With strong research and development and independent innovation capabilities, as of June 30, 2021, the company has 62 invention patents, 106 utility model patents, 63 design patents, as well as "portable hand-push small air compressor", "Low-noise electronically controlled air co

1. Fengya Technology 688279--BLDC motor drive control special chip (fabless) (not recommended for subscription, long-term general attention)

. Fundraising and valuation analysis

The number of issued shares is 23.09085 million shares, and the total share capital after the issuance is 92.36338 million shares , with an issue price of 82 yuan, raised funds of 1.893 billion yuan, and overraised 1.338 billion yuan (an "increase" of 241%); corresponding to a total market value of 7.574 billion after the issuance.

1 net profit is 135 million, corresponding to PE55; GigaDevice has reached PE33; Puyuan Jingdian shows that the recent sentiment for new stocks has "collapsed" - it fell 34%, and only 54% changed hands on the first day.

(1) The pre-IPO valuation of

corresponds to a valuation of 1.335 billion. After the issuance, the total market value is 7.574 billion, and the valuation has increased nearly 5 times in two years. If there is no over-raising, the company's market value is 2.2 billion, which is more reasonable.

Shanghai Huaxin, the second largest shareholder, and , Xiaomi, and other companies that increased capital in the later period have made huge profits.

(2) The compound growth rate during the reporting period was relatively high, but recent financial reports show a decline in growth.

In the past three years, the issuer's operating income and net profit (excluding non-returning shares) have average annual compound growth rates of 59.96% and 147.86% respectively.

The company expects to achieve operating income in the first quarter of 2022 of 90 million to 110 million yuan, an increase of 9.29% to 33.58% over the same period of the previous year; net profit attributable to shareholders of the parent company will be 40 million to 40 million yuan. 50 million yuan, an increase of 14.81% to 43.51% over the same period of the previous year.

The company's main products have a very high market share in domestic subdivisions. Horizontal expansion requires new growth points (such as automotive electronics, etc.)

(3) R&D investment is not high, and the revenue share is declining year by year.

Recently, The domestic epidemic situation has rebounded. Affected by suppliers, NIO announced the suspension of vehicle production. It is obvious that some companies will be affected in the future. The company's fabless model and concentrated suppliers are the most vulnerable; new stock issuance is accelerating. , 6 subscriptions were made this Tuesday, setting a new record!

. The issuer’s main business operations

The company has long been engaged in the research and development, design and sales of BLDC motor drive control special chip . The issuer uses chip design as a foothold to extend to the application side and develop into a system-level service provider. The company closely follows the complex and diverse motor control needs of the application scenarios, and provides specialized chip products, matching architecture algorithms and motor structure design solutions to achieve the diverse control needs of the motor control system and improve the overall performance of the motor. optimization. The company's products are widely used in home appliances, power tools, computers and communication equipment, sports travel, industry and automobiles and other fields. The company relies on its solid R&D capabilities, reliable product quality, cost-effective advantages and system-level overall service capabilities, and has accumulated a good brand reputation and high-quality customer resources at home and abroad. The company's chips have been widely used in Midea, Dayang Motor , Haier , Fotile , Vantage , Joyoung , Airmate , Panasonic , Philips , Nidec , etc. Among the products of well-known manufacturers at home and abroad, they have contributed to the domestic replacement of high-performance motor drive control special chips in our country.

The company's motor drive control dedicated chip is used to control brushless DC motor (BLDC motor). It is different from the ARM core architecture used by most motor drive control chip manufacturers. The company integrates chip design, motor drive architecture, and motor from the bottom architecture. The three technologies are effectively integrated. The technical path of algorithm hardware is used to realize the complex motor drive control algorithm at the chip architecture level. forms the motor drive control processor core ME with independent intellectual property rights.

The publisher fully integrates or partially integrates LDO, op amp , predriver, MOS and other devices on the single chip, and finally designs a highly integrated, high-efficiency, low-noise control and ability to complete complex control tasks. Special chip for motor drive control. From the perspective of the chip's internal structure and device integration, the downstream applications of the company's chip products cover different scenarios such as low voltage to high voltage, low power to high power, low speed to ultra-high speed, household to industry, etc., to meet the personalized needs of the application field, and It can achieve high efficiency, low noise, high reliability and multi-target control effects.

company adopts the Fabless business model . The production processes such as wafer manufacturing, packaging and testing are completed by wafer manufacturers and packaging and testing manufacturers, focusing its main resources on the research and development, design and sales of chip products.

The prices of the main products are on a downward trend. During the reporting period, the scale effect increased the gross profit margin. If the unit price continues to decline in the future, the gross profit margin will also be affected.

2. Jiechuang Intelligent 301248--Smart City, Security (not recommended for subscription, no attention)

. Fundraising and valuation analysis

The number of issued shares is 25.62 million, and the total equity after issuance is 102.47 million shares. Price 39.07 yuan, Raised 1 billion yuan, an excess of 400 million yuan (an "increase" of 80%); corresponding to a total market value of 4.003 billion after the issuance.

html has a net profit of 110 million in 2021, corresponding to PE36; although real estate and infrastructure have rebounded recently, individuals still choose to avoid related sectors. The peak of domestic large-scale infrastructure construction has passed (high debt, advance capital are in the rising cycle, bold orders are many, The more money you make, the more risks you will get); a number of construction and design companies were listed from last year to this year, all of which are "blood transfusions" for related sectors. It is a bit similar to the city commercial banks that went public together in the past two years (replenishing capital), indirectly maintaining maturity. The “prosperity” of the industry resolves risks.

(1) Pre-IPO valuation

After the capital increase is completed in November 2019, the corresponding valuation will be 692 million

(2) Common risk factors in the industry

Regional concentration, the company’s operations are concentrated in Guangdong Province

During the reporting period, the company’s business was mainly concentrated in South China , the proportion of revenue from South China in each period of the reporting period to the main business revenue was 63.69%, 84.64%, 85.45% and 73.41% respectively, of which Guangdong Province was the main source of the company's revenue , accounted for the main business revenue The proportions of revenue are 53.70%, 83.05%, 44.87% and 62.81% respectively, which are mainly related to the company's location and the economic development level of the region.

Inventory value is large - advance production - high debt - operating cash flow is not ideal

At the end of each reporting period, the book value of the company's inventory was 130.6058 million yuan, 244.668 million yuan, 508.8095 million yuan and 575.7479 yuan respectively. million , accounting for 35.63%, 35.82%, 44.64% and 53.35% of current assets respectively. The absolute amount and proportion of current assets are relatively high.

. Issuer’s main business situation

The company is a national high-tech enterprise that adheres to independent research and development and innovative development. It is committed to promoting the Internet of Things, cloud computing , big data, artificial intelligence and other new generation information technologies in the smart field. Industrial applications in the fields of cities and smart security provide customers with full-cycle comprehensive solutions covering business consulting, solution design, equipment procurement, product research and development, system integration and operation and maintenance.

In the field of smart cities, the company focuses on smart livelihood, urban management and services, data centers and other subdivisions. Relying on artificial intelligence, big data analysis and other technologies, combined with the personalized needs of customers, it has formed a series of mature solutions for It is used in construction, energy, transportation, parks, education, medical care, data center construction and other fields, and is widely used in governments, institutions, large and medium-sized enterprises and other customers. In the field of smart security, the company provides customized social security management and communication security management comprehensive software and hardware solutions for security management departments based on its independently developed dedicated high-performance computing technology, signal and protocol analysis technology and other core technologies to meet the needs of security management departments. Its informationization and intelligence needs in business execution and management.

After years of development, the company has built a complete qualification system for the new smart city construction industry, including Class A for building intelligent system design, Class A for confidential information system integration, Class A for professional contracting of electronic and intelligent engineering, and Computer Information system security service level certificate level one, audio and video integration engineering enterprise qualification level one, information system construction and service capability level CS3, information system security integration service level one, information system security operation and maintenance service level two, etc., can provide customers with comprehensive Directional services. The company has passed CMMI Level 5, the highest certification in the international software capability maturity certification assessment, as well as multiple certifications such as ISO9001 and ISO14001, marking that the company's software and hardware product development, production capabilities and quality management levels have reached the world's first-class level. In addition, the company passed the installation qualification review of the Ministry of Public Security in 2018 and obtained the qualification for public security system installation cooperation.

The company’s main revenue is in the second half of the year (fourth quarter), so the growth reference value in the first quarter of 2022 is low.

3. Ou Sheng Electric 301187 - air compressor, vacuum cleaner (not recommended to subscribe, do not pay attention)

. Fundraising and valuation analysis

The number of issued shares is 45.652 million shares, the total post-issuance share capital is 182.607661 million shares, the issue price 21.33 yuan, raising funds of 974 million yuan, exceeding the amount raised by 713 million yuan (an "increase" of 273%); corresponding to a total market value of 3.895 billion after the issuance.

1 net profit is 115.8 million, corresponding to PE34

Ecobos PE33; Lake Electric PE18; Superstar Technology PE12 (the higher the proportion of overseas income, the lower the PE). Ou Sheng Electric’s overseas income exceeds 95%. The factors of Sino-US friction will not be eliminated for a long time, and may escalate in stages. This is also an explanation of the larger proportion of exports and lower valuations. There are too many overraises and the risk factors are uncontrollable!

The company's export products are mainly sold to overseas markets such as North America and Europe, of which the United States is the export destination. From January to June 2021, the company's sales to the United States were 582.3986 million yuan, and accounted for 86.00% of the main business income. .

(1) Pre-IPO valuation

On October 21, 2019, , Ou Sheng Electric made a resolution at its seventh extraordinary shareholders meeting in 2019. The company’s registered capital increased from 134,733,439 yuan to 136,955,661 yuan, with an additional registered capital of 2,222,222 yuan. All were subscribed by new shareholder Sun Li with a monetary amount of 10 million yuan. The price of this capital increase is 4.5 yuan per share of . After the capital increase is completed, the corresponding valuation of

will be 616 million, and the net profit in 2019 will be 58 million. production capacity. The calculation period for the economic benefit calculation of

is 9 years, of which the construction period is 12 months and the production and operation period is 8 years. The project will start production in the second year of the calculation period, with a production load of 50% and a production load of 80% in the third year. Full production begins in the 4th year and subsequent years. In the year when the project reaches full production capacity, the annual sales revenue will be increased by 350 million yuan and the net profit of will be 49.04 million yuan.

(3) There is a trend of quarterly acceleration in revenue growth and profit reduction

2. Revenue growth in the first quarter of 2022 has stagnated. If this is the case throughout the year and raw materials remain at a high level, net profit will maintain negative growth this year

. The issuer’s main business situation

The company’s main business is air R&D, production and sales of power equipment and cleaning equipment. The main products are small air compressors and wet and dry vacuum cleaners.

The increase in product unit price cannot be hedged by negative factors such as increased tariffs, rising raw materials, freight and exchange rates

The company is one of the leading domestic manufacturers of aerodynamic equipment and cleaning equipment with comprehensive advantages. It is Jiangsu Provincial Department of Science and Technology , The "High-tech Enterprise" jointly recognized by the Department of Finance and the Taxation Bureau is a "high-tech enterprise" jointly recognized by the Jiangsu Provincial Economic and Information Commission, the Development and Reform Commission, the Department of Finance, the Department of Science and Technology, the Taxation Bureau and Nanjing Customs. Enterprise Technology Center" is a " Suzhou Municipal People's Government certified enterprise technology center". It is a member unit of the Compressor Branch of the China General Machinery Industry Association and a member unit of the Shanghai Rehabilitation Equipment Association. With strong research and development and independent innovation capabilities, as of June 30, 2021, the company has 62 invention patents, 106 utility model patents, 63 design patents, as well as "portable hand-push small air compressor", "Low-noise electronically controlled air compressor", "High-power silent wet and dry vacuum cleaner", "anti-static vacuum cleaner" and other high-tech products recognized by the Jiangsu Provincial Department of Science and Technology. With strict quality control system , the company has passed ISO9001 quality management system certification . The company's products have passed global CB certification , American ETL certification , Canadian CSA certification, EU CE certification , Australian SAA certification, Japan PSE certification, China CCC certification and many other international and domestic standard certifications. In addition, the company has industry-leading experimental equipment and product testing capabilities, and the company's laboratory has become a satellite laboratory recognized by Intertek.

With many years of professional R&D and design capabilities, stable product quality and large-scale production advantages, the company has accumulated stable customer channels and resources, and has acquired internationally renowned brands in the tool industry Stanley, Stanley Fatmax, Porter Cable, Craftsman, Dewalt, Authorized by Black&Decker and Briggs&Stratton, we have established long-term and stable cooperative relationships with world-renowned retailers such as The Home Depot, Lowe's, Walmart, Canadian Tire Corporation, Costco, Menards, and Harbor Freight Tools.

During the reporting period, the company achieved operating income of 629.8823 million yuan, 609.7744 million yuan, 991.2765 million yuan and 683.5467 million yuan respectively. The net profits attributable to the parent company were 45.4304 million yuan, 58.6301 million yuan, 137.0565 million yuan and 80.9312 million yuan respectively. , showing a good development trend. In the future, the company will further rely on its comprehensive advantages in technology, quality, and channels to focus on the research and development, production and sales of aerodynamic equipment and cleaning equipment.

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