On January 6, 2022, Daotong Technology (688208) announced that BOC Schroder Liu Qingxiang and Ping An Pension Shao Jinming investigated our company on December 25, 2021.
The main contents of this survey are:Q: Will the electrification of automobiles have an impact on the company's business?
A: Currently, the model coverage of the company's comprehensive diagnostic products includes new energy vehicles. The main difference between new energy vehicles and traditional fuel vehicles is that the engine and gearbox are changed to a three-electric system, which does not directly lead to a decrease in maintenance difficulty, thus affecting the company's competitive barriers. The company has closely grasped the opportunities and challenges brought by the new energy trend. On the one hand, it has taken the lead in expanding the continuous coverage of new energy models with comprehensive diagnostic products in line with independent repair stores from third parties. On the other hand, it is actively laying out new opportunities for the automotive aftermarket in terms of maintenance, charging, and power exchange under the new energy trend.
Q: What is the distribution of R&D personnel in the company?
A: The company has R&D centers in many locations around the world, mainly in Shenzhen, Xi'an and Hunan, and overseas, mainly in the US and Germany. R&D is mainly divided according to the company's business management needs.
Q: How much capital does the company plan to raise by issuing convertible bonds? What is the direction of fundraising?
A: The total amount of capital raised by the company is to issue convertible corporate bonds to unspecified targets not exceeding $1280,000 (inclusive). After deducting the issuance fee, the funds raised are intended to be used for Daotong Technology R&D center construction and next-generation intelligent maintenance and energy integrated solution research and development projects (including the acquisition of Rainbow Technology's 100.00% equity project and two next-generation smart maintenance projects), and supplementary working capital.
Q: What is the future direction of the company's strategic layout?
A: As emerging technologies such as 5G, the Internet of Things, cloud computing, and artificial intelligence rapidly become commercialized on a large scale, and technologies such as new energy and new materials accelerate integration with the automotive industry, the future automotive and automotive aftermarket industries will form a business model driven by intelligence, connectivity, and new energy as carriers to restructure the entire value chain around new energy and intelligent connectivity technologies. The development of the new three modernizations of the automobile industry has brought challenges and opportunities to the field of automotive aftermarket diagnosis and inspection. The development of the Internet, big data, and artificial intelligence technology has promoted the digital upgrading and industrial interconnection of the automotive aftermarket. The trend of electrification requires comprehensive automotive diagnostic products to expand the coverage of fuel vehicle power systems to cover motors, electronic control and battery systems in the electrification era. Under the intelligent trend, advanced driving assistance systems reduce the frequency of automobile collision maintenance while greatly increasing the maintenance and replacement demand for various intelligent sensors. Therefore, the company will closely revolve around the development of the new three modernizations of automobiles.
Q: What is the company's latest equity incentive plan?
A: On December 17, 2021, the company announced the “Shenzhen Daotong Technology Co., Ltd. 2021 Restricted Stock Incentive Plan (Draft)” on the Shanghai Stock Exchange website. This incentive plan aims to grant 6.182 million restricted shares to incentive recipients, accounting for 1.37% of the company's total share capital of 450 million shares when the draft incentive plan was announced. Among them, 5.945 million shares were granted for the first time, accounting for 1.32% of the company's total share capital when the incentive plan was announced, and 96.17% of the total equity granted for the first time; 237,000 shares were reserved, accounting for 0.05% of the company's total share capital when the incentive plan was announced, and the reserved portion accounted for 3.83% of the total equity granted.
Q: What are the company's considerations for Shenzhen Daotonghe Innovative Energy Co., Ltd.'s venture partner shareholding platform plan?
A: The new energy circuit market space is huge, so the company needs to seize this rapid growth opportunity to give partners sufficient impetus. Establishing the company's innovation platform is conducive to stimulating the entrepreneurial spirit and innovation motivation of core employees, reflecting the values of co-creation, sharing and sharing, establishing a good and balanced value distribution system, fully mobilizing the enthusiasm of core employees and supporting the strategic achievement and long-term sustainable development of listed companies.
Daotong Technology's main business: focusing on R&D, production, sales and service of automotive intelligent diagnosis, inspection and analysis systems and automotive electronic components
According to Daotong Technology's 2021 three-quarter report, the company's main revenue was 1,635 million yuan, up 52.29% year on year; net profit to mother was 342 million yuan, up 7.27% year on year; deducted non-net profit of 299 million yuan, up 5.8% year on year; in the third quarter of 2021, the company's main revenue in a single quarter was 589 million yuan, up 23.06% year on year; net profit due to single quarter was 111 million yuan, down 19.19% year on year; debt ratio 32.08%, investment 400,156 million yuan, financial expenses 295.653 million yuan, gross profit margin 57.18%.
A total of 17 institutions rated the stock in the last 90 days, with 14 buying ratings and 2 additional ratings; the target average price of institutions in the past 90 days was 102.53; the net financing inflow in the past 3 months was 178.983 million, and the financing balance increased; the net outflow from securities lending was 70.371 million, and the securities financing balance decreased. According to the Securities Star valuation analysis tool, Daotong Technology (688208) has a good company rating of 4 stars, a good price rating of 2.5 stars, and a comprehensive valuation rating of 3.5 stars. (Rating range: 1 to 5 stars, maximum 5 stars)