Next Thursday (November 23), a GEM listed company “COSCO” is requesting a quote.

COSCO (301516): The company is mainly engaged in R&D, production and sales of products such as communication power supplies, new energy power supplies, and industrial control power supplies; in 2020-2022, the company achieved operating income of 984 million yuan/1,429 million yuan/1,439 million yuan, YOY in that order of 5.73%/45.17%/0.71%, with a compound annual growth rate of 15.63%; achieving net profit of 82 million yuan/110 million yuan/100 million yuan, YOY in that order was 61.49%/32.90%/ -8.92%, with a compound annual growth rate of 25.04% in net profit for three years. In the latest reporting period, the company's revenue from January to September 2023 was 907 million yuan, down 18.41% from the same period last year; net profit was 61 million yuan, a year-on-year decrease of 26.44%; according to preliminary forecasts, the company is expected to achieve net profit of 75 million yuan to 85 million yuan in 2023, a year-on-year decrease of 24.82% to 14.80%.

Investment highlights: 1. More than 20 years of deep cultivation have built a strong first-mover advantage, and the company has established a certain competitiveness in the field of communication power supplies. The company is a power supply company under CGN. As of the signing date of the prospectus, CGN has indirectly controlled 42.63% of the company's shares through Shenzhen Nuclear Power Corporation. The core staff is experienced. Among them, Ji Xuelong, the general manager, was a senior engineer at ASTEC, a wholly-owned subsidiary of Emerson, the world's leading power supply brand. Since its establishment in 1999, the company has been deeply involved in the field of communication power supplies, experienced rapid development in the domestic communications industry, and has a first-mover advantage in the market. Over 20 years of long-term technology accumulation, the “VAPEL” brand has established a good reputation in the industry, benefiting from the constantly updated power supply requirements of the 5G and server markets. The company has been recognized by high-quality customers such as S customers, Ericsson, Nokia, ZTE, Xinhua, and Ruijie Network. Among them, S customer is the company's largest customer. Since its inception, it has cooperated since its inception. As of August 31, 2023, the order amount in hand with it was 253 million yuan. 2. The company is actively deploying in the fields of new energy and industrial control based on communication power supplies, and has been recognized by well-known tourist customers. Based on the communication power supply R&D platform, the company gradually entered the field of industrial control and the field of new energy, both of which contributed about 20% of the company's revenue. In the field of new energy power supplies, the company was awarded the certification of the Guangdong New Energy Vehicle DC-DC Converter and Charging System Engineering Technology Research Center, focusing on the new energy vehicle power supply and charging stations and charging modules, and developing well-known domestic NEV integrators and automakers such as Huichuan Technology, Invieteng, Blue Ocean Huateng, Geely, and BYD. In the field of industrial control power supplies, the company's products are sold worldwide to Weidmüller, a leading international supplier of industrial connectivity solutions.

Comparison of listed companies in the same industry: According to the similarity of main products and revenue structures, Power Source, Zhongheng Electric, New Leineng, Xinrui Technology, and Megmeet were selected as comparable listed companies for COSCO. Judging from the comparable companies mentioned above, the comparable PS-TTM (arithmetic average/maximum value excluded) is 2.86X, but considering the differences in product structure, we tend to think that the comparability of this comparable PS-TTM is limited; the average revenue scale of comparable companies is 2,334 billion yuan, and gross sales margin is 26.90%; in comparison, the company's revenue scale and gross margin level are less than the average of comparable companies.

Risk warning: There is still a possibility that companies that have begun the inquiry process will not be able to go public due to special reasons; company content is mainly based on the content of prospectus and other public information; there is a risk that the selection of listed companies in the same industry is not accurate enough; there may be interpretation deviations in the selection of content data. The specific risks of listed companies are shown in the text.