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新股网下申购询价建议报告:格林达(603931)、大宏立(300865)、安克创新(300866)

東莞證券 ·  Jul 30, 2020 00:00  · Researches

Glinda specializes in R&D, production and sales of ultra-clean high-purity electronic chemicals. The main products include developer, etching solution, diluent, cleaning solution, etc. Downstream application areas are mainly display panels, semiconductors, solar cells, etc., mainly used in electronic product manufacturing processes such as imaging, etching, and cleaning. The company is a national high-tech enterprise and a patent pilot enterprise in Hangzhou. It has independently developed and mastered a number of patented technologies, and has a Zhejiang Provincial Enterprise Research Institute and a Hangzhou Municipal Enterprise Technology Center. The company is the governing unit of the China Electronic Materials Association, a member unit of the China Integrated Circuit Materials and Components Industry Technology Innovation Strategy Alliance, and the leader unit of the Electronic Chemical Standards Working Group of the National Semiconductor Equipment and Material Standards Technical Committee. The TMAH developer preparation process independently developed by the company has achieved technological breakthroughs and filled gaps in the country. The company has won many awards such as “National Color TV Industry Strategic Transformation and Industrialization Project”, “National Torch Program Industrialization Demonstration Project”, “2015 Zhejiang Outstanding Industrial Product”, “2017 China Display Industry Chain Outstanding Contribution Award”, “2017 China Display Industry Chain Collaborative Development Award”, and “China Electronic Materials Industry - Top 10 Electronic Chemical Materials Specialists”. The company's products have a good reputation and reputation in the industry. Product end users include well-known domestic and foreign companies such as BOE Group, South Korea's LG Group, Huaxing Optoelectronics, Tianma Microelectronics, and CLP Panda. In 2017-2019, the company's revenue was 403 million yuan, 5.13 million yuan and 525 million yuan respectively, and net profit was 0.58, 0.89 million yuan, and 102 million yuan respectively. The compound growth rates of operating income and net profit in the three years were 14.03% and 33.39%, respectively. In 2019, the company's comprehensive gross profit margin was 40.60%, and the net profit margin was 19.54%. Dahongli Company has always adhered to the business philosophy of “standardization, specialization and scale” and is committed to the R&D, design, manufacture and sales of “intelligent, efficient, energy-saving and environmentally friendly” crushing and screening equipment. Based on research, analysis and design of the customer's production environment, etc., the company can not only provide customers with complete or stand-alone equipment such as crushing, screening, and transportation, but also provide overall solutions integrating design, manufacturing and service, covering the entire process of engineering planning and design, process equipment configuration, personalized production, production operation management and post-equipment maintenance, and has advantages such as rapid installation, environmental protection and energy saving, efficient stability and automatic intelligent control. With a market-oriented and forward-looking R&D model, and relying on the company's provincial enterprise technology center, the company has achieved a series of technological achievements at the leading level in China through years of technology research and development, innovation and accumulation. It has obtained a number of patented technologies around its main business, and has developed a full range of multi-level complete product systems, including hydraulic cone, high-efficiency impact, jaw crusher series, vibrating sorter series, etc., and more than 70 kinds of products, which can cover various customer needs of different production scales and gravel textures. In 2017-2019, the company's revenue was 323 million, 4.28 million yuan, and 528 million yuan, and net profit was 0.43 million, 0.58 million yuan, and 77 million yuan respectively. The compound growth rates of operating income and net profit in the three years were 27.93% and 34.34%, respectively. In 2019, the company's comprehensive gross profit margin was 35.17%, and the net profit margin was 14.61%. Anker Innovation specializes in the development and sales of smart mobile peripherals, smart lifestyle peripherals, and computer peripherals. Consumer electronics products of the company's “Anker” brands are sold globally, occupy leading industry market share on major overseas e-commerce platforms such as Amazon, and have a high level of popularity and reputation. In addition, the company is also vigorously expanding offline sales channels, and sales in developed and regional markets such as North America, Europe, Japan, and the Middle East are growing rapidly through well-known channels such as Walmart, Best Buy, Target, and Japan's Canon Marketing. During the reporting period, more than 97% of the company's main business revenue came from overseas sales. The company's overseas sales mainly came from markets and regions with developed economies, strong consumption power, and standardized operations, such as North America, Europe, Japan, and the Middle East. The company ranked 8th and 7th respectively in the 2017 and 2018 lists of the “BrandZ Top 50 Overseas Brands in China” jointly published by WPP and Google, the world's largest communications group, and was selected as the “Fastest Growing Consumer Electronics Brand” in 2017; in 2018, it won third place in the “Top Ten Global Leading Companies” of the “Morketing Award (Morketing) Award” issued by the well-known media platform Morketing; and in 2017, it was ranked third in the “Top Ten Global Leading Companies” by an authoritative e-commerce research agency in the US; Internet Retailer was nominated as a finalist for the Global E-Commerce of the Year Awards. In 2017-2019, the company's revenue was 39.03 billion yuan, 52.32 billion yuan, and 6.655 billion yuan, and net profit was 322, 4.27 billion yuan, and 721 million yuan respectively. The compound growth rates of operating income and net profit in the three years were 30.58% and 49.72%, respectively. In 2019, the company's comprehensive gross profit margin was 49.91%, and the net profit margin was 10.85%.

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