, the company's business introduction
Chenyi Intelligent (301578) is mainly engaged in the design, research and development, production and sales of intelligent remote controls and intelligent products, providing domestic and foreign customers with product prototype design, electronic circuit design, embedded software and hardware development and integration of integrated intelligent remote control solutions, products are mainly used in home appliances and smart home industry.
Through years of accumulated technical capabilities and industry experience, based on the research of intelligent control technology, the development of corresponding embedded software and algorithms and the provision of technical solutions, the company can carry out technology development and product design according to customer needs, and finally deliver products that meet customer requirements.
With innovative design capabilities, strong R&D strength, timely product delivery, stable product quality and service, the company has established long-term good business partnerships with customers in the home appliance and smart home industry at home and abroad, including well-known brands Huawei, Xiaomi, XGIMI, Changhong, Skyworth, TCL, Vestel, Panasonic, UEIC and other customers.
During the reporting period, the revenue composition of the company's main business products is as follows:
, the company's performance
From 2018 to 2022, the company's growth and profitability are as follows:
From January to December 2023, the company expects attributable net profit of about 88 million yuan to 93 million yuan, a year-on-year increase of -073% to 491%, operating income of about 7100 million to 7500 million yuan, a year-on-year increase of -467% to 070%, deducting non-net profit of about 89 million yuan to 95 million yuan, a year-on-year decrease of 197% to 816%。
, development and comparison with comparable companies
The company's issue price is 4894 yuan, 12 million shares issued, lead underwriter: Xingye **, market value of 23 after issuance4.9 billion yuan. The dynamic P/E ratio based on the median 2023 forecast results is 2596, with a static P/E ratio of 2639。The market capitalization, price-to-earnings ratio and revenue of comparable companies are as follows:
At present, there are no listed companies in Shanghai and Shenzhen that are similar to the issuer's business, and the three comparable companies in the table are all listed companies.
, Summary
The company mainly provides customers with intelligent remote controls and other intelligent products through OEM and OEM, of which intelligent remote control is its main product, and the proportion of this product in revenue in the past three years is respectively. 26%。The company has no imagination in terms of products or business models, if you have to find a bright spot for the company, the quality of customers is one, Huawei, Xiaomi, TCL, Changhong and other well-known enterprises are its customers.
As a company with little room for imagination, the market can give a price-to-earnings ratio of about 26 times, which is not bad. The company's issuance unit price is higher, and the biggest advantage of the ticket is that the market value of the issue is only 2.3 billion yuan, the plate is small, the probability of breaking on the first day is not large, and the value of the later concern is not large. I am given a cautious subscription rating and I plan to participate in the subscription.
New rating: cautious. I make a new plan: subscribe.
Notes: The performance of IPO on the first day is related to many factors, and this article is only a brief analysis of the company's business, main financial indicators and valuation. When investors hit the newIndependence requiredThink, and make a decision. If there is a conclusive statement in the article, it is also a personal opinion. We hope that investors will invest rationally.