Computing power is the necessary foundation for building a large model ecosystem, of which AI server, AI chip, and AI cloud are the main AI hardware products. At present, the computing power required by large models is amazing, and ChatGPT product operation requires about 71296 pieces of NVIDIA A100 GPU, and the estimated cost of computing power is 1.773 billion US dollars. As the demand continues to increase. The computing power company is expected to usher in the main rising wave.
The company I look at today is the only one in A-shares! A national high-tech enterprise with artificial intelligence + robot + computing power, with a market value of less than 8 billion
Next, through the company's core competitiveness analysis and the latest financial report operation key data, we will make a detailed analysis and combing of the company's fundamentals.
The name of the company will be announced at the end of the article. The purpose of this article is to provide you with a systematic and efficient perspective on this company through systematic fundamental analysis methods.
The company focuses on providing customers with hardware solutions in intelligent scenarios, and its main business is the research and development, production, sales and service of education and office, consumer, network equipment, network security, retail and other electronic equipment products.
Focus on hardware research and development and high-quality flexible manufacturing, with product research and development strength and manufacturing strength, flexible customization ability and stable delivery ability, to provide customers with solutions and professional and fast customer service. The company's products are positioned in the enterprise-level market, while taking into account the consumer-grade market. The company's products are widely used in government, carriers, Internet, finance, education, medical, energy, transportation, commerce, manufacturing and personal consumption markets and many other subdivided application scenarios.
Revenue grew steadily, and profitability was under pressure. In 2022, the company achieved an operating income of 3.033 billion yuan, a year-on-year increase of 12.32%, and maintained steady growth in revenue. In 2022, the company's gross profit margin will be 15.30%, down 1.33Pct from the same period last year, and the net profit margin will be 3.93%, down 3.37Pct from the same period last year, and the gross profit margin and net profit margin will decline slightly, mainly due to the impact of trade frictions caused by the unstable international situation, the shrinking demand in the tourism market due to the macroeconomic environment, the increasingly fierce competition in the industry, and the significant fluctuation of the RMB against the US dollar exchange rate. The company issued an equity incentive plan in January 2023, and the performance assessment target of 100% exercise is based on 2021, and the company's revenue and net profit growth rates from 2023 to 2025 will be 25%, 50% and 80%, respectively, demonstrating the company's confidence in future development. It is expected that with the recovery of the economy and the gradual recovery of market demand, the company's performance is expected to continue to grow steadily.
In addition, the company's business model
1. Procurement mode
The company formulates production plans and preparation plans according to customer orders and customers' forecast needs, and organizes the procurement of raw materials based on existing raw material inventory.
2. Sales model
The sales mode of the company's main business is divided into direct sales model and trade mode.
3. Production mode
The company adopts the production method of "production by sales", and the planning department determines the production plan according to customer orders and demand forecasts.
4. R&D mode
The company has R & D technology management center and R & D design center, R & D technology management center is responsible for the company's product project management, R & D data management, product testing and certification, product introduction and mass production maintenance, etc., R & D design center is responsible for the company's product technology evaluation, design and development, product technical problem solving and other related work.
5. ODM/OEM mode
As an electronic equipment manufacturing service provider for downstream brand customers, the company's cooperation mode with customers is mainly ODM mode, and there are a small number of retail and other businesses that cooperate with customers through OEM mode, and there is no situation of selling under its own brand.
1. Deep technical accumulation
The company has deep technical accumulation in the fields of OPS, cloud terminals, network equipment, network security equipment and servers.
2. Experienced R&D team
The company has a research and development team with many years of R & D experience, facing the downstream of the industry and covering comprehensive technology.
3. The competitive advantage of multi-product layout, multi-industry expansion and multi-scenario integration
The company has realized a multi-product line layout and is one of the few companies in the industry that can provide "device-edge-cloud-network" full-architecture products and one-stop services.
4. Flexible production advantages
The company has the manufacturing capacity of small batch and multi-category products, through the optimization of the manufacturing system, the adjustment of production methods and the improvement of production processes, the combination of automation equipment and auxiliary automation equipment, to achieve rapid line changeover, improve the flexibility and efficiency of the production line.
5. Integrated rapid response ability
The company always adheres to the strategy of integrating research, production and marketing, from the early stage of product demand communication, to the R & D and design of related products, to mass production delivery and quality control, as well as product technology and after-sales service, all maintain long-term close cooperation with customers.
6. Quality control advantages
In order to enhance its own competitiveness, improve production efficiency and product quality, the company has formulated and implemented a series of internal control systems covering procurement, production, sales and other links, and implements strict control processes and specifications for each link.
7. Rich customer resource advantages
The company deeply cultivates the industry, constantly improves the product and service structure with independent research and development technology, excellent R & D capabilities and after-sales support to form its own industry competitiveness, has a certain brand awareness in the industry, has accumulated a number of high-quality customers in the industry, rich customer resource advantages for the company to provide sufficient development momentum.
8. Long-term and stable supplier cooperation system
The company has established a long-term, stable and friendly cooperative relationship with suppliers in the procurement process, and enhanced the ability to respond to fluctuations in the supply and demand of upstream resources by concentrating on building a supplier cooperation system, so as to reduce the procurement cost of raw materials while ensuring the quality and delivery of raw materials.
After reading the highlights of the company's core advantages, next, through the company's finance, from the four aspects of growth, operational ability, financial status, and solvency, we will make a systematic understanding of the company's fundamentals.
First, growth analysis,
From the company's operating income indicators,
The company's current growth ability: very strong, at the forefront of the industry, it is recommended to pay strong attention.
From the perspective of operating capacity, the company's performance is also very strong, ranking at the forefront of the industry.
Next, let's look at the profitability of the company.
Company profitability: strong, higher than the industry average.
Let's look at the company's ability to repay debts
It can be seen that the company's solvency is acceptable, close to the industry average, and can be paid due attention
This company is JMicron listed on the A-share market, and the highlight of the company is that it spans three major chip hot tracks. And the current financial performance is excellent. The disadvantage is that the company's solvency is average, mainly because the development speed is too fast.