#一张图记录夏日生活#
Today, the science and technology innovation board company we studied is one of the hottest science and technology innovation board tracks - lithium batteries.
However, the strange thing is that we all know the four major plates of lithium batteries: cathode materials, anode materials, separators and electrolytes.
But what this company does, it doesn't belong to any sector, and lithium battery materials are still indispensable.
Its product is lithium battery copper foil, which accounts for 5% of the total cost of lithium batteries.
Don't look at its small proportion, this thing can directly affect the internal resistance and cycle life of lithium batteries.
Moreover, its customer list is also quite luxurious, including CATL, BYD and other bigwigs. With a big guy platform, the performance will naturally not be bad.
Let's go straight to the data:
From 2016 to 2018, its operating income was 419 million yuan, 566 million yuan, and 1.153 billion yuan respectively; net profit was 62 million yuan, 85 million yuan and 176 million yuan respectively; the net cash flow from operating activities was 134 million yuan, 16 million yuan and 102 million yuan respectively; The gross profit margin was 27.39%, 27.35% and 27.21% respectively; The net profit margin was 14.86%, 15.05% and 15.30% respectively.
The three-year compound growth rate of revenue is as high as 65.88%, and the compound growth rate of net profit is 68.48%, showing typical characteristics of growth stocks.
It is Jiayuan Technology.
Although the concept of new energy and the halo of the science and technology innovation board are blessed, in fact, its growth process is quite bumpy.
In 2010, the competition in the PCB copper foil market intensified, and Jiayuan, which was unable to bear the price war, was forced to transform into lithium battery copper foil.
In 2016, Jiayuan Technology was listed on the New Third Board, but its performance has been poor.
In 2017, the shares were sold by Mei Yan Jixiang (600868), the second shareholder who relied on selling assets, and Lai Shichang, the new second shareholder and director who took over, was supervised for illegal transactions in 2018.
In March 2019, the Science and Technology Innovation Board finally came, and Jiayuan Technology finally chose to dismantle the New Third Board, with a market value of about 2.6 billion yuan on the last trading day. The valuation of the application for listing on the Science and Technology Innovation Board is about 3.9 billion yuan.
Seeing this, there are several questions about this case that are worthy of our in-depth consideration:
1) From the perspective of performance growth, Jiayuan Technology is growing significantly faster today, but why did its previous performance on the third board be poor, and what is the business logic of this business? Jiayuan, how did you counterattack?
2) In March 2019, the market value of Jiayuan Technology's new third board on the last trading day was 2.6 billion yuan, and the valuation of the science and technology innovation board was about 3.9 billion yuan.
3) For cases like this case, whether it is level 1 or level 2, whether it is on the market or outside the market, everyone is staring at two core questions with trepidation: what logic is behind such a valuation? Is this valuation data expensive or cheap?
Today, let's take Jiayuan Technology as an example to study the industrial logic of the lithium battery industry chain and its valuation characteristics
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market