AHP score-2.30 for Admiralty shares, 44.6 per cent of the total score. After taking into account the liquidity premium, we estimate that Admiralty shares' AHP score is 2.30, which is located in the 44.6% of the total AHP model score of the non-scientific innovation system, and at the upper and lower level. Assuming that the application rate is the highest in the whole market and the finalization rate is 70%, in the case of neutral expectations, the placing ratios of categories A, B and C under the Admiralty network are 0.038%, 0.0323% and 0.0165%, respectively.
Admiralty Co., Ltd.: a professional automobile interior and exterior accessories manufacturer with global supply capacity. The company aims to become a global competitive automobile interior and exterior decoration manufacturer, constantly upgrade its products with lightweight, intelligent and environmentally friendly, upgrade its products from mid-market to mid-high-end market, and promote the development and industrialization of new products such as full PVD grille, aluminum plate decoration strip, bumper decoration assembly, etc., and enrich and improve the company's product line. Through more than ten years of deep ploughing in the automobile interior and exterior decoration industry, it has a high position in the subdivision fields such as automobile wheel hub decoration, automobile logo decoration and so on. In 2019, the company's global market share of automobile wheel decoration cover is about 10.45%. The company has entered the supply chain system of domestic and foreign well-known vehicle manufacturers such as General Motors Co, Ford, FCA Group, Tesla, Inc., Hyundai Kia, FAW, etc., and continues to carry out project development with relevant vehicle manufacturers. From 2018 to 2020, the number of simultaneous development and mass production of parts and components increased steadily, from 197 and 150 in 2018 to 204 and 240 in 2020, with an average annual compound growth rate of 1.76% and 26.49% respectively. January-June 2021 has reached 115 and 169 respectively. In addition, the company is already a first-class supplier to Tesla, Inc., XPeng Inc., BYD, NIO Inc. Automobile, BAIC New Energy, Li Auto Inc. and other new energy vehicle manufacturers. The cooperation with the customers of the above new energy vehicle manufacturers will have a positive impact on the company's operating performance. Among them, the company has signed a long-term strategic cooperation agreement with DAG, an auto parts middleman in the Americas. Jointly serve the customers of North American vehicle manufacturers and promote the development of the North American market. From 2018 to 2020, the compound growth rate of operating income and return net profit was-1.35% and 21.56%, respectively. The company's operating income and net profit in the first half of 2021 increased by 60.04% to 37.55% respectively compared with the same period last year.
Risk hint: Admiralty shares should be on guard against risks such as policy changes and declining prosperity in the automotive industry, intensified market competition, shortage of automotive chip supply, relatively low income from independent development customers, exchange rate fluctuations, raw material price fluctuations, bad debts in accounts receivable and so on.