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智莱科技-新股研究(第169期):全球快递行行业智能快件箱领先企业

Zhilai Technology-IPO Research (issue 169): a global express industry leader in intelligent express boxes

中信建投證券 ·  Dec 21, 2017 00:00  · Researches

Zhilai Technology: the global express industry intelligent express box leading company is a collection of intelligent storage and delivery equipment research and development, production, sales, service company, the main products are intelligent express box and automatic locker, is the smart express box industry with independent research and development strength and global scale supply capacity of one of the high-tech enterprises. The upstream is the raw material market, and the sufficient supply of the upstream market has little impact on the industry; the downstream is the terminal user enterprise. Following the outbreak of the downstream express industry, the proportion of the company's intelligent express box in the main business has increased to about 90% of 2017H1 year by year.

The company mainly focuses on domestic sales, and by September 2017, the cumulative domestic market share is close to 18.82%. 2017H1 domestic revenue accounts for about 80% of the company's total revenue, mainly concentrated in southern China, accounting for about 70% of the domestic region.

Highlights of the future:

Point one: the implementation of the fund-raising project "Smart Express Box capacity expansion Project" doubles the company's production capacity and helps the company to maintain its leading position in the industry. The company now has a production capacity of 60,000 units per year, and the sharp increase in demand in the downstream industry is in short supply. The company now has a domestic market share of 18.82%. The implementation of the fund-raising project makes the company's production capacity reach 140000 units per year, which increases the size of the company and helps the company to expand its market share.

Point 2: as the only supplier of Amazon.Com Inc and SmarteCarte intelligent express box products, the company is conducive to expanding market share in the international market. In the international market, the company's competitors are Austrian KEBA, New Beiyang, Dongcheng Electronics and other enterprises. Very few companies in the same industry can reach the professional and large-scale manufacturing level of smart express boxes. Therefore, the company has the advantage of first-mover and has high core competitiveness.

Point 3: domestic customer Fengnest Technology can promote the company to continue to expand business coverage and enhance its intelligent express box data discourse. At present, there is more room for improvement in the penetration rate of Fengnest technology, and the laying of third-and fourth-tier cities has not been opened yet. In 2017, Fengnest Technology added 30,000 outlets through large-scale financing, speeding up the deployment of smart express boxes. In the future, the continued investment and laying of smart express boxes will help the company increase its national coverage.

Risk hint: the fund-raising project does not meet expectations.

The translation is provided by third-party software.


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