Mingke Jingji (001319) made an inquiry from one company in this period. On April 20 (Wednesday), the main board listed company “Mingke Jingji” will make an inquiry.
Mingke precision technology (001319): the company specializes in the R & D, production and sales of precision stamping molds and metal structural parts. It has excellent mold design and development ability, mold manufacturing technology and precision stamping technology. It mainly provides precision stamping molds and metal structural parts for customers in automobile, office equipment, electronic products, building fire prevention and other industries. From 2019 to 2021, the company achieved operating revenue of 745 million yuan / 732 million yuan / 856 million yuan respectively, yoy was 15.36% / – 1.69% / 16.89%, and the compound annual growth rate of operating revenue in the three years was 9.85%; The net profit attributable to the parent company was 86 million yuan / 103 million yuan / 94 million yuan, yoy was 92.65% / 20.68% / – 8.72%, and the compound growth rate of three-year net profit was 28.50%. According to the company’s preliminary forecast, the net profit attributable to the parent company in 2022q1 is expected to increase by 7.91% to 18.27% year-on-year.
Investment highlights: 1. Auto parts manufacturers need to go through a strict certification system, and the cooperative relationship is relatively stable; After years of development, the company has established long-term and stable supply relations with several Japanese brand automobile manufacturers through world-renowned primary suppliers of auto parts, which is expected to stabilize the company’s performance expectations. Primary suppliers of auto parts and vehicle manufacturers implement a strict certification mechanism for suppliers, and it usually takes 3 to 5 years from passing the certification to large-scale supply; After passing the customer certification and establishing a stable cooperative relationship, in order to ensure product quality, primary suppliers and vehicle manufacturers usually do not easily switch suppliers; At the same time, in general, in order to ensure the consistency of products, customers usually only develop a set of molds for the same parts. After the mold development is completed, the designated supplier is responsible for the supply of metal structural parts in the whole life cycle of the product. At present, the company’s products are widely used in the production of Nissan, Mazda, Volvo, Ford, BMW, Toyota and other brand cars through the world-famous first-class suppliers of auto parts such as Marelli, Hiroshima technology and haistamp. 2. The company made layout in the field of new energy vehicles earlier. At present, the company has become the primary supplier of Xiaopeng automobile. Since 2016, the company has actively explored and reserved technologies that meet the needs of new energy vehicles, such as lightweight molding technology and high-strength material molding technology; By the end of 2020, business cooperation has been established with Xiaopeng automobile, Farasis Energy (Gan Zhou) Co.Ltd(688567) and other new energy vehicle enterprises or industry supporting enterprises. At present, the company has become a first-class supplier of Xiaopeng automobile, and has successively obtained several fixed-point project contracts of Xiaopeng automobile to provide molds, instrument panels, door components, etc. for its new energy models.
Comparison of Listed Companies in the same industry: Listed Companies in the same industry similar to Mingke precision technology mainly include Lucky Harvest Co.Ltd(002965) , Jiangsu Bojun Industrial Technology Co.Ltd(300926) , Shanghai Yanpu Metal Products Co.Ltd(605128) , Vt Industrial Technology Co.Ltd(300707) , etc; Among them, Vt Industrial Technology Co.Ltd(300707) has a higher proportion of mold revenue. Assuming that the above companies look at the situation of the same industry, the average revenue scale (the first three quarters) of Listed Companies in the same industry is 770 million yuan, the average gross profit margin is 21.8%, and the average pe-ttm (arithmetic average) is 32.9x. In comparison, the company’s revenue volume is basically the same as the average level of comparable companies, and the gross profit margin is slightly higher than the average level of comparable companies.
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.
