On October 26, 2021, New Leineng (300593) issued an announcement that Huatai Securities Li Cong, Huatai Securities Tian Mochong, China Post Fund Xu Hongbo, Dacheng Fund Li Lei, China Merchants Fund Zhang Dayin, Haibao Life Wang Xiaomeng, Yuancheng Investment Li Zhi, Sino Analytica Fund Wang Chuanglian, Penghua Fund Yang Faxin, Xingyin Wealth Management Hao Biao, Industrial Securities Shi Kang, Industrial Securities Yang Zhuo, Industrial Securities Dong Lingfei, Industrial Securities Yu Liqiang, Cinda Australia Bank Wang Huiliang, Cinda Australia Bank Yang Yu, CITIC Securities Sun Shuguang, CICC Fund Du Chaoyu, AVIC Fund Han Hao, AVIC Fund Yang Zhongkai, AVIC Fund Zhang Xiaodong, AVIC Fund Liu Jun, Chinese Bao Zhang Xianning, Chinese Bao Sun Haoran, Changjiang Pension Zhang Xuerui, Great Wall Wealth Yang Haida, Great Wall Wealth Hu Jiyuan, New China Life Zhu Bin, New China Life Fu Mingxiao, Xitai Investment Liu Kaiyang, Tianfeng Securities Fan Yige, Shanghai Bank Fund Lu Yang, Shanghai Bank Fund Yan Feng, Honghua Capital He Ru, Gao Yi Asset Yan Shilin, Nord Fund Huang Wei, South China Fund Li Xuewen, Morgan Stanley Siwei, Morgan Stanley Xue Yipin, Jianxin Pension Li Pingzhu, HSBC Jinxin Huang Zhigang, Huatai Securities Liu Xingchen, Huatai Securities Zhang Duanfeng, Huatai Securities Xu Jiachen, Huashang Fund Liu Li, Huaan Caibao Fangxiao, Hongyi Yuanfang MaJia, Guotai Fund Gao Liang, CDB Fubian Guangjie, Soochow Life Feng Jiayi, Donghai Securities Wu Jinyong, Dongguan Securities Li Zhimin, Orient Securities Li Wei, Boshi Fund Shi Yonghui, Boshi Fund Wang Huanji, Boshi Fund He Baohua, Changsheng Fund Teng Guangyao, Everbright Asset Management Leng Hao, Huaxia Fund Wanfangfang, Huaxia Fund Dai Ruiliang, Huaxia Fund Ai Bangni, Huaxia Fund Ding Xin, Jianxin Trust Yu Lei, Xitai Investment Zhu Jigang, Yuanle Sheng Asset Zhu Kai, Panjing Investment Qiao Lei, Panjing Investment Zhuang Tao, Panjing Investment Chen Qin, Panjing Investment Zhang Man, Golden Eagle Fund Xiong Weiming, Pengtai Investment Zhu Karen, Zheshang Securities Wang Peng, Industrial Securities Global Shen Du, BANK OFC Fund Wang Han, CITIC Prudential Jin Wei, China Canada Fund Wang Liang, China Overseas Fund Bao Jianglin, Changxin Fund Liang Hao, Changxin Fund Li Xin, Great Wall Fund Yu Huan, Great Wall Fund He Yiguang, Galaxy Fund Shen Yufei, Wang Jiandong of Xiangju Capital, Liu Yang of Wanjia Fund, Zhang Xichen of Wanjia Fund, Zhao Yang of Taiping Assets, Zhai Xu of Shanghai Investment Morgan, Fan Yang of Guotai Junan, Sun Weidang of Rongtong Fund, Xing Junliang of ABC Huili, Zhang Hui of Southern Fund, Zou Chengyuan of Southern Fund, Sun Weicang of Southern Fund, Wang Xiaoyan of Minsheng Plus Silver, Guo Ruofeng of Hui Tianfu Fund, Hu Bin of Huaxia Fund, Tong Wei of Huaxia Fund, He Liang of Huaxia Fund, Yao Chenfei of Huatai Berry, Lu Congzhen of Huatai Berry, Fan Liang of Huafu Fund, Chen Ruojin of Laterite Innovation, Yu Chenyang of Haifutong Fund, Song Yilu of China Life Security, Liu Ning of GF Securities, Zhenyi of GF Securities, Zhang Haojia of Soochow Fund, Wang Dong of Calm Investment, Li Gong of Chuangjin Hexin, Li Han of Chuangjin Hexin, Li Pujiang of Boyuan Fund, Feng Yuan of Changjiang Securities, and Yang Jie of Changjiang Asset Management investigated our company on October 25, 2021.
The main contents of this survey are:
Q: The overall growth of the company's special power supply and communication power supply.
A: The company's revenue in the first three quarters of aviation, aerospace and other special fields was 650 million yuan, an increase of 80% year-on-year, which is comparable to the company's overall growth rate; communications and network revenue of 300 million yuan, an increase of 104% year-on-year, and the growth rate of the communication sector is larger, mainly due to the low base of operating income affected by the epidemic in 2020.
Q: The contribution of the company's main and different revenue entities.
A: Beijing headquarters revenue of 500 million yuan, an increase of 79% year-on-year, mainly based on power supplies in the aerospace special field, profit contribution of 150 million; Shenzhen Leineng revenue of about 300 million yuan, an increase of 82% year-on-year, mainly based on communication power supply, profit contribution of more than 40 million; Yongli Technology revenue of about 200 million yuan, an increase of 55% year-on-year, contributing profit of about 10 million.
Q: Special power supply orders and prospects for the future.
A: Judging from the current order situation, the production capacity is still full. The company's growth expectations for special power supplies in the next few years are still very optimistic. At the same time, the country's investment in aviation, aerospace and other special fields and localization demand continue to grow, it is expected that the special field industry will maintain a high degree of prosperity in the next few years.
Q: The company's production capacity.
A: Since the end of the third quarter of 2020, the company's production capacity has been in a state of tension, in view of the problem of insufficient production capacity, the company has continuously made improvements in terms of production line adjustment, new production line, personnel expansion, process upgrade and equipment procurement, etc. At present, the company's production capacity tension has been alleviated. Special power supply has the characteristics of small batch, multi-variety, different types of product manufacturing process differences, whether from the site adjustment, equipment procurement, personnel training, process upgrades and other aspects is not a one-time process, the overall company's production capacity will be a continuous climbing process. As of the end of the third quarter, the company's Beijing headquarters of the production line adjustment, equipment purchase has been basically completed, personnel training is also carried out in an orderly manner, in terms of production capacity, the current production capacity compared with the beginning of the year increased by nearly 50%. In the future, through the application of intelligent equipment and the improvement of efficiency, the company's production capacity will continue to increase.
Q: The company's R&D expenses have maintained a high proportion, please introduce the main layout direction of R&D.
A: The company is a technology-driven company, and the proportion of R&D investment has remained high over the years. At present, there are more research projects in the company, and the main direction of R&D investment is to undertake new R&D projects, the expansion of new categories and localization, and more R&D investment has been increased for localization companies. At the same time, based on the expectation of future development, in addition to continuing to increase R & D investment in power supplies and communication 5G power supplies in special fields such as aerospace and aviation, the company will continue to extend upstream and downstream, one is to extend from the technical advantages of small and medium-sized power, light and thin to customized high-power, high-power systems, etc.; the second is to equip and expand R&D personnel in various branches and sub-institutions, and continuously strengthen the research and development of chip power supplies (micro modules) and power chips, and the company is also laying out surge suppressors, filters, motor drives, Server power and other directions.
Q: What is the amount of revenue of the company's chip power supply in the first three quarters?
A: The company has invested in the development of chip power supplies since 2015, and began to achieve partial sales in 2020, and this year's order situation is good, because due to the impact of chip production capacity and housing capacity, the actual delivery level is nearly 20 million, affected by acceptance confirmation, and the revenue will be less.
Q: The company's expectations for the future of the communications sector.
A: At present, we are still optimistic about the communication sector. As far as the domestic side is concerned, the company's main customers are Datang Mobile, Fiberhome Communications, etc. With the steady advancement of domestic 5G construction, the domestic communication business will maintain stable growth; at present, the growth of communications is more elastic than from exports, one is because last year's export decline is more, so this year's export recovery growth is higher than the same period last year, as of the third quarter, export revenue has exceeded the export revenue in 2019. At present, from the structural point of view, the domestic is stable growth, from a foreign point of view, we believe that 5G construction is also just beginning, the next 2-3 years is also a steady progress process, because of the factors of the epidemic, there may be some fluctuations and impacts in the construction process of 5G, which is an uncertain factor, but from the current trend and demand point of view, the company maintains optimistic expectations for the future development of the communication sector.
Q: The company's third quarterly report shows a significant increase in prepaid accounts and contract liabilities, mainly due to the fact that the company has increased significantly.
A: The growth of the company's prepaid accounts is mainly due to the increase in material reserves caused by the growth of the company's special power supply and communication power supply orders; the growth of contract liabilities mainly comes from the order of special power supply projects.
Q: How will the company's orders be for next year?
A: The company's power supply products are mainly divided into standard module products, customized products and high-power system products, there are some customized project orders are orders for the next two or three years; as far as the company's product categories are concerned, module products are still the most revenue category, accounting for more than 60%, and module product order demand is determined in stages according to customer project needs.
Q: The reasons that affect the company's gross profit margin.
A: Compared with the second quarter, the company's gross profit margin decreased by nearly 1% sequentially, mainly due to changes in product revenue structure and rising material costs. Communication of high-power system power supply compared to the module power supply margin is lower, the third quarter of communication high-power system power supply revenue increased, the company's overall gross profit level has an impact, at the same time there is a little impact on material costs, but mainly the impact of revenue structure. From the perspective of special power supplies, the company's overall gross profit margin is still relatively stable.
Q: The development of the company's thick film power supply.
A: Thick film power supply products account for a relatively low proportion of the company's overall revenue structure, due to their small base, the past two years have achieved rapid growth. In terms of production capacity, the second phase of the construction of the thick film product line has been basically completed, and personnel training and production line commissioning are also being carried out in an orderly manner, and these work are currently in preparation for next year's production capacity.
Xinleineng's main business: The company's main business is positioned in module power supply, customized power supply, high-power power supply and system and other technologies and products in communications, aviation, aerospace, military, railway, electric power, industrial control, radio and television and other industries applications
According to the third quarter report of New Lei Neng in 2021, the company's main revenue was 1.008 billion yuan, up 80.12% year-on-year; the net profit attributable to the mother was 195 million yuan, up 184.72% year-on-year; the deduction of non-net profit was 193 million yuan, up 196.48% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 386 million yuan, up 52.88% year-on-year; the single-quarter net profit attributable to the mother was 75.1018 million yuan, up 88.07% year-on-year. In a single quarter, the non-net profit was 74.9139 million yuan, up 89.02% year-on-year; the debt ratio was 47.24%, the investment income was -208,700 yuan, the financial expenses were 13.1436 million yuan, and the gross profit margin was 49.68%.
In the last 90 days, a total of 9 institutions have given ratings, 7 buy ratings and 2 overweight ratings; the average target price of institutions in the past 90 days has been 65.86; the Securities Star Valuation Analysis Tool shows that the new 300593) good company rating is 3.5 stars, the good price rating is 2 stars, and the valuation comprehensive rating is 2.5 stars.