% and 18.71% respectively. In 2019, the company's comprehensive gross profit margin was 29.46%, and the net profit rate was 9.84%.

Liding optoelectronic

The company is a Sino-foreign joint venture with the vision of "becoming a respected world-class optical solution provider" and the mission of "building a national brand of lenses and achieving glorious dreams". Focus on the design, production and sales of optical lenses, with international vision, keen market awareness, professional design technology, efficient and stable production capacity Design and produce a series of optical lens products, such as fixed focus, zoom, fisheye, no distortion, etc., which are widely used in security video surveillance, vehicle imaging system, emerging consumer electronics, machine vision and other fields. It has customers such as JABIL, Ampower, Chicony, SAS, Panasonic, FLEXTRONICS, Goldtek, SVI, Avigilon, Arecont Vision, VIVOTEK, AXIS, Bosch, Arlo, Ring and so on. In the international optical lens market, the "EVETAR" brand has become synonymous with high quality and cost-effective, with high popularity and reputation.

From 2017 to 2019, the company's income was 4.22,5.26 and 465 million yuan respectively, and the net profit was 1.23,2.00 and 181 million yuan respectively. The compound growth rate of operating income and net profit in the three years was 5.08% and 21.60% respectively. In 2019, the company's comprehensive gross profit margin was 51.55%, and the net profit rate was 39.21%.

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