Slinger (688115)
A total of one company made an inquiry in this period. On February 28 (next Monday), the company listed on the science and Innovation Board “silinjie” will make an inquiry.
Si Linjie (688115): the company is a high-tech enterprise focusing on the field of industrial automation testing. It is mainly engaged in the design, R & D, production and sales of industrial automation testing products such as embedded intelligent instrument modules, and provides customized professional solutions for downstream customers’ intelligent manufacturing systems and industrial automation testing systems. After years of development, the embedded intelligent instrument module detection scheme independently developed by the company has been recognized by many well-known enterprises at home and abroad. Its service customers include Chinese well-known enterprises such as yuntaili, Zhenyun precision, Jingshi measurement and control, Guangda group, Hon Hai group and vivo, and has become a global well-known brand apple, Amphenol, Facebook, Tokyo electronics Qualified suppliers of Salle and other companies. From 2019 to 2021, the company achieved operating revenue of 119 million yuan / 189 million yuan / 222 million yuan respectively, and yoy from 2019 to 2021 was – 2.28% / 59.11% / 17.78% respectively, with a compound annual growth rate of 22.3% for the three years; The net profit attributable to the parent company is 30 million yuan / 63 million yuan / 66 million yuan. From 2019 to 2020, yoy is – 34.4% / 112.36% / 5.1%, and the compound annual growth rate of the net profit attributable to the parent company in three years is 13.6%. According to the prediction of the company, the net profit in the first quarter of 2022 increased by 655.46% to 937.09% year-on-year compared with the same period of 21 years.
Investment highlights: 1. The company is a pioneer in the subdivision industry of modular testing instruments in China, and will fully benefit from the modular development trend of electronic testing instruments, with strong substitution attribute. With the development of science and technology and the continuous extension of the corresponding application requirements of automatic detection, the problems existing in the traditional detection scheme, such as low detection efficiency, high comprehensive cost, insufficient compatibility and expansibility, complex engineering maintenance and so on, begin to appear; In comparison, the embedded intelligent instrument module detection scheme provided by the company has the advantages of miniaturization, intensification, low cost, flexible configuration and high detection efficiency. It is more in line with the characteristics of fast technology iteration of downstream industries and diverse personalized needs of customers. 2. From the perspective of apple, the company’s main downstream customer, modular testing still accounts for a low proportion in the whole testing application. With the breakthrough of the company’s technology and application, it still has a wide space for capacity expansion. At this stage, traditional instruments and meters still occupy the main market share in the detection field of Apple’s industrial chain. With the company’s business, it began to get involved in the functional detection of complete products, module detection, semiconductor and integrated circuit detection and other links. At the same time, it carried out R & D and technical reserves for PCBA online detection, discrete electronic components and PCB detection, RF detection and other detection links, The application expansion space of the company’s products is still large. 3. The company expands the market outside apple, and new customers are expected to bring new growth. During the reporting period, the company’s revenue from selling products and providing services to apple and its industrial chain enterprises basically accounted for about 90%. In recent years, the company has provided detection solutions based on embedded intelligent instrument modules to customers such as Huawei, vivo, Facebook, sola, Tokyo electronics and Amazon, and has gradually been recognized by many well-known enterprises at home and abroad, which is expected to open up new growth space for the company.
Comparison of Listed Companies in the same industry: the listed companies (to be listed) in the same industry in China mainly include dingyang technology, Puyuan Jingdian, etc; Among them, dingyang is the only listed company, and its pe-ttm is about 84x. Comparing the two companies, the revenue volume of the company and dingyang technology is relatively similar, but the announced performance growth rate in 2021 will be lower than that of dingyang; At the same time, or because the product form and sales mode of dingyang technology are quite different from that of the company, the gross profit margin of the company will be significantly higher.
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.
