Main points of investment
There will be an inquiry by Xinyuren, a listed company of Science and Technology Innovation Board, next Wednesday (August 2).
Xin Yuren (688573): the company is mainly engaged in the R & D, production and sales of intelligent manufacturing high-end equipment with lithium-ion battery drying equipment and coating equipment as the core. Provide high-end equipment and automation solutions for customers in lithium-ion battery, optoelectronic, medical supplies, hydrogen fuel cell and other industries. From 2020 to 2022, the company achieved operating income of 240 million yuan / 537 million yuan / 669 million yuan, YOY of 87.84%, 123.25%, 24.75%, and a compound annual growth rate of 73.60% for three years. The company realized a net profit of 14 million yuan / 60 million yuan / 67 million yuan, and the YOY was 155.56%, 324.89%, 10.38%, respectively, and the company turned a loss into a profit in 2020. During the latest reporting period, 2023Q1 achieved an operating income of 70 million yuan, an increase of 75.56% over the same period last year, and a net profit of-18 million yuan, an increase of 31.27% over the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 8 million yuan to 10 million yuan from January to June 2023, an increase of 122.22% to 127.78% over the same period last year.
Investment highlights: 1. The company is one of the earliest domestic enterprises to enter the field of lithium power production equipment, and is currently in the first echelon in the domestic market segment of lithium power drying equipment. The company was founded in 2002, and most of the core technical team members headed by founder Mr. Yang Zhiming have worked for BYD and have rich experience in machinery manufacturing and other related industries. With its high-quality technical team and early accumulation in 3C lithium power field, the company successfully transformed the manufacturing of power lithium battery production equipment in 2014, covering many key market segments such as drying and coating of lithium battery manufacturing. and have entered the Ningde era, BYD, Honeycomb Energy and other lithium leading customer supplier system. At present, the company has formed a relatively obvious leading advantage in the market segment of lithium electric drying equipment. In terms of technical route, it earlier laid out wire baking with higher efficiency and lower energy consumption, and launched cutting-edge products such as fully automatic vacuum baking line; in terms of sales, the company's market share of lithium drying equipment reached 6.59% in 2021, ranking first in the industry. 2. In the field of lithium-ion coating equipment, the company actively promotes the iterative upgrading of products and constantly carries out supporting research and development to the core components of the equipment. The SDC coating machine independently developed by the company realizes one-way and double-sided simultaneous coating, with high surface density precision and good baking uniformity, thus improving battery performance and saving energy consumption by more than 30%. It has a technology leading advantage in the industry. According to the company's inquiry letter, the company's SDC coating machine has been sold in bulk to Lithium Bird and Gaoyou Construction in 2021, and expanded to customers such as BYD, Funeng Technology, GAC Ean, Yijiatong and other customers in 2022; by the end of 2022, the product has accumulated income of 190 million yuan. At the same time, the company is also actively laying out the upstream field of coating equipment, successfully developing coating dies and other key components to achieve import substitution in this field; at present, more than 80% of the company's products use self-produced moulds, which is good for the company to ensure the stability of upstream material supply.
Compared with listed companies in the same industry: the company focuses on the field of lithium battery production equipment; according to the type of main business, lithium battery equipment manufacturers such as pilot Intelligence, Yonghe Technology and Li Yuanheng are selected as comparable companies of Xinyu people.
From the above comparable companies, the average revenue scale of the comparable company in 2022 is 9.052 billion yuan, the comparable PE-TTM (arithmetic average) is 32.67X, and the sales gross profit margin is 30.87%. Comparatively speaking, the company's revenue scale and sales gross profit margin are not as good as the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.