. Kangwei Century 688426-Molecular Diagnostic Kit (suggested to subscribe, don't pay attention)
. Fundraising and Valuation Analysis
issued shares 23.290278 million shares, with a total share capital of 93.16 million shares after issuance, with an issue price of 48.98 yuan, raising 1.141 billion yuan, and over-subsidized 155 million (" increase " 16%); corresponding to a total market value of 4.563 billion after issuance.
1 net profit was 125.8 million yuan, PE36; 22H1 net profit was 100.1 million yuan, dynamic PE23; the company has fewer product lines, of which nearly half of the new crown products account for nearly half, and there are also fewer products under development (digestive tract related, there is no longer any explosive products like the new crown); the performance "exploded" during the reporting period, and the valuation looks very low, so it is recommended to subscribe; looking at the industry horizontally, since 2015, listed companies with in vitro diagnosis have sprung up like mushrooms after a rain - there are too many, homogeneous competition, and the gross profit level is still high, and there is room for further "pression". The company is small and can be aligned with the valuation of generic drugs in the future.
Sour and sour are circulating in the market.
(1) Valuation before listing
On August 22, 2020, Kangwei Co., Ltd. held a shareholders' meeting and decided to increase the registered capital from RMB 61.5 million to RMB 69.870833 million, and the new shareholders subscribed the new registered capital in currency. On the same day, new shareholders Taizhou Industrial Investment, Yida Venture Capital, Small and Medium Funds, Talent Venture Capital, Songhe Venture Capital, Share Investment, Cuihu Investment, Cause Investment, Shanghai Yueyi and Chen Hong signed a "Capital Increase Agreement" with the company, with the capital increase price of 29.27 yuan/registered capital, and was determined based on the valuation of 1.8 billion yuan before investment.
In August 2020, the company's valuation was 2.045 billion yuan after the capital increase.
. Main business operation
Kangwei Century’s independent research and development based on the underlying core technology of molecular detection . It has accumulated more than ten years of R&D in the fields of enzyme raw materials, nucleic acid preservation, and sample pretreatment . It is one of the few biotechnology companies in China that have achieved a complete business layout in the core links of molecular detection. The company's core products include molecular detection enzyme raw materials, nucleic acid preservation reagents, nucleic acid extraction and purification reagents, and molecular diagnostic kits . The reagents developed by the company play an important role in the efficiency and accuracy of results of molecular detection; at the same time, based on the technical advantages of each core link of molecular detection, the company has expanded its business to the screening and diagnosis of digestive tract diseases and respiratory infectious diseases, and has developed a number of innovative products and services, realizing the integrated layout of "core enzyme raw materials + kits + detection services" in molecular detection.
Since its establishment in 2010, the company has started to carry out key underlying technology research around the industrialization of molecular detection technology. It has successively formed 6 technical platforms: enzyme raw materials, nucleic acid preservation, nucleic acid extraction and purification, fluorescence quantification PCR, gene sequencing, and nucleic acid mass spectrometry. It has obtained 16 domestic invention patents, 26 utility model patents, 1 overseas patent and 35 biological information analysis related software copyrights, and has built a complete intellectual property system. In addition, as one of the main drafters, the company and the founder of the company participated in the drafting of 2 national standards, 3 industry standards and 1 group standard related to molecular testing, and participated in 2 national key R&D projects, making positive contributions to the overall development of the molecular testing industry.
The company mainly focuses on the research and release of kits in the two directions of screening and diagnosis of gastrointestinal system diseases and rapid detection of respiratory infectious diseases. There are 7 molecular diagnostic kit products that plan to obtain domestic NMPA three-category registration certificates, of which 2 have entered the clinical evaluation or review and approval stage and are expected to be launched within 2 years. As of March 20, 2022, the basic situation of the company's R&D pipeline products is as follows:
Based on the company's current operating conditions and market environment, it is expected that the performance from January to September 2022 will achieve growth compared with the same period last year.The company expects that the operating income of from January to September 2022 will be RMB 390 million to RMB 400 million, an increase of 68.19% to 72.50% from January to September 2022; the net profit of attributable to the parent company shareholders is expected to be 2 was RMB 145 million to RMB 150 million, an increase of 64.47% to 70.14% over the same period last year ; it is expected that the net profit attributable to the parent company shareholders after deducting non-recurring gains and losses will be RMB 135 million to RMB 140 million, an increase of 69.10% to 75.36% over the same period last year. Affected by the continued growth in demand for molecular testing products in the market, the company's performance has increased significantly compared with the same period last year. The company's main operating conditions are normal, and its operating performance continues to grow. No major matters that have an impact on the company's continued operating capabilities or may affect investors' judgments.
. Comparable companies in the same industry
(1) Molecular detection enzyme raw materials The company's main competitors in the field of molecular detection enzyme raw materials include foreign-funded enterprises such as Thermo Fisher and Baobio, and domestic enterprises mainly composed of Novizan and Feipeng Biology. The basic situation of the above-mentioned enterprises is as follows: 1) Thermo Fisher was established in the United States in 1956 and has now become a major supplier in the global scientific service field. Its main customers include pharmaceutical and biological companies, hospitals, clinical diagnostic laboratories, universities, research institutes and government agencies, as well as environmental and industrial process control equipment manufacturers. The products mainly include analytical instruments, laboratory equipment, reagents, consumables and software, etc., providing comprehensive laboratory solutions. 2) Baobi Baobi was established by Japan Bao Holdings in 2002. Its main business is the research and development and production of reagents and instruments for research, and it also undertakes large-scale customer entrusted services. Baobi has a relatively complete product line of molecular biology, cell biology and immune systems, and is one of the major foreign suppliers of domestic molecular testing raw materials. 3) Feipeng Bio was established in 2001 and is mainly engaged in the research and development and production of core raw materials for in vitro diagnostic reagents. Feipeng Bio has built a series of detection platforms such as chemiluminescence, enzyme-linked immunity, fluorescence POCT, fluorescence real-time PCR, gene sequencing, and immunoturbidimetry. It has developed more than 700 in vitro diagnostic reagent raw material products, mainly covering three categories: antigen , antibodies, and diagnostic enzymes. It is widely used in immunodiagnosis, biochemical diagnosis, molecular diagnosis, and high-throughput sequencing. Feipeng Bio started early and mainly produced biochemical and immune enzymes in its early stages. In 2016, it began to engage in the research and development of molecular diagnostic raw material enzymes. In the field of raw material enzymes, Feipeng Bio is one of Kangwei Century's main competitors. Compared with Feipeng Bio, Kangwei Century has carried out research and development of molecular testing related products earlier, and has richer technology and product layout in the field of molecular testing. Feipeng Bio is currently in the A-share listing review stage, with its operating income and net profit in 2021 being RMB 233,18916 million and RMB 1502.9142 million respectively. 4) Novizan Novizan was established in 2012. It is committed to the research and development and production of enzymes, enzymes and antibodies for molecular diagnosis, and its products cover in vitro diagnosis, high-throughput sequencing and life science research. It has established the Biotechnology Industry Research Institute. Norwich products are one of the company's main domestic competitors in the field of raw material enzymes. In addition to the molecular testing business, Norwich has a large revenue share in 2020 from colloidal gold and other immune in vitro diagnostic reagents. Kangwei Century has carried out molecular diagnosis research and development earlier than Norwich, and is more focused on the field of molecular testing technology, and its product line is richer than Norwich. Novizan is an A-share listed company with operating income and net profit in 2021 of RMB 186,8627,300 and RMB 678.289,600 respectively.
(2) Nucleic acid preservation reagent The company's main competitors of free DNA preservation reagents in the field of nucleic acid preservation reagents are foreign-funded enterprises such as Streck, and the main competitors of pathogenic microbial preservation reagents are domestic enterprises such as Yangpu Medical. The basic situation of the above companies is as follows: 1) Streck Streck was established in the United States in 1971, focusing on the research and development and production of clinical and scientific research products. Streck mainly provides products in the fields of quality control, nucleic acid preservation, etc. for medical device manufacturers and medical institutions, and is used in clinical research, drug research and development, and disease diagnosis.Streck entered the domestic market earlier and is one of the main suppliers of domestic nucleic acid preservation reagents. 2) Yangpu Medical Yangpu Medical was founded in 1996. Its main business is medical laboratory diagnosis and medical information construction. Its main products include specimen collection system, intelligent blood collection management system and medical laboratory information management system. After the COVID-19 pandemic, Yangpu Medical entered the field of pathogenic microorganisms preservation. Relying on the original medical channel sales resources, the revenue of related products has grown rapidly, but its main revenue is still from vacuum blood collection related products and equipment businesses. Compared with Yangpu Medical, the company has been engaged in nucleic acid preservation reagent business for a longer time and has advantages in product types and preservation technology. Yangpu Medical is an A-share listed company, with its operating income and net profit in 2021 of RMB 799.834 million and RMB 19.7687 million respectively. (3) Nucleic acid extraction and purification reagents The company's main competitors in the field of nucleic acid extraction and purification products are foreign-funded enterprises mainly from Kaijie and domestic enterprises such as Bori Technology and Zhijiang Bio. The basic situation of the above companies is as follows: 1) Kaijie Kaijie was established in Germany in 1984. It is one of the major suppliers of sample preparation and analysis technology in the world. It is committed to providing customers with systematic overall solutions. Its instrument products are mainly arranged in nanomagnetic bead fully automatic nucleic acid extraction instruments, multifunctional nucleic acid protein purification workstations, fluorescence quantitative PCR instruments to medium and high-throughput sequencers. 2) Bori Technology Bori Technology was founded in 2002 and is mainly engaged in the design, development and production of PCR instruments, reagents and consumables. Bori Technology is one of the major domestic PCR equipment manufacturers, and its market share of nucleic acid extraction reagents is leading in China. Compared with Bori Technology, the company has disadvantages in the design and production of nucleic acid extraction and purification equipment, but the company has advantages in both the type of nucleic acid extraction sample and the number of domestic registered products. Bori Technology has submitted application materials for Hong Kong stock listing, but has not disclosed the financial data for the whole year of 2021. Its operating income and net profit in the first half of 2021 were RMB 788.389 million and RMB 354.598 million, respectively. 3) Zhijiang Biology Zhijiang Biology was established in 2005 and is one of the leading companies in the production of molecular diagnostic kits in China. After the outbreak of the new crown epidemic in 2020, Zhijiang Bio's revenue from nucleic acid extraction and purification reagents grew rapidly with the advantages of its original molecular diagnostic kits. Compared with Zhijiang Bio, the company's nucleic acid extraction sample type and the number of domestic registered products are both advantageous. Zhijiang Bio is an A-share listed company, with its operating income and net profit in 2021 of RMB 2018.8297 million and RMB 758.5249 million respectively.
(4) Molecular Diagnostic Kit There are many domestic manufacturers of molecular diagnostic kits, among which Aide Bio is one of the leading companies in domestic tumor detection-related molecular diagnostic kits. The basic situation is as follows: Aide Bio was established in 2008. Its main business is the research, development, production and sales of oncology precision medical molecular diagnostic products, and provides related testing services. Aid Bio is one of the earliest enterprises in China to carry out the research and development and production of molecular diagnostic reagents for tumor precision medicine. Several molecular diagnostic kits have obtained domestic and foreign medical device registration certificates. Compared with Aide Bio, Kangwei Century carried out the research and development and sales of molecular diagnostic kits later, and the number and sales scale of diagnostic kits are less than that of Aide Bio. However, Kangwei Century's business layout is multiple business segments of molecular testing, which is more comprehensive than Aide Bio's business layout, and has the ability to self-develop and self-produce core enzyme raw materials. Aide Bio is an A-share listed company, with its operating income and net profit in 2021 of RMB 917.0334 million and RMB 239.0245 million respectively.
2. Kirin Xinan 688152--Sinan, domestic operating system (special) (recommended to subscribe, generally pay attention to: strong speculative attributes)
. Fundraising and valuation analysis
issued shares 13.211181 million shares, with a total share capital of 52.844724 million shares after issuance, with an issue price of 68.89 yuan, raising 910 million yuan, and over-subsidized 251 million yuan ("increase" 38%); corresponding to a total market value of 3.64 billion yuan after issuance.
1 net profit was 111.5 million yuan, PE33; 22H1 net profit was 17.77 million yuan, dynamic PE102;
html was established in 107, relying on the National University of Defense Technology, and the current actual controller is also from National University of Defense Technology ; domestic operating systems - low business revenue - mainly used in power grids, national defense, and aerospace; cloud computing is mainly private cloud; information security accounts for the main source of revenue, and this area is not high valuation; as a start-up - scientific research enterprise, the company's revenue will still rely on Xinjian for a long time in the future; domestic operating systems, the company's size is still unstoppable, and may cooperate with giants, similar to the cooperation between Tongxin Software and Chengmai Technology, and speculate on concepts.
Kirin series-- National University of Science and Technology incubation one of 7
Initial prospects for listing: Zhongmi increased its investment, speculation
(1) Valuation before listing
On June 15, 2020, the Kirin Co., Ltd. Shareholders' meeting made a resolution to agree that the company's new registered capital would be 1.67037 million yuan, and the new registered capital would be subscribed by Changsha Xiangsha for 22 million yuan; other shareholders gave up the right to subscribe.
In June 2020, the company's valuation after the capital increase was 522 million
. Main business operation
Since its establishment, the company has focused on the research and development and application of related technologies in National Key information infrastructure field, mainly engaged in operating system product research and development and technical services, and based on the operating system as the root of technology innovation and development information security, cloud computing and other products and service businesses. The company is committed to deeply coupling technological progress with industry attributes, and provides independent, controllable, safe and efficient products and services for key industries such as national defense, electricity, and government affairs that have rigid demand for information security.
After years of research and development and industry practice, the company has created a domestic operating system distribution based on open source Linux technology , realizing international commercial CPUs such as Intel, AMD and domestic independent CPUs such as Kunpeng, Feet , Longson , Zhaoxin, Haiguang, Shenwei and other domestic independent CPUs. The support of is the first batch of secure operating systems in China to pass the fourth level of protection of the Ministry of Public Security Information Security Product Inspection Center. As of now, it has passed the strict review of the Ministry of Public Security Computer Information System Security Product Quality Supervision and Inspection Center and other departments for 7 consecutive times. This is also the highest security level currently achieved by domestic independent operating systems. The technical capabilities and application scale of the company's secure operating system have been fully verified by the market.
, Longyang Electronics 301389--Electronic shielding material (main consumer electronics--Apple ) (Purchase carefully, general Pay attention to: The future prosperity of consumer electronics)
. Fundraising and valuation analysis
The number of shares issued issuance is 70.875 million shares, with a total share capital of 283.5 million shares after issuance, with an issue price of 22.5 yuan, raising 1.595 billion yuan, and over-subsidized 1.222 billion ("increase" 328%); corresponding to the total market value after issuance is 6.379 billion yuan.
1 net profit was 197.7 million yuan, PE32; 22H1 net profit was 91.45 million yuan, dynamic PE35;
terminal customer Apple, revenue accounted for 70%; Taiwan-funded background; consumer electronics has not improved, and the name and technical content of electromagnetic shielding materials is very high. In fact, they are similar to Hengmingda and Anjie Technology, and they are both functional devices; the oversubscription is too high, and the flowers are not big.
(1) Valuation before listing
On April 2, 2021, Wenjian Consulting and Junshang Heyu signed a "Share Transfer Agreement", agreeing to transfer the 822,047 shares of Longyang Electronics held by him to Junshang Heyu at the price of 11.5 yuan per share , with the total transfer price of 9,453,540.50 yuan. On April 6, 2021, Jun Shangheyu paid the aforementioned share transfer payment to Wenjian Consulting.
In April 2021, the equity transfer corresponding to the company's valuation was 2.445 billion
(2) Investment project
Investment project does not clearly state the number of new production capacity. Calculated from the original value of the equipment, it is about 2 times the new production capacity
. Main business operation
Company is a professional manufacturer of electromagnetic shielding material . It is mainly engaged in the research, development, production and sales of electromagnetic shielding materials, and is committed to providing customers with high-quality electromagnetic shielding materials and complete electromagnetic interference solutions. The company's electromagnetic shielding products mainly include conductive cloth , conductive cloth tape, shielding and insulating composite tape, wave absorbing materials, conductive cloth foam, all-round conductive sponge , SMT conductive foam, etc., focusing on consumer electronics field , and plays an electromagnetic shielding function on laptop , tablet computers, smartphones, smart wearable devices and other electronic products to achieve electromagnetic compatibility. At the same time, the company is also engaged in the research, development, production and sales of part insulating material . The products include ceramic sheets, buffer foam, double-sided adhesive, protective film, heat dissipation silicon film , etc., which are used in the above-mentioned consumer electronic products , and play the role of insulation, buffer protection, sound absorption and shock absorption, heat dissipation and other functions.
After more than 20 years of deep cultivation in the industry, the company has relied on its own research and development. Currently, has mastered a number of core technologies related to front-end material preparation, mid-end semi-finished product processing, and back-end finished product die cutting in electromagnetic shielding materials. It can not only effectively improve the shielding efficiency and precision of electromagnetic shielding products, but also improve production efficiency and reduce production costs. Among them, some core technologies can be used to the production of insulating materials at the same time, minimizing the side material waste generated during die cutting and improving waste emission efficiency, which can effectively reduce the production cost of the company's insulating materials and improve die cutting efficiency.
Company can provide high-quality, high-stability electromagnetic shielding materials and high-performance insulation materials according to different needs of customers. At present, the company has established good business cooperation relationships with Foxconn , Guo , Renbao , HShuo , yingyeda, Luxxx Precision , Dongshan Precision, Changying Precision and other . The products are widely used in Apple, HP, ASUS , Dell and other Internationally renowned consumer electronics brands.
Guanyan Tianxia compiled data showing that from 2019 to 2021, the global electromagnetic shielding material market size was approximately RMB 51.036 billion (US$7.3 billion), RMB 53.817 billion (US$7.8 billion) and RMB 52.9 billion (US$8.2 billion). The company's sales revenue of electromagnetic shielding materials from 2019 to 2021 was RMB 218 million, RMB 329 million and RMB 342 million, respectively, accounts for 0.43%, 0.61% and 0.65% of the global market size, respectively.
. The situation of comparable companies is as follows:
, Laird (Laird) Laird was established in 1898 In 2019, it is a world-renowned product design and manufacturer of electromagnetic materials, thermal interface materials and wireless antenna . Laird's products cover electromagnetic shielding materials, electromagnetic compatible components, thermal conductivity materials, , insulation materials, mechanical drive systems, radio frequency modules and wireless antenna solutions, etc., and are widely used in telecommunications, data communications, mobile phones, computers, general electronic devices, network equipment, aerospace, national defense, automobiles, and medical equipment. Laird's business is divided into three business units: Connectivity, Performance Materials and Thermal Systems. The main competition with the company is Laird's Performance Materials Division. Laird was privatized in 2018 and no longer disclosed its financial data in public channels.
. Chomerics Gumei was founded in 1943 and is one of the subsidiaries of the Engineering Materials Division under Parker Hannifin Corporation of the United States. Gumei is a world-renowned manufacturer of conductive and thermal materials. Its products cover electromagnetic shielding materials, thermal materials, LCD display protection and reinforcement materials, etc., and are widely used in aviation, telecommunications, , medical care, national defense, consumer electronics and other fields. According to Parker Hannifin’s annual report, Gumei’s filtration and engineering materials business segment had revenue of US$4.771 billion in fiscal year 2021.
, Darui Electronics Dongguan Darui Electronics Co., Ltd. was established in 2003. It is a Shenzhen Stock Exchange GEM listed company (stock code: 300976). It is mainly engaged in the research, development, production and sales of functional and structural devices of consumer electronics, as well as the research, development, production, sales and leasing of related 3C intelligent assembly automation equipment. Darui Electronics’ functional device products are non-standard products and are mainly used in consumer electronic fields such as mobile phones, computers, wearable electronic products. Depending on the functions, they include pasting and fixing reinforcement, shock-proof and dust-proof protection, insulation and shielding conductivity and other functional devices. In 2021, Darui Electronics' operating income was 1.214 billion yuan, of which the sales revenue of consumer electronic functional devices was 844 million yuan; the net profit attributable to parent company shareholders was 222 million yuan.
, Feirongda Shenzhen Feirongda Technology Co., Ltd. was established in 1993. It is a listed company on the Shenzhen Stock Exchange GEM (stock code: 300602). It is mainly engaged in the research, development, design, production and sales of electromagnetic shielding materials and devices, thermal conductive materials and devices, base station antennas and related devices and protective functional devices. Feirongda's main products include conductive plastic devices, conductive silicone, conductive cloth pads, metal shielding devices and wave absorbing devices, thermal interface devices, thermal graphite films, protective functional devices and base station antennas and related devices. Application areas include smartphones, communication equipment, electronic computers, automotive electronics, medical devices, smart homes, etc. In 2021, Feirongda's operating income was 3.058 billion yuan, of which the revenue from electromagnetic shielding materials and devices was 987 million yuan; the net profit attributable to parent company shareholders was 30 million yuan.
, Hengmingda Suzhou Hengmingda Electronic Technology Co., Ltd. was established in 2011. It is a listed company on the main board of the Shenzhen Stock Exchange (stock code: 002947). It is mainly engaged in the research, development, production and sales of consumer electronic functional devices, consumer electronic protective products, consumer electronic precision structural parts and other products. The products are used in consumer electronic products such as mobile phones, tablets, laptops, smart wearable devices. Among them, consumer electronic functional devices have functions such as pasting, fixing, shielding, insulation, buffering, heat dissipation, and dust prevention. In 2021, Hengmingda's operating income was 1.13 billion yuan, of which the sales revenue from tablet computer products, watches and other consumer electronic products and mobile phone products were 210 million yuan, 249 million yuan and 393 million yuan respectively; the net profit attributable to shareholders of the parent company was 31 million yuan.
, Shihua Technology Suzhou Shihua New Materials Technology Co., Ltd. was established in 2010. It is a listed company on the Shanghai Stock Exchange Science and Technology Innovation Board (stock code: 688093). It is mainly engaged in the research, development, production and sales of functional materials. Its products include precision process application materials, electronic composite functional material and photoelectric display module materials. It has precise bonding and fixing, thermal conductivity, electrical conductivity, electromagnetic shielding, insulation, waterproof, anti-static, exhaust, buffering and energy absorption, flame retardant, corrosion resistance and other functions. It is mainly used in the fields of consumer electronic products such as smartphones, laptops, tablets, and wearable devices. In 2021, Shihua Technology's operating income was 425 million yuan, and its net profit attributable to its parent company shareholders was 184 million yuan.
4. Warrior Home 001322--Ceramic Sanitary Ware (suggested to subscribe, do not pay attention)
. Fundraising and valuation analysis
issuance of 96.61 million shares, with a total share capital of 965.61 million shares after issuance, with an issue price of 12.68 yuan, raising 1.225 billion yuan, and the fundraising shrank by 584 million ("fall" 32%); corresponding to the total market value after issuance of 12.244 billion yuan. .
. Fundraising and Valuation Analysis
issued shares 23.290278 million shares, with a total share capital of 93.16 million shares after issuance, with an issue price of 48.98 yuan, raising 1.141 billion yuan, and over-subsidized 155 million (" increase " 16%); corresponding to a total market value of 4.563 billion after issuance.
1 net profit was 125.8 million yuan, PE36; 22H1 net profit was 100.1 million yuan, dynamic PE23; the company has fewer product lines, of which nearly half of the new crown products account for nearly half, and there are also fewer products under development (digestive tract related, there is no longer any explosive products like the new crown); the performance "exploded" during the reporting period, and the valuation looks very low, so it is recommended to subscribe; looking at the industry horizontally, since 2015, listed companies with in vitro diagnosis have sprung up like mushrooms after a rain - there are too many, homogeneous competition, and the gross profit level is still high, and there is room for further "pression". The company is small and can be aligned with the valuation of generic drugs in the future.
Sour and sour are circulating in the market.
(1) Valuation before listing
On August 22, 2020, Kangwei Co., Ltd. held a shareholders' meeting and decided to increase the registered capital from RMB 61.5 million to RMB 69.870833 million, and the new shareholders subscribed the new registered capital in currency. On the same day, new shareholders Taizhou Industrial Investment, Yida Venture Capital, Small and Medium Funds, Talent Venture Capital, Songhe Venture Capital, Share Investment, Cuihu Investment, Cause Investment, Shanghai Yueyi and Chen Hong signed a "Capital Increase Agreement" with the company, with the capital increase price of 29.27 yuan/registered capital, and was determined based on the valuation of 1.8 billion yuan before investment.
In August 2020, the company's valuation was 2.045 billion yuan after the capital increase.
. Main business operation
Kangwei Century’s independent research and development based on the underlying core technology of molecular detection . It has accumulated more than ten years of R&D in the fields of enzyme raw materials, nucleic acid preservation, and sample pretreatment . It is one of the few biotechnology companies in China that have achieved a complete business layout in the core links of molecular detection. The company's core products include molecular detection enzyme raw materials, nucleic acid preservation reagents, nucleic acid extraction and purification reagents, and molecular diagnostic kits . The reagents developed by the company play an important role in the efficiency and accuracy of results of molecular detection; at the same time, based on the technical advantages of each core link of molecular detection, the company has expanded its business to the screening and diagnosis of digestive tract diseases and respiratory infectious diseases, and has developed a number of innovative products and services, realizing the integrated layout of "core enzyme raw materials + kits + detection services" in molecular detection.
Since its establishment in 2010, the company has started to carry out key underlying technology research around the industrialization of molecular detection technology. It has successively formed 6 technical platforms: enzyme raw materials, nucleic acid preservation, nucleic acid extraction and purification, fluorescence quantification PCR, gene sequencing, and nucleic acid mass spectrometry. It has obtained 16 domestic invention patents, 26 utility model patents, 1 overseas patent and 35 biological information analysis related software copyrights, and has built a complete intellectual property system. In addition, as one of the main drafters, the company and the founder of the company participated in the drafting of 2 national standards, 3 industry standards and 1 group standard related to molecular testing, and participated in 2 national key R&D projects, making positive contributions to the overall development of the molecular testing industry.
The company mainly focuses on the research and release of kits in the two directions of screening and diagnosis of gastrointestinal system diseases and rapid detection of respiratory infectious diseases. There are 7 molecular diagnostic kit products that plan to obtain domestic NMPA three-category registration certificates, of which 2 have entered the clinical evaluation or review and approval stage and are expected to be launched within 2 years. As of March 20, 2022, the basic situation of the company's R&D pipeline products is as follows:
Based on the company's current operating conditions and market environment, it is expected that the performance from January to September 2022 will achieve growth compared with the same period last year.The company expects that the operating income of from January to September 2022 will be RMB 390 million to RMB 400 million, an increase of 68.19% to 72.50% from January to September 2022; the net profit of attributable to the parent company shareholders is expected to be 2 was RMB 145 million to RMB 150 million, an increase of 64.47% to 70.14% over the same period last year ; it is expected that the net profit attributable to the parent company shareholders after deducting non-recurring gains and losses will be RMB 135 million to RMB 140 million, an increase of 69.10% to 75.36% over the same period last year. Affected by the continued growth in demand for molecular testing products in the market, the company's performance has increased significantly compared with the same period last year. The company's main operating conditions are normal, and its operating performance continues to grow. No major matters that have an impact on the company's continued operating capabilities or may affect investors' judgments.
. Comparable companies in the same industry
(1) Molecular detection enzyme raw materials The company's main competitors in the field of molecular detection enzyme raw materials include foreign-funded enterprises such as Thermo Fisher and Baobio, and domestic enterprises mainly composed of Novizan and Feipeng Biology. The basic situation of the above-mentioned enterprises is as follows: 1) Thermo Fisher was established in the United States in 1956 and has now become a major supplier in the global scientific service field. Its main customers include pharmaceutical and biological companies, hospitals, clinical diagnostic laboratories, universities, research institutes and government agencies, as well as environmental and industrial process control equipment manufacturers. The products mainly include analytical instruments, laboratory equipment, reagents, consumables and software, etc., providing comprehensive laboratory solutions. 2) Baobi Baobi was established by Japan Bao Holdings in 2002. Its main business is the research and development and production of reagents and instruments for research, and it also undertakes large-scale customer entrusted services. Baobi has a relatively complete product line of molecular biology, cell biology and immune systems, and is one of the major foreign suppliers of domestic molecular testing raw materials. 3) Feipeng Bio was established in 2001 and is mainly engaged in the research and development and production of core raw materials for in vitro diagnostic reagents. Feipeng Bio has built a series of detection platforms such as chemiluminescence, enzyme-linked immunity, fluorescence POCT, fluorescence real-time PCR, gene sequencing, and immunoturbidimetry. It has developed more than 700 in vitro diagnostic reagent raw material products, mainly covering three categories: antigen , antibodies, and diagnostic enzymes. It is widely used in immunodiagnosis, biochemical diagnosis, molecular diagnosis, and high-throughput sequencing. Feipeng Bio started early and mainly produced biochemical and immune enzymes in its early stages. In 2016, it began to engage in the research and development of molecular diagnostic raw material enzymes. In the field of raw material enzymes, Feipeng Bio is one of Kangwei Century's main competitors. Compared with Feipeng Bio, Kangwei Century has carried out research and development of molecular testing related products earlier, and has richer technology and product layout in the field of molecular testing. Feipeng Bio is currently in the A-share listing review stage, with its operating income and net profit in 2021 being RMB 233,18916 million and RMB 1502.9142 million respectively. 4) Novizan Novizan was established in 2012. It is committed to the research and development and production of enzymes, enzymes and antibodies for molecular diagnosis, and its products cover in vitro diagnosis, high-throughput sequencing and life science research. It has established the Biotechnology Industry Research Institute. Norwich products are one of the company's main domestic competitors in the field of raw material enzymes. In addition to the molecular testing business, Norwich has a large revenue share in 2020 from colloidal gold and other immune in vitro diagnostic reagents. Kangwei Century has carried out molecular diagnosis research and development earlier than Norwich, and is more focused on the field of molecular testing technology, and its product line is richer than Norwich. Novizan is an A-share listed company with operating income and net profit in 2021 of RMB 186,8627,300 and RMB 678.289,600 respectively.
(2) Nucleic acid preservation reagent The company's main competitors of free DNA preservation reagents in the field of nucleic acid preservation reagents are foreign-funded enterprises such as Streck, and the main competitors of pathogenic microbial preservation reagents are domestic enterprises such as Yangpu Medical. The basic situation of the above companies is as follows: 1) Streck Streck was established in the United States in 1971, focusing on the research and development and production of clinical and scientific research products. Streck mainly provides products in the fields of quality control, nucleic acid preservation, etc. for medical device manufacturers and medical institutions, and is used in clinical research, drug research and development, and disease diagnosis.Streck entered the domestic market earlier and is one of the main suppliers of domestic nucleic acid preservation reagents. 2) Yangpu Medical Yangpu Medical was founded in 1996. Its main business is medical laboratory diagnosis and medical information construction. Its main products include specimen collection system, intelligent blood collection management system and medical laboratory information management system. After the COVID-19 pandemic, Yangpu Medical entered the field of pathogenic microorganisms preservation. Relying on the original medical channel sales resources, the revenue of related products has grown rapidly, but its main revenue is still from vacuum blood collection related products and equipment businesses. Compared with Yangpu Medical, the company has been engaged in nucleic acid preservation reagent business for a longer time and has advantages in product types and preservation technology. Yangpu Medical is an A-share listed company, with its operating income and net profit in 2021 of RMB 799.834 million and RMB 19.7687 million respectively. (3) Nucleic acid extraction and purification reagents The company's main competitors in the field of nucleic acid extraction and purification products are foreign-funded enterprises mainly from Kaijie and domestic enterprises such as Bori Technology and Zhijiang Bio. The basic situation of the above companies is as follows: 1) Kaijie Kaijie was established in Germany in 1984. It is one of the major suppliers of sample preparation and analysis technology in the world. It is committed to providing customers with systematic overall solutions. Its instrument products are mainly arranged in nanomagnetic bead fully automatic nucleic acid extraction instruments, multifunctional nucleic acid protein purification workstations, fluorescence quantitative PCR instruments to medium and high-throughput sequencers. 2) Bori Technology Bori Technology was founded in 2002 and is mainly engaged in the design, development and production of PCR instruments, reagents and consumables. Bori Technology is one of the major domestic PCR equipment manufacturers, and its market share of nucleic acid extraction reagents is leading in China. Compared with Bori Technology, the company has disadvantages in the design and production of nucleic acid extraction and purification equipment, but the company has advantages in both the type of nucleic acid extraction sample and the number of domestic registered products. Bori Technology has submitted application materials for Hong Kong stock listing, but has not disclosed the financial data for the whole year of 2021. Its operating income and net profit in the first half of 2021 were RMB 788.389 million and RMB 354.598 million, respectively. 3) Zhijiang Biology Zhijiang Biology was established in 2005 and is one of the leading companies in the production of molecular diagnostic kits in China. After the outbreak of the new crown epidemic in 2020, Zhijiang Bio's revenue from nucleic acid extraction and purification reagents grew rapidly with the advantages of its original molecular diagnostic kits. Compared with Zhijiang Bio, the company's nucleic acid extraction sample type and the number of domestic registered products are both advantageous. Zhijiang Bio is an A-share listed company, with its operating income and net profit in 2021 of RMB 2018.8297 million and RMB 758.5249 million respectively.
(4) Molecular Diagnostic Kit There are many domestic manufacturers of molecular diagnostic kits, among which Aide Bio is one of the leading companies in domestic tumor detection-related molecular diagnostic kits. The basic situation is as follows: Aide Bio was established in 2008. Its main business is the research, development, production and sales of oncology precision medical molecular diagnostic products, and provides related testing services. Aid Bio is one of the earliest enterprises in China to carry out the research and development and production of molecular diagnostic reagents for tumor precision medicine. Several molecular diagnostic kits have obtained domestic and foreign medical device registration certificates. Compared with Aide Bio, Kangwei Century carried out the research and development and sales of molecular diagnostic kits later, and the number and sales scale of diagnostic kits are less than that of Aide Bio. However, Kangwei Century's business layout is multiple business segments of molecular testing, which is more comprehensive than Aide Bio's business layout, and has the ability to self-develop and self-produce core enzyme raw materials. Aide Bio is an A-share listed company, with its operating income and net profit in 2021 of RMB 917.0334 million and RMB 239.0245 million respectively.
2. Kirin Xinan 688152--Sinan, domestic operating system (special) (recommended to subscribe, generally pay attention to: strong speculative attributes)
. Fundraising and valuation analysis
issued shares 13.211181 million shares, with a total share capital of 52.844724 million shares after issuance, with an issue price of 68.89 yuan, raising 910 million yuan, and over-subsidized 251 million yuan ("increase" 38%); corresponding to a total market value of 3.64 billion yuan after issuance.
1 net profit was 111.5 million yuan, PE33; 22H1 net profit was 17.77 million yuan, dynamic PE102;
html was established in 107, relying on the National University of Defense Technology, and the current actual controller is also from National University of Defense Technology ; domestic operating systems - low business revenue - mainly used in power grids, national defense, and aerospace; cloud computing is mainly private cloud; information security accounts for the main source of revenue, and this area is not high valuation; as a start-up - scientific research enterprise, the company's revenue will still rely on Xinjian for a long time in the future; domestic operating systems, the company's size is still unstoppable, and may cooperate with giants, similar to the cooperation between Tongxin Software and Chengmai Technology, and speculate on concepts.
Kirin series-- National University of Science and Technology incubation one of 7
Initial prospects for listing: Zhongmi increased its investment, speculation
(1) Valuation before listing
On June 15, 2020, the Kirin Co., Ltd. Shareholders' meeting made a resolution to agree that the company's new registered capital would be 1.67037 million yuan, and the new registered capital would be subscribed by Changsha Xiangsha for 22 million yuan; other shareholders gave up the right to subscribe.
In June 2020, the company's valuation after the capital increase was 522 million
. Main business operation
Since its establishment, the company has focused on the research and development and application of related technologies in National Key information infrastructure field, mainly engaged in operating system product research and development and technical services, and based on the operating system as the root of technology innovation and development information security, cloud computing and other products and service businesses. The company is committed to deeply coupling technological progress with industry attributes, and provides independent, controllable, safe and efficient products and services for key industries such as national defense, electricity, and government affairs that have rigid demand for information security.
After years of research and development and industry practice, the company has created a domestic operating system distribution based on open source Linux technology , realizing international commercial CPUs such as Intel, AMD and domestic independent CPUs such as Kunpeng, Feet , Longson , Zhaoxin, Haiguang, Shenwei and other domestic independent CPUs. The support of is the first batch of secure operating systems in China to pass the fourth level of protection of the Ministry of Public Security Information Security Product Inspection Center. As of now, it has passed the strict review of the Ministry of Public Security Computer Information System Security Product Quality Supervision and Inspection Center and other departments for 7 consecutive times. This is also the highest security level currently achieved by domestic independent operating systems. The technical capabilities and application scale of the company's secure operating system have been fully verified by the market.
, Longyang Electronics 301389--Electronic shielding material (main consumer electronics--Apple ) (Purchase carefully, general Pay attention to: The future prosperity of consumer electronics)
. Fundraising and valuation analysis
The number of shares issued issuance is 70.875 million shares, with a total share capital of 283.5 million shares after issuance, with an issue price of 22.5 yuan, raising 1.595 billion yuan, and over-subsidized 1.222 billion ("increase" 328%); corresponding to the total market value after issuance is 6.379 billion yuan.
1 net profit was 197.7 million yuan, PE32; 22H1 net profit was 91.45 million yuan, dynamic PE35;
terminal customer Apple, revenue accounted for 70%; Taiwan-funded background; consumer electronics has not improved, and the name and technical content of electromagnetic shielding materials is very high. In fact, they are similar to Hengmingda and Anjie Technology, and they are both functional devices; the oversubscription is too high, and the flowers are not big.
(1) Valuation before listing
On April 2, 2021, Wenjian Consulting and Junshang Heyu signed a "Share Transfer Agreement", agreeing to transfer the 822,047 shares of Longyang Electronics held by him to Junshang Heyu at the price of 11.5 yuan per share , with the total transfer price of 9,453,540.50 yuan. On April 6, 2021, Jun Shangheyu paid the aforementioned share transfer payment to Wenjian Consulting.
In April 2021, the equity transfer corresponding to the company's valuation was 2.445 billion
(2) Investment project
Investment project does not clearly state the number of new production capacity. Calculated from the original value of the equipment, it is about 2 times the new production capacity
. Main business operation
Company is a professional manufacturer of electromagnetic shielding material . It is mainly engaged in the research, development, production and sales of electromagnetic shielding materials, and is committed to providing customers with high-quality electromagnetic shielding materials and complete electromagnetic interference solutions. The company's electromagnetic shielding products mainly include conductive cloth , conductive cloth tape, shielding and insulating composite tape, wave absorbing materials, conductive cloth foam, all-round conductive sponge , SMT conductive foam, etc., focusing on consumer electronics field , and plays an electromagnetic shielding function on laptop , tablet computers, smartphones, smart wearable devices and other electronic products to achieve electromagnetic compatibility. At the same time, the company is also engaged in the research, development, production and sales of part insulating material . The products include ceramic sheets, buffer foam, double-sided adhesive, protective film, heat dissipation silicon film , etc., which are used in the above-mentioned consumer electronic products , and play the role of insulation, buffer protection, sound absorption and shock absorption, heat dissipation and other functions.
After more than 20 years of deep cultivation in the industry, the company has relied on its own research and development. Currently, has mastered a number of core technologies related to front-end material preparation, mid-end semi-finished product processing, and back-end finished product die cutting in electromagnetic shielding materials. It can not only effectively improve the shielding efficiency and precision of electromagnetic shielding products, but also improve production efficiency and reduce production costs. Among them, some core technologies can be used to the production of insulating materials at the same time, minimizing the side material waste generated during die cutting and improving waste emission efficiency, which can effectively reduce the production cost of the company's insulating materials and improve die cutting efficiency.
Company can provide high-quality, high-stability electromagnetic shielding materials and high-performance insulation materials according to different needs of customers. At present, the company has established good business cooperation relationships with Foxconn , Guo , Renbao , HShuo , yingyeda, Luxxx Precision , Dongshan Precision, Changying Precision and other . The products are widely used in Apple, HP, ASUS , Dell and other Internationally renowned consumer electronics brands.
Guanyan Tianxia compiled data showing that from 2019 to 2021, the global electromagnetic shielding material market size was approximately RMB 51.036 billion (US$7.3 billion), RMB 53.817 billion (US$7.8 billion) and RMB 52.9 billion (US$8.2 billion). The company's sales revenue of electromagnetic shielding materials from 2019 to 2021 was RMB 218 million, RMB 329 million and RMB 342 million, respectively, accounts for 0.43%, 0.61% and 0.65% of the global market size, respectively.
. The situation of comparable companies is as follows:
, Laird (Laird) Laird was established in 1898 In 2019, it is a world-renowned product design and manufacturer of electromagnetic materials, thermal interface materials and wireless antenna . Laird's products cover electromagnetic shielding materials, electromagnetic compatible components, thermal conductivity materials, , insulation materials, mechanical drive systems, radio frequency modules and wireless antenna solutions, etc., and are widely used in telecommunications, data communications, mobile phones, computers, general electronic devices, network equipment, aerospace, national defense, automobiles, and medical equipment. Laird's business is divided into three business units: Connectivity, Performance Materials and Thermal Systems. The main competition with the company is Laird's Performance Materials Division. Laird was privatized in 2018 and no longer disclosed its financial data in public channels.
. Chomerics Gumei was founded in 1943 and is one of the subsidiaries of the Engineering Materials Division under Parker Hannifin Corporation of the United States. Gumei is a world-renowned manufacturer of conductive and thermal materials. Its products cover electromagnetic shielding materials, thermal materials, LCD display protection and reinforcement materials, etc., and are widely used in aviation, telecommunications, , medical care, national defense, consumer electronics and other fields. According to Parker Hannifin’s annual report, Gumei’s filtration and engineering materials business segment had revenue of US$4.771 billion in fiscal year 2021.
, Darui Electronics Dongguan Darui Electronics Co., Ltd. was established in 2003. It is a Shenzhen Stock Exchange GEM listed company (stock code: 300976). It is mainly engaged in the research, development, production and sales of functional and structural devices of consumer electronics, as well as the research, development, production, sales and leasing of related 3C intelligent assembly automation equipment. Darui Electronics’ functional device products are non-standard products and are mainly used in consumer electronic fields such as mobile phones, computers, wearable electronic products. Depending on the functions, they include pasting and fixing reinforcement, shock-proof and dust-proof protection, insulation and shielding conductivity and other functional devices. In 2021, Darui Electronics' operating income was 1.214 billion yuan, of which the sales revenue of consumer electronic functional devices was 844 million yuan; the net profit attributable to parent company shareholders was 222 million yuan.
, Feirongda Shenzhen Feirongda Technology Co., Ltd. was established in 1993. It is a listed company on the Shenzhen Stock Exchange GEM (stock code: 300602). It is mainly engaged in the research, development, design, production and sales of electromagnetic shielding materials and devices, thermal conductive materials and devices, base station antennas and related devices and protective functional devices. Feirongda's main products include conductive plastic devices, conductive silicone, conductive cloth pads, metal shielding devices and wave absorbing devices, thermal interface devices, thermal graphite films, protective functional devices and base station antennas and related devices. Application areas include smartphones, communication equipment, electronic computers, automotive electronics, medical devices, smart homes, etc. In 2021, Feirongda's operating income was 3.058 billion yuan, of which the revenue from electromagnetic shielding materials and devices was 987 million yuan; the net profit attributable to parent company shareholders was 30 million yuan.
, Hengmingda Suzhou Hengmingda Electronic Technology Co., Ltd. was established in 2011. It is a listed company on the main board of the Shenzhen Stock Exchange (stock code: 002947). It is mainly engaged in the research, development, production and sales of consumer electronic functional devices, consumer electronic protective products, consumer electronic precision structural parts and other products. The products are used in consumer electronic products such as mobile phones, tablets, laptops, smart wearable devices. Among them, consumer electronic functional devices have functions such as pasting, fixing, shielding, insulation, buffering, heat dissipation, and dust prevention. In 2021, Hengmingda's operating income was 1.13 billion yuan, of which the sales revenue from tablet computer products, watches and other consumer electronic products and mobile phone products were 210 million yuan, 249 million yuan and 393 million yuan respectively; the net profit attributable to shareholders of the parent company was 31 million yuan.
, Shihua Technology Suzhou Shihua New Materials Technology Co., Ltd. was established in 2010. It is a listed company on the Shanghai Stock Exchange Science and Technology Innovation Board (stock code: 688093). It is mainly engaged in the research, development, production and sales of functional materials. Its products include precision process application materials, electronic composite functional material and photoelectric display module materials. It has precise bonding and fixing, thermal conductivity, electrical conductivity, electromagnetic shielding, insulation, waterproof, anti-static, exhaust, buffering and energy absorption, flame retardant, corrosion resistance and other functions. It is mainly used in the fields of consumer electronic products such as smartphones, laptops, tablets, and wearable devices. In 2021, Shihua Technology's operating income was 425 million yuan, and its net profit attributable to its parent company shareholders was 184 million yuan.
4. Warrior Home 001322--Ceramic Sanitary Ware (suggested to subscribe, do not pay attention)
. Fundraising and valuation analysis
issuance of 96.61 million shares, with a total share capital of 965.61 million shares after issuance, with an issue price of 12.68 yuan, raising 1.225 billion yuan, and the fundraising shrank by 584 million ("fall" 32%); corresponding to the total market value after issuance of 12.244 billion yuan.
1 net profit was 577.1 million yuan, PE21; 22H1 net profit was 238.7 million yuan, dynamic PE26; real estate is highly related, the industry avoids it, and does not pay attention; fundraising shrinks, valuation and pre-listing valuation premium are not high, stock price is low, and the probability of breaking the issue is low, and you can subscribe.
(1) Valuation before listing
December 25, 2020, Wrigley Home held the fourth extraordinary general meeting of shareholders in 2020, agreeing to increase the company's registered capital from 855.9682 million to 869 million 33 million , this time The capital increase was subscribed by Hongxing Xizhao for 54.1066 million yuan to the company's new 4.1168 million shares, and the premium part, that is, 49.9898 million yuan, was included in the company's capital reserve ; Qingdao Qingkun subscribed by 3.00 million yuan to the company's new 228.3 million yuan, and the premium part, that is, 2.7717 million yuan, was included in the company's capital reserve; Beijing actually subscribed by 114.2132 million yuan to the company's new 8.69 million shares, that is, 105.5232 million yuan to the company's new capital reserve. The price of this capital increase is consistent with the company's sixth capital increase in October 2020 at 13.14 yuan per share.
In December 2020, the valuation after capital increase was 11.419 billion
(2) Investment project
Project 1 is expected to increase the average annual operating income by 1259 million yuan after all reaching full production (3 years), the average annual net profit of is 141.4973 million yuan, financial internal rate of return (after tax) 21.55%, and after tax investment recovery period (including construction period) 6.12 years.
project 2 is expected to add new production capacity after all reaches production (3 years) faucets and 3 million showers (currently 8.156 million leading hardware units), has an average annual increase in operating income of 1171 million yuan, has an average annual net profit of 13,374.32 million yuan , financial internal rate of return (after tax) 20.50%, after tax investment recovery period (including construction period) 5.88 years
. Main business operation
Company is a large modern manufacturing enterprise integrating R&D, production, sales and service. Its production scope covers high-quality sanitary ceramic , faucet hardware, bathroom furniture, ceramic tiles, bathtub and bath room, customized closet wardrobe and other full series of home products. It is committed to providing consumers with one-stop smart home solutions, with the goal of becoming an international first-class smart home brand.
Company is one of the earliest companies in China to enter the ceramic sanitary ware industry. The main product brands include ARROW Warrior , FAENZA, ANNWA Anhua . The three brands have different market positionings and can meet the needs of different consumer groups. After years of product research and development, market cultivation and brand operation, the company has become a leading enterprise in the domestic ceramic sanitary ware industry, with a high market share and a good brand reputation in the domestic market. According to Euromonitor data, 018 company has a market share of 7.3% in the sanitary ceramics market, and ranks among the top domestic brands in the domestic sanitary ware market.
As of December 31, 2018, December 31, 2019, December 31, 2020 and June 30, 2021, the company has a total of 17,966, 15,725, 15,075 and 16,647 employees, respectively.
During the reporting period, the company's ceramic tile product capacity utilization first decreased and then increased, mainly due to the company's active adjustment of production strategies. The company's tile production lines at Sihui Base and Jingdezhen Base have been in use for a long time and have a low degree of automation. In order to promote lean production , the company chose to temporarily shut down some of the Sihui Ceramics and Jingdezhen Ceramics Production Lines with low automation in 019-2020, and concentrated the production capacity on other tile production lines to improve the company's overall production efficiency.
According to statistics from China Building Sanitary Ceramics Association , in 2020, there were 1,093 large-scale construction ceramic enterprises nationwide, a decrease of 67 compared with the previous year. There are about 2,000 construction ceramic enterprises in my country, forming three echelons.There are about 30 first tier companies, accounting for 1%-2% of the number of enterprises, such as Marco Polo, Xinmingzhu, Xinzhongyuan, Dongpeng Ceramic Tile , Mona Lisa, Oushennuo, etc. brand effect has significant, strong R&D capabilities, and high product quality. It generally covers the mid-to-high-end market and radiates across the country. There are about 200 second-tier companies, accounting for 10% of the companies, with high regional popularity and high cost performance, covering the mid- and low-end markets. There are more than 1,700 companies in the third echelon, accounting for 80%-90% of the number of enterprises, with a large number, mainly small local factories. A considerable number of them are backward in technology and lack independent brands, but their price advantages are significant and their flexibility is strong.
. According to the disclosure of the official websites of relevant companies and other public information, the basic situation of the above major companies is as follows: :
(1) Kohler (Kohler ) Kohler Company (Kohler) was founded in 1873 and is one of the largest family businesses in the United States to date. It has 50 factories around the world. The Kohler brand is at the forefront of the world in kitchen and bathroom design and technology. Kohler's China Office was established in Hong Kong in 1995. Since then, Kohler has officially entered the Chinese market, and the Chinese market has become an important part of Kohler's global strategy.
(2) Japan East Pottery Company (TOTO) Japan East Pottery Company (TOTO) was founded in 1917 and has a history of more than 100 years and has a high brand awareness around the world. In 1994, TOTO expanded its business to mainland China. It has established branches in Shanghai, Beijing, Guangzhou, Xiamen, Shenzhen, Nanjing and Chongqing. China has become TOTO's main production base and key market in the world.
(3) Jiumu Group Co., Ltd. Jiumu Group was founded in 1999 and is headquartered in Fujian. It has long been focusing on the research and development and production of kitchen and bathroom and supporting products. It is a large kitchen and bathroom enterprise with sanitary ceramics, smart kitchen and bathroom, overall bathroom, kitchen and bathroom furniture, and hardware leaders as its main business. It has also launched diversified brands and business lines such as Jiumu Pipe Industry and Xiaomu Excellent Products.
(4) Huida Sanitary Ware Co., Ltd. Huida Sanitary Ware was established in 1997 with a registered capital of 384.7223 million yuan. It is headquartered in Hebei. The company's main products include sanitary ware, ceramic tiles and integrated bathrooms. Huida trademark is the first well-known trademark in China's sanitary ceramics industry and was selected as the "Chinese export brand that is focused on cultivating and developing" of the Ministry of Commerce. Huida Bathroom was listed on the A-share main board in 2017 with the stock code 603385.
(5) Guangdong Hengjie Sanitary Ware Co., Ltd. Hengjie Sanitary Ware Co., Ltd. was founded in 1998. It is headquartered in Guangdong. It focuses on the research and development, production, sales and services of overall bathroom products. It has production bases in five categories including ceramic sanitary ware, bathroom cabinet, hardware faucet, shower room and bathtub. It has won the honors of the top ten leading sanitary ware companies in China and the top ten bathroom brands in China.
(6) Dongpeng Holdings Co., Ltd. Dongpeng Holdings was established in 1972 with a registered capital of 1190.66 million yuan. It is headquartered in Guangdong. It is one of the largest professional manufacturers and brands of ceramic tile and sanitary ware products in China. The company's main products include ceramic tiles and sanitary ware, and also produce and sell wooden floors. Dongpeng Holdings was listed on the A-share main board in 2020 with the stock code 003012.
(7) Mona Lisa Group Co., Ltd. Mona Lisa was founded in 1998 with a registered capital of 414.3379 million yuan. It is headquartered in Guangdong. It is a large private joint-stock tiles manufacturer integrating scientific research and development, professional production and marketing. The company's main products include three series: ceramic tiles, ceramic boards, and porcelain art painting. The company was listed on the A-share SME Board in 2017 with the stock code 002918.
(8) Diou Home Furnishing Co., Ltd. Diou Home Furnishing was founded in 1994 with a registered capital of 386.8931 million yuan. It is headquartered in Sichuan. It is a comprehensive bathroom manufacturer that produces high-end acrylic and ceramic products. Its product series covers all bathroom products such as bathroom cabinets, toilets, bathtubs, shower rooms, showers, faucets, etc. The company was listed on the A-share SME Board in 2016 with the stock code 002798.In 2018, it acquired 99.9% of Oushennuo Ceramics and later changed its name to Diou Home Furnishing.
(9)Opian Home Furnishing Group Co., Ltd. Opian Home Furnishing was founded in 1994 with a registered capital of 609.1519 million yuan. It is headquartered in Guangdong. It is a domestic comprehensive modern integrated home service provider. It is mainly engaged in the personalized design, research and development, production, sales and installation services of customized overall home products such as overall kitchen cabinets, overall wardrobes, overall bathrooms and customized wooden doors. The company was listed on the A-share main board in 2017 with the stock code 603833.
(10) Sofia Home Furnishing Co., Ltd. Sofia was founded in 2003 with a registered capital of RMB 912.37 million. It is headquartered in Guangdong. It mainly engages in the research, development, production and sales of customized wardrobes and whole-house customized furniture. It is a representative brand of customized wardrobes in China. The company was listed on the A-share SME Board in 2011 with the stock code 002572.
(11) Xiamen Songlin Technology Co., Ltd. Songlin Technology was founded in 1993 with a registered capital of 401.0099 million yuan. It is headquartered in Fujian. It mainly provides integrated solutions for bathroom brands in R&D, design and manufacturing. It is a world-renowned leading manufacturer of high-end bathroom and kitchen products. The company was listed on the A-share main board in 2019 with the stock code 603992.
(12) Xiamen Jianlin Health Home Co., Ltd. Jianlin Home Furnishing was established in 1989 with a registered capital of 446.68 million yuan. It is headquartered in Fujian. It is a professional high-tech manufacturer specializing in the production, manufacturing and sales of bathroom equipment parts, automobile parts, home appliance accessories, hardware, precision cavity molds, fine stamping molds and plastic metal surface electroplating. The company was listed on the A-share main board in 2020 with the stock code 603408.
(13) Shanghai Yuexin Health Group Co., Ltd. Yuexin Health was formerly Shanghai Smike Construction Ceramics Co., Ltd., established in 1993 with a registered capital of 926.5 million yuan. Its headquarters is located in Shanghai. The company's main business includes architectural ceramics, ecological health building materials and medical health. The company was listed on the A-share main board in 2007 with the stock code 002162.
(14) Guangzhou Haiou Residential Industry Co., Ltd. Haiou Residential Engineering was established in 1998 with a registered capital of 607.8085 million yuan. Its headquarters is located in Guangdong. It is mainly engaged in the research and development and production of customized bathroom space components such as leading hardware, floor heating systems, bathtubs and bathroom rooms, ceramic sanitary ware. The company was listed on the A-share main board in 2006 with the stock code 002084.
Investment is risky, please be cautious when entering the market
There are about 30 first tier companies, accounting for 1%-2% of the number of enterprises, such as Marco Polo, Xinmingzhu, Xinzhongyuan, Dongpeng Ceramic Tile , Mona Lisa, Oushennuo, etc. brand effect has significant, strong R&D capabilities, and high product quality. It generally covers the mid-to-high-end market and radiates across the country. There are about 200 second-tier companies, accounting for 10% of the companies, with high regional popularity and high cost performance, covering the mid- and low-end markets. There are more than 1,700 companies in the third echelon, accounting for 80%-90% of the number of enterprises, with a large number, mainly small local factories. A considerable number of them are backward in technology and lack independent brands, but their price advantages are significant and their flexibility is strong.. According to the disclosure of the official websites of relevant companies and other public information, the basic situation of the above major companies is as follows: :
(1) Kohler (Kohler ) Kohler Company (Kohler) was founded in 1873 and is one of the largest family businesses in the United States to date. It has 50 factories around the world. The Kohler brand is at the forefront of the world in kitchen and bathroom design and technology. Kohler's China Office was established in Hong Kong in 1995. Since then, Kohler has officially entered the Chinese market, and the Chinese market has become an important part of Kohler's global strategy.
(2) Japan East Pottery Company (TOTO) Japan East Pottery Company (TOTO) was founded in 1917 and has a history of more than 100 years and has a high brand awareness around the world. In 1994, TOTO expanded its business to mainland China. It has established branches in Shanghai, Beijing, Guangzhou, Xiamen, Shenzhen, Nanjing and Chongqing. China has become TOTO's main production base and key market in the world.
(3) Jiumu Group Co., Ltd. Jiumu Group was founded in 1999 and is headquartered in Fujian. It has long been focusing on the research and development and production of kitchen and bathroom and supporting products. It is a large kitchen and bathroom enterprise with sanitary ceramics, smart kitchen and bathroom, overall bathroom, kitchen and bathroom furniture, and hardware leaders as its main business. It has also launched diversified brands and business lines such as Jiumu Pipe Industry and Xiaomu Excellent Products.
(4) Huida Sanitary Ware Co., Ltd. Huida Sanitary Ware was established in 1997 with a registered capital of 384.7223 million yuan. It is headquartered in Hebei. The company's main products include sanitary ware, ceramic tiles and integrated bathrooms. Huida trademark is the first well-known trademark in China's sanitary ceramics industry and was selected as the "Chinese export brand that is focused on cultivating and developing" of the Ministry of Commerce. Huida Bathroom was listed on the A-share main board in 2017 with the stock code 603385.
(5) Guangdong Hengjie Sanitary Ware Co., Ltd. Hengjie Sanitary Ware Co., Ltd. was founded in 1998. It is headquartered in Guangdong. It focuses on the research and development, production, sales and services of overall bathroom products. It has production bases in five categories including ceramic sanitary ware, bathroom cabinet, hardware faucet, shower room and bathtub. It has won the honors of the top ten leading sanitary ware companies in China and the top ten bathroom brands in China.
(6) Dongpeng Holdings Co., Ltd. Dongpeng Holdings was established in 1972 with a registered capital of 1190.66 million yuan. It is headquartered in Guangdong. It is one of the largest professional manufacturers and brands of ceramic tile and sanitary ware products in China. The company's main products include ceramic tiles and sanitary ware, and also produce and sell wooden floors. Dongpeng Holdings was listed on the A-share main board in 2020 with the stock code 003012.
(7) Mona Lisa Group Co., Ltd. Mona Lisa was founded in 1998 with a registered capital of 414.3379 million yuan. It is headquartered in Guangdong. It is a large private joint-stock tiles manufacturer integrating scientific research and development, professional production and marketing. The company's main products include three series: ceramic tiles, ceramic boards, and porcelain art painting. The company was listed on the A-share SME Board in 2017 with the stock code 002918.
(8) Diou Home Furnishing Co., Ltd. Diou Home Furnishing was founded in 1994 with a registered capital of 386.8931 million yuan. It is headquartered in Sichuan. It is a comprehensive bathroom manufacturer that produces high-end acrylic and ceramic products. Its product series covers all bathroom products such as bathroom cabinets, toilets, bathtubs, shower rooms, showers, faucets, etc. The company was listed on the A-share SME Board in 2016 with the stock code 002798.In 2018, it acquired 99.9% of Oushennuo Ceramics and later changed its name to Diou Home Furnishing.
(9)Opian Home Furnishing Group Co., Ltd. Opian Home Furnishing was founded in 1994 with a registered capital of 609.1519 million yuan. It is headquartered in Guangdong. It is a domestic comprehensive modern integrated home service provider. It is mainly engaged in the personalized design, research and development, production, sales and installation services of customized overall home products such as overall kitchen cabinets, overall wardrobes, overall bathrooms and customized wooden doors. The company was listed on the A-share main board in 2017 with the stock code 603833.
(10) Sofia Home Furnishing Co., Ltd. Sofia was founded in 2003 with a registered capital of RMB 912.37 million. It is headquartered in Guangdong. It mainly engages in the research, development, production and sales of customized wardrobes and whole-house customized furniture. It is a representative brand of customized wardrobes in China. The company was listed on the A-share SME Board in 2011 with the stock code 002572.
(11) Xiamen Songlin Technology Co., Ltd. Songlin Technology was founded in 1993 with a registered capital of 401.0099 million yuan. It is headquartered in Fujian. It mainly provides integrated solutions for bathroom brands in R&D, design and manufacturing. It is a world-renowned leading manufacturer of high-end bathroom and kitchen products. The company was listed on the A-share main board in 2019 with the stock code 603992.
(12) Xiamen Jianlin Health Home Co., Ltd. Jianlin Home Furnishing was established in 1989 with a registered capital of 446.68 million yuan. It is headquartered in Fujian. It is a professional high-tech manufacturer specializing in the production, manufacturing and sales of bathroom equipment parts, automobile parts, home appliance accessories, hardware, precision cavity molds, fine stamping molds and plastic metal surface electroplating. The company was listed on the A-share main board in 2020 with the stock code 603408.
(13) Shanghai Yuexin Health Group Co., Ltd. Yuexin Health was formerly Shanghai Smike Construction Ceramics Co., Ltd., established in 1993 with a registered capital of 926.5 million yuan. Its headquarters is located in Shanghai. The company's main business includes architectural ceramics, ecological health building materials and medical health. The company was listed on the A-share main board in 2007 with the stock code 002162.
(14) Guangzhou Haiou Residential Industry Co., Ltd. Haiou Residential Engineering was established in 1998 with a registered capital of 607.8085 million yuan. Its headquarters is located in Guangdong. It is mainly engaged in the research and development and production of customized bathroom space components such as leading hardware, floor heating systems, bathtubs and bathroom rooms, ceramic sanitary ware. The company was listed on the A-share main board in 2006 with the stock code 002084.
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