On November 22, 2021, Gao Lan Co., Ltd. (300499) issued an announcement that Boshi Fund Jin Shengzhe Cai Bin Jiang Na Guo Xiaolin Xiao Ruijin Huang Jichen Chen Xi Li Ang, Guosheng Securities Huang Han Wang Can investigated our company on November 19, 2021.
The main contents of this survey are:
Q: What are the company's strengths in liquid cooling?
A: As one of the earliest enterprises in China to focus on thermal management technology innovation and industrialization application, the company has output relevant technical standards and design ideas for the industry in the field of liquid cooling, and the company's R & D investment and technical team have maintained a high proportion level, the main products have independent intellectual property rights, and reach the domestic advanced level, some of which have reached the international advanced level. In the long-term development process, the company's technology and product application scenarios of the opening up and expansion and system integration capabilities have been continuously strengthened, and with outstanding technology research and development capabilities and rich engineering and technical practice experience, has won a good reputation and brand awareness, and established long-term and stable cooperative relations with industry customers.
Q: What are the main customers of the company's energy storage products?
A: Due to the fluctuation of peaks and valleys in electricity consumption, and the increasing proportion of new energy power generation fluctuations is also large, the grid load needs an effective balancing scheme, which stimulates the increase in demand for energy storage by different groups. The company actively expands the energy storage business, and the current customer base can be divided into three categories: large power station customers, power generation company customers, and industrial and commercial customers.
Q: What are the company's future business plans?
A: The company focuses on all-scenario thermal management, and the application field of products is constantly expanding. Among them, energy storage, server liquid cooling and new energy power battery thermal management are the areas that the company focuses on expanding. (1) Energy storage: With the deep adjustment of the energy structure, the energy storage market space is further opened. The company already has mature liquid cooling products, and will increase strategic investment in the supply chain and production base in the future, and actively dock with industry customers to expand the market. (2) Server liquid cooling: With the increase in the number of data center cabinets in domestic Internet, finance, power and other industries, as well as the mandatory requirements of the state for PUE indicators for large data centers, the scale of its thermal management market is also considerable. Gao Lan Innovation & Technology, a holding subsidiary of the Company, is responsible for the research and development of ICT thermal management technology and related products, and business development. (3) Thermal management of new energy power batteries: With the improvement of the sales penetration rate of new energy vehicles, the demand for thermal management of new energy vehicles will be further increased. The synergy and complementarity of Dongguan Sixiang and Gaolan innovative technology products together constitute the company's layout in the field of thermal management of power batteries.
Q: What is the value of bicycles in Dongguan Sixiang products?
A: The products purchased by different customers from Dongguan Sixiang are not the same, and the number of products used by different models is also different, so it is impossible to accurately calculate the value of the products. If dongguan sixiang's heating, heat insulation and FPC product collection is applied to the same car, the value of the bicycle is about 2,000 yuan.
Q: What is the reason for the company's acquisition of Dongguan Sixiang?
A: The company acquired Dongguan Sixiang in 2019, when the new energy automobile industry was in the trough of development, the main reason for the acquisition was that the company needed to open up new thermal management application scenarios, and Dongguan Sixiang's main thermal insulation and heating products and Gao Lan's water cooling business can form industrial complementarity and synergy, enhance the company's sustained profitability, and promote the implementation of the company's all-scenario thermal management strategic development plan.
Q: What is the company's arrangement for the remaining equity of Dongguan Sixiang?
A: At present, the company has no decision on the handling of the remaining equity of Dongguan Sixiang, and will comprehensively consider all factors in the future to make a plan that is not only conducive to the development of Dongguan Sixiang, but also in line with the interests of the majority of shareholders of the company.
Q: What is the current status of Yueyang Gaolan's production capacity?
A: Yueyang Gaolan as the company's main production base for water-cooled products, the current production capacity is marginal, in addition, in the company's technical team and R & D team of close cooperation, the company's current production capacity can meet the needs of market customers.
Q: What is the delivery period of the company's main products?
A: The delivery time of water-cooled products is affected by factors such as project investment arrangements and project progress, and the delivery cycle of DC water-cooled products is long, and the delivery cycle of new energy power generation water-cooling, flexible AC water-cooling, electrical transmission water-cooling and energy storage products is relatively short. Overall, the lead time is between 1 and 12 months.
Q: Combined with the three quarterly reports, what is the reason for the company's operating income growth and profit decline?
A: On the one hand, due to the impact of the epidemic, some project investments have been delayed, bidding has been delayed, the installed capacity of major customers has declined to a certain extent, and the signing of related orders and product deliveries has also been delayed. On the other hand, due to the impact of customer price reduction and the rise in the price of raw materials such as commodities, the price of the company's products is constantly suppressed, while the cost is increasing, resulting in a decline in profits. The company will ensure that some key components do not reduce the quality and function of the premise, and gradually achieve domestic substitution. At this stage, one of the main tasks of the company's technology center is to iteratively upgrade products to reduce costs; in addition, the company is also actively looking for some high-value core component suppliers to cooperate to effectively guarantee the product supply chain.
The main business of Gao Lan Co., Ltd. is the research and development, design, production and sales of pure water cooling equipment and control systems for high-power power electronic devices
According to the third quarter report of Gao Lan Shares in 2021, the company's main revenue was 1.063 billion yuan, up 29.66% year-on-year; the net profit attributable to the mother was 35.760 million yuan, down 18.52% year-on-year; the deduction of non-net profit was 28.255 million yuan, down 23.26% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 424 million yuan, up 34.67% year-on-year; the single-quarter net profit attributable to the mother was 18.942 million yuan, up 13.47% year-on-year. In the single quarter, the non-net profit was 17.6322 million yuan, up 37.32% year-on-year; the debt ratio was 51.36%, the investment income was 141,700 yuan, the financial expenses were 22.8134 million yuan, and the gross profit margin was 28.38%.
In the last 90 days, a total of 2 institutions have given ratings and 2 buy ratings; the Securities Star Valuation Analysis Tool shows that Gao Lan Shares (300499) has a good company rating of 2.5 stars, a good price rating of 2 stars, and a valuation comprehensive rating of 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)