Key investment points
There is an inquiry from a listed company on the main board this Friday.
Hongying intelligent: the company is a provider of intelligent electrical control system products and solutions for mobile machinery and special vehicles. The company has been deeply engaged in the industry for 15 years and has the comprehensive R & D ability of display and control products, manipulation products, sensing products and signal transmission products applied to mobile machinery and special vehicles. From 2019 to 2021, the company achieved operating revenue of 249 million yuan / 400 million yuan / 502 million yuan respectively, and yoy was 76.45% / 60.4% / 25.61%, with an annual compound growth rate of 52.62% in the three years; The net profit attributable to the parent company was 76 million yuan / 115 million yuan / 130 million yuan, and yoy was 134.71% / 50.71% / 13.26% in turn. The compound annual growth rate of the net profit attributable to the parent company in three years was 58.82%. According to the prediction of the company, the net profit attributable to the shareholders of the parent company in the first quarter of 2022 was 38.8334 million yuan – 44.7902 million yuan, a year-on-year change of 4.32% – 20.33% compared with 2021.
Investment highlights: 1. The company has accumulated rich high-quality customer resources, and its products have been recognized by many leading enterprises in the mobile machinery and special vehicle industry. The company has a stable customer base, and various types of products are supplied in batches by many Chinese manufacturers of large mobile machinery and special vehicles, such as Sany group, Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Weichai Lovol heavy industry, Sunward Intelligent Equipment Co.Ltd(002097) . 2. The company has one-stop customer service capability and can provide a package of corresponding solutions for different application scenarios and application needs of customers, so as to improve the efficiency of customers in developing new products. It is widely used in high-temperature, high-temperature, high-temperature and low-temperature shock control systems and various special products of the company. 3. As the company’s shareholder and the company’s largest customer, Sany group’s dual identity helps to deepen the cooperation between the two sides. Sany group holds 4.17% of the shares of the issuer and is one of the top ten shareholders of the company as of the disclosure date of the prospectus; Meanwhile, during the reporting period from 2019 to 2021, the company’s sales revenue to Sany group accounted for 84.93%, 82.07% and 83.55% of the operating revenue respectively, and sany group was the company’s largest customer. The cooperation between the company and sany group began in 2006, and the two sides have a long history of stable cooperation; With the rapid expansion of Sany group in recent years, the company’s business has also developed rapidly.
Comparison of Listed Companies in the same industry: China’s Listed Companies in the same industry mainly include Shenzhen Inovance Technology Co.Ltd(300124) , China Leadshine Technology Co.Ltd(002979) , Haixi communication (Beijing stock exchange), etc. From the perspective of Listed Companies in the same industry, due to the large volume and rich product line of Shenzhen Inovance Technology Co.Ltd(300124) , it is relatively incomparable with the company; When calculating the industry average, we temporarily eliminate the impact of Shenzhen Inovance Technology Co.Ltd(300124) . Excluding the later, the current average income scale of the industry (the first three quarters) is 575 million yuan, and the average market value is 4.687 billion yuan; The average pe-ttm (arithmetic mean) is 27.69x. In comparison, the revenue scale and gross profit margin of Hongying intelligent are basically in the middle range of the industry, and the downstream industry is more similar to Hisilicon.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
