Key points of investment
Next Friday (April 7), a GEM listed company “Rongqi Technology” will ask for a quote.
Rongqi Technology (301360): The company is mainly engaged in R&D, design, production, sales and technical services of intelligent equipment. It focuses on providing self-developed intelligent inspection and assembly equipment for inspection and assembly processes in intelligent manufacturing, and can provide customers with overall solutions for intelligent equipment from single-function equipment to complete production lines. The company achieved operating income of 243 million yuan/291 million yuan/360 million yuan respectively in 2020 and 2022, YOY was 137.80%/19.77%/23.74% in that order, and the three-year compound annual revenue growth rate was 52.18%; achieved net profit of 45 million yuan/57 million yuan/67 million yuan, YOY was 98.33%/27.35%/17.37% in that order, and the three-year compound annual growth rate of Fumo's net profit was 43.65%. According to preliminary forecasts, the company expects to achieve net profit of -6.90 million yuan to -5.90 million yuan in January-January 2023, a decrease of 41.45% to 65.42% from January-March 2022.
Investment highlights: 1. The company is the core supplier of wireless charging module testing equipment in the Apple industry chain.
The company began entering the Apple industry chain in 2015, and successfully obtained an order for visual inspection equipment for Apple wireless charging products in 2017, and became the core supplier in this segment. It fully covers the five inspection links of wireless charging module testing of Apple terminal products (including mobile phones, watches, headphones, stylus pens and supporting wireless charging stands), magneto/magnetic flux testing, graphite coil capacitance testing, LCR testing, and finished product AOI testing, and is the only supplier for all four of the inspection steps (excluding magnetic/magnetic flux testing). During the reporting period, Apple's terminal products gradually introduced wireless charging modules on a large scale, which kept the company's demand for wireless charging testing equipment at a high level. In the past three years, the company's revenue in the field of wireless charging module testing was 419.89,900 yuan, 15,18.633 million yuan, and 13,98.209 million yuan respectively, accounting for 41.13%, 68.54% and 48.22% of the company's revenue, respectively. 2. Based on the first-mover advantage accumulated in the field of wireless charging, the company's products continue to expand into other application fields, providing new impetus for revenue growth. While consolidating its competitive advantage in the field of wireless charging, the company expanded the field of smart glasses inspection through Amazon and Facebook, expanded the field of power battery testing through the Ningde Era and Enovix Corporation; expanded the medical industry through Roche Diagnostics and Baxter International; as of the end of August 2022, the order amounts for the two new fields of smart glasses and power batteries were 517.507 million yuan and 6,1032,000 yuan respectively, accounting for 21.73% and 25.63% of total order demand, respectively.
Comparison of listed companies in the same industry: Tianzhun Technology, Quzi Technology, Huaxing Yuanchuang, and Corey Technology were selected as comparable listed companies of Rongqi Technology; considering the large differences in the product structure of each company, comparability may be relatively limited. Looking at the comparable companies mentioned above, the average revenue scale of the industry from the fourth quarter of 2021 to the third quarter of 2022 was 1,764 billion yuan, the comparable PE-TTM was 67.84X, and the gross sales margin was 40.72%. In comparison, the company's revenue scale was in the lower middle range of the industry, but the gross margin was slightly higher than the average of the industry.
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.
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