5G communication and new energy vehicle connector! ZTE and Weilai automobile suppliers! From Suzhou

1, main products and services: the core is used in the field of new energy vehicles and 5G communication!

The company specializes in research and development, production, sales and service of connector products. The company has become one of the enterprises with R&D and optical, electrical and microwave connector products production capacity. The company's product technology applications include mobile communication (including civil and national defense), new energy vehicles, industry, rail transit and other integrated connection system solutions.

The largest downstream application of the company's main products is new energy vehicles, accounting for 49. 16%, followed by the communication field, accounting for 43.82%, but the business with the highest proportion of specific products is communication connectors, accounting for 38. 15% of the total revenue in 2020! And starting from 20 18, it grows rapidly with the rapid development of 5G base stations!

2. Market and industry situation: the industry is developing rapidly!

According to Bishop &; According to the data of associates, Inc., the China connector market of $2019.477 billion has witnessed a compound annual growth rate of 7.05% since 201year. In terms of the proportion of regional market size, China has surpassed Europe and North America to become the largest connector market in the world, and the market size has also increased from 23. 1 10% in 2065438.

3. Benchmarking and valuation in the same industry: there is a gap between scale and profit! Signing profit of 750,000 yuan!

In the field of communication, according to the statistics of the Ministry of Industry and Information Technology, 580,000 new 5G base stations will be built in 2020, and the company's products can cover about 19.97% of the base station construction!

We selected listed companies like AVIC Optoelectronics and Derun Electronics as the benchmark. AVIC photoelectric market value is 92.8 billion yuan (circulating market value is 90 1 100 million yuan), revenue in 2020 is 103 billion yuan, and net profit is 155438+0 billion yuan; Derun Electronics has a market value of 5.364 billion yuan (circulating market value of 4.888 billion yuan), a revenue of 7.27 billion yuan in 2020 and a net profit of 65 million yuan; The company's revenue is 1.4% and 2% respectively, and its net profit is 1.05% and 25% respectively! From the benchmark date, the company's reasonable market value is about 654.38+03 billion yuan, but considering that the company's corresponding market value is relatively low, according to the reasonable market value of 3.2 billion yuan, the company listed on the Science and Technology Innovation Board and made a profit of 0.75 million yuan after winning 500 shares!

1), main customers: communication field, the company mainly serves mobile communication equipment such as ZTE; In the field of new energy vehicles, it mainly serves Weilai Automobile, Contemporary Ampere Technology Co., Ltd. and other companies, and indirectly serves American T Company. The top five customers of the company account for 43.5% of the revenue in 2020, and the customers are relatively concentrated. ZTE, the largest customer, accounts for 17%, and Weilai Automobile, the second largest customer!

2) The gross profit margin is high but fluctuating: the comprehensive gross profit margin of the company in 2020 is 28.2%, which has been basically stable since 20 18, but slightly lower than 20 18-20 19! Among them, new energy products began to drop sharply from 20 19, while the gross profit margin of the fastest growing communication field was higher than 20 18 but significantly lower than 20 19.

3) The new energy sector accounts for a high proportion: in 2020, the company's sales revenue in the field of new energy vehicles will be 49. 16%! Although it has been declining continuously since 20 18, it is still the core business of the company!

5. Use of raised funds: The raised funds are mainly invested in high-performance precision connector industrialization projects, supplemented by liquidity!

6. Recent performance and forecast: 2 1 The revenue in the first quarter increased by 65.4%, and the non-net profit increased by 97.6%! 2 1 Estimated revenue growth in the first half of the year 10.2%, and non-net profit decreased by 30%!

Ruikeda Company from Suzhou is a connector manufacturer. The downstream areas are mainly two tracks with better prices. One is a new energy vehicle, led by Weilai and T Company, and the other is a 5G base station, which has supported the rapid growth of the company in the past two years. On the whole, the company relies more on ZTE in the field of communication, but mainly on Weilai in the field of new energy vehicles. The company's gross profit margin is not high and fluctuates, indicating that the company's product structure is still changing, while its performance in the first half of the year has declined instead of rising. Although there are factors of bidding for 5G base stations, it also reflects the instability of the company's products.