Current investment tips:
AHP score – red intelligence 2.00, 37.3% of the total score. After considering the liquidity premium factor, we calculate that the AHP score of Reid intelligence is 2.00, which is 37.3% of the total score of the AHP model of non science and innovation system, and at the upper level of the middle reaches. Assuming a 70% finalist rate and neutral expectation, the placing proportion of class A, B and C placing objects under red intelligent network is 0.0340%, 0.0334% and 0.0162% respectively.
Deeply cultivate the field of intelligent controller and master a number of core technologies. As one of the pioneer enterprises in the home appliance intelligent controller industry, the company has mastered a number of core technologies of intelligent controllers, has the R & D and design ability of more than 1500 intelligent controller products every year, and has “Guangdong Province home appliance intelligent controller engineering technology research and development center” and “Guangdong provincial enterprise technology center”. At present, the company has obtained 33 invention patents, 120 copyrights and 40 trademark rights, and mastered the core technologies in the field of intelligent controllers such as quasi resonant high-frequency converter control technology, fuzzy algorithm cooking control technology, PID fine temperature control technology, battery intelligent protection technology, Internet of things interconnection algorithm technology, intelligent home wireless communication technology and so on. The company has gradually penetrated and expanded into the fields of household appliances, medical and health care, electric tools, automotive electronics, smart home and so on.
Perfect quality management system and integrate informatization and industrialization to form intelligent manufacturing advantages. The company comprehensively builds a digital information system integrating enterprise resource management planning ERP system, advanced production scheduling APS system, production support MES system, automatic storage WMS system, R & D management PLM system, marketing management CRM system and supply chain management SCM system. Combined with advanced automatic production equipment, the company realizes flexible production, lean production and intelligent manufacturing, and meets the needs of customers for rapid and efficient delivery. At present, more than 85% of the manufacturing processes and more than 90% of the inspection processes of the company have been automated. The average process defect rate and customer return and exchange rate of the company’s products are effectively controlled within two thousandths and three thousandths. While being highly praised by the audit factories of major customers in China, it has also passed the audit of SEB, Philip and other international customers for many times.
Brand reputation superimposed with high-quality service and high-quality customer resources. The company has been deeply rooted in the two core economic circles of the Pearl River Delta and the Yangtze River Delta for more than 20 years. On the one hand, it has actively transformed from production-oriented marketing to technical marketing mode, and actively intervened in the early stage of customer project research and development, so as to make the products more suitable for the needs of end customers; On the other hand, based on the advantages of intelligent manufacturing, products are cost-effective and services respond quickly. At present, the company has established long-term and stable cooperative relations with well-known manufacturers such as Zhejiang Supor Co.Ltd(002032) , Midea, chunmi, Emmett, Xinbao and Xiaoxiong. After winning Zhejiang Supor Co.Ltd(002032) “best Cooperation Award” and “best quality award” for many consecutive years, the company has won the “best supplier” award for nearly three consecutive years and won a good market reputation.
The scale and growth rate of revenue, net profit attributable to parent companies are lower than the average of comparable companies; The level of gross profit margin and the proportion of R & D investment are higher than the comparable average. From 2018 to 2020, the compound growth rates of the company’s revenue and net profit attributable to the parent company were 14.51% and 39.36% respectively, which were lower than the average of comparable companies. From 2018 to 2021, H1 gross profit margin was 21.25%, 21.67%, 22.33% and 20.97% respectively, which were higher than the average of comparable companies; In the same period, the proportion of R & D investment in revenue was 4.66%, 4.88%, 5.46% and 5.06% respectively, and the proportion of R & D expenditure was higher than the comparable average.
Risk tip: Reid intelligence needs to be vigilant against the macroeconomic environment and fluctuations in the downstream white appliance industry, the shortage of raw material supply and price fluctuations, the rise of labor costs, the decline of the sales price of small household appliance intelligent controller products, inventory falling price and other risks.
