[key investment points of rating Research Report]
① the company is deeply rooted in the electronic information industry and is a leader in the field of data security. The revenue growth of the company’s data security business is expected to exceed expectations.
② this company is the leader of automotive electronic equipment. It cuts into the power exchange equipment and ushers in the second growth curve. The company’s performance has high growth.
③ this company is the leader in China’s smart audio master SOC industry. Benefiting from the increased penetration of TWS headphones and the new growth driven by smart watch chips and smart speaker chips, it is expected that the profit will increase in the future.
Recently, the listed companies covered by the Research Report of securities companies for the first time include
withthe end of the equipmentand IC design industry Guotai Junan Securities Co.Ltd(601211) research report covers Dbappsecurity Co.Ltd(688023) for the first time and gives the company a rating of “overweight”
Guotai Junan Securities Co.Ltd(601211) believes that Dbappsecurity Co.Ltd(688023) ( Dbappsecurity Co.Ltd(688023) . SH) took application security and data security as the entry point at the beginning of its establishment in 2007, launched database audit and risk control system and web application firewall products, successfully entered the network information security market, the company’s positioning was accurate, the security service team continued to undertake key projects, and the industry influence continued to improve.
① new generation network security company, product layout prospect
The company has a precise positioning and creates new services around new scenes. At the same time, the products gradually evolve from single products to platforms. From 2015 to 2018, the company became the top 500 global network security innovation for four consecutive years. Focusing on external and internal prevention of core asset risks, the company has built a data security life cycle solution of pre-warning, in-process defense and post traceability through strong R & D capability and continuous product innovation.
② create new products and services around new scenes and new supervision
In the direction of “new scene”, the company puts forward targeted comprehensive information security solutions and new products around new regulatory policy requirements and new information technology.
Relying on the basic products of network information security and the company’s strong ability to integrate new technologies, the company has formed a professional security product and service system in the direction of “new scenes and new services” around the new generation of information technology represented by cloud computing, big data, Internet of things and industrial Internet.
③ the safety service team continues to undertake key projects, and the industry influence continues to improve
The company’s safety products and services have covered many key national departments such as finance, medical treatment, education, operators, government, energy and power, transportation, smart city and many important fields related to the national economy and the people’s livelihood.
Soochow Securities Co.Ltd(601555) research report covers Suzhou Harmontronics Automation Technology Co.Ltd(688022) , giving the company “overweight” rating
Soochow Securities Co.Ltd(601555) believes that Suzhou Harmontronics Automation Technology Co.Ltd(688022) ( Suzhou Harmontronics Automation Technology Co.Ltd(688022) . SH) with the gradual recovery of traditional automotive electronic equipment business, power exchange equipment brings the second growth curve. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 0.7/170320 million respectively, and the corresponding PE will be 73 / 29 / 15x respectively. Based on the high growth of the company’s performance, the “overweight” rating will be given for the first time.
① implement the “1 + n” strategy and grow into a one-stop intelligent manufacturing solution provider
In 2021, the company changed its main business into the field of automotive automation equipment and health equipment.
The company continues to promote the “1 + n” business development model, deepen the strategic layout of the industry, further optimize the “1 + n” strategy in 2022, and bring the power exchange equipment into the category of “1”: “1” focuses on the main track of automobile electrification and intelligence, including automobile electronic equipment, lithium battery equipment and power exchange equipment; “N” is an exploratory new business, including industrial interconnection and industrial components.
② actively layout the power exchange business and enjoy the first mover advantage as a head equipment supplier
In 2020 Suzhou Harmontronics Automation Technology Co.Ltd(688022) began to prepare for the power exchange project, and officially entered the field of power exchange station in 2021. It has three categories of products: power exchange station equipment manufacturing, core parts manufacturing and terminal operation system platform, providing intelligent overall power exchange solutions and services for power battery manufacturers, charge and exchange business operators and vehicle manufacturers.
The products of the power exchange station are characterized by customization, standardization and digitization. At present, the power exchange industry enters the market in many ways, and the industry is in the initial layout stage. Suzhou Harmontronics Automation Technology Co.Ltd(688022) as a head equipment supplier, it will benefit first.
Sinolink Securities Co.Ltd(600109) research report covers Bestechnic (Shanghai) Co.Ltd(688608) , and gives the company “buy”
Sinolink Securities Co.Ltd(600109) believes that Bestechnic (Shanghai) Co.Ltd(688608) ( Bestechnic (Shanghai) Co.Ltd(688608) . SH) is the leader in China’s smart audio master SOC industry. It has the advantages of technology first mover and high-end users. It benefits from the increased penetration of TWS headphones, smart watch chips and smart speaker chips, driving new growth.
① TWS headset + smart watch, smart wearable device drives the growth of master SOC chip
TWS headset master control: since Apple released the first generation of airpods in 2016 and officially opened the era of TWS headphones, after five years of vigorous development, TWS headphones have experienced from scratch, user experience from “usable” to “easy to use”, and the competition pattern has also changed from Apple’s dominance to a hundred schools of thought. As the supply chain and manufacturers continue to provide new technologies and new designs, TWS headphones are expected to usher in a new round of growth.
Smart watch chip: with the rapid development of wireless technology, cloud computing and AI represented by Bluetooth 5.0, the application scenarios of smart watches are gradually enriched, covering personal assistant, medical treatment, health, payment and other fields.
The increase of small volume design and intelligent use scenarios meets the requirements of consumers for the convenience and intelligence of electronic products, and the smart watch market is developing well.
WiFi intelligent audio chip: under the trend of whole house intelligence, the growth space of intelligent speaker is huge.
② smart home is popular in the whole house smart trend, driving the large-scale SOC chip of smart speaker
Smart speaker is the ecological entrance of smart home. Branding, high-end and sinking marketization will drive the long-term growth of the smart speaker market. Omdia expects the global smart speaker shipment CAGR to be 20.5% in the next five years.
The company’s first single-chip fully integrated WiFi / Bluetooth dual-mode aiot SOC has been applied to Alibaba and tmall elf. The dual band WiFi products in the mass production and shipment stage are widely recognized. The wi-fi6 smart speaker chip being deployed is expected to further explore the global market with Chinese foreign manufacturers, and the revenue CAGR is expected to exceed 30% from 2021 to 2023.
③ attach importance to R & D investment and have significant first mover advantages
The R & D expense rate can be comparable to the industry average, with multiple equity incentives binding talents, and core personnel accounting for more than 80%.
④ deeply bind high-end customers and enable the company’s long-term growth
The company has made cooperation with high-end mobile phone brands, professional audio manufacturers and Internet companies to achieve full product line cooperation with Huawei and Xiaomi, which is beneficial to further consolidate market share and enable long-term sustainable development.
