On December 14, 2021, Shunluo Electronics (002138) issued an announcement that Liu Kai Chen Li of Everbright Securities, UG Zhan Zongxun, Chen Xin of Shanghai Chanlong Asset Management Co., Ltd., Zhu Yunyang of Southern Fund, Wen Yuzhang of Tianfeng Securities, Zhao Chen of Rongtong Fund, and Du Yizhong of Rixing Assets investigated our company on December 10, 2021.
The main contents of this survey are:
Q: In the face of the rise of new energy vehicles, what layout has the company made in its development strategy?
A: The company laid out the automotive electronics market field earlier, focusing on the new energy electrification and intelligent application field of automotive electronics, after strict customer audit, certification and testing, has now become a formal supplier of many well-known electric vehicle companies at home and abroad. The company's reversing radar transformer, electric vehicle BMS transformer, power inductor and other products, in terms of technical performance and quality, management has been highly recognized by customers, has been many well-known automotive electronics enterprises at home and abroad and new energy automobile enterprises batch procurement, at present, automotive electronics business is progressing rapidly, high-end customers new projects continue to promote smoothly. In the future, automotive electronic products will continue to develop and launch new products according to customer needs and technological development, solve customer pain points, meet market demand, and have a huge future market space, laying a solid foundation for the comprehensive promotion of the company's products in the global automotive electronics market.
Q: What is the company's emerging market segment?
A: Since its establishment, the company has attached great importance to research and development, and has continued to invest in new market applications according to the market application situation and the development of technology, and the emerging market areas of the company's layout include automotive electronics, Internet of Things, smart wearables, smart home, new energy, industrial control and big data. Focus on informatization, digital applications, automotive electronics and other key layout of emerging application areas, the growth rate is relatively fast. The company's promotion in the field of emerging market applications is gradually increasing, the company is committed to promoting the sustainable development of the company's industry through scientific and technological innovation and model innovation, creating value for customers, and continuously improving customer satisfaction, thereby enhancing the company's market influence in the field of electronic components.
Q: How much automation is the company's product line and its future layout?
A: The company's products belong to miniaturized precision electronic components, all products must be automated production, in order to ensure product consistency and pass rate and other quality requirements. The company continues to implement the quality management idea of "quality first, continuous improvement", and will gradually move from automation to intelligent and digital layout in the future. Based on the needs of its own R & D and automated production, the company independently develops key automation equipment to ensure the stability of production, improve the pass rate and consistency quality of products, and continuously improve its own intelligent manufacturing capabilities.
Q: The company's research and development of integrated molding inductor products and the progress of the market?
A: The company's integrated molding inductors have R & D investment and manufacturing in small size and large size, which can be widely used in high-end mobile phones, consumer electronics and automotive electronics and other applications, and can now be formally supplied in batches. Integrated molding inductors have been listed as a company-level key new product project, the company according to the market application progress in the increase in R & D investment and customer application promotion, its market space and future prospects can be expected.
Q: Why has the company's gross profit margin remained relatively stable?
A: The company's products are independent research and development, design, itself has a strong core technology and comprehensive service strength, the company continues to carry out technological innovation and management innovation, and constantly launch new products with high added value, continuous management reform and the implementation of cost reduction and efficiency improvement measures to achieve cost control and efficiency improvement, participate in the early research and development stage of core customers, etc., to a large extent to ensure the company's stable, high-quality gross profit margin level. The gross profit margin level of different product lines of the company is different, and the future gross profit margin level is directly related to factors such as product sales structure, sales price, and cost control.
Q: What is the company's current product price?
A: The company's products belong to electronic components, since its inception has been focused on the development of the main business, the current company's inductive product technology level and the world's well-known electronic components manufacturers technical level comparable, products have core competitiveness, and the company has the world's leading large customer group, focusing on the big customer strategy, covering the world's major related industries benchmarking enterprises, and customers to establish a long-term cooperative relationship, the company's product prices are currently relatively stable.
Q: What are the industry barriers in the inductor industry and what are the company's competitive advantages?
A: The inductor industry belongs to the capital-heavy investment industry, which has higher requirements for initial investment, and its capital investment barriers and technical barriers are higher; the market threshold is higher, and the customer's requirements are also high. The company is a passive electronic components industry subdivision leading enterprises, the company's products for electronic basic components products, comprehensive core competitiveness is stronger, the current company's inductive product technology level and the world's well-known electronic components manufacturers technical level comparable, the company and competitors are the same platform bidding. After years of development, the company has established a comprehensive core competitive advantage in the field of basic components, including technical advantages, customer advantages, quality advantages and brand advantages; The core products have established global delivery advantages, won the trust of the global heavyweight customer base, and continuously improved the depth and breadth of cooperation with customers; Relying on the world's high-quality customers, the company continues to carry out technological innovation, while continuously improving production capacity and developing new products, becoming the preferred supplier of the global supply chain is the company's development mission.
Q: Please introduce the company's fine ceramic products?
Answer: Fine ceramic products belong to the positioning of new material technology and new application fields, and the products are lighter and thinner, with the advantages of ultra-high hardness, warmth and skin affinity. The company's fine ceramic products have actively completed the market layout and technical layout in the early stage, and at the same time maintained in-depth development cooperation with many well-known enterprises at home and abroad on future projects, with a leading technical level and breakthroughs in important customers. At present, it maintains steady growth and continues to release orders. The company pays attention to the establishment of ceramic R & D platform, continues to integrate resources according to the needs of market applications, to achieve rapid research and development and output value, with the development of a new generation of communication technology, wireless charging market, smart wearable applications, the future development prospects are broad.
Q: What is the construction of the company's industrial park?
A: The company's industrial park is under orderly construction according to the plan, the industrial park is completed and put into operation it takes a period of time to release the production capacity, some new factories are currently in the stage of equipment relocation and commissioning, and the specific capacity planning and progress are in an orderly layout according to the business plan and market application progress and customer development.
Q: Please introduce the company's research and development?
A: The company attaches great importance to R&D work, and has set up a R&D center since its inception, and has established a customer-centric innovation system. The company's R & D mainly includes basic materials research and development, product development, process design and development, equipment research and development of four links, relying on the inductive process platform research and development, based on design and manufacturing, the company now has magnetic devices, microwave devices, sensitive and sensor parts, fine ceramics four categories of product line development direction of a variety of precision high-end component products. In order to meet the market demand and enhance the company's competitiveness, the company strengthened the investment in basic research, new products, new technologies and new market applications, while continuously improving the product qualification rate and quality, the company has established a systematic technology development and management process, which is conducive to the company's future sustainable development.
Shunluo Electronics main business: chip inductors, chip varistors, LTCC, chip tantalum capacitors and other new electronic components research and development, production and sales.
Shunluo Electronics 2021 third quarter report shows that the company's main revenue of 3.476 billion yuan, up 41.62% year-on-year; net profit attributable to the mother of 603 million yuan, up 48.17% year-on-year; deduction of non-net profit of 563 million yuan, up 47.67% year-on-year; of which in the third quarter of 2021, the company's single-quarter main revenue of 1.165 billion yuan, up 15.09% year-on-year; single-quarter net profit attributable to the mother of 192 million yuan, up 16.51% year-on-year In a single quarter, the non-net profit was 175 million yuan, up 16.62% year-on-year; the debt ratio was 37.01%, the investment income was -1.3952 million yuan, the financial expense was 44.8805 million yuan, and the gross profit margin was 36.93%.
In the past 90 days, a total of 9 institutions have given ratings and 9 buy ratings; the target average price of institutions in the past 90 days has been 46.1; the net outflow of financing in the past 3 months has been 115 million, and the balance of financing has decreased; and the net outflow of margin has been 31.8257 million, and the balance of margin has decreased. The Securities Star Valuation Analysis Tool shows that Shunluo Electronics (002138) has a good company rating of 3.5 stars, a good price rating of 2.5 stars, and a comprehensive valuation rating of 3 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
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