Zhongtai Securities Co.Ltd(600918) small and medium-sized market research team conducted corresponding sorting and Research on the companies approved by the CSRC for IPO registration in the latest week of gem and science and Innovation Board (202203.28202204.03), and launched the weekly special research report on new shares. This weekly report involves 2 enterprises to be issued on the science and innovation board and 3 enterprises to be issued on the gem:
Gem:
Feilingkesi (a17310. SZ): the company is a supplier of network equipment. It cooperates with network equipment brands in ODM / OEM mode and provides them with R & D and manufacturing services of switches, routers, wireless products, communication equipment components and other products. The compound annual growth rates of the company’s revenue and net profit from 2017 to 2020 were 26.41% and 33.62% respectively, and the growth capacity exceeded the average level of comparable companies in the same industry. With the deepening of informatization and the explosive growth of data traffic, the network equipment industry continues to be upgraded. In the future, the network equipment industry is expected to maintain stable growth. At the same time, the raised investment project will further strengthen the company’s competitive advantage and is expected to improve its own industry strength and market position.
Xinbang intelligence (a20432. SZ): the company specializes in intelligent manufacturing solutions and assembly with industrial Siasun Robot&Automation Co.Ltd(300024) and related intelligent technologies as the core. Its main business is full coverage and personalized solutions for automobile intelligent and automatic production lines and complete sets of equipment. The compound annual growth rate of the company’s main business income from 2017 to 2020 was 2.42%. The net profits of the company from 2019 to 2021 were 901429 million yuan, 708883 million yuan and 821096 million yuan respectively. The company is expected to benefit from the policy dividend of auto smart manufacturing and the continuous expansion of market demand for further growth.
Yuxin Electronics (a21009. SZ): the company is an enterprise integrating the R & D, production and sales of general gasoline engine and core electronic control components of terminal products. The compound annual growth rates of the company’s revenue and net profit from 2017 to 2021 were 16.72% and 18.75% respectively, with significant growth capacity. The development of new energy segments and China’s agricultural mechanization support policies will continue to promote the company’s business expansion. With the raised investment projects promoting the company’s production capacity and technical level, the company’s relevant product system will be further improved, which is expected to significantly improve the company’s product supply capacity of high-quality parts of general gasoline engine and generator set, and further improve its industry strength and market position.
Kechuang board:
Godson Zhongke (a21222. SH): the company is a processor and supporting chip provider, focusing on the development, sales and service of processors and supporting chips. The compound growth rates of the company’s operating revenue and net profit attributable to the parent company from 2018 to 2021 were 83.87% and 210.59% respectively. The downstream demand of CPU is strong, and the global market space is very broad. With the strong support of national policies, the market share of Chinese enterprises in the global downstream industry is expected to further expand. The company is the only CPU enterprise in China that insists on building an open information technology system and industrial ecology independent of Wintel system and AA system based on independent instruction system. It is a very few enterprises that remain open in ownership structure and are not controlled by complete machine manufacturers. With the completion of the fund-raising project, the implementation of the project will help improve the performance of Godson general processor chip, improve the company’s market competitive position in the integrated circuit industry and occupy an advantage in the future market competition.
Sitway (a21236. SH): the company is a CMOS image sensor product enterprise providing multi scene applications and full performance coverage. Its main products are high-performance CMOS image sensors. With long-term technology development and experience accumulation, the company has become the leading enterprise of global shutter CMOS image sensor in the emerging field of machine vision. Based on the shipment caliber in 2020, the company’s products rank first in the field of security CMOS image sensor in the world. The company’s revenue grew rapidly, its gross profit margin increased steadily and its profitability was strong. During 20182021h1, the company achieved operating revenue of 324631200 yuan, 679155000 yuan, 1527181500 yuan and 540545200 yuan respectively, with a compound growth rate of 116.90% from 2018 to 2020. Benefiting from the strong support of national policies, the steady expansion of the scale of the global integrated circuit market and the international transfer of the integrated circuit industry, Chinese integrated circuit enterprises have ushered in a climax of development. As a leading enterprise in the field of integrated circuits, the company is expected to take the lead in benefiting.
Risk tips: 1) the corresponding companies still have the risk of failure to be listed due to special events; 2) The research is only based on the prospectus (Registration draft) and other public materials of the corresponding company, which can not fully reflect the latest situation of the company.
