Key points of investment
On Thursday (December 14), a GEM listed company “Dalicap” asked for a quote.
Dalicap (301566.SZ): The company's main business is the R&D, design and sales of RF microwave ceramic dielectric capacitors. The products are widely used in RF microwave circuits in industrial, military and other fields. The company achieved operating income of 216 million yuan/354 million yuan/477 million yuan in 2020-2022, YOY in that order was 33.59%/64.21%/34.57%, a compound annual growth rate of 43.45% in three-year operating income; realized net profit of 49 million yuan/114 million yuan/177 million yuan; YOY was 15.68%/132.67%/54.80%, and the compound annual growth rate of net profit over three years was 60.91%. In the latest reporting period, 2023Q1-3 achieved operating income of 273 million yuan, a year-on-year decrease of 33.12%, and net profit of 99 million yuan, a year-on-year decrease of 40.13%. The company predicts net profit attributable to the owners of the parent company in 2023 to be 134.1071 million yuan to 139.13 million yuan, which is expected to decrease 24.12% to 21.28% from 2022.
Investment highlights: 1. The RF microwave MLCC is a high-end segment of capacitors, and the domestic market is still dominated by foreign manufacturers; the company is the leader in domestic production in this field, and has achieved overseas product sales, ranking fifth in the world in market share. Capacitors are essential components in electronic circuits, and RF microwave MLCCs are multi-layer porcelain dielectric capacitors (MLCCs) used in radio frequency microwave circuits of complete electronic machines. They are widely used in communications, military, medical, etc. The technical barriers of this product are high. Currently, there is still a certain gap between domestic manufacturing levels in corresponding fields and foreign countries, and the localization rate is less than 20%. The company has a pioneering advantage in the field of RF microwave MLCC. At present, it has mastered the full-process technology system of this product. It is the domestic leader in this field (6.2% market share in 2022), and the product has successfully entered the international market. The global market share ranked fifth (7.6%), and has received mobile communication base station equipment companies such as customer A, general medicine, Siemens Healthcare, and Lianying Medical, etc., large-scale medical imaging equipment manufacturers such as China Express, and Advanced Energy Widely recognized by well-known semiconductor and power technology companies such as Industries, MKS Instruments, Inc. 2. The company is increasing research and development efforts on upstream raw materials, and plans to achieve autonomous control of core raw materials such as paste and porcelain powder. The core raw materials of the company's RF microwave MLCC product include electrode paste (containing palladium paste, silver paste and silver palladium paste, of which palladium paste accounts for about 80% of the total cost) and ceramic powder. According to the company's prospectus, the company's various raw material technology research and development projects are progressing smoothly, and it is expected that self-research on core raw materials will be realized. Specifically, relevant research projects include “DLC70 series porcelain powder development”, “low medium low temperature sintered ceramic preparation”, and “palladium paste development”. Among them, “low medium low temperature sintering ceramic preparation” plans to develop ceramic powders suitable for the DLC75 series, and “palladium paste development” plans to develop a palladium paste suitable for use in radio frequency microwave MLCC products. All of these projects are in the normal stage; “DLC70 series porcelain powder development” plans to develop ceramic powders suitable for the DLC70 series to achieve localization of imported powders, and the project has entered the design stage. 。
Comparison of listed companies in the same industry: Since there are no A-share listed companies with the same business structure and product types as the company, some Hongyuan Electronics, Torch Electronics, Hongda Electronics, Fenghua Hi-Tech, and Sanhuan Group, whose products and business are similar to the company, were selected as comparable listed companies to Dalicap; however, due to differences in the product structure between these companies and Dalicap, we tend to think that the comparability of these companies is poor. Judging from the comparable companies mentioned above, the average revenue (TTM) scale of the industry is 3.307 billion yuan, the comparable PE-TTM (excluding abnormal values/arithmetic average) is 31.62X, and the gross sales margin is 37.96%; in comparison, the company's revenue scale is below the industry average, and the gross sales margin is higher than the industry average.
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.