Main points of investment
Next Wednesday (August 31), there will be a Science and Technology Innovation Board listed company "Kejie Intelligence" inquiry.
Kejie Intelligence (688455): the company focuses on providing domestic and foreign customers with intelligent logistics and intelligent manufacturing systems and product design, research and development, production, sales and services. It mainly provides customers with intelligent transportation system, intelligent sorting system in the field of intelligent logistics, intelligent warehousing system and intelligent factory system in the field of intelligent manufacturing, as well as core equipment and information systems and solutions for customers. From 2019 to 2021, the company achieved operating income of 462 million yuan / 880 million yuan / 1.277 billion yuan, YOY of 24.50%, 90.28% and 45.15%, respectively, with a compound annual growth rate of 50.94%. The net profit of homing was 13 million yuan / 61 million yuan / 86 million yuan, and the YOY was-20.16%, 382.89%, 40.72%, respectively, and the annual compound growth rate of three years' net profit was 75.72%. During the latest reporting period, 2022H1 achieved an operating income of 382 million yuan, an increase of 45.76% over the same period last year, and a net profit of-12 million yuan, down 29.81% from the same period last year. According to the preliminary forecast, the company is expected to achieve an operating income of 600 million yuan to 720 million yuan and a net profit of-21 million yuan to-1600.00 million yuan from January to September 2022.
1. The company is rich in software and hardware, which can meet the needs of multiple customers; by virtue of its strong technological leadership and more comprehensive product system, the company has developed smoothly and established a stable cooperative relationship with leading enterprises in various fields downstream. Successfully entered the first echelon of the domestic intelligent logistics industry. In terms of product research and development, the company independently developed core products such as pallet conveying equipment, box conveying equipment, circular cross belt sorting equipment, linear cross belt sorting equipment, steering wheel sorting equipment and so on. In the aspect of software development, we independently developed intelligent factory system platform (SFP), warehouse control system (WCS), sorting control system (SDS) and other systems, which have flexible configuration and expansibility, and can meet the diversified needs of customers. At present, the company's core products in a number of core indicators are in the same industry leading position. In this way, the company's market development is smooth, and has been recognized by leading enterprises in many fields downstream. In 2020, the company occupied 1.62% of the market share in the huge intelligent logistics market, and successfully entered the first echelon of domestic intelligent logistics.
two。 The company's business development depends on the needs of the downstream express logistics industry, the first major customer is express leader SF, at the same time, SF is also the company's second largest shareholder, dual identity helps to deepen cooperation. Shunfeng is a leading enterprise in the logistics industry, which mainly buys intelligent logistics systems and core equipment from the company for automatic upgrading of transit fields and intelligent construction of new transit fields. The two sides have started long-term and stable cooperation since 2015. In order to further deepen the cooperative relationship between the upstream and downstream industries of the two sides, Shunfeng Investment formed a shareholding relationship for capital increase in the company in April 2020. As of the date of signing of this letter of intent, Shunfeng Investment is the second largest shareholder of the company.
With the help of dual identity, the cooperation between the two sides has been continuously deepened. During the reporting period, the operating income from SF, the largest customer, increased from 100 million yuan in 2019 to 618 million yuan in 2021. Based on SF's leading position in the express logistics industry and the company's orders on hand, the transaction between SF and SF is expected to continue in the foreseeable future.
Comparison with listed companies in the same industry: according to the similarity of their business, Zhongke Weizhi and Dema Technology in the field of intelligent logistics system, and today's International, Robot and Lanjian Intelligence in the field of intelligent manufacturing are comparable listed companies of Kejie Intelligence. According to the above comparable companies, the average income of the industry in 2021 is 1.439 billion yuan, the PE-TTM (arithmetic average) is 33.73X, and the sales gross profit margin is 26.40%. Comparatively speaking, the company's revenue scale and gross profit margin are in the median range of the industry.
Risk hint: companies that have started the inquiry process still have the possibility that they will not be listed due to special reasons, the content of the company 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, specific listed company risk is displayed in the text content, and so on.
